Registered number
13814725
51 NORTH PROPERTY GROUP LTD
Filleted Accounts
31 December 2023
51 NORTH PROPERTY GROUP LTD
Registered number: 13814725
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 105,605 104,810
Current assets
Debtors 4 1,306 1,542
Cash at bank and in hand 1,334 8,517
2,640 10,059
Creditors: amounts falling due within one year 5 (62,605) (65,679)
Net current liabilities (59,965) (55,620)
Total assets less current liabilities 45,640 49,190
Creditors: amounts falling due after more than one year 6 (52,743) (55,571)
Net liabilities (7,103) (6,381)
Capital and reserves
Called up share capital 100 100
Profit and loss account (7,203) (6,481)
Shareholders' funds (7,103) (6,381)
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Freya M Vesty
Director
Approved by the board on 19 August 2024
51 NORTH PROPERTY GROUP LTD
Notes to the Accounts
for the year ended 31 December 2023
1 Accounting policies
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 January 2023 104,510 400 104,910
Additions 900 - 900
Disposals (30) - (30)
At 31 December 2023 105,380 400 105,780
Depreciation
At 1 January 2023 - 100 100
Charge for the year - 75 75
At 31 December 2023 - 175 175
Net book value
At 31 December 2023 105,380 225 105,605
At 31 December 2022 104,510 300 104,810
4 Debtors 2023 2022
£ £
Deferred tax asset 1,306 1,306
Other debtors - 236
1,306 1,542
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 2,828 -
Other creditors 59,777 65,679
62,605 65,679
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 52,743 55,571
7 Other information
51 NORTH PROPERTY GROUP LTD is a private company limited by shares and incorporated in England. Its registered office is:
140 Stockdale Gardens
Deal
Kent
CT14 9BN
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