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COSMOPOLITAN PROPERTIES NORTH LTD

Registered Number
01139283
(England and Wales)

Unaudited Financial Statements for the Year ended
30 September 2024

COSMOPOLITAN PROPERTIES NORTH LTD
Company Information
for the year from 1 October 2023 to 30 September 2024

Directors

PURDON, Christine Mabel
PURDON, Jonathan James
PURDON, Lucy Joanna

Registered Address

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

Registered Number

01139283 (England and Wales)
COSMOPOLITAN PROPERTIES NORTH LTD
Statement of Financial Position
30 September 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets31,4211,671
Investment property41,089,1561,129,156
1,090,5771,130,827
Current assets
Debtors513,81328,719
Cash at bank and on hand99,81931,443
113,63260,162
Creditors amounts falling due within one year6(26,016)(18,443)
Net current assets (liabilities)87,61641,719
Total assets less current liabilities1,178,1931,172,546
Provisions for liabilities7(116,959)(126,921)
Net assets1,061,2341,045,625
Capital and reserves
Called up share capital14,00014,000
Profit and loss account1,047,2341,031,625
Shareholders' funds91,061,2341,045,625
The financial statements were approved and authorised for issue by the Board of Directors on 5 June 2025, and are signed on its behalf by:
PURDON, Christine Mabel
Director
Registered Company No. 01139283
COSMOPOLITAN PROPERTIES NORTH LTD
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
Turnover is measured at the fair value of the consideration received or receivable and represents rents receivable for the period.
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:

Reducing balance (%)
Fixtures and fittings15
Investment property
Investment property is carried at fair value determined annually by the directors 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 year02
3.Tangible fixed assets

Fixtures & fittings

Total

££
Cost or valuation
At 01 October 2312,19012,190
At 30 September 2412,19012,190
Depreciation and impairment
At 01 October 2310,51910,519
Charge for year250250
At 30 September 2410,76910,769
Net book value
At 30 September 241,4211,421
At 30 September 231,6711,671
4.Investment property
The freehold investment properties were revalued by the directors at 30 September 2024, at market value for existing use. The directors consider this value to be a fair representation of fair value at the year end. On a historical cost basis these would have been included at an original cost of £438,063 (2023: £438,063).

£
Fair value at 01 October 231,129,156
Fair value adjustments(40,000)
At 30 September 241,089,156
5.Debtors: amounts due within one year

2024

2023

££
Other debtors12,03227,262
Prepayments and accrued income1,7811,457
Total13,81328,719
6.Creditors: amounts due within one year

2024

2023

££
Taxation and social security11,8344,459
Other creditors457-
Accrued liabilities and deferred income13,72513,984
Total26,01618,443
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
7.Provisions for liabilities

2024

2023

££
Net deferred tax liability (asset)116,959126,921
Total116,959126,921
8.Directors advances, credits and guarantees
On 1 October 2023 the directors owed the company £27,262. During the period the directors were advanced a further £33,012 and repaid £60,731. As at 30 September 2024 the company owed the directors £457.
9.Fair value reserve
Included within the profit and loss account is a non-distributable fair value reserve. This reserve records the cumulative fair value movements on investment properties valued above original cost and amounts to £536,367 (2023: £566,367).
10.Related party transactions
During the year the directors had a loan account with the company. At the balance sheet date the company owed the directors £457 (2023: directors owed the company £27,262).