Company registration number 05077844 (England and Wales)
NORTHFLEET DEVELOPMENTS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
NORTHFLEET DEVELOPMENTS LIMITED
COMPANY INFORMATION
Director
Mr D J McMeeking BSc (Hons) MA MRICS
Company number
05077844
Registered office
1 Lonsdale Gardens
Tunbridge Wells
Kent
TN1 1NU
Accountants
Crowe U.K. LLP
Medway Bridge House
1 - 8 Fairmeadow
Maidstone
Kent
ME14 1JP
Business address
1 Lonsdale Gardens
Tunbridge Wells
Kent
TN1 1NU
NORTHFLEET DEVELOPMENTS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 5
NORTHFLEET DEVELOPMENTS LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment property
3
-
0
7,500,000
Current assets
Debtors
4
950,569
474,904
Cash at bank and in hand
3,641,787
185,236
4,592,356
660,140
Creditors: amounts falling due within one year
5
(271,982)
(1,044,131)
Net current assets/(liabilities)
4,320,374
(383,991)
Total assets less current liabilities
4,320,374
7,116,009
Creditors: amounts falling due after more than one year
6
-
0
(2,758,980)
Provisions for liabilities
-
0
(17,500)
Net assets
4,320,374
4,339,529
Capital and reserves
Called up share capital
102
102
Profit and loss reserves
4,320,272
4,339,427
Total equity
4,320,374
4,339,529

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

NORTHFLEET DEVELOPMENTS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 7 November 2024
Mr D J McMeeking BSc (Hons) MA MRICS
Director
Company registration number 05077844 (England and Wales)
NORTHFLEET DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information

Northfleet Developments Limited is a private company limited by shares incorporated in England and Wales. The registered office and business address is 1 Lonsdale Gardens, Tunbridge Wells, Kent, TN1 1NU.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company.

The financial statements have been prepared under the historical cost convention, modified to include investment properties at fair value. The principal accounting policies adopted are set out below,

1.2
Turnover

Turnover is measured at the fair value of the consideration received or receivable for rental income and service charges and is shown net of VAT. Rental income and service charges are recognised in the period to which they relate.

1.3
Investment properties

Investment property, which is property held to earn rentals and for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in the profit and loss account.

1.4
Financial instruments

The company has elected to apply the recognition and measurement provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price including transaction costs.

Basic financial liabilities

Basic financial liabilities, including trade creditors, are recognised at transaction price.

 

 

 

NORTHFLEET DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
1.5
Taxation

The tax expense represents the sum of the tax currently payable or receivable and deferred tax.

Current tax

Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised 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 at the tax rate that is expected to apply to the reversal of the related difference, using tax rates enacted or substantively enacted at the balance sheet date.

1.6
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
1
1
3
Investment property
2024
£
Fair value
At 1 April 2023
7,500,000
Disposals
(7,500,000)
At 31 March 2024
-
0
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
-
0
169,916
Other debtors
950,569
304,988
950,569
474,904
NORTHFLEET DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
-
0
30,000
Trade creditors
372
2,596
Taxation and social security
2,300
92,635
Other creditors
269,310
918,900
271,982
1,044,131
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans
-
0
2,736,480
Other creditors
-
0
22,500
-
0
2,758,980
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