| REGISTERED NUMBER: |
| MATRYAN PROPERTIES LTD |
| Unaudited Financial Statements for the Year Ended 31 October 2024 |
| REGISTERED NUMBER: |
| MATRYAN PROPERTIES LTD |
| Unaudited Financial Statements for the Year Ended 31 October 2024 |
| MATRYAN PROPERTIES LTD (REGISTERED NUMBER: NI056933) |
| Contents of the Financial Statements |
| FOR THE YEAR ENDED 31 OCTOBER 2024 |
| Page |
| Company Information | 1 |
| Chartered Accountants' Report | 2 |
| Statement of Financial Position | 3 |
| Notes to the Financial Statements | 5 |
| MATRYAN PROPERTIES LTD |
| Company Information |
| FOR THE YEAR ENDED 31 OCTOBER 2024 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants |
| 36-38 Northland Row |
| Dungannon |
| Co. Tyrone |
| BT71 6AP |
| Chartered Accountants' Report to the Board of Directors |
| on the Unaudited Financial Statements of |
| Matryan Properties Ltd |
| The following reproduces the text of the report prepared for the directors in respect of the Company's annual unaudited financial statements. In accordance with the Companies Act 2006, the Company is only required to file a Statement of Financial Position. Readers are cautioned that the Income Statement and certain other primary statements and the Directors' Report are not required to be filed with the Registrar of Companies. |
| In accordance with our terms of engagement and in order to assist you to fulfil your duties under the Companies Act 2006, we have compiled the financial statements of the Company for the year ended 31 October 2024 which comprise the Income Statement, Statement of Financial Position, Statement of Changes in Equity and the related notes from the accounting records and information and explanations you have given to us. |
| This report is made to the company's Board of Directors, as a body, in accordance with the terms of our engagement. Our work has been undertaken so that we might compile the financial statements that we have been engaged to compile, report to the company's Board of Directors that we have done so, and state those matters that we have agreed to state to them in this report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's Board of Directors, as a body, for our work or for this report. |
| We have carried out this engagement in accordance with guidance issued by the Institute of Chartered Accountants in Ireland and have complied with the ethical guidance laid down by the Institute relating to members undertaking the compilation of financial statements. |
| You have acknowledged on the Statement of Financial Position as at 31 October 2024 your duty to ensure that the Company has kept proper accounting records and to prepare financial statements that give a true and fair view under the Companies Act 2006. You consider that the Company is exempt from the statutory requirement for an audit for the year. |
| We have not been instructed to carry out an audit of the financial statements. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the financial statements. |
| Chartered Accountants |
| 36-38 Northland Row |
| Dungannon |
| Co. Tyrone |
| BT71 6AP |
| MATRYAN PROPERTIES LTD (REGISTERED NUMBER: NI056933) |
| Statement of Financial Position |
| 31 OCTOBER 2024 |
| 2024 | 2023 |
| Notes | £ | £ |
| NON-CURRENT ASSETS |
| Intangible assets | 5 |
| Property, plant and equipment | 6 |
| Investments | 7 |
| CURRENT ASSETS |
| Receivables | 8 |
| Cash at bank |
| PAYABLES |
| Amounts falling due within one year | 9 | ( |
) | ( |
) |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| PAYABLES |
| Amounts falling due after more than one year |
10 |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | 12 | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Revaluation reserve |
| Retained earnings |
| The directors acknowledge their responsibilities for: |
| (a) | ensuring that the Company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
| (b) | preparing financial statements which give a true and fair view of the state of affairs of the Company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the Company. |
| MATRYAN PROPERTIES LTD (REGISTERED NUMBER: NI056933) |
| Statement of Financial Position - continued |
| 31 OCTOBER 2024 |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| MATRYAN PROPERTIES LTD (REGISTERED NUMBER: NI056933) |
| Notes to the Financial Statements |
| FOR THE YEAR ENDED 31 OCTOBER 2024 |
| 1. | STATUTORY INFORMATION |
| Matryan Properties Ltd is a |
| 2. | STATEMENT OF COMPLIANCE |
| 3. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| The financial statements have been prepared under the historical cost convention except for certain properties and financial instruments that are measured at revalued amounts or fair values, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for assets. The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements. |
| Revenue |
| Revenue is recognised over the period to which the licence fee relates. |
| Goodwill |
| Purchased goodwill is capitalised in the statement of financial position and amortised over its estimated useful life of 10 years. |
| Liquor licence |
| Liquor licence is valued at cost. After initial recognition, the liquor licence is measured at cost less any accumulated impairment loss. |
| Property, plant and equipment |
| Property, plant and equipment are stated at cost or at valuation, less accumulated depreciation. The charge to depreciation is calculated to write off the original cost or valuation of property, plant and equipment less their estimated residual value, over their expected useful lives as follows: |
| Freehold property | - | 1% straight line |
| Fixtures and fittings | - | 12.5% reducing balance |
| The carrying values of tangible fixed assets are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable. |
| Investments in subsidiaries |
| Investments in subsidiary undertakings are recognised at cost. |
| MATRYAN PROPERTIES LTD (REGISTERED NUMBER: NI056933) |
| Notes to the Financial Statements - continued |
| FOR THE YEAR ENDED 31 OCTOBER 2024 |
| 3. | ACCOUNTING POLICIES - continued |
| Financial instruments |
| The company have chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments. |
| (i) Financial assets |
| Basic financial assets, including trade and other receivables, cash and bank balances and amounts owed by related parties are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method. |
| At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss. |
| If there is decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss. |
| Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions. |
| (ii) Financial liabilities |
| Basic financial liabilities, including trade and other payables, bank loans and overdrafts and amounts owed to related parties are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Fees paid on the establishment of loan facilities are recognised as transaction costs of the loan to the extent that it is probable that some or all of the facility will be drawn down. In this case, the fee is deferred until the draw-down occurs. To the extent there is no evidence that it is probable that some or all of the facility will be drawn down, the fee is capitalised as a pre-payment for liquidity services and amortised over the period of the facility to which it relates. |
| Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. |
| Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires. |
| (iii) Offsetting |
| Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. |
| MATRYAN PROPERTIES LTD (REGISTERED NUMBER: NI056933) |
| Notes to the Financial Statements - continued |
| FOR THE YEAR ENDED 31 OCTOBER 2024 |
| 3. | ACCOUNTING POLICIES - continued |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
| Investments |
| Investments held as fixed assets are stated at cost less provision for any diminution in value. |
| Consolidated accounts |
| The company is entitled to the exemption in Section 399 of the Companies Act 2006 from the obligation to prepare group accounts. |
| Share capital of the company |
| Ordinary share capital |
| The ordinary share capital of the company is presented as equity. |
| 4. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was NIL (2023 - NIL). |
| 5. | INTANGIBLE FIXED ASSETS |
| Liquor |
| Goodwill | Licence | Totals |
| £ | £ | £ |
| COST |
| At 1 November 2023 |
| Impairments | - | (300,000 | ) | (300,000 | ) |
| At 31 October 2024 |
| AMORTISATION |
| At 1 November 2023 |
| Amortisation for year |
| At 31 October 2024 |
| NET BOOK VALUE |
| At 31 October 2024 |
| At 31 October 2023 |
| MATRYAN PROPERTIES LTD (REGISTERED NUMBER: NI056933) |
| Notes to the Financial Statements - continued |
| FOR THE YEAR ENDED 31 OCTOBER 2024 |
| 6. | PROPERTY, PLANT AND EQUIPMENT |
| Fixtures |
| Freehold | and |
| property | fittings | Totals |
| £ | £ | £ |
| COST |
| At 1 November 2023 |
| and 31 October 2024 |
| DEPRECIATION |
| At 1 November 2023 |
| Charge for year |
| At 31 October 2024 |
| NET BOOK VALUE |
| At 31 October 2024 |
| At 31 October 2023 |
| 7. | FIXED ASSET INVESTMENTS |
| Shares in |
| group |
| undertakings |
| £ |
| COST |
| At 1 November 2023 |
| and 31 October 2024 |
| NET BOOK VALUE |
| At 31 October 2024 |
| At 31 October 2023 |
| 8. | RECEIVABLES |
| 2024 | 2023 |
| £ | £ |
| Amounts owed by group undertakings |
| 9. | PAYABLES: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Bank loans and overdrafts (see note 11) |
| Taxation and social security |
| Other payables |
| 10. | PAYABLES: AMOUNTS FALLING DUE AFTER ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Bank loans (see note 11) |
| Other creditors |
| MATRYAN PROPERTIES LTD (REGISTERED NUMBER: NI056933) |
| Notes to the Financial Statements - continued |
| FOR THE YEAR ENDED 31 OCTOBER 2024 |
| 11. | LOANS |
| The bank loans noted above are secured by way of: |
| All monies legal charge over the property at : |
| - 32-34 Main Street, Fivemiletown; |
| - All monies floating charge over all the property of the company both present and future and book debts of the company. |
| 12. | PROVISIONS FOR LIABILITIES |
| 2024 | 2023 |
| £ | £ |
| Deferred tax | 85,079 | 97,233 |
| Deferred tax |
| £ |
| Balance at 1 November 2023 |
| Provided during year | ( |
) |
| Balance at 31 October 2024 |
| 13. | CAPITAL COMMITMENTS |
| The company had no material capital commitments at the year ended 31 October 2024. |
| 14. | RELATED PARTY TRANSACTIONS |
| The company has availed of the exemption under FRS 102 in relation to the disclosure of transactions with group companies. |