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2024-04-01
Sage Accounts Production Advanced 2023 - FRS102_2023
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NI028178
2024-04-01
2025-03-31
NI028178
2025-03-31
NI028178
2024-03-31
NI028178
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2024-03-31
NI028178
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NI028178
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NI028178
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NI028178
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NI028178
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NI028178
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NI028178
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NI028178
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NI028178
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NI028178
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NI028178
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NI028178
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NI028178
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NI028178
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NI028178
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NI028178
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NI028178
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NI028178
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2024-04-01
2025-03-31
COMPANY REGISTRATION NUMBER:
NI028178
|
Donegall Place Investments Ltd |
|
|
Filleted Unaudited Financial Statements |
|
|
Donegall Place Investments Ltd |
|
Year ended 31 March 2025
|
Officers and professional advisers |
1 |
|
|
|
Chartered accountants report to the director on the preparation of the unaudited statutory financial statements |
2 |
|
|
|
Statement of financial position |
3 |
|
|
|
Notes to the financial statements |
4 to 7 |
|
|
|
Donegall Place Investments Ltd |
|
|
Officers and Professional Advisers |
|
|
Director |
Mr P A McCormack |
|
|
|
Registered office |
Aisling House |
|
50 Stranmillis Embankment |
|
Belfast |
|
BT9 5FL |
|
|
|
Accountants |
Maneely Mc Cann Chartered Accountants |
|
Chartered Accountants |
|
Aisling House |
|
50 Stranmillis Embankment |
|
Belfast |
|
BT9 5FL |
|
|
|
Bankers |
Bank of Ireland |
|
1 Donegall Square South |
|
Belfast |
|
BT1 5LR |
|
|
|
Danske Bank |
|
Donegall Square West |
|
Belfast |
|
BT1 6JS |
|
|
|
Solicitors |
DWF (Northern Ireland) LLP |
|
Jefferson House |
|
42 Queen Street |
|
Belfast |
|
BT1 6HL |
|
|
|
O'Hare Solicitors |
|
St George's Buildings |
|
37 - 41 High Street |
|
Belfast |
|
BT1 2AB |
|
|
|
Donegall Place Investments Ltd |
|
|
Chartered Accountants Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of
Donegall Place Investments Ltd |
|
Year ended 31 March 2025
As described on the statement of financial position, the director of the company is responsible for the preparation of the financial statements for the year ended 31 March 2025, which comprise the statement of financial position and the related notes. You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
Maneely Mc Cann Chartered Accountants
Chartered Accountants
Aisling House
50 Stranmillis Embankment
Belfast
BT9 5FL
11 July 2025
|
Donegall Place Investments Ltd |
|
|
Statement of Financial Position |
|
31 March 2025
Fixed assets
|
Creditors: amounts falling due within one year |
5 |
35,436,517 |
|
35,436,517 |
|
------------- |
|
------------- |
|
Net current liabilities |
|
35,436,517 |
35,436,517 |
|
|
------------- |
------------- |
|
Total assets less current liabilities |
|
(
35,436,511) |
(
35,436,511) |
|
|
------------- |
------------- |
|
|
|
|
|
Capital and reserves
|
Called up share capital |
|
901 |
901 |
|
Profit and loss account |
6 |
|
(
35,437,412) |
(
35,437,412) |
|
|
------------- |
------------- |
|
Shareholders deficit |
|
(
35,436,511) |
(
35,436,511) |
|
|
------------- |
------------- |
|
|
|
|
|
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 statement of income and retained earnings has not been delivered.
For the year ending 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
These financial statements were approved by the
board of directors
and authorised for issue on
11 July 2025
, and are signed on behalf of the board by:
|
Mr P A McCormack |
|
|
Director |
|
|
|
Company registration number:
NI028178
|
Donegall Place Investments Ltd |
|
|
Notes to the Financial Statements |
|
Year ended 31 March 2025
1.
General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is Aisling House, 50 Stranmillis Embankment, Belfast, BT9 5FL.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
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.
Turnover
Turnover represents the amounts derived from proceeds of the sale of trading properties, rentals and services charges receivable on lettings to tenants.
Going concern
The financial statements have been prepared on the going concern basis, notwithstanding the fact that the company had net current liabilities of £35,436,517 (2024: £35,436,517) and a shareholders deficiency of £35,436,511 (2024: £35,436,511) at the balance sheet date, the validity of which depends on the continued support of the company's lenders and the ability of the company to deal with the market and commercial uncertainties outside of its control. The company, and other members of the group, have the necessary cash cover and lender support to meet their ongoing non-secured creditor obligations and liabilities for the foreseeable future. The financial statements do not include any adjustments which would result if this continued support was not secured.
Operating lease incentives
The cost of incentives used in negotiating new or renewing existing operating leases are accounted for as follows:
(i) Rent free periods
The cost of the rent free period is charged on a straight line basis to the Profit and Loss Account over the period of the lease.
(ii) Cash incentives
Cash incentives paid to tenants are charged on a straight line basis to the Profit and Loss Account over the period of the lease.
Consolidation
The entity has taken advantage of the exemption from preparing consolidated financial statements contained in Section 400 of the Companies Act 2006 on the basis that it is a subsidiary undertaking and its immediate parent undertaking is established under the law of an EEA State.
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.
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.
Investments in associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Investments in joint ventures
Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.
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.
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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4.
Investments
|
Group Companies |
|
£ |
|
Cost |
|
|
At 1 April 2024 and 31 March 2025 |
6 |
|
---- |
|
Impairment |
|
|
At 1 April 2024 and 31 March 2025 |
– |
|
---- |
|
|
|
Carrying amount |
|
|
At 31 March 2025 |
6 |
|
---- |
|
At 31 March 2024 |
6 |
|
---- |
|
|
Subsidiaries, associates and other investments
|
Class of share |
Percentage of shares held |
|
Subsidiary undertakings |
|
|
|
Bow Street Mall Limited |
Ordinary |
100 |
|
St James Centre Limited |
Ordinary |
100 |
|
Sarcon (No. 197) Limited |
Ordinary |
100 |
|
|
|
Bow Street Mall Limited, St James Centre Limited and Sarcon (No. 197) Limited are dormant companies.
5.
Creditors:
amounts falling due within one year
|
2025 |
2024 |
|
£ |
£ |
|
Other creditors |
35,436,517 |
35,436,517 |
|
------------- |
------------- |
|
|
|
6.
Reserves
Profit and loss account - This reserve records retained earnings and accumulated losses.
7.
Related party transactions
Control The company is a wholly owned subsidiary of Donegall Place Invest Limited, a company incorporated in Northern Ireland.
Mr P A McCormack
is the shareholder of Donegall Place Invest Limited and as such is considered to be the company's ultimate controlling party. Transactions The company has taken advantage of the exemption from disclosing related party transactions with group companies, in accordance with Financial Reporting Standard No 102 Section 1A Appendix C, Related Party Disclosures.
8.
Controlling party
Donegall Place Invest Limited, is the company's ultimate parent company.