North West Properties (Preston) Limited 01745528 false 2024-04-01 2024-12-31 2024-12-31 The principal activity of the company is trading in quoted investments. Digita Accounts Production Advanced 6.30.9574.0 true 01745528 2024-04-01 2024-12-31 01745528 2024-12-31 01745528 core:FinancialAssetsDesignatedFairValueThroughProfitOrLoss core:Non-currentFinancialInstruments 2024-12-31 01745528 core:CurrentFinancialInstruments 2024-12-31 01745528 core:CurrentFinancialInstruments core:WithinOneYear 2024-12-31 01745528 core:MotorVehicles 2024-12-31 01745528 bus:SmallEntities 2024-04-01 2024-12-31 01745528 bus:AuditExemptWithAccountantsReport 2024-04-01 2024-12-31 01745528 bus:FullAccounts 2024-04-01 2024-12-31 01745528 bus:SmallCompaniesRegimeForAccounts 2024-04-01 2024-12-31 01745528 bus:RegisteredOffice 2024-04-01 2024-12-31 01745528 bus:Director1 2024-04-01 2024-12-31 01745528 bus:PrivateLimitedCompanyLtd 2024-04-01 2024-12-31 01745528 core:MotorVehicles 2024-04-01 2024-12-31 01745528 1 2024-04-01 2024-12-31 01745528 countries:EnglandWales 2024-04-01 2024-12-31 01745528 2024-03-31 01745528 core:MotorVehicles 2024-03-31 01745528 2023-04-01 2024-03-31 01745528 2024-03-31 01745528 core:FinancialAssetsDesignatedFairValueThroughProfitOrLoss core:Non-currentFinancialInstruments 2024-03-31 01745528 core:CurrentFinancialInstruments 2024-03-31 01745528 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 01745528 core:MotorVehicles 2024-03-31 iso4217:GBP xbrli:pure

Registration number: 01745528

North West Properties (Preston) Limited

Annual Report and Unaudited Financial Statements

for the Period from 1 April 2024 to 31 December 2024

Pages for filing with Registrar

 

North West Properties (Preston) Limited

Contents


 

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

North West Properties (Preston) Limited

Company Information


 

Director

Mrs J F Hill

Registered office

School Farm
Cow Hill
Haighton
Preston
Lancashire
PR2 5SE

 

North West Properties (Preston) Limited

(Registration number: 01745528)
Balance Sheet as at 31 December 2024

Note

2024
£

2024
£

Fixed assets

 

Tangible assets

4

9,756

12,008

Investment property

5

-

110,000

Other financial assets

6

170,782

205,217

 

180,538

327,225

Current assets

 

Debtors

7

61

245

Cash at bank and in hand

 

316,907

347,744

 

316,968

347,989

Creditors: Amounts falling due within one year

8

(1,500)

(2,040)

Net current assets

 

315,468

345,949

Total assets less current liabilities

 

496,006

673,174

Provisions for liabilities

(2,202)

(16,676)

Net assets

 

493,804

656,498

Capital and reserves

 

Called up share capital

100

100

Retained earnings

493,704

656,398

Shareholders' funds

 

493,804

656,498

 

North West Properties (Preston) Limited

(Registration number: 01745528)
Balance Sheet as at 31 December 2024 (continued)

For the financial period ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the period in question in accordance with section 476; and

The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the director on 11 March 2025
 

.........................................
Mrs J F Hill
Director

 

North West Properties (Preston) Limited

Notes to the Unaudited Financial Statements for the Period from 1 April 2024 to 31 December 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
School Farm
Cow Hill
Haighton
Preston
Lancashire
PR2 5SE

These financial statements were authorised for issue by the director on 11 March 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

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 £.

Disclosure of long or short period

The company has a shortened period due to the decision made by the directors.

 

North West Properties (Preston) Limited

Notes to the Unaudited Financial Statements for the Period from 1 April 2024 to 31 December 2024 (continued)

2

Accounting policies (continued)

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Motor vehicles

25% reducing balance

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate reviewed annually. The director uses observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

 

North West Properties (Preston) Limited

Notes to the Unaudited Financial Statements for the Period from 1 April 2024 to 31 December 2024 (continued)

2

Accounting policies (continued)

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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 if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current 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 excess is recognised as a prepayment.

 

North West Properties (Preston) Limited

Notes to the Unaudited Financial Statements for the Period from 1 April 2024 to 31 December 2024 (continued)

2

Accounting policies (continued)

Financial instruments

Classification
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 liability simultaneously.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. As equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

 

3

Staff numbers

The average number of persons employed by the company (including the director) during the period, was 1 (2024 - 1).

 

North West Properties (Preston) Limited

Notes to the Unaudited Financial Statements for the Period from 1 April 2024 to 31 December 2024 (continued)

4

Tangible assets

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2024

27,695

27,695

At 31 December 2024

27,695

27,695

Depreciation

At 1 April 2024

15,687

15,687

Charge for the period

2,252

2,252

At 31 December 2024

17,939

17,939

Carrying amount

At 31 December 2024

9,756

9,756

At 31 March 2024

12,008

12,008

5

Investment properties

2024
£

At 1 April

110,000

Disposals

(110,000)

At 31 December

-

No revaluations necessary as final property has been disposed during the year.

6

Investments

2024
£

2024
£

Non-current financial assets

Financial assets at fair value through profit and loss

170,782

205,217

 

North West Properties (Preston) Limited

Notes to the Unaudited Financial Statements for the Period from 1 April 2024 to 31 December 2024 (continued)

6

Investments (continued)

Financial assets at fair value through profit and loss
£

Non-current financial assets

Cost or valuation

At 1 April 2024

205,217

Fair value adjustments

2,696

Additions

3,670

Disposals

(32,671)

Transfers

(8,130)

At 31 December 2024

170,782

Impairment

Carrying amount

At 31 December 2024

170,782

7

Debtors

2024
£

2024
£

Prepayments

61

245

61

245

8

Creditors

Creditors: amounts falling due within one year

2024
£

2024
£

Due within one year

Accruals and deferred income

1,500

2,040

 

North West Properties (Preston) Limited

Notes to the Unaudited Financial Statements for the Period from 1 April 2024 to 31 December 2024 (continued)

9 Company reserves

Within profit and loss reserve account totalling £493,704, there are amounts that are distributable and non-distributable to shareholders.

Amounts totalling £493,704 (2024: £599,942) are distributable and amounts totalling £0 (2024: £56,457) are non-distributable.