ACCOUNTS - Final Accounts preparation

NORTH PLACE PROPERTIES LIMITED - Company Information

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Registered number: 10770285

NORTH PLACE PROPERTIES LIMITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MAY 2022

NORTH PLACE PROPERTIES LIMITED

REGISTERED NUMBER: 10770285

BALANCE SHEET

AS AT 31 MAY 2022

		2022		2021
Note		£		£


Current assets
Stocks		4,852,927		4,852,927
Debtors: amounts falling due within one year	4	133,967		89,735
Cash at bank and in hand	5	430,185		239,069
		5,417,079		5,181,731
Creditors: amounts falling due within one year	6	(2,508,590)		(5,420,133)
Net current assets/(liabilities)			2,908,489		(238,402)
Total assets less current liabilities			2,908,489		(238,402)
Creditors: amounts falling due after more than one year	7		(2,799,992)		-

Net assets/(liabilities)			108,497		(238,402)

Capital and reserves
Called up share capital	100	100
Profit and loss account	108,397	(238,502)
	108,497	(238,402)

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NORTH PLACE PROPERTIES LIMITED

REGISTERED NUMBER: 10770285

BALANCE SHEET (CONTINUED)

AS AT 31 MAY 2022

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared 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 financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

A P Buchler

Director

Date: 27 February 2023

The notes on pages 3 to 6 form part of these financial statements.

Page 2

NORTH PLACE PROPERTIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2022

1.	General information

North Place Properties Limited is a private company limited by shares. The company is incorporated in England and Wales and its registered office is Aston house, Cornwall Avenue, London, N3 1LF.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

2.3

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

2.4

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

2.5

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

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NORTH PLACE PROPERTIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2022

2.Accounting policies (continued)

2.6

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

2.7

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.8

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.9

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.10

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Employees

The average monthly number of employees, including directors, during the year was 3 (2021 - 3).

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NORTH PLACE PROPERTIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2022

Debtors

					2022	2021
					£	£


Trade debtors	12,099	-
Other debtors	18,650	39,420
Called up share capital not paid	-	100
Prepayments and accrued income	103,218	50,215
	133,967	89,735

5.	Cash and cash equivalents
		2022	2021
		£	£

Cash at bank and in hand	430,185	239,069
	430,185	239,069

6.	Creditors: Amounts falling due within one year
		2022	2021
		£	£

Other loans	-	3,030,895
Trade creditors	4,200	35,525
Corporation tax	42,083	-
Other taxation and social security	32,675	-
Other creditors	2,404,196	2,353,713
Accruals and deferred income	25,436	-
	2,508,590	5,420,133

Page 5

NORTH PLACE PROPERTIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2022

7.	Creditors: Amounts falling due after more than one year
		2022	2021
		£	£

Other loans	2,799,992	-
	2,799,992	-

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