Positive Properties (NI) Ltd - Accounts to registrar (filleted) - small 18.2
Positive Properties (NI) Ltd - Accounts to registrar (filleted) - small 18.2
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 OCTOBER 2017 |
FOR |
POSITIVE PROPERTIES (NI) LTD |
POSITIVE PROPERTIES (NI) LTD (REGISTERED NUMBER: NI627068) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 OCTOBER 2017 |
Page |
Company Information | 1 |
Balance Sheet | 2 | to | 3 |
Notes to the Financial Statements | 4 | to | 6 |
POSITIVE PROPERTIES (NI) LTD |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 OCTOBER 2017 |
DIRECTOR: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
17 Clarendon Road |
Clarendon Dock |
Belfast |
Co. Antrim |
BT1 3BG |
POSITIVE PROPERTIES (NI) LTD (REGISTERED NUMBER: NI627068) |
BALANCE SHEET |
31 OCTOBER 2017 |
31.10.17 | 31.10.16 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investment property | 3 |
CURRENT ASSETS |
Debtors | 4 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 5 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
SHAREHOLDERS' FUNDS |
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. |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
POSITIVE PROPERTIES (NI) LTD (REGISTERED NUMBER: NI627068) |
BALANCE SHEET - continued |
31 OCTOBER 2017 |
The financial statements were authorised for issue by the director on |
POSITIVE PROPERTIES (NI) LTD (REGISTERED NUMBER: NI627068) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 OCTOBER 2017 |
1. | STATUTORY INFORMATION |
Positive Properties (NI) Ltd is a |
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 |
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. |
POSITIVE PROPERTIES (NI) LTD (REGISTERED NUMBER: NI627068) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 OCTOBER 2017 |
2. | ACCOUNTING POLICIES - continued |
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. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 November 2016 |
and 31 October 2017 |
NET BOOK VALUE |
At 31 October 2017 |
At 31 October 2016 |
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. |
4. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.10.17 | 31.10.16 |
£ | £ |
Other debtors |
Prepayments and accrued income |
5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.10.17 | 31.10.16 |
£ | £ |
Tax |
Other creditors |
Directors' current accounts | 206,062 | 269,945 |
Accruals and deferred income |
POSITIVE PROPERTIES (NI) LTD (REGISTERED NUMBER: NI627068) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 OCTOBER 2017 |
6. | ULTIMATE CONTROLLING PARTY |
The company continues to be controlled by Mr J Magill by virtue of his shareholding. |