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REGISTERED NUMBER: NI039670 (Northern Ireland)















NORTH SOUTH RETAIL LTD

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2024






NORTH SOUTH RETAIL LTD (REGISTERED NUMBER: NI039670)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024




Page

Company Information 1

Chartered Accountants' Report 2

Balance Sheet 3

Notes to the Financial Statements 5


NORTH SOUTH RETAIL LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 30 APRIL 2024







DIRECTOR: J P Pell



SECRETARY: J P Pell



REGISTERED OFFICE: 4 Wildflower Way
Boucher Road
Belfast
Co. Antrim
BT12 6TA



REGISTERED NUMBER: NI039670 (Northern Ireland)



ACCOUNTANTS: McAleer Jackson Ltd
Chartered Accountants & Chartered Tax Advisers
Arthur House
41 Arthur Street
BELFAST
BT1 4GB



BANKERS: Danske Bank
45-48 High Street
Portadown
Craigavon
Co. Armagh
BT62 1LB

CHARTERED ACCOUNTANTS' REPORT TO THE DIRECTOR
ON THE UNAUDITED FINANCIAL STATEMENTS OF
NORTH SOUTH RETAIL 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 accordance with our terms of engagement and in order to assist you to fulfil your duties under the Companies Act 2006, we have compiled the financial statements of the company for the year ended 30 April 2024 which comprise the Income Statement, Balance Sheet and the related notes from the accounting records and information and explanations you have given to us.

This report is made to the company's director, in accordance with the terms of our engagement. Our work has been undertaken so that we might compile the financial statements that we have been engaged to compile, report to the company's director that we have done so, and state those matters that we have agreed to state to him in this report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's director, for our work or for this report.

We have carried out this engagement in accordance with guidance issued by the Institute of Chartered Accountants in Ireland and have complied with the ethical guidance laid down by the Institute relating to members undertaking the compilation of financial statements.

You have acknowledged on the Balance Sheet as at 30 April 2024 your duty to ensure that the company has kept proper accounting records and to prepare financial statements that give a true and fair view under the Companies Act 2006. You consider that the company is exempt from the statutory requirement for an audit for the year.

We have not been instructed to carry out an audit of the financial statements. 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 financial statements.






McAleer Jackson Ltd
Chartered Accountants & Chartered Tax Advisers
Arthur House
41 Arthur Street
BELFAST
BT1 4GB


2 August 2024

NORTH SOUTH RETAIL LTD (REGISTERED NUMBER: NI039670)

BALANCE SHEET
30 APRIL 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 1,182,736 1,173,158
1,182,736 1,173,158

CURRENT ASSETS
Stocks 607,765 441,607
Debtors 6 1,431,788 1,271,140
Cash at bank 12,383 49,113
2,051,936 1,761,860
CREDITORS
Amounts falling due within one year 7 2,110,602 1,994,016
NET CURRENT LIABILITIES (58,666 ) (232,156 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,124,070

941,002

CREDITORS
Amounts falling due after more than one
year

8

(520,659

)

(410,491

)

PROVISIONS FOR LIABILITIES (94,350 ) (87,731 )
NET ASSETS 509,061 442,780

CAPITAL AND RESERVES
Called up share capital 6,000 6,000
Share premium 152,700 152,700
Retained earnings 350,361 284,080
SHAREHOLDERS' FUNDS 509,061 442,780

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2024 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 SOUTH RETAIL LTD (REGISTERED NUMBER: NI039670)

BALANCE SHEET - continued
30 APRIL 2024


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 2 August 2024 and were signed by:





J P Pell - Director


NORTH SOUTH RETAIL LTD (REGISTERED NUMBER: NI039670)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1. STATUTORY INFORMATION

North South Retail Ltd is a private company, limited by shares , registered in Northern Ireland. 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.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

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

Goodwill
Goodwill, being the amount paid on incorporation of the business, is being amortised evenly over its estimated useful life of five years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life less any residual value.

Land & buildings2% straight line
Plant & Vehicles10%/12.5% straight line
Fixtures & equipment12.5% straight line


Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.


NORTH SOUTH RETAIL LTD (REGISTERED NUMBER: NI039670)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

2. ACCOUNTING POLICIES - continued
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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Debtors and creditors receivable/payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transactional price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 13 (2023 - 13 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 May 2023
and 30 April 2024 150,000
AMORTISATION
At 1 May 2023
and 30 April 2024 150,000
NET BOOK VALUE
At 30 April 2024 -
At 30 April 2023 -

NORTH SOUTH RETAIL LTD (REGISTERED NUMBER: NI039670)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

5. TANGIBLE FIXED ASSETS
Land & Fixtures Plant &
buildings & Equipment Vehicles Totals
£    £    £    £   
COST
At 1 May 2023 559,486 293,397 1,356,496 2,209,379
Additions - 57,862 110,351 168,213
At 30 April 2024 559,486 351,259 1,466,847 2,377,592
DEPRECIATION
At 1 May 2023 58,030 180,335 797,856 1,036,221
Charge for year 11,190 29,688 117,757 158,635
At 30 April 2024 69,220 210,023 915,613 1,194,856
NET BOOK VALUE
At 30 April 2024 490,266 141,236 551,234 1,182,736
At 30 April 2023 501,456 113,062 558,640 1,173,158

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 914,661 863,637
Amounts owed by group undertakings 291,550 166,619
Other debtors 225,577 240,884
1,431,788 1,271,140

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 1,191,789 1,018,649
Hire purchase contracts 85,137 82,169
Trade creditors 668,128 621,003
Taxation and social security 154,847 149,267
Other creditors 10,701 122,928
2,110,602 1,994,016

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 100,866 201,472
Hire purchase contracts 210,073 209,019
Other creditors 209,720 -
520,659 410,491

NORTH SOUTH RETAIL LTD (REGISTERED NUMBER: NI039670)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued
2024 2023
£    £   
Amounts falling due in more than five years:

Repayable otherwise than by instalments
Directors loan 209,720 -

9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank overdrafts 1,096,518 946,028
Bank loans 196,137 274,093
1,292,655 1,220,121

The company's bank facilities are secured by a debenture and fixed and floating charges over the company's assets and property.

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 April 2024 and 30 April 2023:

2024 2023
£    £   
J P Pell
Balance outstanding at start of year - 22,370
Amounts repaid - (22,370 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - -

11. RELATED PARTY DISCLOSURES

During the year the director settled outstanding amounts due to the related party. The outstanding balance at the balance sheet date was NIL (2023: £106,414).

Other balances arising under normal market conditions are not disclosed under FRS 102A

12. ULTIMATE CONTROLLING PARTY

The controlling party is the director Mr John Pell by virtue of his shareholding in the parent company.