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Registered number: 08446233






NORTH END SHOPS LIMITED
UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024









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NORTH END SHOPS LIMITED
REGISTERED NUMBER:08446233

BALANCE SHEET
AS AT 30 SEPTEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Investment property
 4 
7,169,738
10,212,196

  
7,169,738
10,212,196

Current assets
  

Debtors: amounts falling due within one year
 5 
300,675
226,004

Cash at bank and in hand
 6 
3,799,458
294,758

  
4,100,133
520,762

Creditors: amounts falling due within one year
 7 
(7,284,747)
(6,691,844)

Net current liabilities
  
 
 
(3,184,614)
 
 
(6,171,082)

Total assets less current liabilities
  
3,985,124
4,041,114

Provisions for liabilities
  

Deferred tax
 8 
(689,461)
(900,076)

  
 
 
(689,461)
 
 
(900,076)

Net assets
  
3,295,663
3,141,038


Capital and reserves
  

Called up share capital 
 9 
2
2

Investment property reserve
 10 
2,068,382
2,700,225

Profit and loss account
 10 
1,227,279
440,811

  
3,295,663
3,141,038

Page 1

 
NORTH END SHOPS LIMITED
REGISTERED NUMBER:08446233
    
BALANCE SHEET (CONTINUED)
AS AT 30 SEPTEMBER 2024

The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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: 




................................................
G L Dunitz
Director

Date: 26 June 2025

Page 2

 
NORTH END SHOPS LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024


Called up share capital
Investment property revaluation reserve
Profit and loss account
Total equity

£
£
£
£


At 1 October 2022
2
-
379,510
379,512



Profit for the year
-
-
2,761,526
2,761,526

Fair Value Movement
-
2,700,225
(2,700,225)
-



At 1 October 2023
2
2,700,225
440,811
3,141,038



Profit for the year
-
-
154,625
154,625

Fair Value Movement
-
(631,843)
631,843
-


At 30 September 2024
2
2,068,382
1,227,279
3,295,663


The notes on pages 4 to 8 form part of these financial statements.
Page 3

 
NORTH END SHOPS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

1.


General information

North End Shops Limited is a private company limited by share capital, incorporated in England and Wales. The address if the registered office is PO Box 68683, St Georges Road, London, NW11 1LJ.
The principal activity of the company continued to be that of property investment.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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.

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.4

Finance costs

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.

Page 4

 
NORTH END SHOPS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.5

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


 
2.6

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, 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.

 
2.7

Debtors

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.

 
2.8

Cash and cash equivalents

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.

 
2.9

Creditors

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.

Page 5

 
NORTH END SHOPS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.10

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2023 - 3).


4.


Investment property


Freehold investment property

£



Valuation


At 1 October 2023
10,212,196


Disposals
(3,042,458)



At 30 September 2024
7,169,738

The 2024 valuations were made by the directors, on an open market value for existing use basis.





5.


Debtors

2024
2023
£
£


Trade debtors
299,621
224,950

Other debtors
1,054
1,054

300,675
226,004


Page 6

 
NORTH END SHOPS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

6.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
3,799,458
294,758

3,799,458
294,758



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
385
2,910

Amounts owed to group undertakings
6,761,051
6,455,407

Other taxation and social security
333,016
76,160

Other creditors
2,301
545

Accruals and deferred income
187,994
156,822

7,284,747
6,691,844



8.


Deferred taxation




2024


£






At beginning of year
900,076


Charged to profit or loss
(210,615)



At end of year
689,461

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Deferred tax on fair value adjustment
689,461
900,076

689,461
900,076

Page 7

 
NORTH END SHOPS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

9.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



2 (2023 - 2) Ordinary shares of £1.00 each
2
2



10.


Reserves

Investment property revaluation reserve

This reserve forms part of the profit and loss reserve representing the non-distributable element arising
from the revaluation of investment property net of deferred tax.

Profit & loss account

This represents the distributable part of the profit and loss reserves.
 
Page 8