1 January 2024 v2025.31.1 limited_company_frs_102_section_1a_v1_1_2 companies_houseSoftwarefalsetruetrueNo description of principal activityfalsetruexbrli:purexbrli:sharesiso4217:GBPNI6099132024-01-012024-12-31NI6099132024-12-31NI6099132023-12-31NI609913core:WithinOneYear2024-12-31NI609913core:WithinOneYear2023-12-31NI609913core:AfterOneYear2024-12-31NI609913core:AfterOneYear2023-12-31NI609913core:ShareCapital2024-12-31NI609913core:ShareCapital2023-12-31NI609913core:SharePremium2024-12-31NI609913core:SharePremium2023-12-31NI609913core:RetainedEarningsAccumulatedLosses2024-12-31NI609913core:RetainedEarningsAccumulatedLosses2023-12-31NI609913bus:Director12024-01-012024-12-31NI609913bus:Director22024-01-012024-12-31NI609913bus:RegisteredOffice2024-01-012024-12-31NI6099132023-01-012023-12-31NI609913core:CostValuation2024-01-01NI609913core:DisposalsRepaymentsInvestments2024-12-31NI609913core:CostValuation2024-12-31NI609913countries:NorthernIreland2024-01-012024-12-31NI609913bus:AuditExempt-NoAccountantsReport2024-01-012024-12-31NI609913bus:PrivateLimitedCompanyLtd2024-01-012024-12-31NI609913bus:SmallEntities2024-01-012024-12-31NI609913bus:FullAccounts2024-01-012024-12-31
Company registration number:
NI609913
Agnew PropCo Ltd
Unaudited Filleted Financial Statements for the year ended
31 December 2024
Agnew PropCo Ltd
Report to the board of directors on the preparation of the unaudited statutory financial statements of Agnew PropCo Ltd
Year ended
31 December 2024
As described on the statement of financial position, the Board of Directors of
Agnew PropCo Ltd
are responsible for the preparation of the
financial statements
for the year ended
31 December 2024
, which comprise the income statement, statement of financial position and 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 unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
Agnew PropCo Ltd
Statement of Financial Position
31 December 2024
20242023
Note££
Fixed assets    
Investments 5
19,016,320
 
19,510,002
 
Current assets    
Debtors 6
5,589,046
 
5,592,756
 
Cash at bank and in hand
176,870
 
194,662
 
5,765,916
 
5,787,418
 
Creditors: amounts falling due within one year 7
(839,106
 )
(969,346
 )
Net current assets
4,926,810
 
4,818,072
 
Total assets less current liabilities 23,943,130   24,328,074  
Creditors: amounts falling due after more than one year 8
(1,194,869
 )
(2,796,545
 )
Net assets excluding defined benefit pension plan balance 22,748,261   21,531,529  
Defined benefit pension asset 189,257   189,257  
Net assets including defined benefit pension plan balance
22,937,518
 
21,720,786
 
Capital and reserves    
Called up share capital
342
 
342
 
Share premium
16,929
 
16,929
 
Profit and loss account
22,920,247
 
21,703,515
 
Shareholders funds
22,937,518
 
21,720,786
 
For the year ending
31 December 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.
These
financial statements
have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies’ regime.
In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered.
These
financial statements
were approved by the board of directors and authorised for issue on
30 June 2025
, and are signed on behalf of the board by:
Philip Agnew
Andrew Agnew
DirectorDirector
Company registration number:
NI609913
Agnew PropCo Ltd
Notes to the Financial Statements
Year ended
31 December 2024

1 General information

The company is a private company limited by shares and is registered in Northern Ireland. The address of the registered office is
Upper Floors
,
336 Lisburn Road
,
Belfast
,
Antrim
,
BT9 6GH
, United Kingdom.

2 Statement of compliance

These
financial statements
have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable to the UK and 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 assets.
The
financial statements
are prepared in sterling, which is the functional currency of the company.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Current tax

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.

Investment properties

Investment property is measured initially 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.

Fixed asset investments

Investments in subsidiaries, associates and joint ventures accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses.
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.

Impairment

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.
Pension Asset
The company recognises a net defined benefit pension asset or liability in the balance sheet as the net total of the present value of its obligations and the fair value of plan assets out of which the obligations are to be settled. The defined benefit liability is measured using the projected unit method and is discounted at the current rate of return on a high quality corporate bond. Plan surpluses are recognised as a defined benefit asset only to the extent that the surplus is recoverable either through reduced contributions in the future or through refunds from the plan. Plan deficits are recognised as a defined benefit liability to the extent it reflects a legal or constructive obligation.
Changes in the net defined benefit asset or liability arising from employee service are recognised in profit or loss as a current service cost and as a past service cost where it relates to services in prior periods. Costs relating to curtailments and settlements are recognised in profit or loss in the period in which they occur.
Actuarial gains and losses are recognised in the statement of total recognised gains and losses.
Net interest is recognised in profit or loss.

Cash Flow

The company has taken advantage of the exemption in Financial Reporting Standard No 1 from the requirement to produce a cash flow statement on the grounds that it is a small company.  

4 Average number of employees

The average number of persons employed by the company during the year was
2
(2023:
2.00
).

5 Investments

Shares in group undertakings and participating interestsOther investments other than loansTotal
£££
Cost      
At
1 January 2024
3
 
19,509,999
 
19,510,002
 
Disposals -  
(493,682
 )
(493,682
 )
At
31 December 2024
3
 
19,016,317
 
19,016,320
 
Impairment      
At
1 January 2024
and
31 December 2024
 -   -   -  
Carrying amount      
At
31 December 2024
3
 
19,016,317
 
19,016,320
 
At 31 December 2023
3
 
19,509,999
 
19,510,002
 
Other Investments other than loans is Investment Property.
Shares in group undertakings and participating interests comprise 100% holdings in Iaco One Ltd, Iaco Two Ltd and Iaco Three Ltd. All are property companies registered in N Ireland.

6 Debtors

20242023
££
Amounts owed by group undertakings and undertakings in which the company has a participating interest
5,588,875
 
5,592,585
 
Other debtors
171
 
171
 
5,589,046
 
5,592,756
 

7 Creditors: amounts falling due within one year

20242023
££
Bank loans and overdrafts
524,197
 
653,516
 
Trade creditors -  
1,700
 
Taxation and social security
298,409
 
291,353
 
Other creditors
16,500
 
22,777
 
839,106
 
969,346
 

8 Creditors: amounts falling due after more than one year

20242023
££
Bank loans and overdrafts
1,194,869
 
2,796,545
 

9 Guarantees and other financial commitments

Danske Bank hold a first and only all monies Debenture over the Companies assets; and a first and only legal charge over properties held.
The Company operates a pension scheme providing benefits based on final pensionable pay. The assets of the scheme are held separately from those of the Company. The pension charge for the year was £nil (2023 £nil).

10 Controlling party

The ultimate controlling party is considered to be the Agnew family.
The company's parent undertaking at 31 December 2024 is DPAM Properties Limited, a company incorporated in Northern Ireland