Northcause Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 10352705 (England and Wales)

NORTHCAUSE LIMITED

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTOR:

D Feltham

REGISTERED OFFICE:

The Exchange

5 Bank Street

Bury

BL9 0DN

REGISTERED NUMBER:

10352705 (England and Wales)

ACCOUNTANTS:

DTE Business Advisers Limited

Chartered Accountants

The Exchange

5 Bank Street

Bury

BL9 0DN

FIXED ASSETS

Investment property

4

248,918

248,918

CURRENT ASSETS

Debtors

5

48,921

51,236

Cash at bank

2,564

689

51,485

51,925

CREDITORS

Amounts falling due within one year

6

(134,539

)

(136,729

)

NET CURRENT LIABILITIES

(83,054

)

(84,804

)

TOTAL ASSETS LESS CURRENT LIABILITIES

165,864

164,114

CREDITORS

Amounts falling due after more than one year

7

(170,973

)

(169,295

)

NET LIABILITIES

(5,109

)

(5,181

)

CAPITAL AND RESERVES

Called up share capital

1

1

Retained earnings

(5,110

)

(5,182

)

(5,109

)

(5,181

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2021 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 approved by the director and authorised for issue on 17 June 2022 and were signed by:

D Feltham - Director

1.	STATUTORY INFORMATION

Northcause Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 10352705 and its registered office address is The Exchange, 5 Bank Street, Bury, BL9 0DN.

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.

The director has considered the impact of the global Covid-19 pandemic on the company and recognises that the future cannot be predicted with any certainty. Procedures have been introduced to ensure that operations are conducted in accordance with official government advice as the company continues to trade. The director will endeavour to monitor and control costs as necessary.

At the year end the company had net liabilities of £5,109 (2020 : £5,181). A profit was incurred for the year and rentals continue to be received post year end.

The director has considered the business risks and believe that the company is well placed to manage these risks successfully, thus the going concern basis of accounting has been adopted in preparing these financial statements.

Critical accounting estimates and judgements

In the application of the company's accounting policies, the director is required to make estimates and judgements. The estimates are based on historical experience and other relevant factors. Actual results may differ from these estimates.

Determining the fair value of investment property is considered to be a key judgement.

Revenue

Revenue comprises the aggregate of the fair value of rental services provided. Revenue is recognised as those services that are provided to the occupants of the properties.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in the income statement.

Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties and loans to related parties.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the income statement.

Basic financial liabilities are initially measured at transaction price and subsequently measured at amortised cost.

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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2020 - 1 ) .

4.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 July 2020

and 30 June 2021

248,918

NET BOOK VALUE

At 30 June 2021

248,918

At 30 June 2020

248,918

Using observable market data the directors the director considers the fair value of the investment property to be equal to its cost as at 30 June 2021.

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Other debtors

48,921

51,236

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade creditors

10,000

11,413

Taxation and social security

-

377

Other creditors

124,539

124,939

134,539

136,729

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2021

2020

£

£

Bank loans

170,973

169,295

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

170,973

169,295

8.	SECURED DEBTS

The bank loans are secured by way of a debenture secured against the investment property.

9.	RELATED PARTY DISCLOSURES

Included within other creditors are amounts totalling £124,539 (2020: £124,939) due to related companies.

Included within trade creditors at the year end are amounts due to related companies totalling £10,000 (2020: £11,413).

Included within other debtors are amounts totalling £48,921 (2020: £51,236) due from related companies.