REGISTERED NUMBER: NI003318 (Northern Ireland)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

FOR

JOHN SMYTH'S ESTATES LIMITED

Page

Company Information

1

Balance Sheet

2

to

3

Notes to the Financial Statements

4

to

8

DIRECTORS:

Mr Ciaran Smyth

Miss Maoliosa Margaret Smyth

Mr Gavin John Smyth

Mr Fintan Gerard Smyth

Mrs Sioban Mary Wort

SECRETARY:

Mr Ciaran Smyth

REGISTERED OFFICE:

17 Clarendon Road

Clarendon Dock

Belfast

BT1 3BG

REGISTERED NUMBER:

NI003318 (Northern Ireland)

ACCOUNTANTS:

Baker Tilly Mooney Moore

Chartered Certified Accountants

17 Clarendon Road

Clarendon Dock

Belfast

BT1 3BG

BANKERS:

Danske Bank

Donegall Square West

Belfast

BT1 6JS

FIXED ASSETS

Tangible assets

4

1,350

1,686

Investment property

5

5,796,742

5,345,242

5,798,092

5,346,928

CURRENT ASSETS

Debtors

6

1,319,296

1,410,061

Investments

7

3,786

4,050

Cash at bank

2,679

288,655

1,325,761

1,702,766

CREDITORS

Amounts falling due within one year

8

384,773

98,289

NET CURRENT ASSETS

940,988

1,604,477

TOTAL ASSETS LESS CURRENT LIABILITIES

6,739,080

6,951,405

CREDITORS

Amounts falling due after more than one year

9

(2,028

)

(14,262

)

PROVISIONS FOR LIABILITIES

(701,783

)

(701,868

)

NET ASSETS

6,035,269

6,235,275

CAPITAL AND RESERVES

Called up share capital

27,716

28,858

Special reserve

146

146

Capital redemption reserve

50,378

49,236

Retained earnings

5,957,029

6,157,035

SHAREHOLDERS' FUNDS

6,035,269

6,235,275

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 Board of Directors and authorised for issue on 23 December 2025 and were signed on its behalf by:

Mr Ciaran Smyth - Director

1.	STATUTORY INFORMATION

John Smyth's Estates Limited 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 principal place of business is 192 Church Road, Holywood, Co.Down.

The presentation currency of the financial statements is £ 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

In preparing these financial statements the directors have made the following judgements:

Establish whether there are indicators of impairment of the company's investment property. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset and the business in general.

Consider the recoverability of other debtors and the need for impairment provisions. These considerations are undertaken regularly by the directors, and especially at the year end date. Factors taken into account include historical experience, current market conditions and knowledge of the sector. Amounts identified as irrecoverable will be provided against in the relevant period.

The directors also consider the depreciation rates on an annual basis to ensure there is sufficient evidence to support these and that the estimates remains reasonable.

Turnover

Turnover represents total rents received during the year, net of value added tax.

Tangible fixed assets

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

Plant and machinery

-

20% on reducing balance

Fixtures, fittings & equipment

-

20% on reducing balance

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

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 and 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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Investments

Investments in listed company shares, which have been classified as current asset investments, are remeasured to market value at each balance sheet date. Gains and losses on re-measurement are recognised in profit or loss for the period.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2024 - 1 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures,

Plant and

fittings

machinery

& equipment

Totals

£

£

£

COST

At 1 April 2024

and 31 March 2025

1,794

46,409

48,203

DEPRECIATION

At 1 April 2024

1,003

45,514

46,517

Charge for year

158

178

336

At 31 March 2025

1,161

45,692

46,853

NET BOOK VALUE

At 31 March 2025

633

717

1,350

At 31 March 2024

791

895

1,686

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2024

5,345,242

Additions

451,500

At 31 March 2025

5,796,742

NET BOOK VALUE

At 31 March 2025

5,796,742

At 31 March 2024

5,345,242

If the Investment Property had not been revalued it would have been included at the following historical cost:

31.3.25

31.3.24

£

£

Cost

2,990,957

2,539,457

Investment property is stated at fair value. The director, Mr C Smyth, is a qualified surveyor and has undertaken a review of the valuation of investment properties as at 31 March 2025. He is satisfied that the valuation represents the fair value of investment property at the year end.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.25

31.3.24

£

£

Trade debtors

22,689

21,569

Other debtors

1,296,607

1,388,492

1,319,296

1,410,061

7.	CURRENT ASSET INVESTMENTS

31.3.25

31.3.24

£

£

Listed investments

3,786

4,050

The original cost of the investments was £6,518.

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.25

31.3.24

£

£

Bank loans and overdrafts

10,206

9,065

Trade creditors

39,764

23,697

Taxation and social security

63,385

30,191

Other creditors

271,418

35,336

384,773

98,289

At the year end £33,431 (2024: £30,350) was owed to one of the directors, this amount is included in other creditors. This loan is unsecured, interest free and repayable on demand.

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.25

31.3.24

£

£

Bank loans

2,028

14,262

10.	SECURED DEBTS

The following secured debts are included within creditors:

31.3.25

31.3.24

£

£

Bank loans

12,234

23,327

The bank loans are secured by a charge placed by Northern Bank over certain ground situated on the east side of Botanic Avenue in the City of Belfast.

11.	RELATED PARTY DISCLOSURES

During the year the company paid expenses on behalf of another company in which the directors have a controlling interest. The expenses totalled £469,978 (2024:£13,278).

The related party paid expenses on behalf of the company totalling £480,000 (2024:£17,120).

At the year end the company was owed £1,138,040 (2024: £1,148,062) from the related party. This loan is unsecured, interest free and repayable on demand.

Included in other debtors is an amount of £22,518 (2024: £70,518) due from a close family member of the directors. This loan is unsecured, interest free and repayable on demand.

In October 2024 the company provided a cross guarantee for a related party loan to another company in which the directors have a controlling interest. This loan was made in connection with the financing arrangements for the operations of the related party and the loan balance due by the related party at the year end was £241,579.

The directors assessed the financial position of the related party and no significant loss is anticipated as a result of this guarantee. At the balance sheet date the company has not recognised any liability for the guarantee in its financial statements as the likelihood of default is considered to be remote. However should the loan become impaired the company would be required to meet its obligations under the guarantee.

The company will continue to monitor the performance of the related party and the status of the guarantee.