Caseware UK (AP4) 2024.0.164 2024.0.164 2024-03-312024-03-31trueNo description of principal activity4The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.2023-04-01false3truefalse 00794712 2023-04-01 2024-03-31 00794712 2022-04-01 2023-03-31 00794712 2024-03-31 00794712 2023-03-31 00794712 c:Director2 2023-04-01 2024-03-31 00794712 d:FurnitureFittings 2023-04-01 2024-03-31 00794712 d:FurnitureFittings 2024-03-31 00794712 d:FurnitureFittings 2023-03-31 00794712 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 00794712 d:ComputerEquipment 2023-04-01 2024-03-31 00794712 d:ComputerEquipment 2024-03-31 00794712 d:ComputerEquipment 2023-03-31 00794712 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 00794712 d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 00794712 d:FreeholdInvestmentProperty 2024-03-31 00794712 d:FreeholdInvestmentProperty 2023-03-31 00794712 d:CurrentFinancialInstruments 2024-03-31 00794712 d:CurrentFinancialInstruments 2023-03-31 00794712 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 00794712 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 00794712 d:ShareCapital 2024-03-31 00794712 d:ShareCapital 2023-03-31 00794712 d:CapitalRedemptionReserve 2024-03-31 00794712 d:CapitalRedemptionReserve 2023-03-31 00794712 d:InvestmentPropertiesRevaluationReserve 2024-03-31 00794712 d:InvestmentPropertiesRevaluationReserve 2023-03-31 00794712 d:RetainedEarningsAccumulatedLosses 2024-03-31 00794712 d:RetainedEarningsAccumulatedLosses 2023-03-31 00794712 d:OtherDeferredTax 2024-03-31 00794712 c:FRS102 2023-04-01 2024-03-31 00794712 c:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 00794712 c:FullAccounts 2023-04-01 2024-03-31 00794712 c:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 00794712 2 2023-04-01 2024-03-31 00794712 e:PoundSterling 2023-04-01 2024-03-31 iso4217:GBP xbrli:pure

Registered number: 00794712









NORTHCROSS (1979) LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2024

 
NORTHCROSS (1979) LIMITED
 
 
  
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF NORTHCROSS (1979) LIMITED
FOR THE YEAR ENDED 31 MARCH 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Northcross (1979) Limited for the year ended 31 March 2024 which comprise  the Balance Sheet and the related notes from the Company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW)we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.

This report is made solely to the Board of Directors of Northcross (1979) Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Northcross (1979) Limited and state those matters that we have agreed to state to the Board of Directors of Northcross (1979) Limited, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Northcross (1979) Limited and its Board of Directors, as a body, for our work or for this report. 

It is your duty to ensure that Northcross (1979) Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Northcross (1979) Limited. You consider that Northcross (1979) Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Northcross (1979) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

  



Hillier Hopkins LLP
 
Chartered Accountants
  
45 Pall Mall
St James's
London
SW1Y 5JG
 
4 February 2025
Page 1

 
NORTHCROSS (1979) LIMITED
REGISTERED NUMBER: 00794712

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
-
90

Investment property
 5 
7,768,147
7,768,147

  
7,768,147
7,768,237

Current assets
  

Debtors: amounts falling due within one year
 6 
115,241
109,555

Cash at bank and in hand
 7 
117,486
81,089

  
232,727
190,644

Creditors: amounts falling due within one year
 8 
(162,917)
(153,541)

Net current assets
  
 
 
69,810
 
 
37,103

Total assets less current liabilities
  
7,837,957
7,805,340

Provisions for liabilities
  

Deferred tax
 9 
(1,464,011)
(1,464,011)

  
 
 
(1,464,011)
 
 
(1,464,011)

Net assets
  
6,373,946
6,341,329


Capital and reserves
  

Called up share capital 
  
3,000
3,000

Capital redemption reserve
  
9,780
9,780

Investment property reserve
  
5,612,206
5,612,206

Profit and loss account
  
748,960
716,343

  
6,373,946
6,341,329


Page 2

 
NORTHCROSS (1979) LIMITED
REGISTERED NUMBER: 00794712
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024

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 income and retained earnings 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 by: 




C D A From
Director

Date: 4 February 2025

The notes on pages 4 to 10 form part of these financial statements.

Page 3

 
NORTHCROSS (1979) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Northcross (1979) Limited is a company limited by shares incorporated in England and Wales within the United Kingdom. The address of the registered office is c/o Hillier Hopkins LLP, Ground Floor, 45 Pall Mall, London, SW1Y 5JG.
The company's principal activity is that of short term letting.
The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest pound.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

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.

 
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

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 4

 
NORTHCROSS (1979) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.4

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.5

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. 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 balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


 
2.6

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 5

 
NORTHCROSS (1979) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)


2.6
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.

Depreciation is provided on the following basis:

Fixtures and fittings
-
25%
reducing balance
Computer equipment
-
33%
straight line

 
2.7

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.

 
2.8

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.9

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.10

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.

 
2.11

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.12

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 6

 
NORTHCROSS (1979) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

3.


Employees

2024
2023
£
£

Wages and salaries
19,730
54,803

Cost of defined contribution scheme
180
776

19,910
55,579


The average monthly number of employees, including directors, during the year was 3 (2023 - 4).


4.


Tangible fixed assets





Fixtures and fittings
Computer equipment
Total

£
£
£



Cost or valuation


At 1 April 2023
26,001
740
26,741



At 31 March 2024

26,001
740
26,741



Depreciation


At 1 April 2023
25,995
656
26,651


Charge for the year on owned assets
6
84
90



At 31 March 2024

26,001
740
26,741



Net book value



At 31 March 2024
-
-
-

Page 7

 
NORTHCROSS (1979) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

5.


Investment property


Freehold investment property

£



Valuation


At 1 April 2023
7,768,147



At 31 March 2024
7,768,147

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

2024
£

Revaluation reserves


At 1 April 2023
5,612,206

Net surplus / (deficit) in movement of properties
-

At 31 March 2024
5,612,206



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
691,930
691,930

691,930
691,930


6.


Debtors

2024
2023
£
£


Trade debtors
36,198
37,629

Other debtors
77,289
71,258

Prepayments and accrued income
1,754
668

115,241
109,555


Page 8

 
NORTHCROSS (1979) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

7.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
117,486
81,089

117,486
81,089



8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
2,118
750

Corporation tax
25,605
14,182

Other taxation and social security
601
-

Other creditors
125,401
133,479

Accruals and deferred income
9,192
5,130

162,917
153,541



9.


Deferred taxation



2024


£






At beginning of year
(1,464,011)



At end of year
(1,464,011)

The provision for deferred taxation is made up as follows:

2024
£


Investment property revaluation
(1,464,011)

(1,464,011)

Page 9

 
NORTHCROSS (1979) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

10.


Pension commitments

The company operated a defined contribution pension scheme. The pension cost charge represents contributions payable by the company to the fund and amounted to £180 (2023: £776). There was an outstanding balance of £Nil (2023: £Nil) at the year end.


11.


Related party transactions

At the Balance Sheet date the company was owed £68,841 (2023: £68,841) by various Partnerships under common control. The loans do not bear interest and are repayable on demand.
At the balance sheet date the company was owed £7,842 
(2023: £Nil) from Kensbridge Properties Limited, a company under common control, in respect of an interest-free loan repayable on demand.
At the balance sheet date the company owed £124,343 
(2023: £126,943) to Harrington Gardens House
Limited, a company under common control, in respect of an interest-free loan repayable on demand.

 
Page 10