Company Registration No. 10761978 (England and Wales)
North Property Group Ltd
Unaudited accounts
for the year ended 31 May 2023
North Property Group Ltd
Unaudited accounts
Contents
North Property Group Ltd
Company Information
for the year ended 31 May 2023
Directors
Timothy Coen
Oliver Banks
Company Number
10761978 (England and Wales)
Registered Office
ONE BREWERY WHARF
LEEDS
LS10 1GX
ENGLAND
Accountants
Sleek Accounting Ltd
107 Kirkgate
Leeds
West Yorkshire
LS1 6DP
North Property Group Ltd
Statement of financial position
as at 31 May 2023
Tangible assets
62,964
39,212
Cash at bank and in hand
1,886,723
2,495,565
Creditors: amounts falling due within one year
(1,526,543)
(1,108,165)
Net current assets
1,146,218
2,006,234
Net assets
1,209,195
2,045,446
Called up share capital
2
2
Profit and loss account
1,209,193
2,045,444
Shareholders' funds
1,209,195
2,045,446
For the year ending 31 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 23 January 2024 and were signed on its behalf by
Oliver Banks
Director
Company Registration No. 10761978
North Property Group Ltd
Notes to the Accounts
for the year ended 31 May 2023
North Property Group Ltd is a private company, limited by shares, registered in England and Wales, registration number 10761978. The registered office is ONE BREWERY WHARF, LEEDS, LS10 1GX, ENGLAND.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Land & buildings
6 years straight line
Fixtures & fittings
25% reducing balance
Computer equipment
33% straight line
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
Government grants in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.
North Property Group Ltd
Notes to the Accounts
for the year ended 31 May 2023
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
4
Tangible fixed assets
Land & buildings
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At 1 June 2022
24,437
14,737
33,263
72,437
Additions
29,083
1,668
7,580
38,331
At 31 May 2023
53,520
16,405
40,843
110,768
At 1 June 2022
9,321
7,158
16,746
33,225
Charge for the year
3,991
2,067
8,521
14,579
At 31 May 2023
13,312
9,225
25,267
47,804
At 31 May 2023
40,208
7,180
15,576
62,964
At 31 May 2022
15,116
7,579
16,517
39,212
5
Investments
Other investments
Valuation at 1 June 2022
-
Valuation at 31 May 2023
13
Amounts falling due within one year
Trade debtors
388,746
309,368
Amounts due from group undertakings etc.
106,251
165,278
Accrued income and prepayments
16,050
24,272
Other debtors
274,991
119,916
North Property Group Ltd
Notes to the Accounts
for the year ended 31 May 2023
7
Creditors: amounts falling due within one year
2023
2022
Bank loans and overdrafts
79,513
32,357
Trade creditors
69,309
90,758
Amounts owed to group undertakings and other participating interests
475,346
-
Taxes and social security
451,496
844,371
Other creditors
27,304
12,632
Allotted, called up and fully paid:
2 Ordinary shares of £1 each
2
2
9
Operating lease commitments
2023
2022
At 31 May 2023 the company had the following future minimum lease payments under non-cancellable operating leases for each of the following periods:
Not later than one year
26,950
26,950
Later than one year and not later than five years
30,319
57,269
10
Transactions with related parties
Residential Real Estate Global Ltd:
The company is related to North Property Group Ltd by virtue of common shareholders and directors. The amount owed from Residential Real Estate Global Ltd at the balance sheet date was £900 (2022: £900).
North Property Invest Leeds Ltd:
The company is related to North Property Group Ltd by virtue of common shareholders and directors. The amount owed from North Property Invest Leeds Ltd at the balance sheet date was £105,350 (2022: £92,406).
North Property Group Manchester Ltd:
The company is related to North Property Group Ltd by virtue of common shareholders and directors. The amount owed to North Property Group Manchester Ltd at the balance sheet date was £475,346 (2022 owing from: £71,872).
The company's parent company is Residential Real Estate Global Ltd, a company incorporated in England and Wales.
For the year ended 31 May 2023 Residential Real Estate Global Ltd was controlled by Timothy Coen and Oliver Banks.
12
Average number of employees
During the year the average number of employees was 27 (2022: 24).