Ducales Trading No.9 Limited Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: NI620552

Ducales Trading No.9 Limited

Filleted Abridged Financial Statements

30 September 2024

Ducales Trading No.9 Limited

Abridged Statement of Financial Position

30 September 2024

	2024	2023
Note	£	£

Fixed assets

Tangible fixed assets	4	23,250	51,250
Investments	5	3,250,010	3,250,010
		------------	------------
		3,273,260	3,301,260

Current assets

Debtors	18,497	18,711
Cash at bank and in hand	30,929	119,727
	--------	---------
	49,426	138,438

Creditors: amounts falling due within one year	( 1,480,958)	( 1,595,357)
	------------	------------
Net current liabilities	( 1,431,532)	( 1,456,919)
	------------	------------
Total assets less current liabilities	1,841,728	1,844,341

Provisions

Deferred tax	( 460,320)	( 362,463)
	------------	------------
Net assets	1,381,408	1,481,878
	------------	------------

Capital and reserves

Called up share capital	2	2
Profit and loss account	1,381,406	1,481,876
	------------	------------
Shareholders' funds	1,381,408	1,481,878
	------------	------------

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.

Ducales Trading No.9 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:

TJ Jennings CBE
Director

Company registration number: NI620552

Ducales Trading No.9 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.

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.

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.

Revenue recognition

Turnover represents rental income receivable during the year, 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 when it is 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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

	Plant & machinery	-	10% straight line

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.

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

Ducales Trading No.9 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, County Antrim, BT1 2NF, Northern Ireland.

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. Tangible fixed assets

	£
Cost
At 1 October 2023 and 30 September 2024	280,000
	---------
Depreciation
At 1 October 2023	228,750
Charge for the year	28,000
	---------
At 30 September 2024	256,750
	---------
Carrying amount
At 30 September 2024	23,250
	---------
At 30 September 2023	51,250
	---------

5. Investments

	Other investments other than loans
	£
Fair value / Cost
At 1 October 2023 and 30 September 2024	3,250,010
	------------
Impairment
At 1 October 2023 and 30 September 2024	–
	------------

Carrying amount
At 30 September 2024	3,250,010
	------------
At 30 September 2023	3,250,010
	------------

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.

6. 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 .

7. 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.

8. 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.