Inislyn Office Company Limited Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: NI042942

Inislyn Office Company Limited

Filleted Unaudited Financial Statements

31 March 2025

Inislyn Office Company Limited

Statement of Financial Position

31 March 2025

	31 Mar 25	31 Dec 23
Note	£	£

Fixed assets

Tangible assets	4	5,206,636	8,059,688

Current assets

Debtors	5	359,127	34,460
Cash at bank and in hand		168,379	293,417
		---------	---------
		527,506	327,877

Creditors: amounts falling due within one year	6	123,417	1,085,799
		---------	------------
Net current assets/(liabilities)		404,089	( 757,922)
		------------	------------
Total assets less current liabilities		5,610,725	7,301,766

Provisions	485,000	485,000
	------------	------------
Net assets	5,125,725	6,816,766
	------------	------------

Capital and reserves

Called up share capital	2	2
Revaluation reserve	–	2,850,652
Profit and loss account	5,125,723	3,966,112
	------------	------------
Shareholders funds	5,125,725	6,816,766
	------------	------------

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.

For the Period ending 31 March 2025 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 Period 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 .

Inislyn Office Company Limited

Statement of Financial Position (continued)

31 March 2025

These financial statements were approved by the board of directors and authorised for issue on 28 August 2025 , and are signed on behalf of the board by:

Mr D A Donnelly	T A Devlin
Secretary	Director

Company registration number: NI042942

Inislyn Office Company Limited

Notes to the Financial Statements

Period from 1 January 2024 to 31 March 2025

1. General information

The company is a private company limited by shares, registered in N Ireland. The address of the registered office is 54 Lisburn Road, Belfast, BT9 6AF.

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

(a) 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.

(b) Disclosure exemptions

The company satisfies the criteria of being a qualifying entity as defined in FRS 102; advantage has been taken of the disclosure exemptions available under FRS 102.

(c) Judgements and key sources of estimation uncertainty

The preparation of financial statements requires management to make judgements, estimates and assumptions that can affect the application of accounting policies and the reported values of assets, liabilities income and expenses. Actual results may differ from these estimates, which are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the accounting period in which the estimate is revised.

(d) Tangible assets

Tangible fixed assets are stated at cost or valuation less any accumulated depreciation. Depreciation is calculated so as to allocate the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows: Investment Property 2% Fixtures & Fittings 20% The useful lives and residual values of assets are reviewed and adjusted where appropriate or where there has been a significant change since the previous accounting period. Gains and losses on disposals are recognised in the Statement of Comprehensive Income.

(e) Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

		-	20% straight line

(f) Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

4. Tangible assets

	Freehold property	Plant and machinery	Total
	£	£	£
Cost
At 1 January 2024	8,050,000	12,088	8,062,088
Disposals	( 2,850,652)	–	( 2,850,652)
	------------	--------	------------
At 31 March 2025	5,199,348	12,088	5,211,436
	------------	--------	------------
Depreciation
At 1 January 2024	–	2,400	2,400
Charge for the period	–	2,400	2,400
	------------	--------	------------
At 31 March 2025	–	4,800	4,800
	------------	--------	------------
Carrying amount
At 31 March 2025	5,199,348	7,288	5,206,636
	------------	--------	------------
At 31 December 2023	8,050,000	9,688	8,059,688
	------------	--------	------------

5. Debtors

	31 Mar 25	31 Dec 23
	£	£
Trade debtors	–	200
Amounts owed by group undertakings and undertakings in which the company has a participating interest	–	28,219
Other debtors	359,127	6,041
	---------	--------
	359,127	34,460
	---------	--------

6. Creditors: amounts falling due within one year

	31 Mar 25	31 Dec 23
	£	£
Amounts owed to group undertakings and undertakings in which the company has a participating interest	80,949	1,035,799
Other creditors	42,468	50,000
	---------	------------
	123,417	1,085,799
	---------	------------

7. Financial instruments

The company enters into basic financial instruments only. These transactions can result in the recognition of financial assets and liabilities such as trade accounts receivable or payable.

8. Directors' advances, credits and guarantees

During the Period the directors entered into the following advances and credits with the company:

	31 Mar 25
	Balance brought forward	Advances/ (credits) to the directors	Amounts repaid	Balance outstanding
	£	£	£	£
Mr D A Donnelly	–	141,913	–	141,913
T A Devlin	–	144,215	–	144,215
	----	---------	----	---------
	–	286,128	–	286,128
	----	---------	----	---------

	31 Dec 23
	Balance brought forward	Advances/ (credits) to the directors	Amounts repaid	Balance outstanding
	£	£	£	£
Mr D A Donnelly	82	–	( 82)	–
T A Devlin	88	–	( 88)	–
	----	----	----	----
	170	–	( 170)	–
	----	----	----	----

9. Related party transactions

The company is under the control of Messrs Donnelly & Devlin, who are also directors and members of CH4CH Limited which provided Management Services totalling £NIL (31 December 2023: £NIL) to the company. In addition, both are the beneficiaries of The New Mutual Holding Company, Retirement Benefit Scheme, a Small Self Administered Scheme (SSAS), which owns one half of a floor in "The Lighthouse Building", which is available to be let by the company. The SSAS receives from the company, less appropriate expenses, equal to 8.33% of the rent received from the tenant. Messrs Devlin & Donnelly were formerly, until 30th November 2023, the controlling shareholders and directors of Inislyn Limited which shares the same site in Cromac Wood as the company. Inislyn Limited pays the ground rent and site maintenance costs and recharges an agreed proportion to the company; the site maintenance costs are recharged to the company's tenant but the share of the ground rent is borne by the company. In the period to 31st March 2025, these costs amounted to £36,968(31 December 2023:£51,473) and received payment of £45,833 (31 December 2023: £NIL) for use of the company's allotted car parking spaces. Debit balances on the director's accounts arose when The New Mutual Company Limited entered the liquidation process. At 31 March 2025, the total indebtedness oF the two directors was £286,128 (31 December 2023: £NIL). The directors' total indebtedness was repaid in July 2025.