0 false false false false false false false false false false true false false false false false false No description of principal activity 2023-10-01 Sage Accounts Production Advanced 2024 - FRS102_2024 16,450,000 37,223 57,777 16,545,000 16,545,000 16,450,000 1 1 1 xbrli:pure xbrli:shares iso4217:GBP NI024488 2023-10-01 2024-09-30 NI024488 2024-09-30 NI024488 2023-09-30 NI024488 2022-10-01 2023-09-30 NI024488 2023-09-30 NI024488 2022-09-30 NI024488 bus:RegisteredOffice 2023-10-01 2024-09-30 NI024488 bus:OrdinaryShareClass1 2023-10-01 2024-09-30 NI024488 bus:Director1 2023-10-01 2024-09-30 NI024488 bus:Director2 2023-10-01 2024-09-30 NI024488 bus:CompanySecretary1 2023-10-01 2024-09-30 NI024488 core:WithinOneYear 2024-09-30 NI024488 core:WithinOneYear 2023-09-30 NI024488 core:ShareCapital 2024-09-30 NI024488 core:ShareCapital 2023-09-30 NI024488 core:RetainedEarningsAccumulatedLosses 2024-09-30 NI024488 core:RetainedEarningsAccumulatedLosses 2023-09-30 NI024488 core:CostValuation core:Non-currentFinancialInstruments 2024-09-30 NI024488 core:Non-currentFinancialInstruments 2024-09-30 NI024488 core:Non-currentFinancialInstruments 2023-09-30 NI024488 bus:SmallEntities 2023-10-01 2024-09-30 NI024488 bus:AuditExempt-NoAccountantsReport 2023-10-01 2024-09-30 NI024488 bus:SmallCompaniesRegimeForAccounts 2023-10-01 2024-09-30 NI024488 bus:PrivateLimitedCompanyLtd 2023-10-01 2024-09-30 NI024488 bus:FullAccounts 2023-10-01 2024-09-30 NI024488 bus:OrdinaryShareClass1 2024-09-30 NI024488 bus:OrdinaryShareClass1 2023-09-30 NI024488 core:InvestmentPropertyIncludedWithinPPE 2023-09-30 NI024488 core:InvestmentPropertyIncludedWithinPPE 2023-10-01 2024-09-30 NI024488 core:InvestmentPropertyIncludedWithinPPE 2024-09-30 NI024488 core:AllAssociates 2023-10-01 2024-09-30 NI024488 core:AllAssociates 2022-10-01 2023-09-30
COMPANY REGISTRATION NUMBER: NI024488
SM Great Victoria St Limited
Filleted Unaudited Financial Statements
30 September 2024
SM Great Victoria St Limited
Financial Statements
Year ended 30 September 2024
Contents
Page
Officers and professional advisers
1
Statement of financial position
2
Notes to the financial statements
4
SM Great Victoria St Limited
Officers and Professional Advisers
The board of directors
Mr S McAleer
Mrs E O'Neill
Company secretary
Ms I Gillis
Registered office
17-19 Dungannon Road
Cookstown
Co. Tyrone
N. Ireland
BT80 8TL
SM Great Victoria St Limited
Statement of Financial Position
30 September 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
16,545,000
16,450,000
Investments
6
1
1
-------------
-------------
16,545,001
16,450,001
Current assets
Debtors
7
2,676,878
2,140,434
Cash at bank and in hand
286,986
36,971
------------
------------
2,963,864
2,177,405
Creditors: amounts falling due within one year
8
( 10,021,432)
( 8,867,934)
-------------
------------
Net current liabilities
( 7,057,568)
( 6,690,529)
-------------
-------------
Total assets less current liabilities
9,487,433
9,759,472
------------
------------
Net assets
9,487,433
9,759,472
------------
------------
Capital and reserves
Called up share capital
9
2
2
Profit and loss account
9,487,431
9,759,470
------------
------------
Shareholders funds
9,487,433
9,759,472
------------
------------
These 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 income statement has not been delivered.
For the year ending 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
SM Great Victoria St Limited
Statement of Financial Position (continued)
30 September 2024
These financial statements were approved by the board of directors and authorised for issue on 9 June 2025 , and are signed on behalf of the board by:
Mrs E O'Neill
Director
Company registration number: NI024488
SM Great Victoria St Limited
Notes to the 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 17-19 Dungannon Road, Cookstown, Co. Tyrone, BT80 8TL, N. Ireland.
2. Statement of compliance
The Company's financial statements have been prepared in compliance with the Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' as it applies to the financial statements of the Company for the year ended 30 September 2024.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The Company made a profit during the year ended 30 September 2024 and at that date, the Company's assets exceeded its liabilities. After making enquiries, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax arises from timing differences that are differences between taxable profits and total comprehensive income as stated in the financial statements. These timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements. Deferred tax is recognised on all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are only recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference.
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
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.
Cash flow exemption
Under the small entity provision within FRS102 Section 1A small companies can claim exemption from preparing a cash flow statement.
4. Staff costs
There were no employees other than the directors during the year. The directors did not receive any remuneration from the company during the year. The directors are the key management of the company.
5. Tangible assets
Investment Properties
£
Cost or valuation
At 1 October 2023
16,450,000
Additions
37,223
Revaluations
57,777
-------------
At 30 September 2024
16,545,000
-------------
Depreciation
At 1 October 2023 and 30 September 2024
-------------
Carrying amount
At 30 September 2024
16,545,000
-------------
At 30 September 2023
16,450,000
-------------
The fair value of the investment property at 30 September 2024 was determined by the Company directors. There has been no external valuation of the property during the year. In assessing the fair value of the property, the directors took into consideration local property prices, and the prevailing conditions in the local market.
6. Investments
Shares in group undertakings
£
Cost
At 1 October 2023 and 30 September 2024
1
----
Impairment
At 1 October 2023 and 30 September 2024
----
Carrying amount
At 30 September 2024
1
----
At 30 September 2023
1
----
On 20 January 2021 SM Great Victoria Street Limited acquired 100% of the equity share capital in Waterfront Commercial Limited.
7. Debtors
2024
2023
£
£
Trade debtors
37,767
29,928
Amounts owed by group undertakings and undertakings in which the company has a participating interest
932,497
832,497
Other debtors
1,706,614
1,278,009
------------
------------
2,676,878
2,140,434
------------
------------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
856,471
108,882
Amounts owed to group undertakings and undertakings in which the company has a participating interest
8,799,112
8,469,112
Other creditors
365,849
289,940
-------------
------------
10,021,432
8,867,934
-------------
------------
9. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
2
2
2
2
----
----
----
----
10. Related party transactions
The company has taken the advantage of the exemption under FRS 102 Section 33.1A not to disclose transactions with entities that are part of the group. The following related party balances were in existence at the period end:
2023 Loan ( advance ) / Repayment Other movements 2024
£ £ £ £
Other Related Undertakings ( 6,919,125) - (230,000) (7,149,125)
A provision of £717,489 for related party bad debt exists at the year end.
11. Contingent liabilities
The Company had no contingent liabilities at 30 September 2024 or at 30 September 2023.
12. Capital commitment
The Company had no capital commitments at 30 September 2024 or at 30 September 2023.