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COMPANY REGISTRATION NUMBER: NI621322

MAGHERAFELT PROPERTY COMPANY LIMITED

FILLETED UNAUDITED FINANCIAL STATEMENTS

31 August 2025

MAGHERAFELT PROPERTY COMPANY LIMITED

STATEMENT OF FINANCIAL POSITION

31 August 2025

| 2025 | 2024
Note | £ | £ | £

Fixed assets

Tangible assets | 6 |  | 920,757 | 690,757

Current assets

Debtors | 7 | 6,971 |  | 5,262
Cash at bank and in hand | 6,763 |  | 4,525
| -------- |  | -------
| 13,734 |  | 9,787

Creditors: amounts falling due within one year | 8 | 439,793 |  | 312,633
| --------- |  | ---------
Net current liabilities |  | 426,059 | 302,846
|  | --------- | ---------
Total assets less current liabilities |  | 494,698 | 387,911

Creditors: amounts falling due after more than one year | 9 |  | 381,255 | 296,824
|  | --------- | ---------
Net assets |  | 113,443 | 91,087
|  | --------- | ---------

Capital and reserves

Called up share capital | 10 |  | 100 | 100
Profit and loss account | 11 |  | 113,343 | 90,987
|  | --------- | --------
Shareholders funds |  | 113,443 | 91,087
|  | --------- | --------

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 31 August 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 .

MAGHERAFELT PROPERTY COMPANY LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

31 August 2025
These financial statements were approved by the board of directors and authorised for issue on 1 April 2026 , and are signed on behalf of the board by:

Mr W J Nesbitt
Director

Company registration number: NI621322

MAGHERAFELT PROPERTY COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 AUGUST 2025
1. General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is Linenhall Exchange, First Floor, 26 Linenhall Street, Belfast, BT2 8BG.
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 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.
Disclosure exemptions
(a) No cash flow statement has been presented for the company. (b) Disclosures in respect of financial instruments have not been presented.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period. When the outcome of a transaction involving the rendering of services cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.
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.
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.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2024: 1 ).
5. Dividends

| 2025 | 2024
| £ | £
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year ) | 500 | 500
| ---- | ----

6. Tangible assets

| Land and buildings
| £
Cost |
At 1 September 2024 | 690,757
Additions | 230,000
| ---------
At 31 August 2025 | 920,757
| ---------
Depreciation |
At 1 September 2024 and 31 August 2025 | –
| ---------
Carrying amount |
At 31 August 2025 | 920,757
| ---------
At 31 August 2024 | 690,757
| ---------

The director did not obtain a professional valuation for investment properties as at 31 August 2024 since he believes the valuation has not changed materially since acquisition.
7. Debtors

| 2025 | 2024
| £ | £
Trade debtors | 1,545 | 1,545
Other debtors | 5,426 | 3,717
| ------- | -------
| 6,971 | 5,262
| ------- | -------

8. Creditors: amounts falling due within one year

| 2025 | 2024
| £ | £
Trade creditors | 15,001 | 15,001
Corporation tax | 5,682 | 3,875
Other loans due in less than one year | 22,602 | 17,942
Other creditors | 396,508 | 275,815
| --------- | ---------
| 439,793 | 312,633
| --------- | ---------

9. Creditors: amounts falling due after more than one year

| 2025 | 2024
| £ | £
Other loans due in greater than one year | 381,255 | 296,824
| --------- | ---------

10. Called up share capital
Issued, called up and fully paid

| 2025 | 2024
| No. | £ | No. | £
Ordinary shares of £ 1 each | 100 | 100 | 100 | 100
| ---- | ---- | ---- | ----

11. Reserves
Profit and loss account - This reserve records retained earnings and accumulated losses.
12. Related party transactions
Mr W Nesbitt is also the director and shareholder of AB Credit Services Limited. Loans are repayable over twenty years at an interest rate of 3% plus base rate. At the balance sheet date £403,858 remained outstanding to AB Credit Services (2024: £314,765). At the balance sheet date, amounts owed to the Shareholders totalled £392,800 (2024: £272,300).