Registered number
07890645
North London Properties Limited
Filleted Accounts
31 December 2023
North London Properties Limited
Registered number: 07890645
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Investment property 3 700,000 900,000
Current assets
Cash at bank and in hand 22,592 31,378
Creditors: amounts falling due within one year 4 (737,062) (737,062)
Net current liabilities (714,470) (705,684)
Net (liabilities)/assets (14,470) 194,316
Capital and reserves
Called up share capital 200 200
Profit and loss account (14,670) 194,116
Shareholder's funds (14,470) 194,316
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his 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.
Mr C O'Donovan
Director
Approved by the board on 27 June 2024
North London Properties Limited
Notes to the Accounts
for the year ended 31 December 2023
1 Accounting policies
Investment property
Investment property is initially recognised at cost and then subsequently measured at fair value. Changes in value are recognised in profit or loss.
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 0 0
3 Investment property 2023 2022
£ £
Valuation
At 1 January 2023 900,000 1,500,000
Additions - -
Revaluation (200,000) (600,000)
Disposals - -
At 31 December 2023 700,000 900,000
The fair value of the North London Properties at 31 December 2023 has been arrived at on the basis of a valuation carried out by estate agents Taylor Gibbbs.
4 Creditors: amounts falling due within one year 2023 2022
£ £
Other creditors 737,062 737,062
5 Other information
North London Properties Limited is a private company limited by shares and incorporated in England. Its registered office is:
Devonshire House
582 Honeypot Lane
Stanmore
HA7 1JS
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