| Quatro North Limited |
| Registered number: |
09302129 |
| Balance Sheet |
| as at 31 March 2025 |
|
| Notes |
|
|
2025 |
|
|
2024 |
| £ |
£ |
| Fixed assets |
| Investments |
3 |
|
|
1,845,000 |
|
|
1,563,386 |
|
| Current assets |
| Debtors |
4 |
|
91,991 |
|
|
5,550 |
| Cash at bank and in hand |
|
|
45,088 |
|
|
76,139 |
|
|
|
137,079 |
|
|
81,689 |
|
| Creditors: amounts falling due within one year |
5 |
|
(738,812) |
|
|
(459,827) |
|
| Net current liabilities |
|
|
|
(601,733) |
|
|
(378,138) |
|
| Total assets less current liabilities |
|
|
|
1,243,267 |
|
|
1,185,248 |
|
| Creditors: amounts falling due after more than one year |
6 |
|
|
(398,502) |
|
|
(430,450) |
|
| Provisions for liabilities |
|
|
|
(146,079) |
|
|
(135,683) |
|
|
| Net assets |
|
|
|
698,686 |
|
|
619,115 |
|
|
|
|
|
|
|
|
| Capital and reserves |
| Called up share capital |
|
|
|
100 |
|
|
100 |
| Profit and loss account |
|
|
|
698,586 |
|
|
619,015 |
|
| Shareholders' funds |
|
|
|
698,686 |
|
|
619,115 |
|
|
|
|
|
|
|
|
| The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
| The members have not required the company to obtain an audit in accordance with section 476 of the Act. |
| The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. |
| The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies. |
|
|
|
|
| Mr D Burnicle |
| Director |
| Approved by the board on 16 June 2025 |
|
| Quatro North Limited |
| Notes to the Accounts |
| for the year ended 31 March 2025 |
|
|
| 1 |
Accounting policies |
|
|
Basis of preparation |
|
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
|
|
Turnover |
|
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the rental of properties. Turnover from the rental of properties is recognised on an accruals by reference to the date the rent is due for payment. Adjustments are made to turnover for overdue rent and rent paid in advance by tenants. |
|
|
Investments |
|
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account. |
|
|
Debtors |
|
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
|
|
Creditors |
|
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
|
|
Taxation |
|
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
|
|
Provisions |
|
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. |
|
| 2 |
Employees |
2025 |
|
2024 |
| Number |
Number |
|
|
Average number of persons employed by the company |
0 |
|
0 |
|
|
|
|
|
|
|
|
|
|
The company has 4 unpaid directors who do not deem themselves as employees for the disclosure purposes under FRS102a |
|
|
| 3 |
Investments |
|
| Other |
| investments |
| £ |
|
Cost |
|
At 1 April 2024 |
1,563,386 |
|
Additions |
497,880 |
|
Revaluation |
77,284 |
|
Disposals |
(293,550) |
|
|
At 31 March 2025 |
1,845,000 |
|
|
|
|
|
|
|
|
|
|
Historical cost |
|
At 1 April 2024 |
869,911 |
|
At 31 March 2025 |
1,185,911 |
|
|
|
|
|
|
|
|
|
|
The fair value of the company’s investment properties at the reporting date has been determined by the directors, who have appropriate knowledge of the local property market. The valuation is based on recent market transactions for similar properties in the area, adjusted for condition and location. No independent valuation was obtained. |
|
|
| 4 |
Debtors |
2025 |
|
2024 |
| £ |
£ |
|
|
Trade debtors |
949 |
|
- |
|
Other debtors |
91,042 |
|
5,550 |
|
|
|
|
|
|
91,991 |
|
5,550 |
|
|
|
|
|
|
|
|
|
|
| 5 |
Creditors: amounts falling due within one year |
2025 |
|
2024 |
| £ |
£ |
|
|
Bank loans and overdrafts |
9,500 |
|
9,418 |
|
Directors' Loan Accounts |
243,446 |
|
185,862 |
|
Trade creditors |
5,771 |
|
39,159 |
|
Taxation and social security costs |
43,692 |
|
10,239 |
|
Other creditors |
436,403 |
|
215,149 |
|
|
|
|
|
|
738,812 |
|
459,827 |
|
|
|
|
|
|
|
|
|
|
| 6 |
Creditors: amounts falling due after one year |
2025 |
|
2024 |
| £ |
£ |
|
|
Bank loans |
209,885 |
|
219,372 |
|
Other creditors |
188,617 |
|
211,078 |
|
|
|
|
|
|
398,502 |
|
430,450 |
|
|
|
|
|
|
|
|
|
|
| 7 |
Loans |
2025 |
|
2024 |
| £ |
£ |
|
Creditors include: |
|
|
Secured bank loans |
352,017 |
|
367,547 |
|
|
|
|
|
|
|
|
|
|
As at the reporting date, the company has four outstanding charges registered against its assets. These consist of a secured bank loan from NatWest, mortgage facilities from OneSavings Bank PLC and Aldermore Bank PLC secured against certain investment properties, and an interest-free loan from a related party, which is secured against one of the company’s properties. All borrowings are recognised as financial liabilities and measured in accordance with Sections 11 and 12 of FRS 102. The interest-free loan is classified as a basic financial instrument due to its fixed repayment terms and absence of contingent features. |
|
|
| 8 |
Related party transactions |
|
|
Directors loan interest |
|
During the year, each director of the company provided a loan to Quatro North Limited at an annual interest rate of 4.5%, using their respective directors’ loan account balances. The interest on these loans is payable on demand. At the end of the current financial year, the interest amounts due to each director are as follows: Mr. David Burnicle – £6,048 (£2,825 in 2024), Mr. Chris Burnicle – £6,001 (£2,802 in 2024), Mr. Mark Burnicle – £6,001 (£2,802 in 2024), and Mrs. Lauren Hornsby – £580 (£149 in 2024). |
|
|
Father to shareholders |
|
The company continued to repay an interest-free loan provided by a related party, who is the father of the company’s shareholders. The loan is secured against one of the company’s properties and is repayable on demand. No interest or other fees are incurred in relation to this loan. |
|
|
Harry Burnicle Electrical Contractors Limited |
|
During the financial year, Quatro North Limited fully repaid a short-term loan of £139,449 to Harry Burnicle Electrical Contractors Limited, a company under common directorship. The original loan had been provided in the prior financial year in connection with a proposed commercial transaction, which did not proceed.
A new loan facility was subsequently entered into on commercial terms, with interest charged at an open market rate and no security provided. The new arrangement is financially independent.
At the reporting date, the outstanding balance on the new loan was £366,266, and the loan is repayable on demand. |
|
| 9 |
Other information |
|
|
Quatro North Limited is a private company limited by shares and incorporated in England. Its registered office is: |
|
216 Hylton Road |
|
Sunderland |
|
Tyne & Wear |
|
SR4 7UZ |