Company Registration No. 05725527 (England and Wales)
Northsee Limited
Annual report and unaudited financial statements
for the year ended 30 June 2024
Northsee Limited
Company information
Directors
Mr A J G Corbijn
Mr A O Williams
Secretary
Mr A J G Corbijn
Company number
05725527
Registered office
71 Queen Victoria Street
London
EC4V 4BE
Northsee Limited
Contents
Page
Directors' report
1
Accountants' report
2
Profit and loss account
3
Balance sheet
4
Notes to the financial statements
5 - 7
Northsee Limited
Directors' report
For the year ended 30 June 2024
1

The directors present their annual report and financial statements for the year ended 30 June 2024.

Principal activities
The principal activity of the company during the year was that of motion picture and video production. Though the directors have been unable to secure any future projects since completion of the film in 2008, they consider the activities of the company as continuing.
Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr A J G Corbijn
Mr A O Williams
Small companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

On behalf of the board
Mr A J G Corbijn
Director
24 March 2025
Northsee Limited
Chartered accountants' report to the Board of Directors on the preparation of the unaudited statutory financial statements of Northsee Limited for the year ended 30 June 2024
2

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Northsee Limited for the year ended 30 June 2024 set out on pages 3 to 7 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 icaew.com/regulation.

This report is made solely to the Board of Directors of Northsee Limited, as a body, in accordance with the terms of our engagement letter dated 22 March 2017. Our work has been undertaken solely to prepare for your approval the financial statements of Northsee Limited and state those matters that we have agreed to state to the Board of Directors of Northsee Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Northsee Limited and its Board of Directors as a body, for our work or for this report.

It is your duty to ensure that Northsee 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 loss of Northsee Limited. You consider that Northsee Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Northsee 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.

Saffery LLP
27 March 2025
Accountants
71 Queen Victoria Street
London
EC4V 4BE
Northsee Limited
Profit and loss account
For the year ended 30 June 2024
3
2024
2023
£
£
Administrative expenses
(2,220)
(1,654)
Loss before taxation
(2,220)
(1,654)
Tax on loss
-
0
-
0
Loss for the financial year
(2,220)
(1,654)
Northsee Limited
Balance sheet
As at 30 June 2024
4
2024
2023
Notes
£
£
£
£
Current assets
Debtors
4
2
2
Cash at bank and in hand
309
309
311
311
Creditors: amounts falling due within one year
5
(23,934)
(21,714)
Net current liabilities
(23,623)
(21,403)
Capital and reserves
Called up share capital
2
2
Profit and loss reserves
(23,625)
(21,405)
Total equity
(23,623)
(21,403)

For the financial year ended 30 June 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 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 24 March 2025 and are signed on its behalf by:
Mr A J G Corbijn
Director
Company Registration No. 05725527
Northsee Limited
Notes to the financial statements
For the year ended 30 June 2024
5
1
Accounting policies
Company information

Northsee Limited is a private company limited by shares incorporated in England and Wales. The registered office is .

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, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Cash at bank and in hand

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.

1.3
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 balance sheet 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, 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.

Classification of financial liabilities

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

Northsee Limited
Notes to the financial statements (continued)
For the year ended 30 June 2024
1
Accounting policies (continued)
6
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

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

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.4
Equity instruments

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

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

1.5
Cash flow statement

The company has taken advantage of the exemption from including a cash flow statement in the financial statements on the grounds that the company is small.

2
Critical accounting judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees
The average number of persons employed (excluding directors) by the company during the year was 0 (2023: 0).
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
2
2
Northsee Limited
Notes to the financial statements (continued)
For the year ended 30 June 2024
7
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
44
44
Other creditors
23,890
21,670
23,934
21,714
6
Financial commitments, guarantees and contingent liabilities
Warner Music UK Limited, Mercantile National Bank, Em Media and Film Finances Inc all hold a deed of security assignment and charge in respect of all rights, title and interest in the film.
7
Related party transactions

At the year end the directors have a balance owing to them of £22,450 (2023 - £20,470). The balance is disclosed within other creditors.

8
Parent company

Mr Corbijn and Mr Williams each hold 1 share in the company and are jointly considered as the ultimate controlling party.

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