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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
Page
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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
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North Property Group Ltd Statement of financial position as at 31 May 2023
2023 
2022 
Notes
£ 
£ 
Fixed assets
Tangible assets
62,964 
39,212 
Investments
13 
- 
62,977 
39,212 
Current assets
Debtors
786,038 
618,834 
Cash at bank and in hand
1,886,723 
2,495,565 
2,672,761 
3,114,399 
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 
Capital and reserves
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
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North Property Group Ltd Notes to the Accounts for the year ended 31 May 2023
1
Statutory information
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.
3
Accounting policies
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.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Turnover
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
Pension costs
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.
Foreign exchange
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
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.
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North Property Group Ltd Notes to the Accounts for the year ended 31 May 2023
Leased assets
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 
Depreciation
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 
Net book value
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
- 
Additions
13 
Valuation at 31 May 2023
13 
6
Debtors
2023 
2022 
£ 
£ 
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 
786,038 
618,834 
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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 
VAT
265,425 
- 
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 
Accruals
158,150 
128,047 
1,526,543 
1,108,165 
8
Share capital
2023 
2022 
£ 
£ 
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 
57,269 
84,219 
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).
11
Controlling party
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).
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