Caseware UK (AP4) 2023.0.135 2023.0.135 2023-04-042023-04-042022-04-05falseOther service activities not elsewhere classified00truefalseThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 08293802 2022-04-05 2023-04-04 08293802 2021-04-05 2022-04-04 08293802 2023-04-04 08293802 2022-04-04 08293802 c:CompanySecretary1 2022-04-05 2023-04-04 08293802 c:Director1 2022-04-05 2023-04-04 08293802 c:Director2 2022-04-05 2023-04-04 08293802 c:RegisteredOffice 2022-04-05 2023-04-04 08293802 c:Agent1 2022-04-05 2023-04-04 08293802 d:CurrentFinancialInstruments 2023-04-04 08293802 d:CurrentFinancialInstruments 2022-04-04 08293802 d:CurrentFinancialInstruments d:WithinOneYear 2023-04-04 08293802 d:CurrentFinancialInstruments d:WithinOneYear 2022-04-04 08293802 d:ShareCapital 2023-04-04 08293802 d:ShareCapital 2022-04-04 08293802 d:MergerReserve 2022-04-05 2023-04-04 08293802 d:RetainedEarningsAccumulatedLosses 2022-04-05 2023-04-04 08293802 d:RetainedEarningsAccumulatedLosses 2023-04-04 08293802 d:RetainedEarningsAccumulatedLosses 2022-04-04 08293802 c:OrdinaryShareClass1 2022-04-05 2023-04-04 08293802 c:OrdinaryShareClass1 2023-04-04 08293802 c:FRS102 2022-04-05 2023-04-04 08293802 c:AuditExempt-NoAccountantsReport 2022-04-05 2023-04-04 08293802 c:FullAccounts 2022-04-05 2023-04-04 08293802 c:PrivateLimitedCompanyLtd 2022-04-05 2023-04-04 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 08293802









NORTH JOHN STREET OP CO LIMITED







UNAUDITED

DIRECTORS' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 4 APRIL 2023

 
NORTH JOHN STREET OP CO LIMITED
 
 
COMPANY INFORMATION


Directors
D M Reid 
T G Brown 




Company secretary
S J Cruickshank



Registered number
08293802



Registered office
Parcels Building
14 Bird Street

London

W1U 1BU




Bankers
HSBC Bank plc
Liverpool Commercial Centre

Liverpool

L2 4SW





 
NORTH JOHN STREET OP CO LIMITED
 

CONTENTS



Page
Directors' Report
1
Balance Sheet
2
Notes to the Financial Statements
3 - 7


 
NORTH JOHN STREET OP CO LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 4 APRIL 2023

The directors present their report and the financial statements for the year ended 4 April 2023.

Directors' responsibilities statement

The directors are responsible for preparing the Directors' Report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Directors

The directors who served during the year were:

D M Reid 
T G Brown 

Small companies note

In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

This report was approved by the board and signed on its behalf by:
 





T G Brown
Director

Date: 6 August 2024

Page 1

 
NORTH JOHN STREET OP CO LIMITED
REGISTERED NUMBER: 08293802

BALANCE SHEET
AS AT 4 APRIL 2023

2023
2022
Note
£
£

  

Current assets
  

Debtors: amounts falling due within one year
 5 
86,617
85,330

Bank and cash balances
  
2,711
28,437

  
89,328
113,767

Creditors: amounts falling due within one year
 6 
(3,614,321)
(3,633,614)

Net current liabilities
  
 
 
(3,524,993)
 
 
(3,519,847)

Total assets less current liabilities
  
(3,524,993)
(3,519,847)

  

Net liabilities
  
(3,524,993)
(3,519,847)


Capital and reserves
  

Called up share capital 
 8 
100
100

Profit and loss account
 9 
(3,525,093)
(3,519,947)

  
(3,524,993)
(3,519,847)


The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




T G Brown
Director

Date: 6 August 2024

The notes on pages 3 to 7 form part of these financial statements.

Page 2

 
NORTH JOHN STREET OP CO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 4 APRIL 2023

1.


General information

North John Street Op Co Limited is a private Company limited by shares and incorporated in England and Wales under the Companies Act 2006. The address of the registered office is given on the company information page and the nature of the Company's operations and its principal activities are set out in the directors' report on page 1.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

  
2.2

Going Concern

The Hotel which is operated by North John Street Op Co Limited was sold on 3 December 2021 and the entity is no longer trading. Once all debts are settled, the directors will consider the future of the company.

 
2.3

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.5

Borrowing costs

All borrowing costs are recognised in the statement of income and retained earnings in the year in which they are incurred.

 
2.6

Pensions

Defined contribution pension plan
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been pad the Company has no further payment obligations.
The contributions are recognised as an expense in the statement of income and retained earnings when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 3

 
NORTH JOHN STREET OP CO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 4 APRIL 2023

2.Accounting policies (continued)

 
2.7

Debtors

Short-term debtors are measured at transaction price, less any impairment.

 
2.8

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.9

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

  
2.10

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties. 
Debt instruments (other than those wholly repayable or receivable in one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest rate method. Debt instruments that are payable or receivable within one year, typically trade payables and receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. 
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the statement of income and retained earnings. 
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.
Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Page 4

 
NORTH JOHN STREET OP CO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 4 APRIL 2023

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In the application of the Company's accounting policies, which are described in note 2, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. 
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
Critical accounting judgements in applying the accounting policies
The following are the critical judgements that the directors have made in the process of applying the accounting policies and that have the most significant effect on the amounts recognised in the financial statements:
Impairment of current assets
Assets, including debtors, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the statement of income and retained earnings as described below.
Non-financial assets
An asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated residual value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.
Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised. 


4.


Employees

The average monthly number of employees, other than directors, during the year was 0 (2022 - 0).


5.


Debtors

2023
2022
£
£


Trade debtors
34,838
34,838

Other debtors
51,779
50,492

86,617
85,330


Page 5

 
NORTH JOHN STREET OP CO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 4 APRIL 2023

6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank overdrafts
546,420
559,282

Amounts owed to group companies
2,003,937
2,003,937

Other taxation and social security
10,131
10,131

Other creditors (incl directors loans)
678,124
678,122

Accruals and deferred income
375,709
382,142

3,614,321
3,633,614



7.


Loans


Analysis of the maturity of loans is given below:


Other loans
Loans were made available to the Company by the developer, Ashall Projects (NJS) Limited, subject to the terms of a loan agreement dated 5 April 2013.
The loans were due for repayment on the earlier of (i) 8 April 2022 or (ii) the sale of the hotel. As detailed in note 2.2, the hotel was sold in December 2021 however the other loans have not yet been repaid. 
Interest on the loan is charged at 4% above LIBOR. Interest is accrued on the loan balance and is repayable on the repayment of the loan. 





8.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



100 ordinary shares of £1.00 each
100
100


Page 6

 
NORTH JOHN STREET OP CO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 4 APRIL 2023

9.


Reserves

The Company's capital and reserves are as follows:

Called up share capital

Called up share capital represents the nominal value of the shares issued.

Profit and loss account

The profit and loss account represents the accumulated profits and losses on the activities of the Company.


10.


Contingent liabilities

The bank loan recognised in North John Street LLP is secured by fixed and floating charges over the assets of North John Street LLP and the Company. The Company has granted a cross guarantee to secure these banking facilities and has a contingent liability at the balance sheet date amounting to £4,084,500 (2022 - £4,084,500). 


11.


Pension commitments

At the balance sheet date the Company had £2,061 (2022 - £2,061) contribution outstanding in relation to the defined contribution pension plans of the employees.


12.


Related party transactions

The Company has taken the exemption available under FRS 102 not to disclose transactions entered into between the Company and members of the wholly owned group headed by North John Street LLP.


13.


Controlling party

The Company is wholly owned by North John Street LLP ("the Partnership") which retains 100% of the voting rights. The Partnership is under the control of its members. The registered office of the Partnership is Parcels Building, 14 Bird Street, London, W1U 1BU.

Page 7