Northmount Limited Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 02546028

Northmount Limited

Filleted Unaudited Financial Statements

31 December 2024

Northmount Limited

Statement of Financial Position

31 December 2024

	2024		2023
Note	£	£	£	£

Fixed assets

Tangible assets	5	306	408
Investments	6	804,143	664,143
		----------	----------
		804,449	664,551

Current assets

Stocks		2,431,139	2,477,367
Debtors	7	54,962	71,467
Cash at bank and in hand		14,599	49,115
		-------------	-------------
		2,500,700	2,597,949

Creditors: amounts falling due within one year	8	361,381		485,825
		-------------		-------------
Net current assets			2,139,319		2,112,124
			-------------		-------------
Total assets less current liabilities			2,943,768		2,776,675

Provisions

Taxation including deferred tax	35,523		17,706
Other provisions	57,186		56,065
	--------		--------
		92,709		73,771
		-------------		-------------
Net assets		2,851,059		2,702,904
		-------------		-------------

Capital and reserves

Called up share capital	33	33
Share premium account	34,967	34,967
Capital redemption reserve	100	100
Other reserves	35,490	35,490
Profit and loss account	2,780,469	2,632,314
	-------------	-------------
Shareholders funds	2,851,059	2,702,904
	-------------	-------------

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 income statement has not been delivered.

Northmount Limited

Statement of Financial Position (continued)

31 December 2024

For the year ending 31 December 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 financial statements for the year in question in accordance with section 476 ;

- The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

These financial statements were approved by the board of directors and authorised for issue on 8 September 2025 , and are signed on behalf of the board by:

Mrs S Cartwright
Director

Company registration number: 02546028

Northmount Limited

Notes to the Financial Statements

Year ended 31 December 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 Fulford Lodge, 1 Heslington Lane, Fulford, York, YO10 4HW.

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

(a) 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.

(b) Revenue recognition

Income from rent received is recognised in accordance with terms and conditions of the relevant lease agreement.

(c) Current & deferred tax

The taxation expense represents the aggregate amount of current and deferred 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. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. 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.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

(d) Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

(e) 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:

	Plant and machinery	-	25% reducing balance

(f) Investments

Investment properties are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Investment properties are measured at fair value with changes in fair value being recognised in profit or loss.

(g) Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

(h) Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

(i) 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. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

(j) Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 7 (2023: 6 ).

5. Tangible assets

	Plant and machinery	Total
	£	£
Cost
At 1 January 2024 and 31 December 2024	10,898	10,898
	--------	--------
Depreciation
At 1 January 2024	10,490	10,490
Charge for the year	102	102
	--------	--------
At 31 December 2024	10,592	10,592
	--------	--------
Carrying amount
At 31 December 2024	306	306
	--------	--------
At 31 December 2023	408	408
	--------	--------

6. Investments

	Investment properties
	£
Cost
At 1 January 2024	664,143
Additions	140,000
	----------
At 31 December 2024	804,143
	----------
Impairment
At 1 January 2024 and 31 December 2024	–
	----------

Carrying amount
At 31 December 2024	804,143
	----------
At 31 December 2023	664,143
	----------

Investment properties were valued in December 2024 by the directors who have experience in the location and category of investment property being valued.

7. Debtors

	2024	2023
	£	£
Other debtors	54,962	71,467
	--------	--------

8. Creditors: amounts falling due within one year

	2024	2023
	£	£
Accruals and deferred income	54,624	53,817
Corporation tax	61,946	65,312
Social security and other taxes	3,911	3,649
Director loan accounts	11,855	1,002
Other creditors	229,045	362,045
	----------	----------
	361,381	485,825
	----------	----------

Bank loans are secured by means of a fixed charge over the assets of the company.

9. Related party transactions

During the year the director made available loans to the company. The loans are interest free and repayable on demand. At the year end date the balance due to the director totalled £ 11,855 (2023 - £ 1,002 ). During the year Portward Ltd , a company under common control, made available loans to the company. The loans are interest free and repayable on demand. At the year end date the balance due to Portward Ltd totalled £ 229,045 (2023 - £ 362,045 ). During the year the company made available loans to Varsity Builders Ltd , a company under common control. The loans are interest free and repayable on demand. At the year end date the balance due from Varsity Builders Ltd totalled £ 35,000 (2023 - £ 35,000 ). During the year the company made available loans to Varsity Holdings Ltd , a company who owns 100% of the shares in Northmount Ltd. The loans are interest free and repayable on demand. At the year end date the balance due from Varsity Holdings Ltd totalled £ 21,000 (2023 - £ 21,000 ).

10. Controlling party

The company is a wholly owned subsidiary of Varsity Holdings Limited , a company registered in England whose registered office is 1 Heslington Lane, Fulford, York, YO10 4HW.