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Registered number: 13866536










NORTHSIDE (MANCHESTER) LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE PERIOD ENDED 30 APRIL 2023

 
NORTHSIDE (MANCHESTER) LIMITED
REGISTERED NUMBER: 13866536

BALANCE SHEET
AS AT 30 APRIL 2023

2023
Note
£

Fixed assets
  

Investment property
 4 
5,891,109

  
5,891,109

Current assets
  

Debtors: amounts falling due within one year
 5 
185,503

Cash at bank and in hand
 6 
2,580

  
188,083

Creditors: amounts falling due within one year
 7 
(136,744)

Net current assets
  
 
 
51,339

Total assets less current liabilities
  
5,942,448

Creditors: amounts falling due after more than one year
 8 
(6,307,242)

Net liabilities
  
(364,794)


Capital and reserves
  

Called up share capital 
 10 
200

Profit and loss account
  
(364,994)

  
(364,794)


Page 1

 
NORTHSIDE (MANCHESTER) LIMITED
REGISTERED NUMBER: 13866536
    
BALANCE SHEET (CONTINUED)
AS AT 30 APRIL 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the period in question in accordance with section 476 of the Companies Act 2006.

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.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 


................................................
R Godwin
Director

Date: 23 October 2023

The notes on pages 3 to 6 form part of these financial statements.

Page 2

 
NORTHSIDE (MANCHESTER) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2023

1.


General information

Northside (Manchester) Limited is a private company, limited by shares and incorporated in England and Wales.
The address of its registered office is 109 Hammersmith Grove, C/O Lamington, London, W6 0NQ.
The Company is registered in England and Wales, register number 13866536.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that 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.

 
2.3

Borrowing costs

All borrowing costs are recognised in profit or loss in the period in which they are incurred.

 
2.4

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.5

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.

 
2.6

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.7

Creditors

Short-term creditors are measured at the transaction price. 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.

Page 3

 
NORTHSIDE (MANCHESTER) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2023

2.Accounting policies (continued)

 
2.8

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.


3.


Employees

The average monthly number of employees, including directors, during the period was 4.


4.


Investment property


Freehold investment property

£



Valuation


Additions at cost
5,891,109



At 30 April 2023
5,891,109

The 2023 valuations were made by the directors, on an open market value for existing use basis.



At 30 April 2023



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

2023
£


Historic cost
5,891,109

Accumulated depreciation and impairments
(147,278)

5,743,831

Page 4

 
NORTHSIDE (MANCHESTER) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2023

5.


Debtors

2023
£

Other debtors
55,593

Prepayments and accrued income
129,910

185,503



6.


Cash and cash equivalents

2023
£

Cash at bank and in hand
2,580



7.


Creditors: Amounts falling due within one year

2023
£

Trade creditors
136,744



8.


Creditors: Amounts falling due after more than one year

2023
£

Other loans
3,581,558

Other creditors
2,725,684

6,307,242


Other loans include a £3.58m facility with Together Commercial Finance Limited. The loan attracts interest at 0.75% per month and is repayable in full in September 2024.
The loan is secured against the assets of the Company. 

Page 5

 
NORTHSIDE (MANCHESTER) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2023

9.


Loans


Analysis of the maturity of loans is given below:


2023
£

Amounts falling due 1-2 years

Other loans
3,581,558

3,581,558



10.


Share capital

2023
£
Allotted, called up and fully paid


200 Ordinary A shares of £1.00 each
200


During the period, 200 ordinary A shares of £1 each were issued and paid at par.


11.


Related party transactions

Included within other creditors due over 1 year are amounts owed to 50% joint venture owners:


2023
£

North Star (York) Investment Limited
1,204,322
Agate Properties Limited
1,521,362
2,725,684


12.


Controlling party

There is no ultimate controlling party.

Page 6