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Registration number: NI651822

Butterstone Properties Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 October 2024

 

Butterstone Properties Limited

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 8

 

Butterstone Properties Limited

(Registration number: NI651822)
Balance Sheet as at 31 October 2024

Note

2024
£

2023
£

Fixed assets

 

Investments

4

2

2

Other financial assets

5

21,424,491

18,051,147

 

21,424,493

18,051,149

Current assets

 

Debtors

6

19,479,692

19,479,666

Cash at bank and in hand

 

191,637

587

 

19,671,329

19,480,253

Creditors: Amounts falling due within one year

7

(38,524,911)

(38,891,655)

Net current liabilities

 

(18,853,582)

(19,411,402)

Net assets/(liabilities)

 

2,570,911

(1,360,253)

Capital and reserves

 

Called up share capital

8

12

12

Share premium reserve

2

2

Retained earnings

2,570,897

(1,360,267)

Shareholders' funds/(deficit)

 

2,570,911

(1,360,253)

For the financial year ending 31 October 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 20 June 2025 and signed on its behalf by:
 

.........................................
Patricia Henry
Company secretary and director

 

Butterstone Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

1

General information

The company is a private company limited by share capital, incorporated in Northern Ireland.

The address of its registered office is:
1 Ballycregagh Road
Cloughmills
Ballymena
County Antrim
BT44 9LB

These financial statements were authorised for issue by the Board on 20 June 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The presentation currency of these financial statements is sterling. All amounts in the financial statements have been rounded to the nearest £1.

Going concern

The financial statements have been prepared on a going concern basis. The directors have assessed a period of 12 months from the date of approving the financial statements with regard to the appropriateness of the going concern assumption in preparing the financial statements. The company meets its working capital requirement by recharging its interest expenses to its subsidiary undertaking. The directors have received confirmation that the shareholders will not call in their loans and support the group, should it be required. The Directors believe that the Company will continue in operational existence for the foreseeable future.

Judgements

The preparation of financial statements requires management to makes 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.

Finance income and costs policy

Interest income is recognised in the profit or loss using the effective interest rate.

Finance costs are charged to the profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount.

 

Butterstone Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors 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 the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Butterstone Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Butterstone Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

Financial instruments

Classification
Financial assets and liabilities are recognised when the company becomes party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the related contractual arrangements. An equity arrangement is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

 Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified at fair value through profit and loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Financial assets and liabilities are only offset in the statement of financial position when, and only when there exists a legally enforceable right to set off the recognised amounts and the company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

The company only has financial assets and liabilities of the kind that qualify as basic financial instruments. Basic financial instruments are initially recognised by transaction value and subsequently measured at their settlement value.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial assets expire or are settled; the company transfers to another party substantially all of the risks and rewards of ownership of the financial asset; or the company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party. Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires.

 Impairment
For financial assets carried at amortised cost, the amount of impairment is the difference between the asset's carrying amount and the present value of estimated future cashflows, discounted at the financial asset's original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset's carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occuring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial assset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

 

Butterstone Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2023 - 0).

4

Investments

2024
£

2023
£

Investments in subsidiaries

2

2

Subsidiaries

£

Cost or valuation

At 1 November 2023

2

Carrying amount

At 31 October 2024

2

At 31 October 2023

2

Details of undertakings

Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2024

2023

Subsidiary undertakings

Freary Enterprises Limited

1 Ballycregagh Road, Cloughmills, Ballymena, BT44 9LD

Northern Ireland

Ordinary shares

100%

100%

Subsidiary undertakings

Freary Enterprises Limited

The principal activity of Freary Enterprises Limited is property investment.

 

Butterstone Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

5

Other financial assets (current and non-current)

Listed investments
£

Total
£

Non-current financial assets

Cost or valuation

At 1 November 2023

18,051,147

18,051,147

Fair value adjustments

3,265,602

3,265,602

Additions

107,742

107,742

At 31 October 2024

21,424,491

21,424,491

Carrying amount

At 31 October 2024

21,424,491

21,424,491

The market value of the listed investments at 31 October 2024 was £21,424,491 (2023 - £18,051,147).

6

Debtors

Note

2024
£

2023
£

Amounts owed by related parties

9

19,479,154

19,479,154

Other debtors

 

538

512

 

19,479,692

19,479,666

 

Butterstone Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Amounts owed to group undertakings and undertakings in which the company has a participating interest

9

38,521,911

38,887,655

Accruals and deferred income

 

3,000

4,000

 

38,524,911

38,891,655

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

12

12

12

12

       

9

Related party transactions

The company is taking advantage of the exemption in FRS 102 not to disclose transactions between wholly owned members within the group.

Summary of transactions with key management

The key management personnel are deemed to be the directors. The directors received no remuneration from the company during the current or prior year.
 

10

Parent and ultimate parent undertaking

The ultimate parent is Balurig Limited, incorporated in Northern Ireland.