Great North Investments Limited - Period Ending 2023-07-31

Great North Investments Limited

Contents

Balance Sheet	1 to 2
Notes to the Unaudited Financial Statements	3 to 5

Great North Investments Limited

(Registration number: 12745379)
Balance Sheet as at 31 July 2023

	Note	2023 £	2022 £
Fixed assets
Investment property	4	278,615	128,750
Current assets
Debtors	5	519	620
Cash at bank and in hand		82,700	122,086
		83,219	122,706
Creditors: Amounts falling due within one year	6	(160,815)	(160,745)
Net current liabilities		(77,596)	(38,039)
Total assets less current liabilities		201,019	90,711
Creditors: Amounts falling due after more than one year	6	(205,485)	(95,375)
Net liabilities		(4,466)	(4,664)
Capital and reserves
Called up share capital		2	2
Retained earnings		(4,468)	(4,666)
Shareholders' deficit		(4,466)	(4,664)

For the financial year ending 31 July 2023 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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Great North Investments Limited

(Registration number: 12745379)
Balance Sheet as at 31 July 2023

Approved and authorised by the Board on 30 August 2023 and signed on its behalf by:
 

......................................... Mrs Alison Lea Director

Great North Investments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
187 Sutherland Avenue
London
W9 1ET
England

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 sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Great North Investments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

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 2 (2022 - 2).

4	Investment properties

	2023 £
At 1 August 2022	128,750
Additions	149,865
At 31 July 2023	278,615

The investment properties were professionally valued by an independent valuer when they were purchased and later for mortgage purposes. The Directors believe that it was not commercially viable to revalue the properties at the balance sheet date.

5

Debtors

Current	2023 £	2022 £
Other debtors	519	620

Great North Investments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

6

Creditors

Creditors: amounts falling due within one year

	2023 £	2022 £
Due within one year
Other creditors	160,815	160,745

Creditors: amounts falling due after more than one year

	Note	2023 £	2022 £
Due after one year
Loans and borrowings		205,485	95,375

Creditors falling due after more than one year include bank loans and borrowings. These are secured by way of a charge held over the Investment properties held in the company name.