Company registration number 05077844 (England and Wales)
NORTHFLEET DEVELOPMENTS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
NORTHFLEET DEVELOPMENTS LIMITED
COMPANY INFORMATION
Director
Mr D J McMeeking BSc (Hons) MA MRICS
Company number
05077844
Registered office
1 Lonsdale Gardens
Tunbridge Wells
Kent
TN1 1NU
Accountants
Dendy Neville Limited
3-4 Bower Terrace
Tonbridge Road
Maidstone
Kent
ME16 8RY
Business address
1 Lonsdale Gardens
Tunbridge Wells
Kent
TN1 1NU
NORTHFLEET DEVELOPMENTS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 5
NORTHFLEET DEVELOPMENTS LIMITED
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investment property
3
7,500,000
7,400,000
Current assets
Debtors
4
474,904
476,995
Cash at bank and in hand
185,236
321,991
660,140
798,986
Creditors: amounts falling due within one year
5
(1,044,131)
(1,144,844)
Net current liabilities
(383,991)
(345,858)
Total assets less current liabilities
7,116,009
7,054,142
Creditors: amounts falling due after more than one year
6
(2,758,980)
(2,982,955)
Provisions for liabilities
(17,500)
-
0
Net assets
4,339,529
4,071,187
Capital and reserves
Called up share capital
102
102
Profit and loss reserves
4,339,427
4,071,085
Total equity
4,339,529
4,071,187

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

NORTHFLEET DEVELOPMENTS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2023
31 March 2023
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 24 October 2023
Mr D J McMeeking BSc (Hons) MA MRICS
Director
Company Registration No. 05077844
NORTHFLEET DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 3 -
1
Accounting policies
Company information

Northfleet Developments Limited is a private company limited by shares incorporated in England and Wales. The registered office and business address is 1 Lonsdale Gardens, Tunbridge Wells, Kent, TN1 1NU.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company.

The financial statements have been prepared under the historical cost convention, modified to include investment properties at fair value. The principal accounting policies adopted are set out below,

1.2
Turnover

Turnover is measured at the fair value of the consideration received or receivable for rental income and service charges and is shown net of VAT. Rental income and service charges are recognised in the period to which they relate.

1.3
Investment properties

Investment property, which is property held to earn rentals and for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in the profit and loss account.

1.4
Financial instruments

The company has elected to apply the recognition and measurement provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price including transaction costs.

Basic financial liabilities

Basic financial liabilities, including trade creditors, are recognised at transaction price.

 

 

 

NORTHFLEET DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 4 -
1.5
Taxation

The tax expense represents the sum of the tax currently payable or receivable and deferred tax.

Current tax

Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
1
1
3
Investment property
2023
£
Fair value
At 1 April 2022
7,400,000
Revaluations
100,000
At 31 March 2023
7,500,000

In the opinion of the director, the fair value of the freehold investment property as at 31 March 2023, arrived at on the basis of open market value, amounted to £7,500,000 (2022 - £7,400,000). The valuation includes the impact of market conditions. A provision of £17,500 (2022 - £nil) has been made for deferred tax on gains recognised on revaluing the property to its market value.

4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
169,916
174,849
Other debtors
304,988
302,146
474,904
476,995
NORTHFLEET DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 5 -
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
30,000
30,000
Trade creditors
2,596
6,525
Taxation and social security
92,635
85,506
Other creditors
918,900
1,022,813
1,044,131
1,144,844
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans
2,736,480
2,960,455
Other creditors
22,500
22,500
2,758,980
2,982,955

The bank loans are secured by way of a fixed and floating charge over the assets of the company.

7
Events after the reporting date

The company sold its investment property on 29 September 2023 for consideration of £7,500,000.

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