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COMPANY REGISTRATION NUMBER: 03129925
NORTHUMBERLAND CTC (PROPERTIES) LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
30 September 2024
NORTHUMBERLAND CTC (PROPERTIES) LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 30th SEPTEMBER 2024
CONTENTS
PAGES
Statement of financial position
1 to 2
Notes to the financial statements
3 to 6
NORTHUMBERLAND CTC (PROPERTIES) LIMITED
STATEMENT OF FINANCIAL POSITION
30 September 2024
2024
2023
Note
£
£
£
£
FIXED ASSETS
Tangible assets
5
357,500
422,500
CURRENT ASSETS
Debtors
6
53,982
20,563
Cash at bank and in hand
21,516
22,744
---------
---------
75,498
43,307
CREDITORS: amounts falling due within one year
7
49,774
38,710
---------
---------
NET CURRENT ASSETS
25,724
4,597
----------
----------
TOTAL ASSETS LESS CURRENT LIABILITIES
383,224
427,097
CREDITORS: amounts falling due after more than one year
8
46,660
57,029
PROVISIONS
Taxation including deferred tax
187,284
187,284
----------
----------
NET ASSETS
149,280
182,784
----------
----------
CAPITAL AND RESERVES
Called up share capital
10
1
1
Revaluation reserve
616,574
616,574
Profit and loss account
( 467,295)
( 433,791)
----------
----------
SHAREHOLDERS FUNDS
149,280
182,784
----------
----------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 30th September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
NORTHUMBERLAND CTC (PROPERTIES) LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
30 September 2024
These financial statements were approved by the board of directors and authorised for issue on 12 June 2025 , and are signed on behalf of the board by:
G. A. Murphy
Director
Company registration number: 03129925
NORTHUMBERLAND CTC (PROPERTIES) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 30th SEPTEMBER 2024
1. GENERAL INFORMATION
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is County Lawn Tennis Ground, North Jesmond Avenue, North Jesmond, Newcastle upon Tyne, NE2 3JU.
2. STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity. Monetary amounts in these financial statements are rounded to the nearest £.
Going concern
The financial statements have been prepared on the going concern basis. The directors consider that this basis is appropriate following due consideration of the present financial position, the expected prospects of the company during the twelve months from the date of approval of these financial statements and the continued support of the company's directors, bankers and other lending agents during this time.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Taxation
The taxation expense represents the aggregate amount of current tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. 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.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Long leasehold property
-
over expected useful life of 20 years
Fixtures, plant and equipment
-
20% straight line
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
Government grants
Grants on capital expenditure are credited to a deferral account and are released over the expected useful life of the relevant asset by equal annual instalments.
4. EMPLOYEE NUMBERS
The company had no employees during the current or previous financial year.
5. TANGIBLE ASSETS
Long leasehold property
Fixtures, plant and equipment
Total
£
£
£
Cost or valuation
At 1st October 2023 and 30th September 2024
1,300,000
70,763
1,370,763
-------------
---------
-------------
Depreciation
At 1st October 2023
877,500
70,763
948,263
Charge for the year
65,000
65,000
-------------
---------
-------------
At 30th September 2024
942,500
70,763
1,013,263
-------------
---------
-------------
Carrying amount
At 30th September 2024
357,500
357,500
-------------
---------
-------------
At 30th September 2023
422,500
422,500
-------------
---------
-------------
6. DEBTORS
2024
2023
£
£
Trade debtors
44,598
20,371
Amounts owed by group undertakings
599
150
Other debtors
8,785
42
---------
---------
53,982
20,563
---------
---------
7. CREDITORS: amounts falling due within one year
2024
2023
£
£
Trade creditors
20,927
19,453
Amounts owed to group undertakings
8,097
8,110
Corporation tax
5,101
535
Social security and other taxes
5,154
Other creditors
10,495
10,612
---------
---------
49,774
38,710
---------
---------
8. CREDITORS: amounts falling due after more than one year
2024
2023
£
£
Accruals and deferred income
46,660
57,029
---------
---------
9. DEFERRED TAX
The deferred tax included in the statement of financial position is as follows:
2024
2023
£
£
Included in provisions
187,284
187,284
----------
----------
The deferred tax account consists of the tax effect of timing differences in respect of:
2024
2023
£
£
Accelerated capital allowances
( 154)
( 154)
Revaluation of tangible assets
187,438
187,438
----------
----------
187,284
187,284
----------
----------
10. CALLED UP SHARE CAPITAL
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
1
1
1
1
----
----
----
----
11. RELATED PARTY TRANSACTIONS
The company is a subsidiary of Northumberland Lawn Tennis Association (NLTA). At the end of the year the amount owed by NLTA was £599 (2023: £150), and the amount owed to NLTA was £8,097 (2023: £8,110) No other transactions with related parties were undertaken such as are required to be disclosed under FRS 102 Section 1A small entities.