Silverfin false 28/02/2023 01/03/2022 28/02/2023 J P Holt 03/02/2021 B T Wade 03/02/2021 02 October 2023 The principal activity of the Company during the financial period was letting and operating of own or leased real estate. 13177392 2023-02-28 13177392 bus:Director1 2023-02-28 13177392 bus:Director2 2023-02-28 13177392 2022-02-28 13177392 core:CurrentFinancialInstruments 2023-02-28 13177392 core:CurrentFinancialInstruments 2022-02-28 13177392 core:Non-currentFinancialInstruments 2023-02-28 13177392 core:Non-currentFinancialInstruments 2022-02-28 13177392 core:ShareCapital 2023-02-28 13177392 core:ShareCapital 2022-02-28 13177392 core:RevaluationReserve 2023-02-28 13177392 core:RevaluationReserve 2022-02-28 13177392 core:RetainedEarningsAccumulatedLosses 2023-02-28 13177392 core:RetainedEarningsAccumulatedLosses 2022-02-28 13177392 core:PlantMachinery 2022-02-28 13177392 core:OfficeEquipment 2022-02-28 13177392 core:PlantMachinery 2023-02-28 13177392 core:OfficeEquipment 2023-02-28 13177392 2022-03-01 2023-02-28 13177392 bus:FullAccounts 2022-03-01 2023-02-28 13177392 bus:SmallEntities 2022-03-01 2023-02-28 13177392 bus:AuditExemptWithAccountantsReport 2022-03-01 2023-02-28 13177392 bus:PrivateLimitedCompanyLtd 2022-03-01 2023-02-28 13177392 bus:Director1 2022-03-01 2023-02-28 13177392 bus:Director2 2022-03-01 2023-02-28 13177392 core:PlantMachinery 2022-03-01 2023-02-28 13177392 core:OfficeEquipment 2022-03-01 2023-02-28 13177392 2021-02-03 2022-02-28 13177392 core:Non-currentFinancialInstruments 2022-03-01 2023-02-28 iso4217:GBP xbrli:pure

Company No: 13177392 (England and Wales)

53NORTH INVESTMENTS LIMITED

Unaudited Financial Statements
For the financial year ended 28 February 2023
Pages for filing with the registrar

53NORTH INVESTMENTS LIMITED

Unaudited Financial Statements

For the financial year ended 28 February 2023

Contents

53NORTH INVESTMENTS LIMITED

BALANCE SHEET

As at 28 February 2023
53NORTH INVESTMENTS LIMITED

BALANCE SHEET (continued)

As at 28 February 2023
Note 28.02.2023 28.02.2022
£ £
Fixed assets
Tangible assets 3 2,215 2,908
Investment property 4 125,000 110,802
127,215 113,710
Current assets
Debtors 5 305 0
Cash at bank and in hand 99,295 337
99,600 337
Creditors: amounts falling due within one year 6 ( 122,623) ( 123,728)
Net current liabilities (23,023) (123,391)
Total assets less current liabilities 104,192 (9,681)
Creditors: amounts falling due after more than one year 7 ( 95,426) 0
Net assets/(liabilities) 8,766 ( 9,681)
Capital and reserves
Called-up share capital 2 2
Revaluation reserve 14,198 0
Profit and loss account ( 5,434 ) ( 9,683 )
Total shareholders' funds/(deficit) 8,766 ( 9,681)

For the financial year ending 28 February 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of 53North Investments Limited (registered number: 13177392) were approved and authorised for issue by the Board of Directors on 02 October 2023. They were signed on its behalf by:

J P Holt
Director
53NORTH INVESTMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 28 February 2023
53NORTH INVESTMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 28 February 2023
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 period, unless otherwise stated.

General information and basis of accounting

53North Investments Limited (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 4 The Yard, Loch Road, Poole, BH14 9EX, 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 Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors note that the business has net assets of £8,766. The Company is supported through loans from the directors. The directors have confirmed that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and the directors will continue to support the Company. Given the current position, the directors believe that any foreseeable debts can be met 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 stated net of trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the sale of goods is recognised when the goods are physically delivered to the customer. Revenue from services is recognised as they are delivered.

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 Balance Sheet date.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a basis over its expected useful life, as follows:

Plant and machinery 25 % reducing balance
Office equipment 20 % reducing balance

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.

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.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

2. Employees

Year ended
28.02.2023
Period from
03.02.2021 to
28.02.2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 2

3. Tangible assets

Plant and machinery Office equipment Total
£ £ £
Cost
At 01 March 2022 2,889 730 3,619
At 28 February 2023 2,889 730 3,619
Accumulated depreciation
At 01 March 2022 662 49 711
Charge for the financial year 557 136 693
At 28 February 2023 1,219 185 1,404
Net book value
At 28 February 2023 1,670 545 2,215
At 28 February 2022 2,227 681 2,908

4. Investment property

Investment property
£
Valuation
As at 01 March 2022 110,802
Fair value movement 14,198
As at 28 February 2023 125,000

Valuation

A full market valuation of investment property was completed by 29/12/2021. The fair value of the residential investment property at 28 February 2023 has been arrived at on the basis of valuation carried out on that date by external valuers having appropriate relevant professional qualifications and recent experience in the location and category of property being valued. The valuation performed which conform to the Valuations Standards of the Royal Institution of Chartered Surveyors and with the International Valuations Standards (IVS) 2013 were arrived at by reference to market evidence of transaction prices for similar properties.

For commercial investment property, the yield methodology was used which involved applying market derived capitalisation yields to current and market derived future income streams with appropriate adjustments for income voids arising from vacancies or rent free periods. These capitalisation yields and future income streams are derived from comparable property and leasing transactions.

5. Debtors

28.02.2023 28.02.2022
£ £
Other debtors 305 0

6. Creditors: amounts falling due within one year

28.02.2023 28.02.2022
£ £
Other creditors 122,623 123,728

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

28.02.2023 28.02.2022
£ £
Other creditors 95,426 0

The mortgage is secured against the property to which it relates.