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REGISTERED NUMBER: SC345212 (Scotland)















Financial Statements for the Year Ended 31 July 2023

for

55 NORTH NETWORK LIMITED

55 NORTH NETWORK LIMITED (REGISTERED NUMBER: SC345212)






Contents of the Financial Statements
for the Year Ended 31 July 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3

Chartered Accountants' Report 5

55 NORTH NETWORK LIMITED

Company Information
for the Year Ended 31 July 2023







DIRECTORS: Dr K Nicholson
Mrs A Nicholson





REGISTERED OFFICE: Skaill
East Mey
Thurso
Caithness
KW14 8XL





REGISTERED NUMBER: SC345212 (Scotland)





ACCOUNTANTS: G O Thomson & Co
Chartered Accountants
85 High Street
Biggar
ML12 6DL

55 NORTH NETWORK LIMITED (REGISTERED NUMBER: SC345212)

Balance Sheet
31 July 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 841,163 842,297

CURRENT ASSETS
Debtors 5 - 4,600
Cash at bank 213,469 173,867
213,469 178,467
CREDITORS
Amounts falling due within one year 6 97,433 121,377
NET CURRENT ASSETS 116,036 57,090
TOTAL ASSETS LESS CURRENT
LIABILITIES

957,199

899,387

PROVISIONS FOR LIABILITIES 7 1,293 1,198
NET ASSETS 955,906 898,189

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings 955,904 898,187
SHAREHOLDERS' FUNDS 955,906 898,189

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 4 April 2024 and were signed on its behalf by:



Dr K Nicholson - Director


55 NORTH NETWORK LIMITED (REGISTERED NUMBER: SC345212)

Notes to the Financial Statements
for the Year Ended 31 July 2023

1. STATUTORY INFORMATION

55 North Network Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Land and buildings - not provided
Plant and machinery etc - 20% on reducing balance and 15% on reducing balance

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

55 NORTH NETWORK LIMITED (REGISTERED NUMBER: SC345212)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2023

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 August 2022
and 31 July 2023 835,991 13,540 849,531
DEPRECIATION
At 1 August 2022 - 7,234 7,234
Charge for year - 1,134 1,134
At 31 July 2023 - 8,368 8,368
NET BOOK VALUE
At 31 July 2023 835,991 5,172 841,163
At 31 July 2022 835,991 6,306 842,297

The investment properties included in Land & Buildings are stated at cost. There have been no revaluations during the year.The directors consider the values represent a current fair valuation of the properties.

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors - 4,600

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Taxation and social security 26,704 22,209
Other creditors 70,729 99,168
97,433 121,377

7. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 1,293 1,198

Deferred
tax
£   
Balance at 1 August 2022 1,198
Charge to Income Statement during year 95
Accelerated Capital Allowances
Balance at 31 July 2023 1,293

8. ULTIMATE CONTROLLING PARTY

The company was under the control of Dr Keith Nicholson and Mrs Angela Nicholson throughout the current period.

Chartered Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
55 North Network Limited

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of 55 North Network Limited for the year ended 31 July 2023 which comprise the Income Statement, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.

This report is made solely to the Board of Directors of 55 North Network Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of 55 North Network Limited and state those matters that we have agreed to state to the Board of Directors of 55 North Network Limited, as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that 55 North Network Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of 55 North Network Limited. You consider that 55 North Network Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of 55 North Network Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






G O Thomson & Co
Chartered Accountants
85 High Street
Biggar
ML12 6DL


4 April 2024