Caseware UK (AP4) 2022.0.179 2022.0.179 2023-04-302023-04-30truefalse2022-05-01false33The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 5236936 2022-05-01 2023-04-30 5236936 2021-05-01 2022-04-30 5236936 2023-04-30 5236936 2022-04-30 5236936 2021-05-01 5236936 c:CompanySecretary1 2022-05-01 2023-04-30 5236936 c:Director1 2022-05-01 2023-04-30 5236936 c:Director2 2022-05-01 2023-04-30 5236936 c:Director3 2022-05-01 2023-04-30 5236936 c:Director4 2022-05-01 2023-04-30 5236936 c:RegisteredOffice 2022-05-01 2023-04-30 5236936 d:CurrentFinancialInstruments 2023-04-30 5236936 d:CurrentFinancialInstruments 2022-04-30 5236936 d:CurrentFinancialInstruments d:WithinOneYear 2023-04-30 5236936 d:CurrentFinancialInstruments d:WithinOneYear 2022-04-30 5236936 d:ShareCapital 2022-05-01 2023-04-30 5236936 d:ShareCapital 2023-04-30 5236936 d:ShareCapital 2021-05-01 2022-04-30 5236936 d:ShareCapital 2022-04-30 5236936 d:ShareCapital 2021-05-01 5236936 d:RetainedEarningsAccumulatedLosses 2022-05-01 2023-04-30 5236936 d:RetainedEarningsAccumulatedLosses 2023-04-30 5236936 d:RetainedEarningsAccumulatedLosses 2021-05-01 2022-04-30 5236936 d:RetainedEarningsAccumulatedLosses 2022-04-30 5236936 d:RetainedEarningsAccumulatedLosses 2021-05-01 5236936 c:FRS102 2022-05-01 2023-04-30 5236936 c:AuditExempt-NoAccountantsReport 2022-05-01 2023-04-30 5236936 c:FullAccounts 2022-05-01 2023-04-30 5236936 c:PrivateLimitedCompanyLtd 2022-05-01 2023-04-30 5236936 d:Subsidiary1 2022-05-01 2023-04-30 5236936 d:Subsidiary1 1 2022-05-01 2023-04-30 5236936 2 2022-05-01 2023-04-30 5236936 6 2022-05-01 2023-04-30 iso4217:GBP xbrli:pure

Registered number: 5236936










NORTH HILL ESTATES LIMITED








UNAUDITED

DIRECTORS' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2023



 
NORTH HILL ESTATES LIMITED
 

COMPANY INFORMATION


DIRECTORS
Mark Pears CBE 
Sir Trevor Pears CMG 
David Pears 
WPG Registrars Limited 




COMPANY SECRETARY
William Bennett



REGISTERED NUMBER
5236936



REGISTERED OFFICE
Ground Floor
30 City Road

London

EC1Y 2AB





 
NORTH HILL ESTATES LIMITED
 

CONTENTS



Page
Directors' Report
1
Statement of Comprehensive Income
2
Statement of Financial Position
3
Statement of Changes in Equity
4
Notes to the Financial Statements
5 - 12


 
NORTH HILL ESTATES LIMITED
 

 
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 APRIL 2023

The directors present their report and the financial statements for the year ended 30 April 2023.

PRINCIPAL ACTIVITY

The principal activity of the company is property dealing.

DIRECTORS

The directors who served during the year were:

Mark Pears CBE 
Sir Trevor Pears CMG 
David Pears 
WPG Registrars Limited 

SMALL COMPANIES NOTE

In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 





William Bennett
Secretary

Date: 17 November 2023

Page 1

 
NORTH HILL ESTATES LIMITED
 

STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2023

2023
2022
Note
£
£

  

Turnover
 3 
30,000
-

Cost of sales
 3 
(141,987)
(309,764)

GROSS LOSS
 3 
(111,987)
(309,764)

Administrative expenses
  
22,081
(34,786)

Other operating income
  
108,552
-

OPERATING PROFIT/(LOSS)
  
18,646
(344,550)

Interest receivable and similar income
 5 
56,002
52,077

Interest payable and similar expenses
 6 
(1,031,476)
(817,859)

LOSS BEFORE TAX
  
(956,828)
(1,110,332)

Tax on loss
 7 
-
-

LOSS FOR THE FINANCIAL YEAR
  
(956,828)
(1,110,332)

TOTAL COMPREHENSIVE INCOME FOR THE YEAR
  
(956,828)
(1,110,332)

The notes on pages 5 to 12 form part of these financial statements.

Page 2

 
NORTH HILL ESTATES LIMITED
REGISTERED NUMBER: 5236936

STATEMENT OF FINANCIAL POSITION
AS AT 30 APRIL 2023

2023
2022
Note
£
£

FIXED ASSETS
  

Investments
 8 
1
1

  
1
1

CURRENT ASSETS
  

Stocks
 9 
5,500
5,500

Debtors: amounts falling due within one year
 10 
756,609
927,433

Cash at bank and in hand
  
1,042
1,554

  
763,151
934,487

Creditors: amounts falling due within one year
 11 
(18,161,173)
(17,375,681)

NET CURRENT LIABILITIES
  
 
 
(17,398,022)
 
 
(16,441,194)

TOTAL ASSETS LESS CURRENT LIABILITIES
  
(17,398,021)
(16,441,193)

  

NET LIABILITIES
  
(17,398,021)
(16,441,193)


CAPITAL AND RESERVES
  

Called up share capital 
  
1,000
1,000

Profit and loss account
  
(17,399,021)
(16,442,193)

EQUITY DEFICIT
  
(17,398,021)
(16,441,193)


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 year 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 were approved and authorised for issue by the board and were signed on its behalf by: 




David Pears
Director

Date: 17 November 2023

The notes on pages 5 to 12 form part of these financial statements.

Page 3

 
NORTH HILL ESTATES LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2023


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 May 2022
1,000
(16,442,193)
(16,441,193)


COMPREHENSIVE INCOME FOR THE YEAR

Loss for the year
-
(956,828)
(956,828)
TOTAL COMPREHENSIVE INCOME FOR THE YEAR
-
(956,828)
(956,828)


AT 30 APRIL 2023
1,000
(17,399,021)
(17,398,021)



STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2022


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 May 2021
1,000
(15,331,861)
(15,330,861)


COMPREHENSIVE INCOME FOR THE YEAR

Loss for the year
-
(1,110,332)
(1,110,332)
TOTAL COMPREHENSIVE INCOME FOR THE YEAR
-
(1,110,332)
(1,110,332)


AT 30 APRIL 2022
1,000
(16,442,193)
(16,441,193)


The notes on pages 5 to 12 form part of these financial statements.

Page 4

 
NORTH HILL ESTATES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

1.


GENERAL INFORMATION

North Hill Estates Limited is a private company limited by shares incorporated in England and Wales. The registered office is Ground Floor, 30 City Road, London, EC1Y 2AB. The principal place of business is Haskell House, 152 West End Lane, London, NW6 1SD.

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 other than where additional disclosure is required to show a true and fair view.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The company's functional and presentational currency is GBP and rounded to the nearest £1.

The following principal accounting policies have been applied:

 
2.2

GOING CONCERN

The financial statements have been prepared on a going concern basis even though the company has net liabilities of £17,398,021 (2022 - £16,441,193). The validity of the going concern concept is dependent on the continuing support from creditors. The directors believe that the going concern concept is applicable as the company will be able to meet its debts as and when they fall due, as they are confident that the principal creditors will continue to provide support as required for a period of at least 12 months from the date of approval of the financial statements.

 
2.3

EXEMPTION FROM PREPARING CONSOLIDATED FINANCIAL STATEMENTS

The Company, and the group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and group are considered eligible for the exemption to prepare consolidated accounts.

 
2.4

TURNOVER

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Turnover is measured as the fair value of rents receivable and sales of property trading stock.

  
2.5

PROPERTY TRANSACTIONS

Purchases and sales of properties are included on the basis of completions occurring during the year.

 
2.6

VALUATION OF INVESTMENTS

Investments in subsidiaries are measured at cost less accumulated impairment.

Page 5

 
NORTH HILL ESTATES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

2.ACCOUNTING POLICIES (CONTINUED)

 
2.7

STOCKS

Stocks of properties are valued at the lower of cost and estimated selling price less cost to complete and sell. 
At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the Statement of Comprehensive Income.

 
2.8

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.

 
2.9

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.

 
2.10

FINANCIAL INSTRUMENTS

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Statement of Financial Position when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.
 
Page 6

 
NORTH HILL ESTATES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

2.ACCOUNTING POLICIES (CONTINUED)


2.10
FINANCIAL INSTRUMENTS (CONTINUED)


Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

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

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the
Page 7

 
NORTH HILL ESTATES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

2.ACCOUNTING POLICIES (CONTINUED)


2.10
FINANCIAL INSTRUMENTS (CONTINUED)

transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

 
2.11

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.

 
2.12

INTEREST INCOME

Interest income is recognised in profit or loss using the effective interest method.

 
2.13

TAXATION

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

 
2.14

BORROWING COSTS

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


3.


TURNOVER

All turnover arose within the United Kingdom.

Turnover 2023
Turnover 2022
Cost of sales 2023
Cost of sales 2022
Gross loss 2023
Gross loss 2022
        £
        £
        £
        £
        £
        £

Sales of trading stock properties

30,000

-

(141,987)
 
(309,764)
 
(111,987)

(309,764)

Rental income

-

-

-
 
-
 
-

-

Total

30,000

-

(141,987)
 
(309,764)
 
(111,987)

(309,764)


Page 8

 
NORTH HILL ESTATES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

4.


EMPLOYEES

The average monthly number of employees, including the directors, during the year was as follows:


        2023
        2022
            No.
            No.







Directors
3
3


5.


INTEREST RECEIVABLE

2023
2022
£
£


Interest receivable from group companies
56,002
52,077

56,002
52,077


6.


INTEREST PAYABLE AND SIMILAR EXPENSES

2023
2022
£
£


Sundry loan interest payable
1,031,099
817,859

Other interest payable
377
-

1,031,476
817,859


7.


TAXATION


2023
2022
£
£



TOTAL CURRENT TAX
-
-

Page 9

 
NORTH HILL ESTATES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
 
7.TAXATION (CONTINUED)


FACTORS AFFECTING TAX CHARGE FOR THE YEAR

The tax assessed for the year is higher than (2022 -higher than) the standard rate of corporation tax in the UK of 19.5% (2022 -19%). The differences are explained below:

2023
2022
£
£


Loss on ordinary activities before tax
(956,828)
(1,110,332)


Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 19.5% (2022 -19%)
(186,581)
(210,963)

EFFECTS OF:


Expenses not deductible for tax purposes
-
5,280

Non-taxable income
26,839
-

Unrelieved tax losses carried forward
159,742
205,683

TOTAL TAX CHARGE FOR THE YEAR
-
-


FACTORS THAT MAY AFFECT FUTURE TAX CHARGES

There were no factors that may affect future tax charges.


8.


FIXED ASSET INVESTMENTS





Investments in subsidiary companies

£



COST OR VALUATION


At 1 May 2022
1



At 30 April 2023
1





SUBSIDIARY UNDERTAKING


The following was a subsidiary undertaking of the Company:

Name

Registered office

Class of shares

Holding

Styleland Limited
Ground Floor, 30 City Road, London, England, EC1Y 2AB
Ordinary
100%

Page 10

 
NORTH HILL ESTATES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
SUBSIDIARY UNDERTAKING (CONTINUED)

The aggregate of the share capital and reserves as at 30 April 2023 and the profit or loss for the year ended on that date for the subsidiary undertaking were as follows:

Name
Aggregate of share capital and reserves
Profit

Styleland Limited
(117,437)
29,082


9.


STOCKS

2023
2022
£
£

Freehold property
5,500
5,500

5,500
5,500



10.


DEBTORS

2023
2022
£
£


Amounts owed by group undertakings
633,475
905,268

Other debtors
157
2,080

Prepayments and accrued income
122,977
20,085

756,609
927,433



11.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023
2022
£
£

Other loans
18,011,692
16,918,287

Other taxation and social security
3,153
-

Other creditors
3,740
6,786

Accruals and deferred income
142,588
450,608

18,161,173
17,375,681


Page 11

 
NORTH HILL ESTATES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

12.


RELATED PARTY TRANSACTIONS

The company is taking exemption under FRS102 Section 1A, paragraph 1 AC.35 not to disclose related party transactions in wholly owned groups. 
The directors were related parties during the year due to their interests and directorships. At the year end the following amounts were due to related parties:


2023
2022
£
£

WPG Treasury Limited (Interest of Mr M A Pears, Sir T S Pears and Mr D A Pears
18,011,692
16,918,287
18,011,692
16,918,287

The financial statements includes the following charges:

2023
2022
        £
        £
Interest payable to WPG Treasury Limited

1,031,099

817,858

Accountancy fee payable to The William Pears Group of Companies Limited
(Interest of Mr M A Pears, Sir T S Pears and Mr D A Pears)

7,001

6,999


1,038,100

824,857



Page 12