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Registered number: 00349154










NORTHERN GENERAL PROPERTIES LIMITED










FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
NORTHERN GENERAL PROPERTIES LIMITED
REGISTERED NUMBER: 00349154

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

FIXED ASSETS
  

Tangible assets
 6 
20,824,077
19,180,953

Investment property
 7 
4,563,034
4,412,000

  
25,387,111
23,592,953

CURRENT ASSETS
  

Debtors: amounts falling due within one year
 8 
24,521
236,196

Cash at bank and in hand
 9 
1,562,251
1,949,335

  
1,586,772
2,185,531

Creditors: amounts falling due within one year
 10 
(397,061)
(292,098)

NET CURRENT ASSETS
  
 
 
1,189,711
 
 
1,893,433

TOTAL ASSETS LESS CURRENT LIABILITIES
  
26,576,822
25,486,386

Creditors: amounts falling due after more than one year
 11 
(2,500,000)
(2,500,000)

  

NET ASSETS
  
24,076,822
22,986,386


CAPITAL AND RESERVES
  

Called up share capital 
  
25,000
25,000

Revaluation reserve
  
6,911,494
7,131,248

Profit and loss account
  
17,140,328
15,830,138

  
24,076,822
22,986,386


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has opted not to file the statement of comprehensive income 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 on 7 May 2024.




Mr J D E Atkinson
Mr C J Gilbertson
Page 1

 
NORTHERN GENERAL PROPERTIES LIMITED
REGISTERED NUMBER: 00349154
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

Director
Director

The notes on pages 4 to 10 form part of these financial statements.

Page 2

 
NORTHERN GENERAL PROPERTIES LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Revaluation reserve
Profit and loss account
Total equity

£
£
£
£

At 1 January 2023
25,000
7,131,248
15,830,138
22,986,386



Profit for the year
-
-
1,090,436
1,090,436

Transfer to/from profit and loss account
-
(219,754)
219,754
-


At 31 December 2023
25,000
6,911,494
17,140,328
24,076,822



STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022


Called up share capital
Revaluation reserve
Profit and loss account
Total equity

£
£
£
£

At 1 January 2022
25,000
2,452,302
14,577,080
17,054,382



Profit for the year
-
-
2,102,563
2,102,563

Surplus on revaluation of other fixed assets
-
3,829,441
-
3,829,441

Transfer to/from profit and loss account
-
849,505
(849,505)
-


At 31 December 2022
25,000
7,131,248
15,830,138
22,986,386


The notes on pages 4 to 10 form part of these financial statements.

Page 3

 
NORTHERN GENERAL PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


GENERAL INFORMATION

The company is a private company, limited by shares, incorporated in England and Wales and its registered office is:-
Thornton House
Cargo Fleet Lane
Middlesbrough
TS3 8DE
The immediate and ultimate parent company is Atkinson Northern Limited.

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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

The following principal accounting policies have been applied:

 
2.2

Going concern

The directors, having made due and careful enquiry and preparing forecasts, are of the opinion that the company has adequate working capital to execute its operations over the next 12 months. The directors, therefore, have made an informed judgement, at the time of approving the financial statements, that there is reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. As a result the directors have continued to adopt the going concern basis of accounting in preparing the annual financial statements.

  
2.3

Revenue

Rental income
Revenue from rents is recognised on a receivable basis with a creditor calculated for any amounts received in advance.

 
2.4

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Page 4

 
NORTHERN GENERAL PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.ACCOUNTING POLICIES (CONTINUED)


2.4
Tangible fixed assets (CONTINUED)

Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

The estimated useful lives range as follows:

Freehold and leasehold buildings
-
50 years
Plant and equipment
-
8 years
Furniture, fittings and equipment
-
5 years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

  
2.5
Revaluation of tangible fixed assets

Individual freehold land and buildings and long term leasehold properties are carried at current year fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date.
Fair values are determined from market based evidence normally undertaken by a professionally qualified valuer.
Revaluation gains and losses are recognised in the statement of comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

  
2.6

Investment property

Investment property is carried at fair value determined by external valuers 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 profit and loss account.
Page 5

 
NORTHERN GENERAL PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.ACCOUNTING POLICIES (CONTINUED)

 
2.7

Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties.


3.



JUDGEMENTS IN APPLYING ACCOUNTING POLICIES AND KEY SOURCES OF ESTIMATION UNCERTAINTY

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Key sources of estimation uncertainty
Accounting estimates and assumptions are made concerning the future and by their nature, will rarely equal the related actual outcome. The key assumption and source of estimation uncertainty that has a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year is as follows:
Property values
The directors consider that the investment properties, freehold land and buildings and long term leasehold properties are valued at their fair value in the financial statements. The valuations were undertaken by an external professional valuer who carried out a desktop review at 31 December 2022. In the view of the directors this valuation has not materially changed.


4.


AUDITORS' REMUNERATION

During the year, the company obtained the following services from the company's auditors:


2023
2022
£
£

Fees payable to the company's auditors for the audit of the company's financial statements
3,950
3,500

The company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent company.


5.


EMPLOYEES

The average monthly number of employees, including directors, during the year was 5 (2022 - 5).

Page 6

 
NORTHERN GENERAL PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


TANGIBLE FIXED ASSETS





Freehold land and buildings
Long term leasehold property
Plant & machinery
Furniture, fittings & equipment
Total

£
£
£
£
£



Cost or valuation


At 1 January 2023
18,070,000
1,100,000
497,426
500
19,667,926


Additions
1,922,245
-
38,334
-
1,960,579



At 31 December 2023
19,992,245
1,100,000
535,760
500
21,628,505



DEPRECIATION


At 1 January 2023
-
-
486,973
-
486,973


Charge for the year on owned assets
254,552
13,616
48,787
500
317,455



At 31 December 2023
254,552
13,616
535,760
500
804,428



NET BOOK VALUE



At 31 December 2023
19,737,693
1,086,384
-
-
20,824,077



At 31 December 2022
18,070,000
1,100,000
10,453
500
19,180,953

The land and buildings and long term leasehold property were valued at 31 December 2022 at £19,170,000 (2021 - £15,476,000) by Holder & Co Limited, an independent property advisor, based on a desktop review. The valuations were made at fair value, in accordance with the RICS valuation professional standard definition. In the view of the directors there has been no change to the valuation in the year to 31 December 2023.

If the land and buildings had not been included at valuation they would have been included under the historical cost convention as follows:

2023
2022
£
£



Cost
19,298,546
17,376,301

Accumulated depreciation
(2,491,068)
(2,258,509)

NET BOOK VALUE
16,807,478
15,117,792

Page 7

 
NORTHERN GENERAL PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


INVESTMENT PROPERTY


Freehold investment property

£



VALUATION


At 1 January 2023
4,412,000


Additions at cost
151,034



AT 31 DECEMBER 2023
4,563,034

There were no valuations made in the year to 31 December 2023. 





If the investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2023
2022
£
£


Historic cost
2,364,596
2,364,596

2,364,596
2,364,596


8.


DEBTORS

2023
2022
£
£


Trade debtors
24,521
47,350

Other debtors
-
188,846

24,521
236,196



9.


CASH AND CASH EQUIVALENTS

2023
2022
£
£

Cash at bank and in hand
1,562,251
1,949,335

1,562,251
1,949,335


Page 8

 
NORTHERN GENERAL PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

10.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023
2022
£
£

Trade creditors
-
6,314

Amounts owed to group undertakings
-
9,706

Corporation tax
246,788
155,497

Other taxation and social security
92,853
83,249

Other creditors
15,000
5,000

Accruals and deferred income
42,420
32,332

397,061
292,098



11.


CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2023
2022
£
£

Amounts owed to group undertakings
2,500,000
2,500,000

2,500,000
2,500,000



12.


CAPITAL COMMITMENTS


At 31 December 2023 the company had capital commitments as follows:

2023
2022
£
£


Contracted for but not provided in these financial statements
-
1,306,800


13.


CONTROLLING PARTY

The company is a 100% owned subsidiary of Atkinson Northern Limited (address: Thornton House, Cargo Fleet Lane, Middlesbrough TS3 8DE), a company incorporated in England and Wales.
The company has taken advantage of the exemption from disclosing transactions with group companies on the grounds that the consolidated financial statements are publically available from Companies House, Crown Way, Maindy, Cardiff.

Page 9

 
NORTHERN GENERAL PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

14.


AUDITORS' INFORMATION

The auditors' report on the financial statements for the year ended 31 December 2023 was unqualified.

The audit report was signed on 19 September 2024 by P C A Harrison MSc, BSc, FCA (senior statutory auditor) on behalf of Waltons Business Advisers Limited.

 
Page 10