Company registration number 05065808 (England and Wales)
NORTH SHORE DEVELOPMENTS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
PAGES FOR FILING WITH REGISTRAR
NORTH SHORE DEVELOPMENTS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
NORTH SHORE DEVELOPMENTS LIMITED
BALANCE SHEET
AS AT
31 MARCH 2025
31 March 2025
- 1 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
4
704,292
739,610
Investment property
5
800,000
800,000
Investments
6
50
50
1,504,342
1,539,660
Current assets
Debtors
7
251,584
84,475
Cash at bank and in hand
11,993
43,910
263,577
128,385
Creditors: amounts falling due within one year
8
(177,572)
(285,840)
Net current assets/(liabilities)
86,005
(157,455)
Total assets less current liabilities
1,590,347
1,382,205
Creditors: amounts falling due after more than one year
9
(272,239)
(62,500)
Provisions for liabilities
(135,882)
(143,710)
Net assets
1,182,226
1,175,995
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
1,182,126
1,175,895
Total equity
1,182,226
1,175,995

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 31 March 2025 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.

T he member has 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.

NORTH SHORE DEVELOPMENTS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2025
31 March 2025
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 27 June 2025
Mr I P E Manix
Director
Company Registration No. 05065808
NORTH SHORE DEVELOPMENTS LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2025
31 March 2025
- 3 -
1
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.

2
Accounting policies
Company information

North Shore Developments Limited is a private company limited by shares incorporated in England and Wales. The registered office is Lime Court, Pathfields Buisness park, South Molton, Devon, United Kingdom, EX36 3LH.

2.1
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 a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

2.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

2.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
2% on cost
Plant and equipment
10% reducing balance
Fixtures and fittings
15% reducing balance
Computers
25% on cost
Motor vehicles
25% on cost
NORTH SHORE DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2
Accounting policies
(Continued)
- 4 -

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

2.4
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value a t the reporting end date. Changes in fair value are recognised in profit or loss.

2.5
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

2.6
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. Bank overdrafts are shown within borrowings in current liabilities.

2.7
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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction. Financial assets classified as receivable within one year are not amortised.

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. Financial liabilities classified as payable within one year are not amortised.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities.

2.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

NORTH SHORE DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
2
Accounting policies
(Continued)
- 5 -
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. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. 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.

2.9
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2025
2024
Number
Number
Total
7
6
NORTH SHORE DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 6 -
4
Tangible fixed assets
Freehold land and buildings
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 April 2024
200,137
685,105
14,222
4,421
232,810
1,136,695
Additions
-
0
47,900
-
0
1,099
50,500
99,499
Disposals
-
0
-
0
-
0
-
0
(32,512)
(32,512)
At 31 March 2025
200,137
733,005
14,222
5,520
250,798
1,203,682
Depreciation and impairment
At 1 April 2024
35,368
283,962
10,551
4,421
62,783
397,085
Depreciation charged in the year
4,003
43,929
551
-
0
60,595
109,078
Eliminated in respect of disposals
-
0
-
0
-
0
-
0
(6,773)
(6,773)
At 31 March 2025
39,371
327,891
11,102
4,421
116,605
499,390
Carrying amount
At 31 March 2025
160,766
405,114
3,120
1,099
134,193
704,292
At 31 March 2024
164,769
401,143
3,671
-
0
170,027
739,610

Within plant and machinery and motor vehicles are containers and vehicles with a total cost of £240,983 (2024 £240,983), which have a net book value of £172,322 (2024 £172,322) at the balance sheet date, part of which are held under hire purchase agreements.

5
Investment property
2025
£
Fair value
At 1 April 2024 and 31 March 2025
800,000

The investment property has been valued by the director based on their assumptions of the fair value of investment property at the balance sheet date. The director do es not consider the fair value of the investment property to be materially misstated.

6
Fixed asset investments
2025
2024
£
£
Shares in group undertakings and participating interests
50
50
NORTH SHORE DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 7 -
7
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
21,211
28,489
Other debtors
230,373
55,986
251,584
84,475
8
Creditors: amounts falling due within one year
2025
2024
£
£
Bank loans
31,926
51,053
Trade creditors
405
18,946
Taxation and social security
61,801
72,163
Other creditors
83,440
143,678
177,572
285,840
9
Creditors: amounts falling due after more than one year
2025
2024
Notes
£
£
Bank loans and overdrafts
10
241,075
14,857
Obligations under finance leases
31,164
47,643
272,239
62,500
10
Loans and overdrafts
2025
2024
£
£
Bank loans
273,001
65,910
Payable within one year
31,926
51,053
Payable after one year
241,075
14,857

The bank loans are secured legal charge over the company's freehold and investment property, a fixed and floating charge over all company assets and a personal guarantee by the director.

Hire purchase agreements are secured on the assets to which they relate, being containers within plant and machinery.

NORTH SHORE DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 8 -
11
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

The company lets property to Edds Greengrocers Limited at a commercial annual rent of £36,000 per annum. Mr I P E Manix is a director and shareholder of Edds Greengrocers Limited and is a director and shareholder of this company. No amounts were owing for rent to this company at the balance sheet date.

During the year Edds Greengrocers Limited provided van hire and fuel at a total cost of £6,667 (2024 - £3,208). At the balance sheet date the company owed Edds Greengrocers Limited £40,795 (20 24- £70,795).

Edds Greengrocers Limited has provided a guarantee on one of the loans from National Westminster Bank Plc.

The Company has loaned £51,596 to a company in which it holds a participating interest in, Manix Green Developments Ltd in which the director, Mr I P E Manix, is also a director.

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