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COMPANY REGISTRATION NUMBER: 01309190
NORTHUMBRIA PROPERTY CO. LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
11 May 2023
NORTHUMBRIA PROPERTY CO. LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 11th MAY 2023
CONTENTS
PAGES
Statement of financial position
1 to 2
Notes to the financial statements
3 to 7
NORTHUMBRIA PROPERTY CO. LIMITED
STATEMENT OF FINANCIAL POSITION
11 May 2023
2023
2022
Note
£
£
£
£
FIXED ASSETS
Investments
5
915,923
915,512
CURRENT ASSETS
Debtors
6
43,251
38,514
Cash at bank and in hand
47,850
79,666
---------
----------
91,101
118,180
CREDITORS: amounts falling due within one year
7
41,864
53,298
---------
----------
NET CURRENT ASSETS
49,237
64,882
----------
----------
TOTAL ASSETS LESS CURRENT LIABILITIES
965,160
980,394
CREDITORS: amounts falling due after more than one year
8
17,064
22,086
PROVISIONS
Taxation including deferred tax
55,667
55,589
----------
----------
NET ASSETS
892,429
902,719
----------
----------
CAPITAL AND RESERVES
Called up share capital
11
100
100
Non distributable reserves
681,507
681,174
Profit and loss account
210,822
221,445
----------
----------
SHAREHOLDERS FUNDS
892,429
902,719
----------
----------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 11th May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- 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 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
NORTHUMBRIA PROPERTY CO. LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
11 May 2023
These financial statements were approved by the board of directors and authorised for issue on 9 February 2024 , and are signed on behalf of the board by:
D. Harrison
Director
Company registration number: 01309190
NORTHUMBRIA PROPERTY CO. LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 11th MAY 2023
1. GENERAL INFORMATION
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is The Old Post Office, 63 Saville Street, North Shields, Tyne and Wear, NE30 1AY.
2. STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity. Monetary amounts in these financial statements are rounded to the nearest £.
Going concern
The financial statements have been prepared on the going concern basis. The directors consider that this basis is appropriate following due consideration of the present financial position, the expected prospects of the company during the twelve months from the date of approval of these financial statements and the continued support of the company's directors, bankers and other lending agents during this time.
Revenue recognition
Turnover is measured at the fair value of the consideration and represents amounts receivable for rent.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Investments
Listed investments are measured at fair value with changes in fair value being through the income statement.
Investment properties are initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment properties are revalued to their fair value at each reporting date and any changes in fair value are recognised through the income statement.
If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an on-going basis.
Investment properties are not depreciated.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to 2 (2022: 2 ).
5. INVESTMENTS
Investment properties
Listed investments
Total
£
£
£
Cost
At 12th May 2022
915,000
5,589
920,589
Revaluations
411
411
----------
-------
----------
At 11th May 2023
915,000
6,000
921,000
----------
-------
----------
Impairment
At 12th May 2022 and 11th May 2023
5,077
5,077
----------
-------
----------
Carrying amount
At 11th May 2023
915,000
923
915,923
----------
-------
----------
At 11th May 2022
915,000
512
915,512
----------
-------
----------
Investment properties are stated at the directors' opinion of fair value.
The listed investments are stated at market value.
6. DEBTORS
2023
2022
£
£
Rent in arrears
3,832
2,649
Amounts held by managing agent
17,440
9,049
Other debtors
21,979
26,816
---------
---------
43,251
38,514
---------
---------
The debtors above include the following amounts falling due after more than one year:
2023
2022
£
£
Other debtors
17,339
22,176
---------
---------
7. CREDITORS: amounts falling due within one year
2023
2022
£
£
Bank loan
4,914
4,730
Accruals
2,162
3,980
Corporation tax
5,483
14,327
Director loan accounts
20,331
19,764
Deposits owed to tenants
1,876
199
Other creditors
7,098
10,298
---------
---------
41,864
53,298
---------
---------
The bank loan, included within creditors: amounts falling due within one year, is secured on property owned by the company.
8. CREDITORS: amounts falling due after more than one year
2023
2022
£
£
Bank loan
17,064
22,086
---------
---------
The bank loan, included within creditors: amounts falling due after more than one year, is secured on property owned by the company.
9. DEFERRED TAX
The deferred tax included in the statement of financial position is as follows:
2023
2022
£
£
Included in provisions
55,667
55,589
---------
---------
The deferred tax account consists of the tax effect of timing differences in respect of:
2023
2022
£
£
Fair value adjustment of listed shares
( 341)
( 419)
Fair value adjustment of investment properties
56,008
56,008
---------
---------
55,667
55,589
---------
---------
10. ANALYSIS OF OTHER COMPREHENSIVE INCOME
Non distributable reserves
£
Year ended 11th May 2023
(Decrease)/ increase in fair value of investments
411
Deferred tax adjustment on fair value movement
(78)
----
333
----
Year ended 11th May 2022
(Decrease)/ increase in fair value of investments
( 150)
Deferred tax adjustment on fair value movement
28
----
( 122)
----
11. CALLED UP SHARE CAPITAL
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
100
100
100
100
----
----
----
----
NORTHUMBRIA PROPERTY CO. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (continued)
YEAR ENDED 11th MAY 2023
12. RELATED PARTY TRANSACTIONS
During the year the company paid R. Pickering, a shareholder in the company, management charges totalling £2,000 (2022: £8,000) for managing the properties held by the company. The management of the properties was transferred to a new managing agent part way through the financial year. No further transactions with related parties were undertaken such as are required to be disclosed under FRS 102 Section 1A small entities.