Registration number: NI053212

Tullyquin Properties Limited

Contents

Company Information	1
Balance Sheet	2
Notes to the Unaudited Financial Statements	3 to 7

Tullyquin Properties Limited

Company Information

Director

Krystine McKeagney

Company secretary

Mr John Healy

Registered office

27 College Gardens Belfast BT9 6BS

Accountants

McKeague Morgan & Company Chartered Accountants27 College Gardens Belfast BT9 6BS

Tullyquin Properties Limited

(Registration number: NI053212)
Balance Sheet as at 31 December 2024

	Note	2024 £	2023 £
Fixed assets
Tangible assets	4	1,769,293	1,769,293
Current assets
Debtors	5	1,854	1,689
Cash at bank and in hand		32,622	35,506
		34,476	37,195
Creditors: Amounts falling due within one year	6	(2,382,650)	(1,685,148)
Net current liabilities		(2,348,174)	(1,647,953)
Total assets less current liabilities		(578,881)	121,340
Creditors: Amounts falling due after more than one year	6	-	(691,644)
Net liabilities		(578,881)	(570,304)
Capital and reserves
Called up share capital		100	100
Profit and loss account		(578,981)	(570,404)
Total equity		(578,881)	(570,304)

For the financial 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.

Director's 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 director acknowledges her 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 and 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 24 September 2025
 

.........................................

Krystine McKeagney
Director

Tullyquin Properties Limited

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

1	General information

The company is a private company limited by share capital, incorporated in the United Kingdom.

The address of its registered office is:
27 College Gardens
Belfast
BT9 6BS
Northern Ireland

The principal place of business is:
80 A South Parade
Belfast
County Antrim
BT7 2GQ

These financial statements were authorised for issue by the director on 24 September 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.

Departure from requirements of FRS 102

The investment properties held by the company have been reported within the balance sheet at historical cost and not at fair value as required by FRS102 Section 1A.

Departures from Companies Act requirements

The investment properties of the company have not been depreciated which is a departure from the requirements of the Companies Act as the properties are held for long term investment and not for consumption and for this reason the director considers that systematic annual depreciation would be inappropriate.

Going concern

The financial statements have been prepared on a going concern basis which assumes that the company will continue in business for at least 12 months from the date these financial statements were approved. As at 31 December 2024 the company has accumulated losses of £578,981 and bank borrowings of £705,340. The Bank of Ireland loan facilities are due for renewal and based on ongoing informal discussions it is expected that the bank will continue to support the company under acceptable terms.

Tullyquin Properties Limited

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

2	Accounting policies (continued)

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is the amount derived from the provision of properties for rental within the company's ordinary activities.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retransalted at the rates prevailing on the initial transcation dates.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Fixtures and fittings	25% straight line

Investment property

The property owned by the company is held for long term investment and the requirements of FRS102 Section 1A have not been complied with by the company and the investment properties are accounted for as follows:

No depreciation is provided in respect of the investment properties and the investment properties are retained in the accounts at cost not fair value.

This treatment as regards the company's investment properties may be a departure from the requirements of the Companies Act concerning the depreciation of fixed assets and from the requirements of FRS102 Section 1A regarding the use of fair values, However, these properties are not held for consumpion but for investment and the director considers that systematic annual depreciation would be inappropriate.

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.

Tullyquin Properties Limited

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

2	Accounting policies (continued)

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.

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.

Provisions

Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

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.

3	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

Tullyquin Properties Limited

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

4	Tangible assets

	Land and buildings £	Furniture, fittings and equipment  £	Total £
Cost or valuation
At 1 January 2024	1,769,293	13,336	1,782,629
At 31 December 2024	1,769,293	13,336	1,782,629
Depreciation
At 1 January 2024	-	13,336	13,336
At 31 December 2024	-	13,336	13,336
Carrying amount
At 31 December 2024	1,769,293	-	1,769,293
At 31 December 2023	1,769,293	-	1,769,293

Included within the net book value of land and buildings above is £1,769,293 (2023 - £1,769,293) in respect of long leasehold land and buildings.

5

Debtors

	2024 £	2023 £
Prepayments	1,771	1,689
Other debtors	83	-
	1,854	1,689

Tullyquin Properties Limited

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

6

Creditors

	Note	2024 £	2023 £
Due within one year
Bank loans and overdrafts	7	705,340	90,769
Other creditors		736,384	728,734
Loans from directors		939,786	864,505
Accruals and deferred income		1,140	1,140
		2,382,650	1,685,148
Due after one year
Loans and borrowings	7	-	691,644

7	Loans and borrowings

Current loans and borrowings

	2024 £	2023 £
Bank borrowings	705,340	90,769
Other borrowings	735,034	726,634
	1,440,374	817,403

Non-current loans and borrowings

	2024 £	2023 £
Bank borrowings	-	691,644

Bank borrowings

The loan facility is denominated in sterling with a nominal interest rate of the UK base rate plus 3%, and the final instalment is due on 31 December 2025. The carrying amount at the year end is £705,340 (2023 - £782,413). The bank have indicated that the facility will be renewed on 31 December 2025. The security for the borrowing is a mortage/charge over the company properties, a floating charge over all of the assets of the company and various guarantees from the shareholders.