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Registration number: 01525261

North Atlantic Investments Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 30 November 2024

 

North Atlantic Investments Ltd

Contents

Company Information

1

Director's Report

2

Accountants' Report

3

Profit and Loss Account

4

Statement of Comprehensive Income

5

Balance Sheet

6

Statement of Changes in Equity

7

Notes to the Unaudited Financial Statements

8 to 12

 

North Atlantic Investments Ltd

Company Information

Director

Dr M A Greagg

Registered office

59 Woodstock Road
Chiswick
London
W4 1ED

Accountants

Russell Phillips Limited
Chartered Accountants2nd Floor
Gerrards Cross Memorial Centre
8 East Common
Gerrards Cross
Buckinghamshire
SL9 7AD

 

North Atlantic Investments Ltd

Director's Report for the Year Ended 30 November 2024

The director presents his report and the financial statements for the year ended 30 November 2024.

Director of the company

The director who held office during the year was as follows:

Dr M A Greagg

Principal activity

The principal activity of the company is property investment

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the director on 9 June 2025
 

.........................................
Dr M A Greagg
Director

 

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
North Atlantic Investments Ltd
for the Year Ended 30 November 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of North Atlantic Investments Ltd for the year ended 30 November 2024 as set out on pages 4 to 12 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
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of North Atlantic Investments Ltd, as a body, in accordance with the terms of our engagement letter dated 17 April 2014. Our work has been undertaken solely to prepare for your approval the accounts of North Atlantic Investments Ltd and state those matters that we have agreed to state to the Board of Directors of North Atlantic Investments Ltd, 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 North Atlantic Investments Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that North Atlantic Investments Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of North Atlantic Investments Ltd. You consider that North Atlantic Investments Ltd 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 accounts of North Atlantic Investments Ltd. 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 accounts.



......................................

Russell Phillips Limited
Chartered Accountants
2nd Floor
Gerrards Cross Memorial Centre
8 East Common
Gerrards Cross
Buckinghamshire
SL9 7AD

10 June 2025

 

North Atlantic Investments Ltd

Profit and Loss Account for the Year Ended 30 November 2024

Note

2024
£

2023
£

Turnover

 

17,750

17,400

Gross profit

 

17,750

17,400

Administrative expenses

 

(11,671)

(11,006)

Operating profit

 

6,079

6,394

Amounts written off investments

 

14,586

5,483

Interest payable and similar expenses

 

(3,513)

(5,465)

   

11,073

18

Profit before tax

17,152

6,412

Tax on profit

 

(251)

(602)

Profit for the financial year

 

16,901

5,810

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

North Atlantic Investments Ltd

Statement of Comprehensive Income for the Year Ended 30 November 2024

2024
£

2023
£

Profit for the year

16,901

5,810

Total comprehensive income for the year

16,901

5,810

 

North Atlantic Investments Ltd

(Registration number: 01525261)
Balance Sheet as at 30 November 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

330,103

330,103

Current assets

 

Other financial assets

5

307,629

313,043

Cash at bank and in hand

 

15,670

14,037

 

323,299

327,080

Creditors: Amounts falling due within one year

7

(303,147)

(295,487)

Net current assets

 

20,152

31,593

Total assets less current liabilities

 

350,255

361,696

Creditors: Amounts falling due after more than one year

7

(24,499)

(52,841)

Net assets

 

325,756

308,855

Capital and reserves

 

Called up share capital

100

100

Retained earnings

325,656

308,755

Shareholders' funds

 

325,756

308,855

For the financial year ending 30 November 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.

Approved and authorised by the director on 9 June 2025
 

.........................................
Dr M A Greagg
Director

 

North Atlantic Investments Ltd

Statement of Changes in Equity for the Year Ended 30 November 2024

Share capital
£

Retained earnings
£

Total
£

At 1 December 2023

100

308,755

308,855

Profit for the year

-

16,901

16,901

At 30 November 2024

100

325,656

325,756

Share capital
£

Retained earnings
£

Total
£

At 1 December 2022

100

302,945

303,045

Profit for the year

-

5,810

5,810

At 30 November 2023

100

308,755

308,855

 

North Atlantic Investments Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
59 Woodstock Road
Chiswick
London
W4 1ED
United Kingdom

These financial statements were authorised for issue by the director on 9 June 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

North Atlantic Investments Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

25% on reducing balance

Land and buildings

Long leasehold properties are not depreciated

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

 

North Atlantic Investments Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

4

Tangible assets

Long leasehold land and buildings
£

Other tangible assets
 £

Total
£

Cost or valuation

At 1 December 2023

330,103

22,935

353,038

At 30 November 2024

330,103

22,935

353,038

Depreciation

At 1 December 2023

-

22,935

22,935

At 30 November 2024

-

22,935

22,935

Carrying amount

At 30 November 2024

330,103

-

330,103

At 30 November 2023

330,103

-

330,103

Included within the net book value of land and buildings above is £330,103 (2023 - £330,103) in respect of long leasehold land and buildings.
 

 

North Atlantic Investments Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

5

Other financial assets (current and non-current)

Financial assets at fair value through profit and loss
£

Total
£

Current financial assets

Cost or valuation

At 1 December 2023

293,043

293,043

At 30 November 2024

293,043

293,043

Impairment

Losses made in the period

(14,586)

(14,586)

At 30 November 2024

(14,586)

(14,586)

Carrying amount

At 30 November 2024

307,629

307,629

6

Debtors

Current

2024
£

2023
£

 

-

-

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Bank loans and overdrafts

8

927

4,200

Director's current account

299,890

287,990

Other creditors

 

2,330

3,297

 

303,147

295,487

Due after one year

 

Loans and borrowings

8

24,499

52,841

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

24,499

52,841

 

North Atlantic Investments Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Other borrowings

24,499

52,841

Current loans and borrowings

2024
£

2023
£

Other borrowings

927

4,200

The loan is secured by a fixed charge over the long leasehold property of the company.

 

North Atlantic Investments Ltd

Detailed Profit and Loss Account for the Year Ended 30 November 2024

2024
 £

2023
 £

Turnover

Rent

17,750

17,400

Employment costs

Estate agent's commission payable

(1,923)

(2,067)

Establishment costs

Repairs and maintenance

(2,200)

(3,464)

General administrative expenses

Telephone and fax

(332)

(330)

Computer software and maintenance costs

(904)

-

Printing, postage and stationery

(610)

(375)

Charitable donations

(731)

(50)

Sundry expenses

(200)

(13)

Service charge payable

(2,266)

(2,165)

Travel and subsistence

(325)

(363)

Accountancy fees

(2,079)

(2,079)

(7,447)

(5,375)

Finance charges

Bank charges

(101)

(100)

Operating profit

6,079

6,394

Amounts written off investments

Written off current asset investments

(14,586)

(5,483)

Interest payable and similar charges

Other interest payable on loans over 5 years

3,513

5,465

Net finance income

11,073

18

Profit before tax

17,152

6,412