Northcause Limited - Accounts to registrar (filleted) - small 23.2.5

Northcause Limited - Accounts to registrar (filleted) - small 23.2.5

NORTHCAUSE LIMITED - Company Information

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REGISTERED NUMBER: 10352705 (England and Wales)















NORTHCAUSE LIMITED

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023





DTE Business Advisers Limited
The Exchange
5 Bank Street
Bury
BL9 0DN








NORTHCAUSE LIMITED (REGISTERED NUMBER: 10352705)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023










Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


NORTHCAUSE LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 JUNE 2023







DIRECTOR: D Feltham





REGISTERED OFFICE: The Exchange
5 Bank Street
Bury
BL9 0DN





REGISTERED NUMBER: 10352705 (England and Wales)





ACCOUNTANTS: DTE Business Advisers Limited
The Exchange
5 Bank Street
Bury
BL9 0DN
1
NORTHCAUSE LIMITED (REGISTERED NUMBER: 10352705)

STATEMENT OF FINANCIAL POSITION
30 JUNE 2023

2023 2022
Notes £    £   
FIXED ASSETS
Investment property 4 248,918 248,918

CURRENT ASSETS
Debtors 5 46,056 49,451
Cash at bank 761 756
46,817 50,207
CREDITORS
Amounts falling due within one year 6 (134,730 ) (130,976 )
NET CURRENT LIABILITIES (87,913 ) (80,769 )
TOTAL ASSETS LESS CURRENT
LIABILITIES
161,005
168,149

CREDITORS
Amounts falling due after more than one
year
7
(170,991
)
(170,991
)
NET LIABILITIES (9,986 ) (2,842 )

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings (9,987 ) (2,843 )
(9,986 ) (2,842 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2023 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 notes form part of these financial statements

2 continued...
NORTHCAUSE LIMITED (REGISTERED NUMBER: 10352705)

STATEMENT OF FINANCIAL POSITION - continued
30 JUNE 2023


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 6 March 2024 and were signed by:





D Feltham - Director


The notes form part of these financial statements

3
NORTHCAUSE LIMITED (REGISTERED NUMBER: 10352705)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023


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 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.


4 continued...
NORTHCAUSE LIMITED (REGISTERED NUMBER: 10352705)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023


2. ACCOUNTING POLICIES - continued
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 (2022 - 1 ) .

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 July 2022
and 30 June 2023 248,918
NET BOOK VALUE
At 30 June 2023 248,918
At 30 June 2022 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 2022.

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Other debtors 46,056 49,451

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 10,828 10,324
Other creditors 123,902 120,652
134,730 130,976

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 170,991 170,991

5 continued...
NORTHCAUSE LIMITED (REGISTERED NUMBER: 10352705)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023


7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued
2023 2022
£    £   
Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 170,991 170,991

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 £123,902 (2022: £120,652) due to related companies and parties.

Included within trade creditors at the year end are amounts due to related companies totalling £10,828 (2022: £10,324).

Included within other debtors are amounts totalling £46,056 (2022: £49,451) due from related companies.

6