The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

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

The director acknowledges her 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 and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

44 North Limited is a private company limited by shares incorporated in England and Wales. The registered office is Wayside House, The Wayside, Hurworth, Darlington, County Durham, England, DL2 2EE.

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 USD, 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. The principal accounting policies adopted are set out below.

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

The Company's day to day expenditure is met through payments by San Ysidro Corporation, a related party, on behalf of the Company. These payments are made in lieu of interest due on a loan made by 44 North Limited to San Ysidro Corporation. The Director has considered the financial position of San Ysidro Corporation, and other related parties, and considers that adequate liquid funds exist to be able to settle expenditure incurred by 44 North Limited for a period of at least 12 months from the date of approval of these financial statements. Accordingly, the financial statements have been prepared on a going concern basis.true

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.

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.

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.

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.

The tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Transactions in currencies other than US Dollars are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

The average monthly number of persons (including directors) employed by the company during the year was:

Summary of transactions with connected people:

Included in other debtors are loans due from Mr M E Zukerman of $Nil (2023 - $5,250).

Mr M E Zukerman is the husband of the current director.

These loans are interest free and repayable on demand.

Summary of transactions with entities under common control:

San Ysidro Corporation

During the year the company had an outstanding promissory note balance of $19,000,000 (2023 - $19,000,000) due from San Ysidro Corporation on which interest accrues at a rate of 0.44% per annum (2023 - 0.44% per annum). In addition, an unpaid interest debtor of $717,755 (2023 - $719,757) existed at the year end. Interest charged on the loan in the year was $86,791 (2023 - $80,415).

United California Citrus West Inc.

A loan of $725,000 (2023 - $725,000) due to United California Citrus West Inc exists.

The loan is interest free and repayable on demand,

Summary of transactions with subsidiaries:

ArkRiver Pty Limited

A loan of $175,000 (2023 - $175,000) due to ArkRiver Pty Limited existed at the year end.

The loan is interest free and repayable on demand.