ACCOUNTS - Final Accounts

Registered number: NI614836

Colliers Belfast Ltd

Financial statements

Information for filing with the registrar

For the Year Ended 31 December 2024

Colliers Belfast Ltd

Registered number: NI614836

Balance Sheet

As at 31 December 2024

		2024		2023
Note		£		£

Fixed assets
Tangible assets	4		62,623		90,072
Investments	5		60		60
			62,683		90,132
Current assets
Debtors: amounts falling due within one year	6	1,291,139		1,139,112
Cash at bank and in hand	7	784,601		1,128,555
		2,075,740		2,267,667
Creditors: amounts falling due within one year	8	(708,443)		(895,706)
Net current assets			1,367,297		1,371,961
Total assets less current liabilities			1,429,980		1,462,093
Provisions for liabilities
Deferred tax	9	-		(5,059)
			-		(5,059)
Net assets			1,429,980		1,457,034

Capital and reserves
Called up share capital	10	100	100
Profit and loss account		1,429,880	1,456,934
		1,429,980	1,457,034

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Colliers Belfast Ltd

Registered number: NI614836

Balance Sheet (continued)

As at 31 December 2024

The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 30 April 2025.

Mr W J Millar

Director

The notes on pages 3 to 10 form part of these financial statements.

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Colliers Belfast Ltd

Notes to the Financial Statements

For the Year Ended 31 December 2024

1.	General information

Colliers Belfast Ltd is a private company limited by shares incorporated in Northern Ireland within the United Kingdom. The registration number and address of the registered office are given in the company information section of these financial statements.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

2.2

Exemption from preparing consolidated financial statements

The Company, and the Group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and Group are considered eligible for the exemption to prepare consolidated accounts.

2.3

Going concern

The Directors of Colliers Belfast Ltd have reviewed the appropriateness of the going concern assumption. The Directors have considered the future trading forecasts and have a reasonable expectation that the company has adequate resources to continue to operate and they believe that it is appropriate to continue to adopt the going concern basis in preparing the financial statements.

2.4

Foreign currency translation

Functional and presentation currency

The Company's functional currency is Sterling. There is no rounding applied to the accounts.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

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Colliers Belfast Ltd

Notes to the Financial Statements

For the Year Ended 31 December 2024

2.Accounting policies (continued)

2.5

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

2.6

Operating leases

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

2.7

Interest income

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

2.8

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

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Colliers Belfast Ltd

Notes to the Financial Statements

For the Year Ended 31 December 2024

2.Accounting policies (continued)

2.9

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

2.10

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

The estimated useful lives range as follows:

				Fixtures and fittings	-	4 - 5 years
				Office equipment	-	3 years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

2.11

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

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Colliers Belfast Ltd

Notes to the Financial Statements

For the Year Ended 31 December 2024

2.Accounting policies (continued)

2.12

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.13

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.14

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Employees

The average monthly number of employees, including the directors, during the year was as follows:

	2024	2023
	No.	No.

Employees	26	25

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Colliers Belfast Ltd

Notes to the Financial Statements

For the Year Ended 31 December 2024

4.	Tangible fixed assets

	Fixtures and fittings	Office equipment	Total
	£	£	£
Cost or valuation
At 1 January 2024	199,054	202,623	401,677
Additions	6,354	3,838	10,192
At 31 December 2024	205,408	206,461	411,869
Depreciation
At 1 January 2024	141,157	170,447	311,604
Charge for the year on owned assets	18,545	19,097	37,642
At 31 December 2024	159,702	189,544	349,246
Net book value
At 31 December 2024	45,706	16,917	62,623
At 31 December 2023	57,897	32,176	90,073

5.	Fixed asset investments

		Investments in subsidiary companies
		£
	Cost or valuation
	At 1 January 2024	60
	At 31 December 2024	60

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Colliers Belfast Ltd

Notes to the Financial Statements

For the Year Ended 31 December 2024

Debtors

					2024	2023
					£	£


Trade debtors	458,795	478,288
Amounts owed by group undertakings	277,070	267,944
Amounts owed by related parties	55,703	61,020
Prepayments and accrued income	499,571	331,860
	1,291,139	1,139,112

7.	Cash and cash equivalents
		2024	2023
		£	£

Cash at bank and in hand	784,601	1,128,555
	784,601	1,128,555

8.	Creditors: Amounts falling due within one year
		2024	2023
		£	£

Trade creditors	47,079	75,417
Corporation tax	11,709	55,532
Other taxation and social security	155,997	169,328
Accruals and deferred income	493,658	595,429
	708,443	895,706

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Colliers Belfast Ltd

Notes to the Financial Statements

For the Year Ended 31 December 2024

9.	Deferred taxation

		2024
		£

	At beginning of year	(5,059)
	Charged to profit or loss	5,059
	At end of year	-

The deferred taxation balance is made up as follows:
	2024	2023
	£	£

Accelerated capital allowances	-	(14,492)
Other	-	7,988
Pension	-	1,445
	-	(5,059)

10.	Share capital
		2024	2023
		£	£

Allotted, called up and fully paid

2,501 (2023 - 2,501) Ordinary A shares shares of £0.01 each	25	25
7,499 (2023 - 7,499) Ordinary B shares shares of £0.01 each	75	75

	100	100

11.	Related party transactions
	No transactions with related parties were undertaken such as are required to be disclosed under Financial Reporting Standard 102 Section 1A.

12.	Post balance sheet events

There have been no significant events affecting the Company since the year end.

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Colliers Belfast Ltd

Notes to the Financial Statements

For the Year Ended 31 December 2024

13.	Controlling party

The company was under control of Mr William Jonathan Millar throughout the current year by virtue of his majority shareholding.

14.	Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2024 was unqualified.

The audit report was signed on 30 April 2025 by Brian Clerkin (Senior Statutory Auditor) on behalf of Sumer Auditco NI Limited.

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