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Registered number: NI038987
NORTHERN IRELAND SCIENCE PARK PROPERTY LIMITED
DIRECTORS' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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NORTHERN IRELAND SCIENCE PARK PROPERTY LIMITED
COMPANY INFORMATION
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E Graham (resigned 31 December 2024)
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Dr. B Keating (resigned 30 June 2025)
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J Wylie (resigned 30 June 2025)
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C Jessup (resigned 28 February 2025)
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N Crockett (appointed 1 January 2025)
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D Armstrong (appointed 1 March 2025)
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AAB Group Accountants Limited
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Chartered Accounts & Statutory Auditors
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NORTHERN IRELAND SCIENCE PARK PROPERTY LIMITED
CONTENTS
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Independent auditors' report
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Statement of comprehensive income
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Statement of changes in equity
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Notes to the financial statements
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NORTHERN IRELAND SCIENCE PARK PROPERTY LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2025
The directors present their report and the financial statements for the year ended 31 March 2025.
The principal activity of Northern Ireland Science Park Property Limited is to manage the land and property assets of the Northern Ireland Science Park Foundation Limited in fulfilment of the Northern Ireland Science Park Foundation Limited's objectives and in accordance with the policies of Northern Ireland Science Park (Holdings) Limited.
Northern Ireland Science Park Foundation Limited is the Parent Company of Northern Ireland Science Park (Holdings) Limited, which in turn is the Parent Company of Northern Ireland Science Park Property Limited and North West Regional Science Park Limited. The largest and smallest group in which the results of the Company are consolidated is that headed by Northern Ireland Science Park Foundation Limited, incorporated in Northern Ireland whose registered office is The Innovation Centre, Queen's Road, Queen's Island, Belfast, BT3 9DT. The consolidated financial statements of this group are available to the public and may be obtained from Companies House. Catalyst is the trading name of Northern Ireland Science Park Foundation Limited and subsidiary companies.
Northern Ireland Science Park Property Limited has developed six buildings at its Belfast site, namely The Innovation Centre, The Legacy Building, White Star House and Concourse I, II & Ill, which together total 250,147 sq. ft., most of which has been let to a mixture of local and global high tech businesses on scales from single desk tenant to multinational tenant. The buildings provide agile connected work-space and event space, with space available from one desk to an entire building on flexible lease terms from one month upwards.
In addition, Queen's University Belfast operates its Electronics, Communications and Information Technology Research Institute from the site. This Queen's University Belfast Research Institute, accommodates 150 research staff in four groups with the largest being the centre for cyber security. In order to provide support for the listed Pump-House and scheduled monument, the Thompson Dry Dock, the Company operates these features for tourism, schools' education and events. Titanic's Dock and Pump-House occupies a 7-acre scheduled monument site at Catalyst. The massive dry dock where RMS Titanic was fitted out remains as Titanic's physical footprint in history. The listed Pump-House accommodates a Visitor's Centre as well as an interpretive Centre for what was the largest dock and most powerful pumps in the world when completed in 1911 to construct the largest trio of ships - RMS Olympic, Titanic and Britannic.
A range of catering options exists at the Park with facilities in The Innovation Centre, The Naut and Cafe Krem in ECIT.
More detail on the real estate as well as future developments can be found in the Northern Ireland Science Park Foundation Limited consolidated financial statements.
The loss for the year, after taxation, amounted to £318k (2024 - loss £324k).
The directors are satisfied the results of the Company for the year are as expected. The directors do not recommend the payment of a dividend (2024: £Nil).
The directors who served during the year, and up to the date of signing the financial statements were:
E Graham (resigned 31 December 2024)
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Dr. B Keating (resigned 30 June 2025)
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J Wylie (resigned 30 June 2025)
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C Jessup (resigned 28 February 2025)
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N Crockett (appointed 1 January 2025)
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D Armstrong (appointed 1 March 2025)
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Page 1
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NORTHERN IRELAND SCIENCE PARK PROPERTY LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
The Company has made no political donations or incurred any political expenditure during the year (2024: £Nil).
In carrying out their duties in respect of going concern, the Directors have carried out a review of the financial position of the company for a period of twelve months from the date of signing these financial statements. These have been based on a review of revenue and expenditure, considering specific business risks and the uncertainties brought about by the current economic environment.
At the current time the company has sufficient financial support to meet its ongoing working capital requirements. The company will be supported by its ultimate parent entity, Northern Ireland Science Park Foundation Limited, who have confirmed sufficient resources will be made available to the company for at least the next twelve months.
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus, the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
Disclosure of information to auditors
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Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
∙so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and
∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.
The auditors, AAB Group Accountants Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
Page 2
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NORTHERN IRELAND SCIENCE PARK PROPERTY LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
Directors' responsibilities statement
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The directors are responsible for preparing the Directors' report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgements and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.
This report was approved by the board on 24 September 2025 and signed on its behalf.
Page 3
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NORTHERN IRELAND SCIENCE PARK PROPERTY LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NORTHERN IRELAND SCIENCE PARK PROPERTY LIMITED
We have audited the financial statements of Northern Ireland Science Park Property Limited (the 'Company') for the year ended 31 March 2025, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of changes in equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
∙give a true and fair view of the state of the Company's affairs as at 31 March 2025 and of its loss for the year then ended;
∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
∙have been prepared in accordance with the requirements of the Companies Act 2006.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
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In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Page 4
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NORTHERN IRELAND SCIENCE PARK PROPERTY LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NORTHERN IRELAND SCIENCE PARK PROPERTY LIMITED (CONTINUED)
Opinion on other matters prescribed by the Companies Act 2006
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In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Directors' report has been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
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In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
∙adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
∙the financial statements are not in agreement with the accounting records and returns; or
∙certain disclosures of directors' remuneration specified by law are not made; or
∙we have not received all the information and explanations we require for our audit; or
∙the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Directors' report and from the requirement to prepare a Strategic report.
Responsibilities of directors
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As explained more fully in the Directors' responsibilities statement set out on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.
Page 5
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NORTHERN IRELAND SCIENCE PARK PROPERTY LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NORTHERN IRELAND SCIENCE PARK PROPERTY LIMITED (CONTINUED)
Auditors' responsibilities for the audit of the financial statements
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Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit. We also:
∙Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
∙Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion of the effectiveness of the Company's internal control.
∙Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.
∙Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our Auditors' report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our Auditors' report. However, future events or conditions may cause the Company to cease to continue as a going concern.
∙Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
Page 6
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NORTHERN IRELAND SCIENCE PARK PROPERTY LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NORTHERN IRELAND SCIENCE PARK PROPERTY LIMITED (CONTINUED)
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
Teresa Campbell (Senior statutory auditor)
for and on behalf of
AAB Group Accountants Limited
Chartered Accounts
Statutory Auditors
1-3 Arthur Street
Belfast
Co. Antrim
Northern Ireland
BT1 4GA
24 September 2025
Page 7
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NORTHERN IRELAND SCIENCE PARK PROPERTY LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2025
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Interest receivable and similar income
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Interest payable and similar expenses
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Loss for the financial year
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There was no other comprehensive income for 2025 (2024:£NIL).
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The notes on pages 11 to 21 form part of these financial statements.
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Page 8
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NORTHERN IRELAND SCIENCE PARK PROPERTY LIMITED
REGISTERED NUMBER: NI038987
BALANCE SHEET
AS AT 31 MARCH 2025
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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Provisions for liabilities
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The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 24 September 2025.
The notes on pages 11 to 21 form part of these financial statements.
Page 9
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NORTHERN IRELAND SCIENCE PARK PROPERTY LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025
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Comprehensive income for the year
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Total comprehensive income for the year
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Comprehensive income for the year
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Total comprehensive income for the year
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The notes on pages 11 to 21 form part of these financial statements.
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Page 10
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NORTHERN IRELAND SCIENCE PARK PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Northern Ireland Science Park Property Limited is a private company limited by shares incorporated in Northern Ireland. The registered office is The Innovation Centre, Queens Road, Belfast, Antrim, Northern Ireland, BT3 9DT.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
In carrying out their duties in respect of going concern, the Directors have carried out a review of the financial position of the company for a period of twelve months from the date of signing these financial statements. These have been based on a review of revenue and expenditure, considering specific business risks and the uncertainties brought about by the current economic environment.
At the current time the company has sufficient financial support to meet its ongoing working capital requirements. The company will be supported by its ultimate parent entity, Northern Ireland Science Park Foundation Limited, who have confirmed sufficient resources will be made available to the company for at least the next twelve months.
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus, the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
∙the amount of revenue can be measured reliably;
∙it is probable that the Company will receive the consideration due under the contract;
∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and
∙the costs incurred and the costs to complete the contract can be measured reliably.
Page 11
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NORTHERN IRELAND SCIENCE PARK PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of comprehensive income in the same period as the related expenditure.
Interest income is recognised in profit or loss using the effective interest method.
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
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Current and deferred taxation
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The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Page 12
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NORTHERN IRELAND SCIENCE PARK PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
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Tangible fixed assets (continued)
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Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
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Long-term leasehold property
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The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
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Provisions for liabilities
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Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
Increases in provisions are generally charged as an expense to profit or loss.
Page 13
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NORTHERN IRELAND SCIENCE PARK PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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Judgements in applying accounting policies and key sources of estimation uncertainty
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In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
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An analysis of turnover by class of business is as follows:
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The operating profit is stated after charging:
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Depreciation of owned tangible fixed assets
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Page 14
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NORTHERN IRELAND SCIENCE PARK PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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During the year, the Company obtained the following services from the Company's auditors:
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Fees payable to the Company's auditors for the audit of the Company's financial statements
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The Company has no employees other than the directors, who did not receive any remuneration (2024 - £NIL).
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Interest payable and similar expenses
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Finance leases and hire purchase contracts
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Page 15
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NORTHERN IRELAND SCIENCE PARK PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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Origination and reversal of timing differences
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Factors affecting tax charge for the year
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The tax assessed for the year is higher than (2024 - higher than) the standard rate of corporation tax in the UK of 25% (2024 - 25%). The differences are explained below:
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Loss on ordinary activities before tax
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Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%)
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Non-tax deductible amortisation of goodwill and impairment
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Capital allowances for year in excess of depreciation
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Utilisation of tax losses
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Total tax charge for the year
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Page 16
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NORTHERN IRELAND SCIENCE PARK PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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Long-term leasehold property
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Charge for the year on owned assets
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Included in the cost of property, plant and equipment is £78k (2024: £78k) in respect of capitalised finance costs for Concourse.
At 31 March 2025 the net carrying amount of property leased under finance lease was £1,998k (2024: £2,153k).
Page 17
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NORTHERN IRELAND SCIENCE PARK PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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Amounts owed by group undertakings
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Prepayments and accrued income
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Amounts owed by group undertakings are unsecured, interest free and repayable on demand.
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Cash and cash equivalents
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Other taxation and social security
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Obligations under finance lease and hire purchase contracts
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Accruals and deferred income
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Amounts owed to group undertakings are unsecured, interest free and repayable on demand.
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Page 18
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NORTHERN IRELAND SCIENCE PARK PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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Creditors: Amounts falling due after more than one year
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Net obligations under finance leases and hire purchase contracts
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Government grants received
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Accruals and deferred income
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Financial lease liabilities are repayable over 20 years to 30 June 2036 and with capital and interest repayments due quarterly in advance at an effective interest rate of 11.24%.
Other borrowings consist of £5,879k (2024: £6,190k) of loans and interest provision from the Department for the Economy for the construction for Concourse III which is repayable in annual instalments of £473k over 20 years from 7 May 2021 until 7 May 2040 at an interest rate of 4%.
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Hire purchase and finance leases
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Minimum lease payments under hire purchase fall due as follows:
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Less: future finance charges
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Financial lease liabilities are repayable over 20 years to 30 June 2036 and with capital and interest repayments due quarterly in advance at an effective interest rate of 14.04%.
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Page 19
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NORTHERN IRELAND SCIENCE PARK PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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Charged to profit or loss
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The provision for deferred taxation is made up as follows:
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Accelerated capital allowances
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Allotted, called up and fully paid
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1 (2024 - 1) Ordinary share capital share of £1.00
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The holders of ordinary shares are entitled to receive dividends as declared from time to time and are entitled to one vote per share at meetings of the company.
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The group of which this company is a member has granted fixed charges over its present and future freehold and leasehold property and on any rents receivable arising out of the lease of these properties and a floating charge over the undertaking, goodwill, property and assets both present and future in favour of the Department for the Economy and Belfast Harbour Commission in respect of all receipts of grant monies due or to become due under the terms of funding agreements. It has also given unlimited guarantee to repay all monies due on intra group receipts of capital grants under the funding agreements. At 31 March 2025 the group had received capital advances totalling £25m (2024: £25m).
Page 20
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NORTHERN IRELAND SCIENCE PARK PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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Related party transactions
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The Company is a wholly owned subsidiary of Northern Ireland Science Park Foundation Limited, a company incorporated in Northern Ireland, whose registered office is The innovation Centre, Queen's Road, Queen's Island, Belfast, BT3 9DT. Group financial statements for Northern Ireland Science Park Limited are prepared. The Company has taken advantage of the exemptions contained in FRS 102 not to disclose transactions with wholly owned subsidiaries of Northern Ireland Science Park Foundation Limited.
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Post balance sheet events
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There were no events subsequent to the balance sheet date requiring disclosure in the financial statements.
The largest and smallest group in which the results of the Company are consolidated is that headed by Northern Ireland Science Park Foundation Limited, a company incorporated in Northern Ireland, whose registered office is The Innovation Centre, Queen's Road, Queen's Island, Belfast, BT3 9DT, which is considered to be the ultimate controlling party of the Company. No other group financial statements include the results of the Company. The consolidated financial statements of this group are available to the public and may be obtained from Companies House.
Page 21
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