REGISTERED NUMBER: NI038407 (Northern Ireland)

RJM WILSON (PROPERTIES) LTD

Unaudited Financial Statements for the Year Ended 30 April 2025

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

Mervyn Wilson

Andrea Evelyn Wilson

REGISTERED OFFICE:

173 Killyman Road

Dungannon

Co. Tyrone

BT71 6LN

REGISTERED NUMBER:

NI038407 (Northern Ireland)

ACCOUNTANTS:

Cooper Parry Advisory Limited

36-38 Northland Row

Dungannon

Co. Tyrone

BT71 6AP

SOLICITORS:

Jim Rafferty & Co

4 Northland Place

Dungannon

Co Tyrone

BT71 6AN

NON-CURRENT ASSETS

Tangible assets

5

-

-

Investment property

6

1,873,693

1,860,559

1,873,693

1,860,559

CURRENT ASSETS

Debtors: amounts falling due within one year

7

9,046

52,002

Cash at bank

12,507

73,344

21,553

125,346

PAYABLES

Amounts falling due within one year

8

(1,203,873

)

(1,142,784

)

NET CURRENT LIABILITIES

(1,182,320

)

(1,017,438

)

TOTAL ASSETS LESS CURRENT LIABILITIES

691,373

843,121

PAYABLES

Amounts falling due after more than one year

9

(147,586

)

(227,365

)

PROVISIONS FOR LIABILITIES

10

-

(959

)

NET ASSETS

543,787

614,797

CAPITAL AND RESERVES

Called up share capital

11

100

100

Retained earnings

543,687

614,697

543,787

614,797

The Company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2025.

The members have not required the Company to obtain an audit of its financial statements for the year ended 30 April 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 7 November 2025 and were signed on its behalf by:

Mervyn Wilson - Director

1.	STATUTORY INFORMATION

The principal activity of the company during the year was that of collection of rental income from an investment in commercial property.

RJM Wilson (Properties) Ltd 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.

2.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared on a going concern basis under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of 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 Judgment in applying the company's accounting policies. No critical judgements or critical accounting estimates have been applied to these financial statements.

The following principal accounting policies have been applied consistently unless otherwise stated:

Revenue

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.

Rental income from operating leases is credited to the Income Statement on a straight line basis over the lease term.

Tangible assets

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.

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 at 25%.

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 the Income Statement.

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.

Investment property is carried at fair value determined annually by the company directors who take cognisance of the latest external valuers report derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Statement of Income and retained earnings.

Debtors

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.

Financial Instruments

The company has chosen to adopt the Sections 11 and 12 of FRS 102 in respect of financial instruments.

I. Financial assets

Basic financial assets, including trade and other debtors and cash and bank balances, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Such assets are subsequently carried at amortised cost using the effective interest method. At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in the Statement of income and retained earnings.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in the Statement of Income and retained earnings.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

II. Financial liabilities

Basic financial liabilities, including bank loans and amounts owed to related party undertakings are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Fees paid on the establishment of loan facilities are recognised as transaction costs of the loan to the extent that it is probable that some or all of the facility will be drawn down. In this case, the fee is deferred until the draw-down occurs. To the extent there Is no evidence that it is probable that some or all of the facility will be drawn down, the fee is capitalised as a pre-payment for liquidity services and amortised over the period of the facility to which It relates

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

III. Offsetting

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Creditors

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.

Finance Costs

Finance costs are charged to the Statement of income and retained earnings 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.

Leased Assets: The Company as Lessee

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful Iives. Assets acquired by hire purchase are depreciated over their useful Iives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Borrowing Costs

All borrowing costs are recognised in the Statement of Income and retained earnings in the year in which they are incurred.

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of income and retained earnings, 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.

Share Capital

Ordinary shares are classified as equity, incremental costs directly attributable to the issue of new ordinary shares or options are shown In equity as a deduction, net of tax, from proceeds.

Pension

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to the Income Statement in the period to which they relate.

4.	EMPLOYEES AND DIRECTORS

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

5.	PROPERTY, PLANT AND EQUIPMENT

Motor

vehicles

£

COST

At 1 May 2024

and 30 April 2025

19,800

DEPRECIATION

At 1 May 2024

and 30 April 2025

19,800

NET BOOK VALUE

At 30 April 2025

-

At 30 April 2024

-

6.	INVESTMENT PROPERTY

Total

£

COST

At 1 May 2024

1,860,559

Additions

553,693

Disposals

(540,559

)

At 30 April 2025

1,873,693

NET BOOK VALUE

At 30 April 2025

1,873,693

At 30 April 2024

1,860,559

Fair value has been determined using assumptions that market participants would use when pricing the investment property under current market conditions. This includes rental income from current leases. The valuation was provided in May 2019 by Osborne King an independent valuer who holds RICS qualification, and has recent experience of the provision of valuations for similar properties in the area. The directors consider there to be no change in the fair value of the property per the valuation in May 2019 and the value at the 30 April 2025.

The net book value of assets pledged as security is £1,860,559 (2024: £1,860,559).

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

4,050

100

Other debtors

4,996

51,902

9,046

52,002

8.

PAYABLES: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Bank loans and overdrafts

28,018

60,528

Amounts owed to related undertakings

1,083,334

1,054,934

Taxation and social security

17,667

19,013

Other payables

74,854

8,309

1,203,873

1,142,784

Amounts owed to related party undertakings are unsecured, interest free and repayable on demand.

9.

PAYABLES: AMOUNTS FALLING DUE AFTER ONE YEAR

2025

2024

£

£

Bank loans

147,586

227,365

The bank loan is repayable by sixty monthly installments having commenced April 2019. Interest is at 2.7% over the bank base rate.

The company's bank borrowings are secured by the following:

(i) fixed charge on book debts;

(ii) floating charge over assets and undertakings;

(iii) guarantee and indemnity from Starplan Furniture Limited; and

(iv) legal mortgage over property situated at 167 Clandeboye Road, Bangor.

10.	PROVISIONS FOR LIABILITIES

2025

2024

£

£

Deferred tax

-

959

Deferred tax

£

Balance at 1 May 2024

959

Provided during year

(959

)

Balance at 30 April 2025

-

The deferred tax liability is made up as follows:

2025

2024

£

£

Fixed asset timing differences

-

959

-

959

11.	CALLED UP SHARE CAPITAL

2025

2024

£

£

Authorised

10,000 (2024: 10,000) Ordinary Shares of £1 each

10,000

10,000

Allotted and fully paid

100 (2024: 100) Ordinary Shares of £1 each

100

100

12.	RELATED PARTY DISCLOSURES

The company has identified the following transactions which fall to be disclosed under the terms of FRS 102 paragraph 33.1A.

(a) Starplan Furniture Limited (partly owned by Mervyn Wilson and therefore common influence) traded with RJM Wilson (Properties) Ltd under the same terms as those available to other customers in the ordinary course of business.

Total sales to Starplan Furniture Limited during the year to 30 April 2025 amounted to £100,000 (2024: £100,000).

Starplan Furniture Limited has given a guarantee in respect of bank borrowings for RJM Wilson (Properties) Ltd.

Starplan Furniture Limited recharged RJM Wilson (Properties) Ltd with £55,106 (2024: £51,466). The charge was to reimburse Starplan Furniture Limited for wages charges which were borne by them but related solely to RJM Wilson (Properties) Ltd.

The amount owed to Starplan Furniture Limited at 30 April 2025 was £1,083,334 (2024 £1,054,934 ).

(b) At 30 April 2025, the directors owed the company £51,902 (2024: £51,902). This is included in other debtors (Note 7) within the financial statements.

13.	ULTIMATE CONTROLLING PARTY

The controlling party is Andrea Evelyn Wilson.