0 false false false false false false false false false false true false false false false true false No description of principal activity 2023-12-31 Sage Accounts Production Advanced 2024 - FRS102_2024 110,775 110,775 33,229 33,229 77,546 xbrli:pure xbrli:shares iso4217:GBP NI634664 2023-12-31 2024-12-30 NI634664 2024-12-30 NI634664 2023-12-30 NI634664 2022-12-31 2023-12-30 NI634664 2023-12-30 NI634664 2022-12-30 NI634664 core:LandBuildings core:OwnedOrFreeholdAssets 2023-12-31 2024-12-30 NI634664 bus:OrdinaryShareClass1 2023-12-31 2024-12-30 NI634664 bus:Director2 2023-12-31 2024-12-30 NI634664 core:LandBuildings core:OwnedOrFreeholdAssets 2023-12-30 NI634664 core:WithinOneYear 2024-12-30 NI634664 core:WithinOneYear 2023-12-30 NI634664 core:AfterOneYear 2023-12-30 NI634664 core:ShareCapital 2024-12-30 NI634664 core:ShareCapital 2023-12-30 NI634664 core:RetainedEarningsAccumulatedLosses 2024-12-30 NI634664 core:RetainedEarningsAccumulatedLosses 2023-12-30 NI634664 core:LandBuildings core:OwnedOrFreeholdAssets 2023-12-30 NI634664 bus:Director2 2022-12-30 NI634664 bus:Director1 2023-12-31 2024-12-30 NI634664 bus:SmallEntities 2023-12-31 2024-12-30 NI634664 bus:AuditExemptWithAccountantsReport 2023-12-31 2024-12-30 NI634664 bus:SmallCompaniesRegimeForAccounts 2023-12-31 2024-12-30 NI634664 bus:PrivateLimitedCompanyLtd 2023-12-31 2024-12-30 NI634664 bus:FullAccounts 2023-12-31 2024-12-30 NI634664 bus:OrdinaryShareClass1 2024-12-30 NI634664 bus:OrdinaryShareClass1 2023-12-30
COMPANY REGISTRATION NUMBER: NI634664

Vertigo Property (NI) Limited

Filleted Unaudited Financial Statements

30 December 2024

Vertigo Property (NI) Limited

Statement of Financial Position

30 December 2024

| 2024 | 2023
Note | £ | £

Fixed assets

Tangible assets | 4 | – | 77,546

Current assets

Debtors | 5 | 127,038 | 16,757
Cash at bank and in hand | 425 | 509
| --------- | --------
| 127,463 | 17,266

Creditors: amounts falling due within one year | 6 | 21,043 | 92,092
| --------- | --------
Net current assets/(liabilities) | 106,420 | ( 74,826)
| --------- | --------
Total assets less current liabilities | 106,420 | 2,720

Creditors: amounts falling due after more than one year | 7 | – | 16,767
| --------- | --------
Net assets/(liabilities) | 106,420 | ( 14,047)
| --------- | --------

Capital and reserves

Called up share capital | 8 | 100 | 100
Profit and loss account | 106,320 | ( 14,147)
| --------- | --------
Shareholders funds/(deficit) | 106,420 | ( 14,047)
| --------- | --------

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 30 December 2024 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 .

Vertigo Property (NI) Limited

Statement of Financial Position (continued)

30 December 2024
These financial statements were approved by the board of directors and authorised for issue on 30 September 2025 , and are signed on behalf of the board by:

Mr G Murphy
Director

Company registration number: NI634664

Vertigo Property (NI) Limited

Notes to the Financial Statements

Year ended 30 December 2024
1. General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is C/O FEB Chartered Accountants, Linenhall Exchange, First Floor, 26 Linenhall Street, Belfast, BT2 8BG, N Ireland.
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 financial assets and liabilities and 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.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
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.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

| Freehold property | - | 5% straight line

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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
4. Tangible assets

| Freehold property
| £
Cost |
At 31 December 2023 | 110,775
Disposals | ( 110,775)
| ---------
At 30 December 2024 | –
| ---------
Depreciation |
At 31 December 2023 | 33,229
Disposals | ( 33,229)
| ---------
At 30 December 2024 | –
| ---------
Carrying amount |
At 30 December 2024 | –
| ---------
At 30 December 2023 | 77,546
| ---------

5. Debtors

| 2024 | 2023
| £ | £
Trade debtors | 1,932 | 1,932
Amounts owed by group undertakings and undertakings in which the company has a participating interest | – | 14,825
Other debtors | 125,106 | –
| --------- | --------
| 127,038 | 16,757
| --------- | --------

6. Creditors: amounts falling due within one year

| 2024 | 2023
| £ | £
Bank loans and overdrafts | – | 17,340
Trade creditors | 2,159 | 2,160
Amounts owed to group undertakings and undertakings in which the company has a participating interest | – | 66,073
Corporation tax | 17,329 | 4,964
Other creditors | 1,555 | 1,555
| -------- | --------
| 21,043 | 92,092
| -------- | --------

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

| 2024 | 2023
| £ | £
Bank loans and overdrafts | – | 16,767
| ---- | --------

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

| 2024 | 2023
| No. | £ | No. | £
Ordinary shares of £ 1 each | 100 | 100 | 100 | 100
| ---- | ---- | ---- | ----

9. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:

| Balance brought forward and outstanding
| 2024 | 2023
| £ | £
Mr G Murphy | – | ( 295)
| ---- | ----

10. Related party transactions
During the year the company entered into the following transactions with related parties:

| Transaction value | Balance owed by/(owed to)
| 2024 | 2023 | 2024 | 2023
| £ | £ | £ | £
Related party 1 name or description - desc in a/c | 176,353 | 18,360 | 191,179 | 14,825
Related party 2 name or description - desc in a/c | – | (200) | ( 66,073) | 66,073
| --------- | -------- | --------- | --------

11. Controlling party
The company is a private company, limited by shares. It is registered in Northern Ireland ( NI634664 ) with its registered office at Linenhall Exchange, First Floor, Belfast, BT2 8BG. The company was under the control of Mr G Murphy & Ms L Murphy throughout the current and previous year.