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Company registration number: NI615162
NORTH POWER 3 LTD
Trading as NORTH POWER 3 LTD
Unaudited filleted financial statements
31 October 2023
EF McCambridge & Co
Chartered Accountants, Chartered Tax Advisors
&
Registered Auditors
6 Bayview Terrace
Derry
BT48 7EE
NORTH POWER 3 LTD
Contents
Balance sheet
Notes to the financial statements
NORTH POWER 3 LTD
Balance sheet
31 October 2023
2023 2022
Note £ £ £ £
Current assets
Debtors 4 115 870
Cash at bank and in hand 15,371 15,828
_______ _______
15,486 16,698
Creditors: amounts falling due
within one year 5 ( 2,841) ( 2,816)
_______ _______
Net current assets 12,645 13,882
_______ _______
Total assets less current liabilities 12,645 13,882
_______ _______
Net assets 12,645 13,882
_______ _______
Capital and reserves
Called up share capital 60,000 60,000
Profit and loss account ( 47,355) ( 46,118)
_______ _______
Shareholders funds 12,645 13,882
_______ _______
For the year ending 31 October 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.
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 Profit & Loss Account has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 29 July 2024 , and are signed on behalf of the board by:
MR DENIS McHENRY MR BRENDAN CAREY
Director Director
Company registration number: NI615162
NORTH POWER 3 LTD
Notes to the financial statements
Year ended 31 October 2023
1. General information
The company is a private company limited by shares, registered in UNITED KINGDOM. The address of the registered office is NORTH POWER 3 LTD, 11 DRUMAVOLEY ROAD, BALLYCASTLE, CO ANTRIM, BT54 6PG.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
No material uncertainties that cast significant doubt about the ability of the company to continue as a going concern have been identified by the directors.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. 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.
Financial instruments
A financial asset or a financial liability is recognised only when the company 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. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Debtors
2023 2022
£ £
Other debtors 115 870
_______ _______
5. Creditors: amounts falling due within one year
2023 2022
£ £
Other creditors 2,841 2,816
_______ _______
In the year there were no advances or credits granted by the company to the directors, nor were there any guarantees of any kind entered into by the company on behalf of the directors.
6. Related party transactions
During the year the company entered into the following transactions with related parties:
Transaction value Balance owed by/(owed to)
2023 2022 2023 2022
£ £ £ £
Related Party 'A' - - ( 2,266) ( 2,266)
_______ _______ _______ _______
Related Party 'A' is a connected party by virtue of Mr Denis Mc Henry's & Mrs Therese McHenry's shareholding in both companies.A loan of £2,025.90 ( €2,362.50) was made to North Power 3 Limited by Related Party 'A' during a previous financial year. The loan is is repayable on demand.