Northern Estates and Properties Limited - Period Ending 2022-06-30

Northern Estates and Properties Limited

Contents

Balance Sheet	1 to 2
Notes to the Unaudited Financial Statements	3 to 6

Northern Estates and Properties Limited

Balance Sheet

as at 30 June 2022

	Note	2022 £	(As restated) 2021 £
Fixed assets
Investment property	4	612,522	285,317
Current assets
Debtors	5	927	80,057
Cash at bank and in hand		12,621	35,185
		13,548	115,242
Creditors: Amounts falling due within one year	6	(59,336)	(100,090)
Net current (liabilities)/assets		(45,788)	15,152
Total assets less current liabilities		566,734	300,469
Creditors: Amounts falling due after more than one year	6	(113,755)	(60,000)
Provisions for liabilities		(14,794)	-
Net assets		438,185	240,469
Capital and reserves
Allotted, called up and fully paid share capital		1,000	1,000
Profit and loss account		437,185	239,469
Shareholders' funds		438,185	240,469

Registration number: 03570763

Northern Estates and Properties Limited

Balance Sheet

as at 30 June 2022 (continued)

For the financial year ending 30 June 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 21 December 2022 and signed on its behalf by:
 

......................................... Mr C R Lloyd Company secretary and director

Northern Estates and Properties Limited

Notes to the Unaudited Financial Statements

for the Year Ended 30 June 2022

1	General information

The company is a private company limited by shares incorporated in England within the United Kingdom.

The company's registration number is 03570763.

The address of its registered office is:
Peel House
Stocks Lane
Luddenden
Halifax
West Yorkshire
HX2 6SP

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the rent of property and associated services provided in the ordinary course of the company's activities.
Turnover is shown net of value added tax, returns, rebates and discounts

Northern Estates and Properties Limited

Notes to the Unaudited Financial Statements

for the Year Ended 30 June 2022 (continued)

2	Accounting policies (continued)

Tax

Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

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

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if their fair value can be measured reliably.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2021 - 0).

Northern Estates and Properties Limited

Notes to the Unaudited Financial Statements

for the Year Ended 30 June 2022 (continued)

4	Investment properties

	2022 £	2021 £
At 1 July	285,317	285,317
Additions	121,022	-
Fair value adjustments	206,183	-
At 30 June	612,522	285,317

Properties that have recently been acquired on the open market have been valued at cost. Other properties are valued by the directors based on market conditions and in reference to external valuers calculations and similar properties.

5

Debtors

Current	2022 £	(As restated) 2021 £
Trade debtors	840	598
Prepayments	87	-
Other debtors	-	79,459
	927	80,057

Northern Estates and Properties Limited

Notes to the Unaudited Financial Statements

for the Year Ended 30 June 2022 (continued)

6

Creditors

	2022 £	2021 £
Due within one year
Bank borrowings	12,996	-
Trade creditors	222	644
Owed by/(from) parent undertakings	27,500	-
Taxation and social security	13	12
Other creditors	400	90
Accruals and deferred income	1,800	2,273
Corporation tax	4,270	1,734
Directors' loan accounts	12,135	95,337
	59,336	100,090

Creditors: amounts falling due after more than one year

	Note	2022 £	2021 £
Due after one year
Bank loans and overdrafts	7	113,755	60,000

7	Loans and borrowings

Bank borrowings

Included within creditors are bank loans totalling £126,751 (2021 - £60,000). The loans are secured against the various properties owned by Northern Estates and Properties Limited

8	Related party transactions

Directors guarantees

Mr Clive Lloyd has provided a personal guarantee for the company's bank loan limited to £100,000 plus interest and costs.