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Company No: 12883805 (England and Wales)

NORTHPARK BRISTOL LTD

Unaudited Financial Statements
For the financial year ended 30 September 2024
Pages for filing with the registrar

NORTHPARK BRISTOL LTD

Unaudited Financial Statements

For the financial year ended 30 September 2024

Contents

NORTHPARK BRISTOL LTD

STATEMENT OF FINANCIAL POSITION

As at 30 September 2024
NORTHPARK BRISTOL LTD

STATEMENT OF FINANCIAL POSITION (continued)

As at 30 September 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 289,612 191,847
Investment property 4 12,465,000 12,465,000
12,754,612 12,656,847
Current assets
Debtors 5 791,075 715,140
Cash at bank and in hand 343,910 402,688
1,134,985 1,117,828
Creditors: amounts falling due within one year 6 ( 705,584) ( 527,342)
Net current assets 429,401 590,486
Total assets less current liabilities 13,184,013 13,247,333
Creditors: amounts falling due after more than one year 7 ( 8,387,520) ( 8,941,049)
Provision for liabilities ( 820,760) ( 796,806)
Net assets 3,975,733 3,509,478
Capital and reserves
Called-up share capital 8 2 2
Profit and loss account 10 3,975,731 3,509,476
Total shareholders' funds 3,975,733 3,509,478

For the financial year ending 30 September 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Northpark Bristol Ltd (registered number: 12883805) were approved and authorised for issue by the Board of Directors on 31 January 2025. They were signed on its behalf by:

J M Wilson
Director
NORTHPARK BRISTOL LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 September 2024
NORTHPARK BRISTOL LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 September 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Northpark Bristol Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Unit 8 Dodington Spring, Codrington, Chipping Sodbury, BS37 6RX, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

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.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Finance costs

Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Land and buildings 5 years straight line
Plant and machinery 20 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

The Company as lessor
Amounts due from lessees under finance leases are recognised as receivables at the amount of the company’s net investment in the leases. Finance lease income is allocated to accounting periods so as to reflect a constant periodic rate of return on the company’s net investment outstanding in respect of leases.

Rental income from operating leases is recognised on a straight-line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

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 creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 2

3. Tangible assets

Land and buildings Plant and machinery Total
£ £ £
Cost
At 01 October 2023 20,377 229,356 249,733
Additions 21,200 95,881 117,081
At 30 September 2024 41,577 325,237 366,814
Accumulated depreciation
At 01 October 2023 18,727 39,159 57,886
Charge for the financial year 1,190 18,126 19,316
At 30 September 2024 19,917 57,285 77,202
Net book value
At 30 September 2024 21,660 267,952 289,612
At 30 September 2023 1,650 190,197 191,847

4. Investment property

Investment property
£
Valuation
As at 01 October 2023 12,465,000
As at 30 September 2024 12,465,000

Historic cost

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

2024 2023
£ £
Historic cost 9,277,776 9,277,776

5. Debtors

2024 2023
£ £
Trade debtors 338,058 238,669
Amounts owed by Group undertakings 395,000 400,000
Prepayments 56,084 74,539
Other debtors 1,933 1,932
791,075 715,140

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans (secured) 222,000 205,699
Trade creditors 45,356 58,894
Accruals and deferred income 230,943 87,429
Corporation tax 137,112 124,825
Other taxation and social security 63,788 44,110
Other creditors 6,385 6,385
705,584 527,342

The bank loans are secured on freehold properties of the Company and an unlimited debenture from the Company. The terms of the loans also restrict the Company owing the bank more than 60% of the latest valuation of all property at any time, whereby the company must promptly pay any excess.

7. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans (secured) 4,644,918 4,863,189
Other creditors 3,742,602 4,077,860
8,387,520 8,941,049

The bank loans are secured on freehold properties of the Company and an unlimited debenture from the Company. The terms of the loans also restrict the Company owing the bank more than 60% of the latest valuation of all property at any time, whereby the company must promptly pay any excess.

8. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
2 Ordinary shares of £ 1.00 each 2 2
3,342,602 Redeemable Preference shares of £ 1.00 each 3,342,602 3,342,602
3,342,604 3,342,604

The redeemable preference shares are shown in other creditors falling due after more than one year.

9. Related party transactions

Transactions with entities in which the entity itself has a participating interest

2024 2023
£ £
Amounts due from companies with a common director 283,919 100,165
Sales made to companies with a common director 665,612 796,082

Transactions with the entity's directors

2024 2023
£ £
Loan amounts due to R N Powell 0 165,129
Loan amounts due to J M Wilson 400,000 570,129
Redeemable preference shares held by R N Powell 1,671,301 1,671,301
Redeemable preference shares held by J M Wilson 1,671,301 1,671,301

10. Reserves

The profit and loss reserve includes both distributable and non-distributable reserves. Non-distributable reserves represents cumulative gains and losses on the revaluation of investment property net of deferred tax. At the balance sheet date non-distributable reserves totalled £2,390,418 (2023 - £2,390,418).