Company No:
Contents
Note | 28.02.2023 | 28.02.2022 | ||
£ | £ | |||
Fixed assets | ||||
Tangible assets | 3 |
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Investment property | 4 |
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127,215 | 113,710 | |||
Current assets | ||||
Debtors | 5 |
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Cash at bank and in hand |
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99,600 | 337 | |||
Creditors: amounts falling due within one year | 6 | (
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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 | (
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Net assets/(liabilities) |
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Capital and reserves | ||||
Called-up share capital |
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Revaluation reserve |
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Profit and loss account | (
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Total shareholders' funds/(deficit) |
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Directors' responsibilities:
The financial statements of 53North Investments Limited (registered number:
J P Holt
Director |
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.
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 £.
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.
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.
Plant and machinery |
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Office equipment |
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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.
Year ended 28.02.2023 |
Period from 03.02.2021 to 28.02.2022 |
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Number | Number | ||
Monthly average number of persons employed by the Company during the year, including directors |
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Plant and machinery | Office equipment | Total | |||
£ | £ | £ | |||
Cost | |||||
At 01 March 2022 |
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At 28 February 2023 |
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Accumulated depreciation | |||||
At 01 March 2022 |
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Charge for the financial year |
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At 28 February 2023 |
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Net book value | |||||
At 28 February 2023 |
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At 28 February 2022 |
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Investment property | |
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Valuation | |
As at 01 March 2022 |
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Fair value movement | 14,198 |
As at 28 February 2023 |
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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.
28.02.2023 | 28.02.2022 | ||
£ | £ | ||
Other debtors |
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28.02.2023 | 28.02.2022 | ||
£ | £ | ||
Other creditors |
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28.02.2023 | 28.02.2022 | ||
£ | £ | ||
Other creditors |
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