Company Registration No. NI046955 (Northern Ireland)
Moy Estates Limited
Unaudited accounts
for the year ended 31 March 2023
Moy Estates Limited
Statement of financial position
as at 31 March 2023
Investment property
470,000
1,709,999
Debtors
1,494,971
1,270,892
Cash at bank and in hand
813
827
Creditors: amounts falling due within one year
(1,133,948)
(985,830)
Net current assets
361,836
285,889
Total assets less current liabilities
832,170
1,997,966
Creditors: amounts falling due after more than one year
-
(621,500)
Net assets
832,170
1,376,466
Called up share capital
100
100
Profit and loss account
832,070
1,376,366
Shareholders' funds
832,170
1,376,466
For the year ending 31 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 director acknowledges his 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 and authorised for issue on 19 December 2023 and were signed on its behalf by
Patrick Heffron
Director
Company Registration No. NI046955
Moy Estates Limited
Notes to the Accounts
for the year ended 31 March 2023
Moy Estates Limited is a private company, limited by shares, registered in Northern Ireland, registration number NI046955. The registered office is 13 Main Street, Hillsborough, BT26 6AE, United Kingdom.
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 unless otherwise stated within these accounting policies.
The accounts are presented in £ sterling.
The director believes that Moy Estates Limited has adequate resources available to enable it to continue to meet its ongoing obligations as and when they fall due for at least a period of 12 months from the date of approval of the financial statements. Accordingly, the company continues to adopt the going concern basis in preparation of its financial statements.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the rendering of rental services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Fixtures & fittings
25% Reducing Balance
Investment property is included at market fair value. Gains are recognised in the income statement.
Moy Estates Limited
Notes to the Accounts
for the year ended 31 March 2023
4
Tangible fixed assets
Fixtures & fittings
Fair value at 1 April 2022
1,709,999
Net loss from fair value adjustments
(45,000)
Investment properties were revalued by the Directors on 31 March 2023.
The profit and loss account includes £48,700 of accumulated undistributable reserves relating to fair value uplifts recognised on investment properties (2022: £88,695).
Amounts falling due within one year
Amounts due from group undertakings etc.
1,494,400
1,270,397
Accrued income and prepayments
532
-
7
Creditors: amounts falling due within one year
2023
2022
Bank loans and overdrafts
-
33,998
Amounts owed to group undertakings and other participating interests
1,124,129
940,966
Taxes and social security
-
709
Moy Estates Limited
Notes to the Accounts
for the year ended 31 March 2023
8
Creditors: amounts falling due after more than one year
2023
2022
Security is provided on the bank loans by way of fixed and floating charge over the assets of the company.
Allotted, called up and fully paid:
100 Ordinary shares of £1 each
100
100
10
Transactions with related parties
Included within debtors are amounts owed to connected companies of £1,494,400 (2022: £1,270,397).
Included within creditors are amounts owed to connected companies of £1,124,129 (2022: £940,966).
All amounts are unsecured, interest free and repayable on demand.
11
Average number of employees
During the year the average number of employees was 0 (2022: 0).
