Company Registration No. NI005763 (Northern Ireland)
Strabane Properties Limited
Unaudited accounts
for the year ended 29 March 2023
Strabane Properties Limited
Unaudited accounts
Contents
Strabane Properties Limited
Company Information
for the year ended 29 March 2023
Directors
G J Darell
The Honourable K M Astor
C V Adeane
Company Number
NI005763 (Northern Ireland)
Registered Office
C/O Crawford & Lockhart
7 -11 Linenhall Street
Belfast
BT2 8AH
Accountants
THE UNCOMMON ACCOUNTANTS LTD
Unit 2g, Redwither Tower
Redwither Business Park
Wrexham
LL13 9XT
Strabane Properties Limited
Statement of financial position
as at 29 March 2023
Investment property
780,000
780,000
Investments
584,214
580,528
Cash at bank and in hand
66,771
57,597
Creditors: amounts falling due within one year
(26,868)
(25,961)
Net current assets
39,305
31,485
Net assets
1,403,519
1,392,013
Called up share capital
18,000
18,000
Revaluation reserve
313,559
313,559
Profit and loss account
1,071,960
1,060,454
Shareholders' funds
1,403,519
1,392,013
For the year ending 29 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 20 December 2023 and were signed on its behalf by
G J Darell
Director
Company Registration No. NI005763
Strabane Properties Limited
Notes to the Accounts
for the year ended 29 March 2023
Strabane Properties Limited is a private company, limited by shares, registered in Northern Ireland, registration number NI005763. The registered office is C/O Crawford & Lockhart, 7 -11 Linenhall Street, Belfast, BT2 8AH.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Investment property is included at market fair value. Gains are recognised in the income statement. No depreciation is provided in respect of investment properties applying the fair value model. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.
Investments in shares are included at fair value. Subsequently, they are measured at fair value through profit and loss if the shares are publicly traded or their fair value can otherwise be measure reliably. Other investments are measured at cost less impairment.
Tax on the profit or loss 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 directly in equity or other comprehensive income, in which case it is directly in equity or other comprehensive income.
Current tax is expected tax payable or receivable on the taxable income or loss for the year, using tax rates enacted or substantively enacted at the balance sheet date, and any adjustment to tax payable in respect of previous years
Strabane Properties Limited
Notes to the Accounts
for the year ended 29 March 2023
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Fair value at 30 March 2022
780,000
An independent professional revaluation of all investment properties, taking into account the open market conditions, was carried out as at 29 March 2019.
In respect of the tangible fixed assets stated at valuations, the comparable historical cost value was £911,169 (2022 £911,169).
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Investments
Other investments
Valuation at 30 March 2022
580,528
Fair value adjustments
(12,275)
Valuation at 29 March 2023
584,214
In respect of the listed investments stated at market value, the comparable historical costs are £441,932 (2022 £435,005).
Amounts falling due within one year
7
Creditors: amounts falling due within one year
2023
2022
Taxes and social security
6,981
5,568
Other creditors
2,750
2,750
Strabane Properties Limited
Notes to the Accounts
for the year ended 29 March 2023
Allotted, called up and fully paid:
18,000 Ordinary shares of £1 each
18,000
18,000
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Average number of employees
During the year the average number of employees was 3 (2022: 3).