2023-04-012024-03-312024-03-31false10685911Northgate Basildon (London) 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Northgate Basildon (London) Limited

Registered Number
10685911
(England and Wales)

Unaudited Financial Statements for the Year ended
31 March 2024

Northgate Basildon (London) Limited
Company Information
for the year from 1 April 2023 to 31 March 2024

Directors

Mandeep Singh Binning
Antonis Demetri
Antonis Theori
Nicholas Theori

Registered Address

2nd Floor 10-12 Bourlet Close
London
W1W 7BR

Place of Business

Olive Tree Centre

472A Larkshall Road

Higham's Park

London

E4 9HH


Registered Number

10685911 (England and Wales)
Northgate Basildon (London) Limited
Balance Sheet as at
31 March 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Investments4100100
Investment property316,999,99916,282,214
17,000,09916,282,314
Current assets
Debtors5,6480,098403,229
Cash at bank and on hand187,87964,445
667,977467,674
Creditors amounts falling due within one year7(2,140,791)(2,138,205)
Net current assets (liabilities)(1,472,814)(1,670,531)
Total assets less current liabilities15,527,28514,611,783
Creditors amounts falling due after one year8(9,964,645)(9,696,254)
Provisions for liabilities9(1,715,380)(1,536,015)
Net assets3,847,2603,379,514
Capital and reserves
Called up share capital100100
Profit and loss account3,847,1603,379,414
Shareholders' funds3,847,2603,379,514
The financial statements were approved and authorised for issue by the Board of Directors on 17 September 2024, and are signed on its behalf by:
Antonis Theori
Director
Registered Company No. 10685911
Northgate Basildon (London) Limited
Notes to the Financial Statements
for the year ended 31 March 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Turnover policy
Turnover represents the net value of the rent received as per rental agreements.
Current taxation
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax
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.
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value where the difference between cost and fair value is material. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Investment property
Investment Properties are stated at fair market valuations. Surplus or deficit arising on there valuation are transferred to the profit and loss account.
2.Average number of employees

20242023
Average number of employees during the year00
3.Investment property
The valuation of properties has been carried out by the directors of the company and reflects the fair market value at the balance sheet date. The historical cost of the investment property is £10,138,479.

£
Fair value at 01 April 2316,282,214
Additions325
Fair value adjustments717,460
At 31 March 2416,999,999
4.Fixed asset investments

Investments in groups1

Total

££
Cost or valuation
At 01 April 23100100
At 31 March 24100100
Net book value
At 31 March 24100100
At 31 March 23100100

Notes

1Investments in group undertakings and participating interests
5.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables87,37473,499
Other debtors299,545263,247
Prepayments and accrued income68,43256,163
Total455,351392,909
6.Debtors: amounts due after one year

2024

2023

££
Other debtors24,74710,320
Total24,74710,320
7.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables142,40978,583
Bank borrowings and overdrafts37,157123,685
Other creditors1,957,5061,932,396
Accrued liabilities and deferred income3,7193,541
Total2,140,7912,138,205
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. The comparative balance has been restated.
8.Creditors: amounts due after one year

2024

2023

££
Bank borrowings and overdrafts9,964,6459,696,254
Total9,964,6459,696,254
The bank and bridging loans are secured against the properties and personal guaranties are given by the directors. The comparative balance has been restated.
9.Provisions for liabilities

2024

2023

££
Net deferred tax liability (asset)1,715,3801,536,015
Total1,715,3801,536,015