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COMPANY REGISTRATION NUMBER: NI619042

Ducales Trading No.3 Limited

Filleted Abridged Financial Statements

30 September 2024

Ducales Trading No.3 Limited

Abridged Statement of Financial Position

30 September 2024

| 2024 | 2023
Note | £ | £

Fixed assets

Investment property | 4 | 3,000,000 | 3,000,000

Current assets

Debtors | 13,079 | 12,287
Cash at bank and in hand | 12,653 | 181,416
| -------- | ---------
| 25,732 | 193,703

Creditors: amounts falling due within one year | ( 1,562,031) | ( 1,824,834)
| ------------ | ------------
Net current liabilities | ( 1,536,299) | ( 1,631,131)
| ------------ | ------------
Total assets less current liabilities | 1,463,701 | 1,368,869

Provisions

Deferred tax | ( 49,889) | ( 49,889)
| ------------ | ------------
Net assets | 1,413,812 | 1,318,980
| ------------ | ------------

Capital and reserves

Called up share capital | 2 | 2
Profit and loss account | 1,413,810 | 1,318,978
| ------------ | ------------
Shareholders' funds | 1,413,812 | 1,318,980
| ------------ | ------------

These abridged financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of abridged financial statements.
All of the members have consented to the preparation of abridged financial statements for the year ending 30 September 2024 in accordance with Section 444(2A) of the Companies Act 2006.
These abridged financial statements were approved by the board of directors and authorised for issue on 13 December 2024 , and are signed on behalf of the board by:

T J Jennings CBE |
Director |

Company registration number: NI619042

Ducales Trading No.3 Limited

Accounting Policies

Year ended 30 September 2024
Basis of preparation
The financial statements have been prepared on the going concern basis under the historical cost convention, as modified by the revaluation of certain tangible fixed assets measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the company. The principal accounting policies adopted are is set out below.
Cash flow statement
The company is a wholly owned subsidiary company of a group headed by Ducales Capital Limited, and is included in the consolidated financial statements of that company, which are publicly available. Consequently, the company has taken advantage of the exemption within FRS 102, ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ from preparing a cash flow statement.
Revenue recognition
Turnover represents rental income receivable during the period, exclusive of value added tax. Turnover is recognised at the point at which the services are provided.
Income tax
Deferred tax is provided in full on timing differences which result in an obligation at the balance sheet date to pay more tax, or a right to pay less tax, at a future date, at rates expected to apply when they crystallise based on current tax rates and law. Timing differences arise from the inclusion of items of income and expenditure in taxation computations in periods different from those in which they are included in the financial statements. Deferred tax assets are recognised to the extent that it it is regarded as more likely than not that they will be recovered. Deferred tax assets and liabilities are not discounted.
Investment property
Investment properties are initially recorded at cost, and subsequently stated at their fair value with changes in fair value being recognised in profit or loss. Deferred taxation is provided on gains or losses arising at the rate expected to apply on disposal of the properties.
Provisions
Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.

Ducales Trading No.3 Limited

Notes to the Abridged Financial Statements

Year ended 30 September 2024
1. General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is 16 Talbot Street, Saint Anne's Square, Belfast, BT1 2NF.
2. Statement of compliance
These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
3. Employee numbers
The company has no employees other than the directors.
4. Investment property

| £
Fair Value |
At 1 October 2023 and 30 September 2024 | 3,000,000
| ------------
Depreciation |
At 1 October 2023 and 30 September 2024 | –
| ------------
Carrying amount |
At 30 September 2024 | 3,000,000
| ------------
At 30 September 2023 | 3,000,000
| ------------

An independent valuation of the company's investment property was undertaken on 7 October 2023 by professionally qualified valuers, CBRE NI Limited. The valuation was prepared in accordance with the RICS Valuation - Global Standards 2017 and the UK national supplement 2018, ("the Red Book"). The key assumptions employed in the valuation include yields, covenant strength, and comparable recent market transactions. This valuation has been adopted by the directors at 30 September 2024. Certain borrowings of Ducales Capital Limited from its shareholders, amounting to £3,720,248 at 30 September 2024 (2023: £3,720,248), have been secured on the assets of the company and by unlimited inter-company cross guarantees.
5. Summary audit opinion
The auditor's report dated 13 December 2024 was unqualified .
The senior statutory auditor was Michael Flannigan , for and on behalf of FEB Chartered Accountants .
6. Related party transactions
Advantage has been taken of the exemption not to disclose transactions with entities that are part of the group, provided that any subsidiary involved is wholly owned.
7. Controlling party
The company's immediate and ultimate holding company is Ducales Capital Limited, a company incorporated in Northern Ireland. Group financial statements for this company are available to the public from Companies House, Second Floor, The Linenhall, 32-38 Linenhall Street, Belfast, BT2 8BG. The ultimate controlling parties are the shareholders of Ducales Capital Limited.