BT2 Property Ltd iXBRL

Company Registration Number: NI644140

BT2 Property Ltd

Unaudited Financial Statements

for the financial year ended 31 January 2025

BT2 Property Ltd

DIRECTORS AND OTHER INFORMATION


Directors	Mr Anthony Donnelly
	Mrs Catherine Donnelly (Appointed 6 August 2024)


Company Registration Number	NI644140


Registered Office and Business Address	263 Falls Road
	Belfast
	Antrim
	BT12 6FB
	United Kingdom


Accountants	Quarter
	Chartered Accountants
	St Anne's House
	15 Church Street
	Cathedral Quarter
	Belfast
	BT1 1PG


Bankers	Danske Bank
	Donegall Square West
	Belfast
	Co Antrim
	BT1 6JS
	Belfast

BT2 Property Ltd

CHARTERED ACCOUNTANTS REPORT

to the Board of Directors on the Compilation of the unaudited financial statements of BT2 Property Ltd

for the financial year ended 31 January 2025

In accordance with the engagement letter and in order to assist you to fulfil your duties under the Companies Act 2006, we have compiled for your approval the financial statements of the company for the financial year ended 31 January 2025 as set out on pages to 13 which comprise the Statement of Financial Position and the related notes from the company's accounting records and from information and explanations you have given to us.

This report is made solely to the Board of Directors of BT2 Property Ltd, as a body, in accordance with the terms of our engagement. Our work has been undertaken so that we might compile the financial statements that we have been engaged to compile, report to the company’s Board of Directors that we have done so, and state those matters that we have agreed to state to them in this 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 its Board of Directors, as a body, for our work or for this report.

We have carried out this engagement in accordance with guidance issued by Chartered Accountants Ireland and have complied with the relevant ethical guidance laid down by Chartered Accountants Ireland relating to members undertaking the compilation of financial statements.

You have acknowledged on the Statement of Financial Position for the year ended 31 January 2025 your duty to ensure that BT2 Property Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of BT2 Property Ltd. You consider that BT2 Property Ltd is exempt from the statutory audit requirement for the financial year.

We have not been instructed to carry out an audit or a review of the financial statements of BT2 Property Ltd. For this reason, we have not verified the adequacy, accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

__________________________________

QUARTER

Chartered Accountants

St Anne's House

15 Church Street

Cathedral Quarter

Belfast

BT1 1PG

30 October 2025

BT2 Property Ltd

Company Registration Number: NI644140

STATEMENT OF FINANCIAL POSITION

as at 31 January 2025

		2025	2024
	Notes	£	£

Non-Current Assets

Property, plant and equipment

439,395

─────────

Current Assets

Receivables

170,092

41,751

Cash and cash equivalents

38,997

928

─────────

209,089

42,679

─────────

Payables: amounts falling due within one year

(316,749)

(17,893)

─────────

Net Current (Liabilities)/Assets

(107,660)

24,786

─────────

Total Assets less Current Liabilities

331,735

24,786

Payables:

amounts falling due after more than one year

(292,149)

(13,823)

─────────

Net Assets

39,586

10,963

═════════

Equity

Called up share capital

Retained earnings

39,585

10,962

─────────

Equity attributable to owners of the company

39,586

10,963

═════════

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A (Small Entities).

The company has taken advantage of the exemption under section 444 not to file the Income Statement and Directors' Report.

For the financial year ended 31 January 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.

The directors confirm that the members have not required the company to obtain an audit of its financial statements for the financial year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for ensuring that the company keeps accounting records which comply with section 386 and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its profit and loss for the 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.

Approved by the Board and authorised for issue on 30 October 2025 and signed on its behalf by



________________________________
Mr Anthony Donnelly
Director

BT2 Property Ltd

NOTES TO THE FINANCIAL STATEMENTS

for the financial year ended 31 January 2025

General Information

BT2 Property Ltd is a company limited by shares incorporated in Northern Ireland. The registered office of the company is 263 Falls Road, Belfast, Antrim, BT12 6FB, United Kingdom and the principal place of business of the company is 263 Falls Road Belfast BT12 6FB. The financial statements have been presented in Pound (£) which is also the functional currency of the company.

Summary of Significant Accounting Policies

The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements.

Statement of compliance

The financial statements of the company for the year ended 31 January 2025 have been prepared in accordance with the provisions of FRS 102 Section 1A (Small Entities) and the Companies Act 2006

Basis of preparation

The financial statements have been prepared in accordance with the historical cost convention except for certain properties and financial instruments that are measured at revalued amounts or fair values, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for assets.

Turnover

Turnover comprises the invoice value of goods supplied by the company, exclusive of trade discounts and value added tax.

Investment properties

Investment property is property held either to earn rental income, or for capital appreciation (including future re-development) or for both, but not for sale in the ordinary course of business.

Investment property is initially measured at cost, which includes the purchase cost and any directly attributable expenditure. Investment property is subsequently valued at its fair value at each reporting date, by professional external valuers. The difference between the fair value of an investment property at the reporting date and its carrying value prior to the valuation is recognised in the Income Statement as a fair value gain or loss. Any gain or loss on disposal of an investment property (calculated as the difference between the net proceeds from disposal and the carrying amount of the item) is recognised in the Income Statement.

Trade and other receivables

Trade and other receivables are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Borrowing costs

Borrowing costs relating to the acquisition of assets are capitalised at the appropriate rate by adding them to the cost of assets being acquired. Investment income earned on the temporary investment of specific borrowings pending their expenditure on the assets is deducted from the borrowing costs eligible for capitalisation. All other borrowing costs are recognised in profit or loss in the period in which they are incurred.

Trade and other payables

Trade and other payables are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Taxation and deferred taxation

Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the financial year and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Statement of Financial Position date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more tax in the future, or a right to pay less tax in the future. Timing differences are temporary differences between the company's taxable profits and its results as stated in the financial statements.

Deferred tax is measured on an undiscounted basis at the tax rates that are anticipated to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the Statement of Financial Position date.

Foreign currencies

Monetary assets and liabilities denominated in foreign currencies are translated at the rates of exchange ruling at the Statement of Financial Position date. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated at the rates of exchange ruling at the date of the transaction. Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. The resulting exchange differences are dealt with in the Income Statement.

Ordinary share capital

The ordinary share capital of the company is presented as equity.

Exceptional item

Exceptional items are those that the directors' view are required to be separately disclosed by virtue of their size or incidence to enable a full understanding of the company's financial performance.

Employees

The average monthly number of employees, including directors, during the financial year was 2, (2024 - 1).

2025

2024

Number

Number

Director

═════════


4.	Property, plant and equipment
		Investment	Total
		properties

		£	£
	Cost
	At 1 February 2024	-	-
	Additions	439,395	439,395
		─────────	─────────
	At 31 January 2025	439,395	439,395
		─────────	─────────
	Depreciation
	At 1 February 2024	-	-
		─────────	─────────
	At 31 January 2025	-	-
		─────────	─────────
	Carrying amount
	At 31 January 2025	439,395	439,395
		═════════	═════════


5.	Receivables	2025	2024
		£	£

	Trade receivables	9,527	5,654
	Amounts owed by connected parties (Note 10)	112,600	33,500
	Other debtors	47,965	-
	Directors' current accounts	-	2,597
		─────────	─────────
		170,092	41,751
		═════════	═════════


Amounts falling due after more than one year and included in receivables are:

	2025	2024
	£	£

Loans to directors	-	2,597
	═════════	═════════


6.	Payables	2025	2024
	Amounts falling due within one year	£	£

	Bank loan	12,823	4,970
	Trade payables	8,847	7,271
	Amounts owed to connected parties (Note 10)	134,300	-
	Taxation (Note 8)	8,239	4,512
	Directors' current accounts	151,400	-
	Accruals	1,140	1,140
		─────────	─────────
		316,749	17,893
		═════════	═════════


7.	Payables	2025	2024
	Amounts falling due after more than one year	£	£

	Bank loan	292,149	13,823
		═════════	═════════

	Loans
	Repayable in one year or less, or on demand (Note 6)	12,823	4,970
	Repayable between one and two years	13,804	3,025
	Repayable between two and five years	48,191	10,798
	Repayable in five years or more	230,154	-
		─────────	─────────
		304,972	18,793
		═════════	═════════


8.	Taxation	2025	2024
		£	£

	Payables:
	Corporation tax	8,239	4,512
		═════════	═════════

Capital commitments

The company had no material capital commitments at the financial year-ended 31 January 2025.

10.

Related party transactions

Balance

Movement

Balance

Maximum

2025

in year

2024

in year

Northernpropertyni.com Limited

(33,500)

33,500

33,500

Kashmir Belfast Limited

100,000

Clondara Property Limited

12,600

─────────

═════════

112,600

79,100

33,500

═════════

The following amounts are due to other connected parties:

2025

2024

Northernpropertyni.com Limited

127,300

Northern Property City Centre Limited

7,000

─────────

134,300

═════════

Net balances with other connected parties:

2025

2024

Northernpropertyni.com Limited

(127,300)

33,500

Kashmir Belfast Limited

100,000

Clondara Property Limited

12,600

Northern Property City Centre Limited

(7,000)

─────────

(21,700)

33,500

═════════

During the year-ended 31 January 2025 Anthony's was a director in Northernpropertyni.com. As at 1 February 2024, the balance owed by Northernpropertyni.com was £33,500. During the financial period, net transactions between the companies was £160,800. As at 31 January 2025 the balance owed to Northernpropertyni.com was £127,300.

During the year-ended 31 January 2025 Anthony was a director in Kashmir Belfast Limited. As at 1 February 2024, the balance owed by Kashmir Belfast Limited was £Nil. During the financial period, net transactions between the companies was £100,000. As at 31 January 2025 the balance owed by Kashmir Belfast Limited was £100,000.

During the year-ended 31 January 2025 Catherine was a director in Clondara Property Limited. As at 1 February 2024, the balance owed by Kashmir Belfast Limited was £Nil. During the financial period, net transactions between the companies was £12,600. As at 31 January 2025 the balance owed by Clondara Property Limited was £12,600.

During the year-ended 31 January 2025 Catherine was a director in Northern Property City Centre Limited. As at 1 February 2024, the balance owed by Northern Property City Centre Limited was £Nil. During the financial period, net transactions between the companies was £7,000. As at 31 January 2025 the balance owed to Northern Property City Centre Limited was £7,000.

11.

Events After the End of the Reporting Period

There have been no significant events affecting the company since the financial year-end.