Positive Properties (NI) Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: NI627068 (Northern Ireland)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2018

FOR

POSITIVE PROPERTIES (NI) LTD

Page

Company Information

1

Balance Sheet

2

to

3

Notes to the Financial Statements

4

to

6

DIRECTOR:

J Magill

SECRETARY:

S Magill

REGISTERED OFFICE:

17 Clarendon Road

Clarendon Dock

Belfast

BT1 3BG

REGISTERED NUMBER:

NI627068 (Northern Ireland)

ACCOUNTANTS:

Baker Tilly Mooney Moore

17 Clarendon Road

Clarendon Dock

Belfast

Co. Antrim

BT1 3BG

FIXED ASSETS

Investment property

4

528,984

364,772

CURRENT ASSETS

Debtors

5

3,000

6,949

Cash at bank

6,116

12,413

9,116

19,362

CREDITORS

Amounts falling due within one year

6

505,415

363,546

NET CURRENT LIABILITIES

(496,299

)

(344,184

)

TOTAL ASSETS LESS CURRENT LIABILITIES

32,685

20,588

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

32,585

20,488

SHAREHOLDERS' FUNDS

32,685

20,588

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2018 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 authorised for issue by the director on 30 October 2019 and were signed by:

J Magill - Director

1.	STATUTORY INFORMATION

Positive Properties (NI) 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.	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.

Significant judgements and estimates

In preparing these financial statements the director has 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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

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.

Investment property

Investment properties are valued at fair value as determined by the director or external valuers, based on rental

yield taking into consideration nature, location and condition of the assets.

No depreciation is provided on investment property. Changes in fair value will be recognised in the profit and

loss account.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2017 - 2 ) .

4.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 November 2017

364,772

Additions

164,212

At 31 October 2018

528,984

NET BOOK VALUE

At 31 October 2018

528,984

At 31 October 2017

364,772

The director believes that the market value of the property at the balance sheet date does not differ significantly

from purchase cost, hence no revaluation is required.

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.10.18

31.10.17

£

£

Other debtors

-

3,949

Prepayments and accrued income

3,000

3,000

3,000

6,949

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.10.18

31.10.17

£

£

Tax

9,073

4,206

Other creditors

133,822

106,273

Directors' current accounts

297,034

206,062

Accruals and deferred income

65,486

47,005

505,415

363,546

7.	ULTIMATE CONTROLLING PARTY

The company continues to be controlled by Mr J Magill by virtue of his shareholding.