Ducales Trading No.4 Limited Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: NI619041

Ducales Trading No.4 Limited

Filleted Abridged Financial Statements

30 September 2024

Ducales Trading No.4 Limited

Abridged Statement of Financial Position

30 September 2024

	2024	2023
Note	£	£

Fixed assets

Tangible assets	4	7,103,898	–
Investment property	5	–	4,274,902
		------------	------------
		7,103,898	4,274,902

Current assets

Stocks	21,704	–
Debtors	152,096	136,737
Cash at bank and in hand	297,579	44,506
	---------	---------
	471,379	181,243

Creditors: amounts falling due within one year	( 4,780,867)	( 1,501,179)
	------------	------------
Net current liabilities	( 4,309,488)	( 1,319,936)
	------------	------------
Total assets less current liabilities	2,794,410	2,954,966

Provisions

Deferred tax	( 1,098,388)	( 725,470)
	------------	------------
Net assets	1,696,022	2,229,496
	------------	------------

Capital and reserves

Called up share capital	2	2
Revaluation reserve	754,750	–
Profit and loss account	941,270	2,229,494
	------------	------------
Shareholders' funds	1,696,022	2,229,496
	------------	------------

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 comprehensive income 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.

Ducales Trading No.4 Limited

Abridged Statement of Financial Position (continued)

30 September 2024

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: NI619041

Ducales Trading No.4 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.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Investment properties

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 entity 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 abridged statement of financial position and the amount of the provision as an expense.

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.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Where investment property has been reclassified as tangible fixed assets, cumulative fair value gains have been transferred from retained profits to revaluation reserve.

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Ducales Trading No.4 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 information

The average number of persons employed by the company during the year in addition to the directors was 11 (2023: Nil).

4. Tangible assets

	£
Cost
At 1 October 2023	–
Additions	2,828,996
Transfer from investment property	4,274,902
	------------
At 30 September 2024	7,103,898
	------------
Depreciation
At 1 October 2023 and 30 September 2024	–
	------------
Carrying amount
At 30 September 2024	7,103,898
	------------
At 30 September 2023	–
	------------

5. Investment property


	£
Cost
At 1 October 2023	4,274,902
Transfer to tangible fixed assets	(4,274,902)
	------------
At 30 September 2024	–
	------------
Impairment
At 1 October 2023 and 30 September 2024	–
	------------

Carrying amount
At 30 September 2024	–
	------------
At 30 September 2023	4,274,902
	------------

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.

6. Analysis of other comprehensive income

	Revaluation reserve	Profit and loss account	Total
	£	£	£
Year ended 30 September 2024
Transfer to revaluation reserve	754,750	(754,750)	–
	---------	---------	----

7. 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 .

8. 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.

9. 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.