Company Registration No. 13498010 (England and Wales)
Northstar FI Limited
Unaudited financial statements
for the year ended 30 November 2024
Pages for filing with the registrar
Northstar FI Limited
Contents
Page
Balance sheet
1
Notes to the financial statements
2 - 5
Northstar FI Limited
Balance sheet
As at 30 November 2024
1
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
4
1,826,569
47,215
Current assets
Debtors
4,011
Investments
5
5,771,248
Cash at bank and in hand
3,536,737
51
3,540,748
5,771,299
Creditors: amounts falling due within one year
6
(5,032,618)
(5,668,583)
Net current (liabilities)/assets
(1,491,870)
102,716
Net assets
334,699
149,931
Capital and reserves
Called up share capital
7
7,000
7,000
Profit and loss reserves
327,699
142,931
Total equity
334,699
149,931
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 November 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 31 May 2025.
Dennis Engel
Director
Company Registration No. 13498010
Northstar FI Limited
Notes to the financial statements
For the year ended 30 November 2024
2
1
Accounting policies
Company information
Northstar FI Limited is a private company limited by shares incorporated in England and Wales. The registered office is 10 Wellington Place, Leeds, LS1 4AP.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Fixed asset investments
Fixed asset investments are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
1.3
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts.
1.4
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Northstar FI Limited
Notes to the financial statements (continued)
For the year ended 30 November 2024
1
Accounting policies (continued)
3
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.5
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Where items recognised in other comprehensive income or equity are chargeable to or deductible for tax purposes, the resulting current or deferred tax expense or income is presented in the same component of comprehensive income or equity as the transaction or other event that resulted in the tax expense or income. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
Northstar FI Limited
Notes to the financial statements (continued)
For the year ended 30 November 2024
4
2
Critical accounting judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. Management do not believe there to be any critical accounting judgements or key sources of estimation uncertainty applied in the preparation of these financial statements.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
4
Fixed asset investments
2024
2023
£
£
Other investments other than loans
1,826,569
47,215
Movements in fixed asset investments
Investments
Other
Total
£
£
£
Cost or valuation
At 1 December 2023
-
47,215
47,215
Additions
1,803,022
-
1,803,022
Valuation changes
(23,668)
-
(23,668)
At 30 November 2024
1,779,354
47,215
1,826,569
Carrying amount
At 30 November 2024
1,779,354
47,215
1,826,569
At 30 November 2023
-
47,215
47,215
Northstar FI Limited
Notes to the financial statements (continued)
For the year ended 30 November 2024
5
5
Current asset investments
2024
2023
£
£
Other investments
5,771,248
6
Creditors: amounts falling due within one year
2024
2023
£
£
Corporation tax
59,334
45,343
Other creditors
4,973,284
5,623,240
5,032,618
5,668,583
7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
A ordinary shares of £1 each
2,425
2,425
2,425
2,425
B ordinary shares of £1 each
2,425
2,425
2,425
2,425
C ordinary shares of £1 each
650
650
650
650
D ordinary shares of £1 each
500
500
500
500
E ordinary shares of £1 each
500
500
500
500
F ordinary shares of £1 each
500
500
500
500
7,000
7,000
7,000
7,000
All shares rank pari passu as regards to rights to a return of capital and in respect of dividends. Only A ordinary shares carry voting rights
8
Related party transactions
Included within other creditors is £4,968,722 (2023: £5,618,240) payable to the shareholders of the company. These loans are unsecured and interest free.