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NORTH BAR PROPERTIES LIMITED

Registered Number
05036095
(England and Wales)

Unaudited Financial Statements for the Year ended
30 September 2024

NORTH BAR PROPERTIES LIMITED
Company Information
for the year from 1 October 2023 to 30 September 2024

Directors

NAWAZ, Sameena Naz
NAWAZ, Yusuf Abid

Company Secretary

NAWAZ, Sameena Naz

Registered Address

C/O Armstrong Watson 1st Floor
One Strawberry Lane
Newcastle Upon Tyne
NE1 4BX

Registered Number

05036095 (England and Wales)
NORTH BAR PROPERTIES LIMITED
Statement of Financial Position
30 September 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets3999-
Investment property41,587,2841,587,284
1,588,2831,587,284
Current assets
Debtors517,15834,530
Cash at bank and on hand154,316140,828
171,474175,358
Creditors amounts falling due within one year6(251,733)(259,967)
Net current assets (liabilities)(80,259)(84,609)
Total assets less current liabilities1,508,0241,502,675
Creditors amounts falling due after one year7(587,559)(599,065)
Provisions for liabilities8(40,322)(40,322)
Net assets880,143863,288
Capital and reserves
Called up share capital22
Profit and loss account880,141863,286
Shareholders' funds880,143863,288
The financial statements were approved and authorised for issue by the Board of Directors on 1 May 2025, and are signed on its behalf by:
NAWAZ, Sameena Naz
Director
Registered Company No. 05036095
NORTH BAR PROPERTIES LIMITED
Notes to the Financial Statements
for the year ended 30 September 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Basis of preparation
The financial statements have been prepared under the historical cost convention on a going concern basis unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Turnover policy
The turnover shown in the profit and loss account represents rents and other amounts received or receivable for the year.
Finance costs
Finance costs charged to the profit or loss include interest expense calculated using the effective interest method, finance charges on finance leases, and exchange differences on foreign currency borrowings where these are treated as an adjustment to interest costs.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to the Income Statement
Current taxation
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. The assets residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement Depreciation is provided on all tangible fixed assets as follows:

Straight line (years)
Fixtures and fittings5
Office Equipment5
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. These values are 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 the Income Statement.
Financial instruments
The company enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
2.Average number of employees

20242023
Average number of employees during the year21
3.Tangible fixed assets

Fixtures & fittings

Office Equipment

Total

£££
Cost or valuation
At 01 October 231,850-1,850
Additions-1,1991,199
At 30 September 241,8501,1993,049
Depreciation and impairment
At 01 October 231,850-1,850
Charge for year-200200
At 30 September 241,8502002,050
Net book value
At 30 September 24-999999
At 30 September 23---
4.Investment property
The freehold investment properties were revalued by the director at 30 September 2024, based on market value for existing use. The directors consider the value to be a fair representation of fair value at the year end. On a historical cost basis the properties would have been included at an original cost of £1,191,343 (2023: £1,191,343).

£
Fair value at 01 October 231,587,284
At 30 September 241,587,284
5.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables5,81622,063
Prepayments and accrued income11,34212,467
Total17,15834,530
6.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables5,5106,233
Bank borrowings and overdrafts16,88016,521
Taxation and social security7,46114,642
Other creditors206,360207,347
Accrued liabilities and deferred income15,52215,224
Total251,733259,967
7.Creditors: amounts due after one year

2024

2023

££
Bank borrowings and overdrafts587,559599,065
Total587,559599,065
Included within creditors: amounts falling due after more than five years is an amount of £550,038 (2023: £561,964) in respect of liabilities payable or repayable by installments which fall due for payment after more than five years from the reporting date.
8.Provisions for liabilities

2024

2023

££
Net deferred tax liability (asset)40,32240,322
Total40,32240,322