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REGISTERED NUMBER: 05256215 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023

FOR

NORTH POINT ESTATES LTD

NORTH POINT ESTATES LTD (REGISTERED NUMBER: 05256215)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Chartered Accountants' Report 9

NORTH POINT ESTATES LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 OCTOBER 2023







DIRECTOR: Mr S Panayiodou





REGISTERED OFFICE: 631 Seven Sisters Road
Seven Sisters
London
N15 5LE





REGISTERED NUMBER: 05256215 (England and Wales)





ACCOUNTANTS: Chris Skarparis & Co Ltd
Chartered Accountants
2nd Floor
10(b) Aldermans Hill
Palmers Green
London
N13 4PJ

NORTH POINT ESTATES LTD (REGISTERED NUMBER: 05256215)

BALANCE SHEET
31 OCTOBER 2023

31.10.23 31.10.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 319 376
Investment property 5 1,650,000 1,650,000
1,650,319 1,650,376

CURRENT ASSETS
Debtors 6 31,457 36,659
Cash at bank 13,761 56,770
45,218 93,429
CREDITORS
Amounts falling due within one year 7 99,610 89,401
NET CURRENT (LIABILITIES)/ASSETS (54,392 ) 4,028
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,595,927

1,654,404

CREDITORS
Amounts falling due after more than one
year

8

(225,098

)

(241,529

)

PROVISIONS FOR LIABILITIES 10 (232,810 ) (176,936 )
NET ASSETS 1,138,019 1,235,939

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings 11 1,138,017 1,235,937
SHAREHOLDERS' FUNDS 1,138,019 1,235,939

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

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

The director acknowledges his 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.

NORTH POINT ESTATES LTD (REGISTERED NUMBER: 05256215)

BALANCE SHEET - continued
31 OCTOBER 2023


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 director and authorised for issue on 12 July 2024 and were signed by:





Mr S Panayiodou - Director


NORTH POINT ESTATES LTD (REGISTERED NUMBER: 05256215)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

1. STATUTORY INFORMATION

North Point Estates Limited is a private company,limited by shares, registered in England and Wales.The company 's registered number is 05256215 and registered office address is 631 Seven Sister Road, Seven Sister, London, N15 5LE.

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 as modified by the revaluation of certain assets.

Significant judgements and estimates
Critical accounting estimates and assumptions

The preparation of financial statements in accordance with generally accepted accounting principals requires management to make estimates and assumptions in certain circumstances that effect reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the accounts and the reported amounts of revenues and expenses during the reporting period. Actual results may differ from these estimates. The estimates and assumptions that have a significant risk of causing a maternal adjustment to the carrying amounts of assets and liabilities within the next financial year are outlined below.


Trade receivables

The company reviews trade receivables and makes judgements on the recoverability of these receivables with reference to the age of outstanding amounts, credit status of the counterparty and the status of any outstanding dispute.

Turnover
Turnover represents net rental income, excluding value added tax.

Tangible fixed assets

Investment property
Investment property is carried at fair value determined annually by director and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Statement of Comprehensive Income.

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

Capital gains tax on uncrystallised gains on property investments is provided in the financial statements using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Finance costs amortisation
Finance costs incurred in connection with the arrangement of bank loans are capitalised as a reduction to the loan and then amortised , on a straight line basis, over the duration of the loans.

NORTH POINT ESTATES LTD (REGISTERED NUMBER: 05256215)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2023

2. ACCOUNTING POLICIES - continued

Debtors
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.


Creditors
Short term creditors are measured at the transaction price.

Long term directors loan account is interest free and measured at the transaction price.

Going concern
The directors have considered the working capital position of the company and future working capital requirements, including any impact from the ongoing conflict in Ukraine and the current level of inflation and high interest rates in the UK and are satisfied that the company will be able to meet its liabilities as they fall due for a period of not less than one year from date of approval of these financial statements.the accounts on a going concern basis.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2022 - 1 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
and
fittings
£   
COST
At 1 November 2022
and 31 October 2023 4,962
DEPRECIATION
At 1 November 2022 4,586
Charge for year 57
At 31 October 2023 4,643
NET BOOK VALUE
At 31 October 2023 319
At 31 October 2022 376

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 November 2022
and 31 October 2023 1,650,000
NET BOOK VALUE
At 31 October 2023 1,650,000
At 31 October 2022 1,650,000

NORTH POINT ESTATES LTD (REGISTERED NUMBER: 05256215)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2023

5. INVESTMENT PROPERTY - continued

Fair value at 31 October 2023 is represented by:
£   
Valuation in 2016 1,141,130
Cost 508,870
1,650,000

If Investment properties had not been revalued they would have been included at the following historical cost:

31.10.23 31.10.22
£    £   
Cost 508,870 508,870

Investment properties were valued on an open market basis on 31 October 2021 by director .

6. DEBTORS
31.10.23 31.10.22
£    £   
Amounts falling due within one year:
Prepayments - 1,058

Amounts falling due after more than one year:
Directors' loan accounts 31,457 35,601

Aggregate amounts 31,457 36,659

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.10.23 31.10.22
£    £   
Bank loans and overdrafts 28,914 25,725
Trade creditors 3,367 3,744
Tax 66,129 58,852
Accrued expenses 1,200 1,080
99,610 89,401

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.10.23 31.10.22
£    £   
Bank loan a/c 3 - 1-2 years 16,467 13,278
Bank loan a/c 4 - 1-2 years 12,447 12,447
Bank loan a/c 3 - 2-5 years 49,400 39,833
Bank loan a/c 4 - 2-5 years 37,341 37,341
Bank loan a/c 3 more 5 yr 31,963 53,822
Bank loan a/c 4 - more 5 yr 73,816 81,359
Finance Cost (861 ) (1,076 )
Tenant's deposit 4,525 4,525
225,098 241,529

NORTH POINT ESTATES LTD (REGISTERED NUMBER: 05256215)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2023

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued
31.10.23 31.10.22
£    £   
Amounts falling due in more than five years:

Repayable by instalments
Bank loan a/c 3 more 5 yr 31,963 53,822
Bank loan a/c 4 - more 5 yr 73,816 81,359
105,779 135,181

9. SECURED DEBTS

The following secured debts are included within creditors:

31.10.23 31.10.22
£    £   
Bank loans 250,348 263,805

The bank loan is secured on the Freehold Properties. The director has provided personal guarantees to the amount of the bank loans.

10. PROVISIONS FOR LIABILITIES
31.10.23 31.10.22
£    £   
Deferred tax on Capital Gains 232,810 176,936

Deferred
tax
£   
Balance at 1 November 2022 176,936
Movement 55,874
Balance at 31 October 2023 232,810

Capital gains tax on uncrystallised gains on property investments during the year was £232,810

11. RESERVES
Retained
earnings
£   

At 1 November 2022 1,235,937
Deficit for the year (46,220 )
Dividends (51,700 )
At 31 October 2023 1,138,017

Included in Retained earnings as at 31st of October 2023 is an amount of £908,320 (2022: £964,195) of revaluation reserves which are non distributable.

NORTH POINT ESTATES LTD (REGISTERED NUMBER: 05256215)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2023

12. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 October 2023 and 31 October 2022:

31.10.23 31.10.22
£    £   
Mr S Panayiodou
Balance outstanding at start of year 35,601 35,642
Amounts advanced - 34,959
Amounts repaid (4,144 ) (35,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 31,457 35,601

13. RELATED PARTY DISCLOSURES

During the year, total dividends of £66,156 (2022 - £49,900) were paid to the director .

The director rents offices from North Point Estate Ltd. Rent is charged at market rates.

CHARTERED ACCOUNTANTS' REPORT TO THE DIRECTOR
ON THE UNAUDITED FINANCIAL STATEMENTS OF
NORTH POINT ESTATES LTD

The following reproduces the text of the report prepared for the director 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 Director 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 North Point Estates Ltd for the year ended 31 October 2023 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity 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 the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the director of North Point Estates Ltd in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of North Point Estates Ltd and state those matters that we have agreed to state to the director of North Point Estates Ltd in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than North Point Estates Ltd and its director for our work or for this report.

It is your duty to ensure that North Point Estates Ltd 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 loss of North Point Estates Ltd. You consider that North Point Estates Ltd 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 North Point Estates Ltd. 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.






Chris Skarparis & Co Ltd
Chartered Accountants
2nd Floor
10(b) Aldermans Hill
Palmers Green
London
N13 4PJ


12 July 2024