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Registered number: 03284157









NORTHSTONE PROPERTIES LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 APRIL 2024

 
NORTHSTONE PROPERTIES LIMITED
REGISTERED NUMBER: 03284157

BALANCE SHEET
AS AT 30 APRIL 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
4,100,000
-

  
4,100,000
-

Current assets
  

Cash at bank and in hand
 5 
2
2

  
2
2

Creditors: amounts falling due within one year
 6 
(305,070)
-

Net current (liabilities)/assets
  
 
 
(305,068)
 
 
2

Total assets less current liabilities
  
3,794,932
2

Creditors: amounts falling due after more than one year
 7 
(3,900,000)
-

  

Net (liabilities)/assets
  
(105,068)
2


Capital and reserves
  

Called up share capital 
  
2
2

Profit and loss account
  
(105,070)
-

  
(105,068)
2


Page 1

 
NORTHSTONE PROPERTIES LIMITED
REGISTERED NUMBER: 03284157
    
BALANCE SHEET (CONTINUED)
AS AT 30 APRIL 2024

The director considers 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 director acknowledges his 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: 




D Barnett
Director

Date: 12 February 2025

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

Page 2

 
NORTHSTONE PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1.


General information

Northstone Properties Limited is a private company, limited by shares, domiciled in England and Wales, registration number 03284157. The registered office is Aston House, Cornwall Avenue, London N3 1LF.

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 following principal accounting policies have been applied:

 
2.2

Going concern

The company's liabilities exceed its assets, however, the company retains the financial support of its shareholder and as such the director considers it appropriate to prepare the accounts on a going concern basis.

 
2.3

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.

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that 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.

 
2.5

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 3

 
NORTHSTONE PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.6

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.

 
2.7

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.

 
2.8

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Page 4

 
NORTHSTONE PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

3.


Employees

The average monthly number of employees, including directors, during the year was 1 (2023 - 1).


4.


Tangible fixed assets





Freehold property

£



Cost or valuation


Additions
4,100,000



At 30 April 2024

4,100,000






Net book value



At 30 April 2024
4,100,000



At 30 April 2023
-


5.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
2
2

2
2



6.


Creditors: Amounts falling due within one year

2024
2023
£
£

Other creditors
303,570
-

Accruals and deferred income
1,500
-

305,070
-


Page 5

 
NORTHSTONE PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

7.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
3,900,000
-

3,900,000
-


The following liabilities were secured:




Details of security provided:

There are fixed and floating charges over the assets of the company in respect of the loan.


8.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£




Amounts falling due after more than 1 year

Bank loans
3,900,000
-

3,900,000
-

3,900,000
-


 
Page 6