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REGISTERED NUMBER: SC204747 (Scotland)















Unaudited Financial Statements for the Year Ended 30 March 2023

for

55 North Limited

55 North Limited (Registered number: SC204747)






Contents of the Financial Statements
for the Year Ended 30 March 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


55 North Limited

Company Information
for the Year Ended 30 March 2023







DIRECTORS: J A Begley
T Begley





REGISTERED OFFICE: 2nd Floor Waterloo Chambers
19 Waterloo Street
Glasgow
G2 6AY





REGISTERED NUMBER: SC204747 (Scotland)





ACCOUNTANTS: Accountants Plus
Chartered Certified Accountants
Unit 1 Cadzow Park
82 Muir Street
Hamilton
ML3 6BJ

55 North Limited (Registered number: SC204747)

Balance Sheet
30 March 2023

30.3.23 30.3.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - 216,800
Tangible assets 5 - -
- 216,800

CURRENT ASSETS
Stocks - 22,000
Debtors 6 690,085 462,919
Cash at bank 161,308 65,627
851,393 550,546
CREDITORS
Amounts falling due within one year 7 602,914 592,252
NET CURRENT ASSETS/(LIABILITIES) 248,479 (41,706 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

248,479

175,094

CAPITAL AND RESERVES
Called up share capital 145 145
Share premium 79,955 79,955
Revaluation reserve 8 - 94,800
Retained earnings 168,379 194
248,479 175,094

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

The members have not required the company to obtain an audit of its financial statements for the year ended 30 March 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

55 North Limited (Registered number: SC204747)

Balance Sheet - continued
30 March 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 Board of Directors and authorised for issue on 18 October 2023 and were signed on its behalf by:




J A Begley - Director



T Begley - Director


55 North Limited (Registered number: SC204747)

Notes to the Financial Statements
for the Year Ended 30 March 2023

1. STATUTORY INFORMATION

55 North Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

The value of patents and licences are periodically reviewed, and amortised as required.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - straight line over 3 years and 25% on cost

Stocks
Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Financial instruments
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.

Creditors
Short term creditors are measured at transaction price, less any impairment. 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.

Cash and bank balances
Cash and bank balances are measured at the transaction price.


55 North Limited (Registered number: SC204747)

Notes to the Financial Statements - continued
for the Year Ended 30 March 2023

2. ACCOUNTING POLICIES - continued
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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11 (2022 - 11 ) .

55 North Limited (Registered number: SC204747)

Notes to the Financial Statements - continued
for the Year Ended 30 March 2023

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 31 March 2022 402,400
Disposals (402,400 )
At 30 March 2023 -
AMORTISATION
At 31 March 2022 185,600
Eliminated on disposal (185,600 )
At 30 March 2023 -
NET BOOK VALUE
At 30 March 2023 -
At 30 March 2022 216,800

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 31 March 2022
and 30 March 2023 31,942
DEPRECIATION
At 31 March 2022
and 30 March 2023 31,942
NET BOOK VALUE
At 30 March 2023 -

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.3.23 30.3.22
£    £   
Trade debtors 473,283 462,680
Amounts owed by group undertakings 216,800 -
Prepayments 2 239
690,085 462,919

55 North Limited (Registered number: SC204747)

Notes to the Financial Statements - continued
for the Year Ended 30 March 2023

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.3.23 30.3.22
£    £   
Bank loans and overdrafts 50,219 164,642
Trade creditors 101,449 185,062
Tax 63,259 46,394
Social security and other taxes 20,534 17,168
VAT 119,688 67,957
Pension fund 1,866 2,091
Directors' current accounts 1,618 1,645
Accrued expenses 244,281 107,293
602,914 592,252

8. RESERVES
Revaluation
reserve
£   
At 31 March 2022 94,800
Transfer (94,800 )

At 30 March 2023 -