Company No: 12883805 (England and Wales)

Contents

• Statement of Financial Position
• Notes to the Financial Statements

	Note	2023		2022
		£		£
Fixed assets
Tangible assets	3	191,847		212,938
Investment property	4	12,465,000		12,465,000
		12,656,847		12,677,938
Current assets
Debtors	5	715,140		560,679
Cash at bank and in hand		402,688		458,502
		1,117,828		1,019,181
Creditors: amounts falling due within one year	6	( 527,342)		( 485,727)
Net current assets		590,486		533,454
Total assets less current liabilities		13,247,333		13,211,392
Creditors: amounts falling due after more than one year	7	( 8,941,049)		( 9,299,575)
Provision for liabilities		( 796,806)		( 796,806)
Net assets		3,509,478		3,115,011
Capital and reserves
Called-up share capital	8	2		2
Profit and loss account	10	3,509,476		3,115,009
Total shareholders' funds		3,509,478		3,115,011

For the financial year ending 30 September 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 financial statements for the financial year in accordance with section 476;
• 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; 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements of Northpark Bristol Ltd (registered number: 12883805) were approved and authorised for issue by the Board of Directors on 30 May 2024. They were signed on its behalf by:

J M Wilson 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

Northpark Bristol Ltd (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 Unit 4 Smoke Lane, Avonmouth, Bristol, BS11 0YA, 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 £.

Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

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, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

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

Finance costs

Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so 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.

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.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Land and buildings	5 years straight line
Plant and machinery	20 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

The Company as lessor
Amounts due from lessees under finance leases are recognised as receivables at the amount of the company’s net investment in the leases. Finance lease income is allocated to accounting periods so as to reflect a constant periodic rate of return on the company’s net investment outstanding in respect of leases.

Rental income from operating leases is recognised on a straight-line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

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.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

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.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

	2023		2022
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	2		2

3. Tangible assets

	Land and buildings		Plant and machinery		Total
	£		£		£
Cost
At 01 October 2022	20,377		229,356		249,733
At 30 September 2023	20,377		229,356		249,733
Accumulated depreciation
At 01 October 2022	13,365		23,430		36,795
Charge for the financial year	5,362		15,729		21,091
At 30 September 2023	18,727		39,159		57,886
Net book value
At 30 September 2023	1,650		190,197		191,847
At 30 September 2022	7,012		205,926		212,938

4. Investment property

	Investment property
	£
Valuation
As at 01 October 2022	12,465,000
As at 30 September 2023	12,465,000

Historic cost

If the investment properties had been accounted for under cost accounting rules, the properties would have been measured as follows:

	2023		2022
	£		£
Historic cost	9,277,776		9,277,776

5. Debtors

	2023		2022
	£		£
Trade debtors	238,669		110,170
Amounts owed by Group undertakings	400,000		225,000
Prepayments and accrued income	74,539		223,826
Other debtors	1,932		1,683
	715,140		560,679

6. Creditors: amounts falling due within one year

	2023		2022
	£		£
Bank loans (secured)	205,699		212,430
Trade creditors	58,894		37,511
Accruals and deferred income	87,429		44,843
Corporation tax	124,825		151,738
Other taxation and social security	44,110		39,036
Other creditors	6,385		169
	527,342		485,727

The bank loans are secured on freehold properties of the Company and an unlimited debenture from the Company. The terms of the loans also restrict the Company owing the bank more than 60% of the latest valuation of all property at any time, whereby the company must promptly pay any excess.

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

	2023		2022
	£		£
Bank loans (secured)	4,863,189		5,046,715
Other creditors	4,077,860		4,252,860
	8,941,049		9,299,575

The bank loans are secured on freehold properties of the Company and an unlimited debenture from the Company. The terms of the loans also restrict the Company owing the bank more than 60% of the latest valuation of all property at any time, whereby the company must promptly pay any excess.

8. Called-up share capital

	2023		2022
	£		£
Allotted, called-up and fully-paid
2 Ordinary shares of £ 1.00 each	2		2
3,342,602 Redeemable Preference shares of £ 1.00 each	3,342,602		3,342,602
	3,342,604		3,342,604

The redeemable preference shares are shown in other creditors falling due after more than one year.

9. Related party transactions

Transactions with entities in which the entity itself has a participating interest

	2023		2022
	£		£
Amounts due from companies with a common director	100,165		20,671
Sales made to companies with a common director	796,082		487,261

Transactions with the entity's directors

	2023		2022
	£		£
Loan amounts due to R N Powell	165,129		340,129
Loan amounts due to J M Wilson	570,129		570,129
Redeemable preference shares held by R N Powell	1,671,301		1,671,301
Redeemable preference shares held by J M Wilson	1,671,301		1,671,301

10. Reserves

The profit and loss reserve includes both distributable and non-distributable reserves. Non-distributable reserves represents cumulative gains and losses on the revaluation of investment property net of deferred tax. At the balance sheet date non-distributable reserves totalled £2,390,418 (2022 - £2,390,418).