Northlands Securities Developments Limited
Unaudited Financial Statements
For the year ended 31 December 2022
Pages for Filing with Registrar
Company Registration No. 01005838 (England and Wales)
Northlands Securities Developments Limited
Contents
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 9
Northlands Securities Developments Limited
Balance Sheet
As at 31 December 2022
Page 1
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
4
23,913
29,891
Investment properties
5
6,793,284
6,793,284
Investments
6
90,000
90,000
6,907,197
6,913,175
Current assets
Debtors
7
23,391
16,876
Cash at bank and in hand
303,448
436,149
326,839
453,025
Creditors: amounts falling due within one year
8
(455,335)
(567,956)
Net current liabilities
(128,496)
(114,931)
Total assets less current liabilities
6,778,701
6,798,244
Creditors: amounts falling due after more than one year
9
(28,238)
(37,784)
Provisions for liabilities
10
(559,193)
(559,193)
Net assets
6,191,270
6,201,267
Capital and reserves
Called up share capital
11
75
75
Capital redemption reserve
100,928
100,928
Profit and loss reserves
12
6,090,267
6,100,264
Total equity
6,191,270
6,201,267
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
Northlands Securities Developments Limited
Balance Sheet (Continued)
As at 31 December 2022
Page 2
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.
For the financial year ended 31 December 2022 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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 27 October 2023
R Slade
Director
Company Registration No. 01005838
Northlands Securities Developments Limited
Notes to the Financial Statements
For the year ended 31 December 2022
Page 3
1
Accounting policies
Company information
Northlands Securities Developments Limited is a private company limited by shares incorporated in England and Wales. The registered office is 6th Floor, 9 Appold Street, London, EC2A 2AP.
1.1
Accounting convention
These financial statements have been prepared in accordance with Section 1A of 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
These financial statements are prepared on the going concern basis. The director has a reasonable expectation that the company will continue in operational existence for the foreseeable future. At the balance sheet date, the company has net current liabilities of £128,496 (2021: £114,931) of which £356,209 (2021: £386,209) owed to connected companies as disclosed in note 13. The companies have a mutual single director, who has confirmed that the balance will not be recalled at a time which would jeopardise the going concern of the company for which these accounts are produced.
1.3
Turnover
Turnover represents the invoiced value of rents receivable for the year.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Tangible fixed assets include investment properties valued by the director on an existing use open market value basis. Other tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Fixtures, fittings & equipment
20% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is measured using the fair value model and stated at its fair value as the reporting end date. The surplus or deficit on revaluation is recognised in the profit and loss account.
Northlands Securities Developments Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2022
1
Accounting policies
(Continued)
Page 4
1.6
Fixed asset investments
Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.7
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
1.8
Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks and other short-term liquid investments with original maturities of three months or less.
1.9
Financial instruments
Basic financial instruments are measured at cost. The company has no other financial instruments or basic financial instruments measured at fair value.
1.10
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.11
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Northlands Securities Developments Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2022
1
Accounting policies
(Continued)
Page 5
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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.12
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.13
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.14
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
Northlands Securities Developments Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2022
Page 6
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 3 (2021 - 3).
2022
2021
Number
Number
Total
3
3
3
Taxation
2022
2021
£
£
Current tax
UK corporation tax on profits for the current period
23,298
95,807
Deferred tax
Origination and reversal of timing differences
447,747
Total tax charge
23,298
543,554
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2022 and 31 December 2022
183,876
Depreciation and impairment
At 1 January 2022
153,985
Depreciation charged in the year
5,978
At 31 December 2022
159,963
Carrying amount
At 31 December 2022
23,913
At 31 December 2021
29,891
5
Investment property
2022
£
Fair value
At 1 January 2022 and 31 December 2022
6,793,284
Northlands Securities Developments Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2022
5
Investment property
(Continued)
Page 7
Investment property comprises of the rental properties held. The valuation was made by the director at year end on an open market value basis by reference to market evidence of transaction prices for similar properties.
6
Fixed asset investments
2022
2021
£
£
Investments
90,000
90,000
Movements in fixed asset investments
Shares in group undertakings and participating interests
£
Cost or valuation
At 1 January 2022 & 31 December 2022
90,000
Carrying amount
At 31 December 2022
90,000
At 31 December 2021
90,000
7
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
23,088
16,578
Other debtors
-
298
Prepayments and accrued income
303
23,391
16,876
Northlands Securities Developments Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2022
Page 8
8
Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans
10,648
10,648
Amounts owed to group undertakings
356,206
386,209
Corporation tax
23,298
95,807
Other taxation and social security
4,403
4,163
Other creditors
55,780
71,129
Accruals and deferred income
5,000
455,335
567,956
9
Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts
28,238
37,784
The long-term loans are secured by fixed charges over one of the investment properties.
10
Provisions for liabilities
2022
2021
£
£
Deferred tax liabilities
559,193
559,193
11
Called up share capital
2022
2021
2022
2021
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
75
75
75
75
Northlands Securities Developments Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2022
Page 9
12
Profit and loss reserves
2022
2021
£
£
At the beginning of the year
6,100,264
6,200,363
Profit/(loss) for the year
90,003
(99)
Dividends declared and paid in the year
(100,000)
(100,000)
At the end of the year
6,090,267
6,100,264
Retained earnings contains unrealised gains on the revaluation of investment properties, net of deferred tax, which are not distributable to shareholders until the property is sold. Included within retained earnings at year end is £6,090,267 (2021: £6,100,264) of distributable profits.
13
Related party transactions
At the balance sheet date the company owed amounts to Northlands Securities Limited, an undertaking in which it owns a 20% shareholding. Loans from Northlands Securities Limited totalled £356,209 (2021: £386,209).
14
Controlling Party
The ultimate controlling party is R Slade, by virtue of his directorship and 100% shareholding in the issued share capital of the company.
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