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Registered number: 13866536
LOST GARDENS MANCHESTER DEVCO LIMITED (FORMERLY NORTHSIDE (MANCHESTER) LIMITED)
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 30 APRIL 2024
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LOST GARDENS MANCHESTER DEVCO LIMITED (FORMERLY NORTHSIDE (MANCHESTER) LIMITED)
COMPANY INFORMATION
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P Ellis (resigned 31 December 2023)
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T Smith (resigned 16 August 2024)
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Anderson Anderson & Brown Audit LLP
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LOST GARDENS MANCHESTER DEVCO LIMITED (FORMERLY NORTHSIDE (MANCHESTER) LIMITED)
CONTENTS
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Directors' responsibilities statement
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Notes to the financial statements
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LOST GARDENS MANCHESTER DEVCO LIMITED (FORMERLY NORTHSIDE (MANCHESTER) LIMITED)
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 APRIL 2024
The directors are responsible for preparing the Directors' report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgements and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Page 1
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LOST GARDENS MANCHESTER DEVCO LIMITED (FORMERLY NORTHSIDE (MANCHESTER) LIMITED)
REGISTERED NUMBER: 13866536
BALANCE SHEET
AS AT 30 APRIL 2024
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Net current (liabilities)/assets
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 3 to 7 form part of these financial statements.
Page 2
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LOST GARDENS MANCHESTER DEVCO LIMITED (FORMERLY NORTHSIDE (MANCHESTER) LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
Northside (Manchester) Limited is a private company, limited by shares and incorporated in England and Wales whose registered office is 109 Hammersmith Grove, C/O Lamington, London, W6 0NQ.
2.Accounting policies
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Basis of preperation of financial statements
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The financial statements have been prepared under the historical cost convention 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.
The following principal accounting policies have been applied:
The financial statements have been prepared on a going concern basis.
The company has net liabilities of £771,639 as at 31 December 2024. Included within curremt liabilities are amounts owed to the shareholders amounting to £3,446,866 which will not be repaid in advance of other creditors.
The Directors of Agate Properties Limited ("The Group") have prepared the consolidated cash flow forecasts for a period to 30 April 2026 which show the Group is able to meet its financial obligations as they fall due. The forecast includes management's best estimates of income and costs for the Group, and they show the Group has the liquidity to continue to trade in the period, as well as meet all bank covenants as and when they fall due. The forecasts are based on the assumption that the group has suitable bank funding in place. In August 2024, the Group and a related company LEK Property Developments Ltd completed a refinance with Aldermore bank on a 5 year term. A loan agreement with HSBC which expired in March 2025 has been extended to 30 September 2025 and they have indicated their support until the new financing is in place. The Directors are in discussions with another lender to refinance and increase this facility to support the growth plans of the Group. Whilst not all the banking facilities are in place for a period of 12 months, the directors have no concerns regarding the ability of the Group to obtain the necessary funding.
Based on the above, the directors have concluded the Company is a going concern and have prepared the financial statements on a going concern basis.
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
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, 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 profit or loss.
Page 3
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LOST GARDENS MANCHESTER DEVCO LIMITED (FORMERLY NORTHSIDE (MANCHESTER) LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
2.Accounting policies (continued)
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
The Company only enters into basic financial instrument transactions that results in the recognition of financial assets and liabilities like trade debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
For financial assets measured at costs less impairments, the impairment loss is measured as the difference between an assets carrying amount and the best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.
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The average monthly number of employees, including directors, during the year was 4 (2023 - 4).
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Page 4
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LOST GARDENS MANCHESTER DEVCO LIMITED (FORMERLY NORTHSIDE (MANCHESTER) LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
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Freehold investment property
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The 2024 valuations were made by by the directors , on an open market value for existing use basis.
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If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:
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Prepayments and accrued income
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Cash and cash equivalents
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Page 5
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LOST GARDENS MANCHESTER DEVCO LIMITED (FORMERLY NORTHSIDE (MANCHESTER) LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
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Creditors: Amounts falling due within one year
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Creditors: Amounts falling due after more than one year
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Other loans include £3.58m facility with Together Commercial Finance Limited. The loan attracts annual interest of 11.25% and is repayable in full in September 2025.
The loan is secured against the assets of the Company.
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Analysis of the maturity of loans is given below:
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Amounts falling due 1-2 years
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Allotted, called up and fully paid
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200 (2023 - 200) Ordinary shares of £1.00 each
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Page 6
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LOST GARDENS MANCHESTER DEVCO LIMITED (FORMERLY NORTHSIDE (MANCHESTER) LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
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Related party transactions
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Included within other creditors due over one year are amounts owed to the 50% joint venture owners:
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North Star (York) Investment Limited
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During the year there was no controlling party. Post year end, Agate Properties Limited has acquired the entire share capital of the company and is now the immediate parent and ultimate parent company. The address of its registered office is 109 Hammersmith Grove, Hammersmith, London, W6 0NQ.
The auditor's report on the financial statements for the year ended 30 April 2024 was unqualified.
The audit report was signed on 16 June 2025 by Derek Mair (Senior statutory auditor) on behalf of Anderson Anderson & Brown Audit LLP.
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