COMPANY REGISTRATION NUMBER:
NI626924
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Herbel Property Development Limited |
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Filleted Financial Statements |
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Herbel Property Development Limited |
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Year ended 31 December 2024
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Officers and professional advisers |
1 |
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Statement of financial position |
2 |
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Notes to the financial statements |
3 |
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Herbel Property Development Limited |
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Statement of Financial Position |
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31 December 2024
Current assets
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Stocks |
115,017 |
108,337 |
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Debtors |
4 |
4,278,032 |
4,280,459 |
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Cash at bank and in hand |
3,248 |
425 |
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------------ |
------------ |
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4,396,297 |
4,389,221 |
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Creditors: amounts falling due within one year |
5 |
81,852 |
43,061 |
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Net current assets |
4,314,445 |
4,346,160 |
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Total assets less current liabilities |
4,314,445 |
4,346,160 |
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Creditors: amounts falling due after more than one year |
6 |
61,914 |
– |
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Net assets |
4,252,531 |
4,346,160 |
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Capital and reserves
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Called up share capital |
2 |
2 |
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Profit and loss account |
4,252,529 |
4,346,158 |
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Shareholders funds |
4,252,531 |
4,346,160 |
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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.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 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
23 April 2025
, and are signed on behalf of the board by:
Company registration number:
NI626924
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Herbel Property Development Limited |
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Notes to the Financial Statements |
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Year ended 31 December 2024
1.
General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is Maneely Mc Cann, Aisling House, 50 Stranmillis Embankment, Belfast, BT95 FL.
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.
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.
If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an on-going basis.
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.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, 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.
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 is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition. Work in Progress Sites for development are valued on the basis of direct costs plus attributable overheads based on normal level of activity. Provisions are made for foreseeable losses where appropriate. No element of profit is included in the valuation for the site development.
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.
Debtors
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2024 |
2023 |
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£ |
£ |
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Trade debtors |
– |
1,237 |
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Amounts owed by group undertakings and undertakings in which the company has a participating interest |
4,275,121 |
4,265,980 |
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Other debtors |
2,911 |
13,242 |
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4,278,032 |
4,280,459 |
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The debtors above include the following amounts falling due after more than one year:
|
2024 |
2023 |
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£ |
£ |
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Amounts owed by group undertakings and undertakings in which the company has a participating interest |
4,275,121 |
4,265,980 |
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5.
Creditors:
amounts falling due within one year
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2024 |
2023 |
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£ |
£ |
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Trade creditors |
93 |
1,201 |
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Amounts owed to group undertakings |
– |
34,110 |
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Accruals and deferred income |
2,000 |
7,750 |
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Corporation tax |
79,759 |
– |
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81,852 |
43,061 |
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6.
Creditors:
amounts falling due after more than one year
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2024 |
2023 |
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£ |
£ |
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Amounts owed to group undertakings |
61,914 |
– |
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---- |
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7.
Summary audit opinion
The auditor's report dated
23 April 2025
was
unqualified
.
The senior statutory auditor was
Cathal Maneely
, for and on behalf of
Maneely Mc Cann Chartered Accountants
.
8.
Related party transactions
Control The company is a wholly owned subsidiary of Herbel Limited, a company incorporated in Northern Ireland, which is a wholly owned subsidiary of Banner Dell Limited, a company incorporated in England and Wales. Banner Dell Limited is a wholly owned subsidiary of Herbert Corporate Holdings Limited, a company incorporated in Northern Ireland. Herbert Corporate Holdings Limited is a wholly owned subsidiary of Herbert Corporate Holdings (IOM) Limited, a company incorporated in the Isle of Man. Mrs L E Herbert is the shareholder of Herbert Corporate Holdings (IOM) 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.
9.
Controlling party
Herbert Corporate Holdings (IOM) Limited
, a company incorporated in the Isle of Man, is the company's ultimate parent company. Copies of the consolidated financial statements for Herbert Corporate Holdings (IOM) Limited may be obtained from Ground Floor, Dorchester House, Belmont Hill, Douglas, Isle of Man, IM1 4RE
.