Iveagh Properties Limited Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: NI035692

Iveagh Properties Limited

Filleted Unaudited Financial Statements

28 February 2025

Iveagh Properties Limited

Statement of Financial Position

28 February 2025

	2025		2024
Note	£	£	£

Fixed assets

Tangible assets	4	125	250
Investments	5	585,222	585,222
		---------	---------
		585,347	585,472

Current assets

Stocks		2,698,355	2,850,713
Debtors	6	802,707	560,282
Cash at bank and in hand		21,911	103,278
		------------	------------
		3,522,973	3,514,273

Creditors: amounts falling due within one year	7	117,857		109,461
		------------		------------
Net current assets			3,405,116	3,404,812
			------------	------------
Total assets less current liabilities			3,990,463	3,990,284

Provisions

Taxation including deferred tax	31	63
	------------	------------
Net assets	3,990,432	3,990,221
	------------	------------

Capital and reserves

Called up share capital	1,390,000	1,390,000
Share premium account	771,200	771,200
Profit and loss account	1,829,232	1,829,021
	------------	------------
Shareholders funds	3,990,432	3,990,221
	------------	------------

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 year ending 28 February 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 year 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 .

Iveagh Properties Limited

Statement of Financial Position (continued)

28 February 2025

These financial statements were approved by the board of directors and authorised for issue on 2 October 2025 , and are signed on behalf of the board by:

Mr D Mahon	Mr M R Adair
Director	Director

Mr H Henning	Mr R Kelly
Director	Director

Mr R M Adair	Mr M T Henning
Director	Director

Mr J W Mahon
Director

Company registration number: NI035692

Iveagh Properties Limited

Notes to the Financial Statements

Year ended 28 February 2025

1. General information

The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is 631 Lisburn Road, Belfast, Co. Antrim, BT9 7GT.

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.

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 represents rental income in the year under review.

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.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

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:

	FFE	-	20% straight line

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

Investments in associates

Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units .

Stocks

Stocks are valued at the lower of cost and net realisable value.

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.

Financial instruments

A financial asset or a financial liability is recognised only when the company 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. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

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. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. 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. Tangible assets

	Fixtures and fittings	Total
	£	£
Cost
At 1 March 2024 and 28 February 2025	625	625
	----	----
Depreciation
At 1 March 2024	375	375
Charge for the year	125	125
	----	----
At 28 February 2025	500	500
	----	----
Carrying amount
At 28 February 2025	125	125
	----	----
At 29 February 2024	250	250
	----	----

5. Investments

	Other investments other than loans
	£
Cost
At 1 March 2024 and 28 February 2025	682,224
	---------
Impairment
At 1 March 2024 and 28 February 2025	97,002
	---------

Carrying amount
At 28 February 2025	585,222
	---------
At 29 February 2024	585,222
	---------

The investments in unlisted companies are:

£

Acrebrae Properties Limited 10

East West Properties Limited 5,000

Landwood Enterprises Limited 5,500

Ravenrock Properties Limited 2,000

Ballymagroarty Estates Limited 2,000

Ballynacor Estates Ltd 10,000

Bathwick Associates Ltd 28,000

Seemore Properties Ltd 50,000

High Moon Developments Ltd 50,000

Slievebane Properties Ltd 20,000

Solarus Properties Ltd 50,000

Drumlough Estates Ltd 5,000

Aldergrove Limited 20,000

Skerry Enterprises Limited 334,500

Spinnaker Investments Ltd 100

Cashelhill Limited 100,000

Country Castle Association Ltd 100

Slaney Estates 2

Bann 12 Ltd 10

--------

682,222

Provision for diminution in value (97,000)

---------

585,222

========

6. Debtors

	2025	2024
	£	£
Trade debtors	47,509	44,218
Other debtors	755,198	516,064
	---------	---------
	802,707	560,282
	---------	---------

'Other debtors' comprises amounts due from unlisted companies.

7. Creditors: amounts falling due within one year

	2025	2024
	£	£
Trade creditors	33,330	25,233
Amounts owed to group undertakings and undertakings in which the company has a participating interest	2,500	1,850
Corporation tax	44,685	48,353
Social security and other taxes	–	2,073
Other creditors	37,342	31,952
	---------	---------
	117,857	109,461
	---------	---------

8. Related party transactions

The following related party transactions took place during the year: Acrebrae Properties Limited, a company in which Iveagh Properties Limited owns 50% of the share capital, owes Iveagh Properties Limited £93,018 (2024: £92,984). This debtor is fully provided for at the year end. Aldergrove Limited, a company in which Iveagh Properties Limited has an investment, owes Iveagh Properties Limited £38,896 at the year end (2024: £38,896). Bann 12 Limited, a company in which Iveagh Properties Limited has an investment, owes Iveagh Properties Limited £287,650 at the year end (2024: £292,616). Highmoon Developments Limited, a company in which Iveagh Properties Limited has an investment, owes Iveagh Properties Limited £54 at the year end (2024: £2,971). This amount has been repaid to Iveagh Properties Limited post year end. Cashelhill Limited, a company in which Iveagh Properties Limited has an investment, owes Iveagh Properties Limited £1,000 at the year end (2024: £1,000). Drumlough Estates Limited, a company in which Iveagh Properties Limited has an investment, owes Iveagh Properties Limited £20,808 at the year end (2024: £20,808). Slaney Estates Limited, a company in which Iveagh Properties Limited has an investment, owes Iveagh Properties Limited £23,998 at the year end (2024: £23,998). Spinnaker Investments Limited, a company in which Iveagh Properties Limited has an investment, owes Iveagh Properties Limited £113,900 at the year end (2024: £113,900). Dunbarton Estates Limited, a company under common control, owes Iveagh Properties Limited £235,000 at the year end (2024: £nil). Juniper Investments Limited, a company under common control, owes Iveagh Properties Limited £685 at the year end (2024: £698). This amount has been repaid to Iveagh Properties Limited post year end. 3A The Parade Management Co Limited, a company under common control, owes Iveagh Properties Limited £1,149 at the year end (2024: £935). Adair Building Services Limited, a company under common control, is owed £26,405 by Iveagh Properties Limited at the year end (2024: £23,941), for the provision of bookkeeping services. At the year end £2,500 (2024: £1,850) was owed to shareholders in relation to dividends. During the year dividends were received from the following companies in which Iveagh Properties Limited holds investments: £5,000 (2024: £5,000) from Countrycastle Associates Limited, and £250 from East West Properties Limited (2024: £250). The company disposed of its shareholdings in Killylea Properties Limited and Cusher Properties Limited during the prior year. During the year, Iveagh Properties Ltd was invoiced £5,000 (2024: £5,000) by D2 Consulting Ltd, a company under common control, in relation to professional services rendered.

9. Controlling party

The company was under the control of the directors during the current and prior periods.