Company registration number 12606739 (England and Wales)
GREAT NORTH LAND LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
PAGES FOR FILING WITH REGISTRAR
GREAT NORTH LAND LTD
CONTENTS
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 7
GREAT NORTH LAND LTD
STATEMENT OF FINANCIAL POSITION
AS AT 31 MAY 2024
31 May 2024
- 1 -
2024
2023
£
£
£
£
Fixed assets
Tangible assets
3
33,727
17,867
Investments
4
3
3
33,730
17,870
Current assets
Stocks
5
1,841,428
2,198,393
Debtors
6
16,095
56,278
Cash at bank and in hand
494,263
59,802
2,351,786
2,314,473
Creditors: amounts falling due within one year
7
(955,907)
(794,740)
Net current assets
1,395,879
1,519,733
Total assets less current liabilities
1,429,609
1,537,603
Creditors: amounts falling due after more than one year
8
(1,640,090)
(1,672,375)
Provisions for liabilities
58,519
41,147
Net liabilities
(151,962)
(93,625)
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
(152,062)
(93,725)
Total equity
(151,962)
(93,625)
GREAT NORTH LAND LTD
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MAY 2024
31 May 2024
- 2 -

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

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

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 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.

The financial statements were approved by the board of directors and authorised for issue on 27 January 2025 and are signed on its behalf by:
J. L. McCurdy
Director
Company Registration No. 12606739
GREAT NORTH LAND LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
- 3 -
1
Accounting policies
Company information

Great North Land Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Bulman House, Regent Centre, Gosforth, Newcastle upon Tyne, United Kingdom, NE3 3LS.

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. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

At the time of approving the financial statements, notwithstanding the negative asset position, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the forseeable future. Thus the director continues to adopt the going concern basis if accounting in preparing the financial statements. true

 

The company manages its day to day working capital requirements through a bank loan and loans from associates.

 

The associates have indicated that they have no intention of removing their facilities and will continue to support the company for the foreseeable future.

 

After making enquiries the directors believe that the company has adequate resources available for the foreseeable future. Accordingly, the directors continue to adopt the going concern basis in preparing the annual report and accounts.

 

If the going concern basis proved to be invalid the financial statements would have to be prepared on a break up basis in which the statement of financial position would be restated to include all assets at estimated realisable values and all liabilities would become current and would have to be increased to include those liabilities contingent on the company ceasing to trade.

 

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
20% straight line
Computers
33% straight line
Motor vehicles
25% straight line
GREAT NORTH LAND LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 4 -

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.6
Financial instruments

The company has elected to apply the 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 statement of financial position when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

1.7
Taxation
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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.8

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the faor value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instuments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

GREAT NORTH LAND LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 5 -
1.9

Work in progress

Work in progress is the costs associated with the development of land and buildings. The cost of work in progress comprises direct materials and, where applicable, direct labout costs and those overheads that have been incurred in bringing the work in progress to their present location and condition. At each reporting date, work in progress is assessed for impairment. If work in progress is impaired, the impairment loss is recognised immediately in profit or loss.

 

No element of profit is included in work in progress.

1.10

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even of the fund does not hold sufficient assets to pay all employees the benefits relating to employee service on the curret and prior periods.

 

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the axcess is recognised as a prepayment.

2
Employees

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

2024
2023
Number
Number
Total
5
5
3
Tangible fixed assets
Plant and equipment
Computers
Motor vehicles
Total
£
£
£
£
Cost
At 1 June 2023
988
4,128
31,669
36,785
Additions
233
266
28,995
29,494
At 31 May 2024
1,221
4,394
60,664
66,279
Depreciation and impairment
At 1 June 2023
378
2,045
16,495
18,918
Depreciation charged in the year
240
1,248
12,146
13,634
At 31 May 2024
618
3,293
28,641
32,552
Carrying amount
At 31 May 2024
603
1,101
32,023
33,727
At 31 May 2023
610
2,083
15,174
17,867
GREAT NORTH LAND LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 6 -
4
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
3
3
5
Stocks
2024
2023
£
£
Work in progress
1,841,428
2,198,393
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
192
-
0
Other debtors
15,903
56,278
16,095
56,278
7
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
32,265
111,169
Amounts owed to group undertakings
3
3
Taxation and social security
1,495
4,903
Other creditors
918,361
675,757
Accruals and deferred income
3,783
2,908
955,907
794,740

Included within other creditors falling due within one year is amounts owed to directors of £835,043 (2023: £635,043).

8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
640,090
672,375
Other borrowings
1,000,000
1,000,000
1,640,090
1,672,375

Long term funding is secured by fixed charges over the company's assets.

GREAT NORTH LAND LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
8
Creditors: amounts falling due after more than one year
(Continued)
- 7 -

Included within other creditor falling due after one year is amounts owed to directors of £1,000,000 (2023: £1,000,000).

9
Related party transactions

The company has taken advantage of the exemption available under paragraphy 33.1A of FRS 102 and does not disclose related party transactions with members of the same group that are wholly owned.

10
Directors' transactions
Description
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
J. L. McCurdy  -
(1,635,093)
88,000
(288,000)
(1,835,093)
J. L. McCurdy  -
-
10,000
(10,000)
-
S. D. McCurdy  -
-
10,000
(10,000)
-
S. W. Chung  -
50
-
-
50
(1,635,043)
108,000
(308,000)
(1,835,043)
2024-05-312023-06-01false27 January 2025CCH SoftwareCCH Accounts Production 2024.210No description of principal activityJ. L. McCurdyJ. L. McCurdyS. D. McCurdyS. W. Chungfalsefalse126067392023-06-012024-05-31126067392024-05-31126067392023-05-3112606739core:PlantMachinery2024-05-3112606739core:ComputerEquipment2024-05-3112606739core:MotorVehicles2024-05-3112606739core:PlantMachinery2023-05-3112606739core:ComputerEquipment2023-05-3112606739core:MotorVehicles2023-05-3112606739core:CurrentFinancialInstrumentscore:WithinOneYear2024-05-3112606739core:CurrentFinancialInstrumentscore:WithinOneYear2023-05-3112606739core:Non-currentFinancialInstrumentscore:AfterOneYear2024-05-3112606739core:Non-currentFinancialInstrumentscore:AfterOneYear2023-05-3112606739core:CurrentFinancialInstruments2024-05-3112606739core:CurrentFinancialInstruments2023-05-3112606739core:Non-currentFinancialInstruments2024-05-3112606739core:Non-currentFinancialInstruments2023-05-3112606739core:ShareCapital2024-05-3112606739core:ShareCapital2023-05-3112606739core:RetainedEarningsAccumulatedLosses2024-05-3112606739core:RetainedEarningsAccumulatedLosses2023-05-3112606739bus:Director22023-06-012024-05-3112606739core:PlantMachinery2023-06-012024-05-3112606739core:ComputerEquipment2023-06-012024-05-3112606739core:MotorVehicles2023-06-012024-05-31126067392022-06-012023-05-3112606739core:PlantMachinery2023-05-3112606739core:ComputerEquipment2023-05-3112606739core:MotorVehicles2023-05-31126067392023-05-3112606739bus:PrivateLimitedCompanyLtd2023-06-012024-05-3112606739bus:SmallCompaniesRegimeForAccounts2023-06-012024-05-3112606739bus:FRS1022023-06-012024-05-3112606739bus:AuditExemptWithAccountantsReport2023-06-012024-05-3112606739bus:Director12023-06-012024-05-3112606739bus:Director32023-06-012024-05-3112606739bus:Director42023-06-012024-05-3112606739bus:FullAccounts2023-06-012024-05-31xbrli:purexbrli:sharesiso4217:GBP