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Registered number: 04598875









Earl (Northampton) Limited







Unaudited

Financial statements

Information for filing with the registrar

For the Year Ended 30 September 2024

 
Earl (Northampton) Limited
Registered number: 04598875

Statement of financial position
As at 30 September 2024

2024
2023
Note
£
£

Fixed assets
  

Investment property
 5 
900,000
900,000

  
900,000
900,000

  

Creditors: amounts falling due within one year
 6 
(520,194)
(645,035)

Net current liabilities
  
 
 
(520,194)
 
 
(645,035)

Total assets less current liabilities
  
379,806
254,965

  

Net assets
  
379,806
254,965


Capital and reserves
  

Called up share capital 
  
1
1

Investment property reserve
 7 
(672,110)
(672,110)

Profit and loss account
 7 
1,051,915
927,074

  
379,806
254,965


The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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 9 January 2025.



Martin Thomas Harrison
Director

The notes on pages 3 to 6 form part of these financial statements.

Page 1

 
Earl (Northampton) Limited
 

Statement of changes in equity
For the Year Ended 30 September 2024


Called up share capital
Investment property revaluation reserve
Profit and loss account
Total equity

£
£
£
£


At 1 October 2022
1
(622,110)
799,450
177,341


Comprehensive income for the year

Profit for the year

-
-
127,624
127,624

Revaluation Loss on Investment Property
-
(50,000)
-
(50,000)


Other comprehensive income for the year
-
(50,000)
-
(50,000)


Total comprehensive income for the year
-
(50,000)
127,624
77,624


Total transactions with owners
-
-
-
-



At 1 October 2023
1
(672,110)
927,074
254,965


Comprehensive income for the year

Profit for the year

-
-
124,841
124,841


Other comprehensive income for the year
-
-
-
-


Total comprehensive income for the year
-
-
124,841
124,841


Total transactions with owners
-
-
-
-


At 30 September 2024
1
(672,110)
1,051,915
379,806


The notes on pages 3 to 6 form part of these financial statements.

Page 2

 
Earl (Northampton) Limited
 
 
 
Notes to the financial statements
For the Year Ended 30 September 2024

1.


General information

Earl (Northampton) Limited is a company, limited by shares, registered in England & Wales. The company's registered number and registered office can be found on the company information page.
The presentation currency of the financial statements is the Pound Sterling, rounded to the nearest pound.

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 judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.


Page 3

 
Earl (Northampton) Limited
 
 
 
Notes to the financial statements
For the Year Ended 30 September 2024

2.Accounting policies (continued)

 
2.4

Investment property

Investment property is carried at fair value determined annually 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 profit or loss.

 
2.5

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

  
2.6

Provision for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to the Statement of comprehensive income in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Statement of financial position date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Statement of
financial position.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In preparing the financial statements, management are required to make estimates and judgements which may materially affect reported income, expenses, assets, liabilities or disclosure of contingent assets and liabilities, and the valuation of investment properties, which were based on open market transactions. The estimates and assumptions are reviewed on an on-going basis and are based on historical experience and other factors that are considered to be relevant. Revision to accounting estimates are recognised in the period in which the estimate is revised.


4.


Employees




The Company has no employees other than the directors, who did not receive any remuneration (2023 - £NIL).

Page 4

 
Earl (Northampton) Limited
 
 
 
Notes to the financial statements
For the Year Ended 30 September 2024

5.


Investment property


Freehold investment property

£



Valuation


At 1 October 2023
900,000



At 30 September 2024
900,000

The 2024 valuations were determined by the directors, on an open market value for existing use basis.



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

2024
2023
£
£


Historic cost
1,572,110
1,572,110

1,572,110
1,572,110


6.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
839
-

Amounts owed to group undertakings
454,964
607,658

Corporation tax
3,684
2,377

Other taxation and social security
25,707
-

Accruals and deferred income
35,000
35,000

520,194
645,035


Page 5

 
Earl (Northampton) Limited
 
 
 
Notes to the financial statements
For the Year Ended 30 September 2024

7.


Reserves

Investment property revaluation reserve

The investment property revaluation reserve is a special non- distributable reserve and consists of unrealised investment property fair value adjustments and related deferred tax charges transferred from the profit and loss reserve.

Profit and loss account

The profit and loss account consists of cumulative undistributed reserves. Non- distributable reserves are transferred from the profit and loss account to their own reserve.


8.


Contingent liabilities

The company and other members of the Earl Estates Limited Group have entered into cross- guarantees relating to certain bank borrowings.
The relevant borrowings guaranteed by the company for other members of the group and outstanding at the balance sheet date were £1,400,000  (2023: £1,400,000).


9.


Related party transactions

In accordance with Section 1A of FRS102, the company has taken advantage of the exemption not to disclose details of any transactions or balances between the group that have been eliminated on consolidation.


10.


Controlling party

The company's ultimate parent company is Earl Estates Limited which is incorporated in the United Kingdom and registered in England and Wales. Copies of the parent company accounts may be obtained by writing to the company secretary at Suite 207, Equitable House, 7 General Gordon Square, London SE18 6FH.
The company is controlled by the board of directors.

 
Page 6