REGISTERED NUMBER: NI673534 (Northern Ireland)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

KEARNEY'S YARD LTD

Page

Company Information

1

Balance Sheet

2

to

3

Notes to the Financial Statements

4

to

7

DIRECTOR:

Alexander Campbell Morris

REGISTERED OFFICE:

Suite 1, Eilidhaus

497 Antrim Road

Belfast

BT15 3BP

REGISTERED NUMBER:

NI673534 (Northern Ireland)

ACCOUNTANTS:

Baker Tilly Mooney Moore

17 Clarendon Road

Belfast

BT1 3BG

BANKERS:

Starling Bank

3rd Floor

2 Finsbury Avenue

London

EC2M 2PP

FIXED ASSETS

Tangible assets

4

39,997

-

Investment property

5

617,134

617,134

657,131

617,134

CURRENT ASSETS

Debtors

6

87,334

22,000

Cash at bank

69

204

87,403

22,204

CREDITORS

Amounts falling due within one year

7

42,926

18,500

NET CURRENT ASSETS

44,477

3,704

TOTAL ASSETS LESS CURRENT LIABILITIES

701,608

620,838

CREDITORS

Amounts falling due after more than one year

8

(352,930

)

(260,411

)

PROVISIONS FOR LIABILITIES

(87,865

)

(87,865

)

NET ASSETS

260,813

272,562

CAPITAL AND RESERVES

Called up share capital

4

4

Retained earnings

260,809

272,558

260,813

272,562

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The 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.

The financial statements were approved by the director and authorised for issue on 30 September 2025 and were signed by:

Alexander Campbell Morris - Director

1.	STATUTORY INFORMATION

Kearney's Yard Ltd is a private company, limited by shares , registered in Northern Ireland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Significant judgements and estimates

The following judgements and estimates have had the most significant effect on amounts recognised in the financial statements:

- Recoverability of debtors

Estimates are made in respect of the recoverable value of trade debtors. Impairment of trade debtors is reviewed on an ongoing basis having regard to the ageing profile of the debtors. Where a debtor balance is not considered recoverable then it is expensed in the year.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Investment property

Investment properties are valued at fair value as determined by the directors or external valuers, based on rental yield taking into consideration nature, location and condition of the assets.

No depreciation is provided on investment property. Changes in fair value will be recognised in the profit and loss account. Deferred taxation is provided on any gains at the rate expected to apply when the property is sold.

Financial instruments

All financial instruments of the company are considered to meet the definition of basic financial instruments.

- Short term debtors and creditors

Debtors and creditors with no stated interest rate are receivable or payable on demand are recognised at transaction price, and subject to annual impairment reviews. Any losses arising on impairment are recognised in the profit and loss account.

- Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand.

- Loans and borrowings

All loans and borrowings are initially recorded at the present value of cash payable to the lender in settlement of the liability discounted at the market interest rate. Subsequently loans and borrowings are stated at amortised cost using the effective interest rate method. The computation of amortised cost includes any issue costs, transaction costs and fees, and any discount or premium on settlement, and the effect of this is to amortise these amounts over the expected borrowing period. Loans with no stated interest rate and repayable within one period or on demand are not amortised. Loans and borrowings are classified as current liabilities unless the borrower has an unconditional right to defer settlement of the liability for at least 12 months after the financial period end date.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Income

Operating income represents net rental income, excluding value added tax.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - NIL).

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

Additions

39,997

At 31 December 2024

39,997

NET BOOK VALUE

At 31 December 2024

39,997

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 January 2024

and 31 December 2024

617,134

NET BOOK VALUE

At 31 December 2024

617,134

At 31 December 2023

617,134

Investment property was valued on an open market basis on 21 April 2023 by O'Connor Kennedy Turtle. The directors are satisfied that this valuation represents open market value at the year end.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Amounts owed by associates

22,000

22,000

Other debtors

65,334

-

87,334

22,000

Included in other debtors is an amount of £64,309 (2023: £nil) due from the director. This loan is unsecured, interest free and repayable on demand.

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Bank loans and overdrafts

33,489

10,831

Taxation and social security

1,877

2,727

Other creditors

7,560

4,942

42,926

18,500

Included in other creditors is an amount of £nil (2023: £589) due to the director. This loan is unsecured, interest free and repayable on demand.

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.24

31.12.23

£

£

Bank loans

232,930

260,411

Other creditors

120,000

-

352,930

260,411

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

65,487

192,433

9.	SECURED DEBTS

The following secured debts are included within creditors:

31.12.24

31.12.23

£

£

Bank loans

266,419

271,242

Bank loans

-

271,242

266,419

542,484

As security for their loan the Bank of Ireland holds a first legal charge over the following properties:

- 162b Antrim Road, Belfast,

- Units 1-3, 344a Glen Road, Belfast,

- 8A & 8B Henderson Avenue, Belfast,

- Unit 1-5, 4 Hightown Road, Glengormley.

As security for their loan ALZ Belfast LTD hold a legal charge over the following properties:

- 6 Henderson Avenue, Belfast,

- Land to rear of 277 Cavehill Road, Belfast.

10.	RELATED PARTY DISCLOSURES

At the year end the company was owed £20,000 (2023: £20,000) from another company in which the shareholders have a controlling interest. The loan is included in debtors and is unsecured, interest free and repayable on demand.