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REGISTERED NUMBER: 09489421 (England and Wales)


















NORTH FACE PROPERTIES LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024






NORTH FACE PROPERTIES LIMITED (REGISTERED NUMBER: 09489421)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


NORTH FACE PROPERTIES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: D Alison
J J Field
L A Fettah





REGISTERED OFFICE: Elfed House
Oak Tree Court
Cardiff Gate Business Park
Cardiff
County of Cardiff
CF23 8RS





REGISTERED NUMBER: 09489421 (England and Wales)





ACCOUNTANTS: MHA
Chartered Accountants
Elfed House
Oak Tree Court
Cardiff Gate Business Park
Cardiff
CF23 8RS

NORTH FACE PROPERTIES LIMITED (REGISTERED NUMBER: 09489421)

BALANCE SHEET
31 MARCH 2024

2024 2023
Notes £    £   
FIXED ASSETS
Investment property 4 1,200,000 1,200,000

CURRENT ASSETS
Debtors 5 30,900 34,726
Cash at bank 16,332 22,009
47,232 56,735
CREDITORS
Amounts falling due within one year 6 (94,617 ) (113,306 )
NET CURRENT LIABILITIES (47,385 ) (56,571 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,152,615

1,143,429

CREDITORS
Amounts falling due after more than one
year

7

(523,631

)

(441,813

)

PROVISIONS FOR LIABILITIES (87,329 ) (87,329 )
NET ASSETS 541,655 614,287

CAPITAL AND RESERVES
Called up share capital 9 100 100
Non distributable reserve 323,542 323,542
Retained earnings 218,013 290,645
SHAREHOLDERS' FUNDS 541,655 614,287

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Profit and loss account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 19 December 2024 and were signed on its behalf by:




J J Field - Director


NORTH FACE PROPERTIES LIMITED (REGISTERED NUMBER: 09489421)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024


1. STATUTORY INFORMATION

North Face Properties Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The company's functional and presentational currency in the financial statements is the Sterling (£), rounded to the nearest pound.

The significant accounting policies applied in the presentation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of the investment property.

There have been no material departures from Financial Reporting Standard 102 1A.

Going concern
At 31 March 2024 the company had net current liabilities of £47,385. The going concern basis is considered appropriate for the preparation of the financial statements due to the continued financial support of the directors.

Turnover
Turnover consists of rent receivable during the year, excluding value added tax.

Investment property
Investment property is included at fair value. Gains are recognised in the profit and loss account. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Financial instruments
Basic financial instruments are recognised at amortised cost.

Current taxation
Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the year and is calculated using the tax rates and laws that have been enacted or substantively enacted at the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2023 - 3 ) .

NORTH FACE PROPERTIES LIMITED (REGISTERED NUMBER: 09489421)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2023
and 31 March 2024 1,200,000
NET BOOK VALUE
At 31 March 2024 1,200,000
At 31 March 2023 1,200,000

Fair value at 31 March 2024 is represented by:
£   
Valuation in 2024 1,200,000

The investment property was valued on a fair value basis as at 31 March 2024 by the directors. In valuing the property the directors have considered rental yields of comparable properties in the same area.

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 30,900 32,632
Prepayments and accrued income - 2,094
30,900 34,726

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 48,661 27,038
Corporation tax 9,372 13,396
VAT 10,300 10,300
Directors' current accounts 275 36,839
Accruals and deferred income 26,009 25,733
94,617 113,306

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans 174,471 130,461
Bank loan more than 5 years 349,160 311,352
523,631 441,813

Amounts falling due in more than five years:

Repayable by instalments
Bank loan more than 5 years 349,160 311,352

NORTH FACE PROPERTIES LIMITED (REGISTERED NUMBER: 09489421)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


8. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 572,292 468,851

The Bank loan is secured by way of a charge over the investment property.

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
100 Ordinary £1 100 100