Company No: 04254791 (England and Wales)

Contents

• Company Information
• Statement of Financial Position
• Notes to the Financial Statements

DIRECTOR

A D Curtis

SECRETARY

A D Curtis

REGISTERED OFFICE	Langley House
	Park Road
	London
	N2 8EY
	England
	United Kingdom

COMPANY NUMBER

04254791 (England and Wales)

CHARTERED ACCOUNTANTS	Berg Kaprow Lewis LLP
	35 Ballards Lane
	London
	N3 1XW

	Note	2022		2021
		£		£
				Restated - note 2
Fixed assets
Investment property	4	5,845,000		5,725,028
		5,845,000		5,725,028
Current assets
Debtors	5	188,768		19,319
Cash at bank and in hand		135,673		139,352
		324,441		158,671
Creditors
Amounts falling due within one year	6	( 4,144,952)		( 4,191,451)
Net current liabilities		(3,820,511)		(4,032,780)
Total assets less current liabilities		2,024,489		1,692,248
Creditors
Amounts falling due after more than one year	7	( 800,280)		( 700,000)
Provision for liabilities	8	( 176,039)		( 153,244)
Net assets		1,048,170		839,004
Capital and reserves
Called-up share capital	9	1		1
Fair value reserve		750,481		653,304
Profit and loss account		297,688		185,699
Total shareholder's funds		1,048,170		839,004

For the financial year ending 31 March 2022 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

• The member has not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The director acknowledges their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Income Statement has not been delivered.

The financial statements of N17 Developments Limited (registered number: 04254791) were approved and authorised for issue by the Director on 30 September 2022. They were signed on its behalf by:

A D Curtis Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

N17 Developments Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Langley House, Park Road, London, N2 8EY, England, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by external valuers and derived from current market rent and investment property yields for comparable real estate, adjusted if necessary, for any difference in nature, location or condition of the specific property.

Financial instruments

The Company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to and from related parties and investments in non-puttable Ordinary shares.

(i) Financial assets

Basic financial assets, including trade and other debtors, and amounts due from related companies, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted
at a market rate of interest.

Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Income and Retained Earnings.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

(ii) Financial liabilities

Basic financial liabilities, including trade and other creditors and accruals, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

(iii) Offsetting

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Prior year adjustment

In the prior year, no deferred tax was accounted for on the increase of the investment property from cost to fair value. A prior year adjustment has been recognised to show this change with tax increasing by £153,244 and creditors increasing by £153,244.

Consequently profit and net assets have been reduced by £153,244.

3. Employees

	2022		2021
	Number		Number
Monthly average number of persons employed by the Company during the year, including the director	3		3

4. Investment property

	Investment property
	£
Valuation
As at 01 April 2021	5,725,028
Fair value movement	119,972
As at 31 March 2022	5,845,000

5. Debtors

	2022		2021
	£		£
Trade debtors	12,463		12,150
Other debtors	176,305		7,169
	188,768		19,319

6. Creditors: amounts falling due within one year

	2022		2021
	£		£
Bank loans	4,028,500		4,028,500
Other creditors	90,052		138,647
Corporation tax	26,400		24,304
	4,144,952		4,191,451

7. Creditors: amounts falling due after more than one year

	2022		2021
	£		£
Other creditors	800,280		700,000

There are no amounts included above in respect of which any security has been given by the small entity.

8. Deferred tax

	2022		2021
	£		£
At the beginning of financial year	( 153,244)		0
Charged to the Income Statement	( 22,795)		( 153,244)
At the end of financial year	( 176,039)		( 153,244)

9. Called-up share capital

	2022		2021
	£		£
Allotted, called-up and fully-paid
1 Ordinary share of £ 1.00	1		1

10. Related party transactions

At 31 March 2022 the company was owed £162,972 from companies with common directors.

At 31 March 2022 the company owed £800,280 (2021: £700,000) to a company with common directors.