COMPANY REGISTRATION NUMBER:
03409232
|
PROPERTY MANAGEMENT (NORTH LONDON) LIMITED |
|
|
FILLETED FINANCIAL STATEMENTS |
|
|
PROPERTY MANAGEMENT (NORTH LONDON) LIMITED |
|
|
STATEMENT OF FINANCIAL POSITION |
|
30 September 2024
Fixed assets
|
Tangible assets |
5 |
29,973 |
43,294 |
|
|
|
|
Current assets
|
Debtors |
6 |
1,566,412 |
1,298,698 |
|
Cash at bank and in hand |
34,315 |
2,803 |
|
------------- |
------------- |
|
1,600,727 |
1,301,501 |
|
|
|
|
|
Creditors: amounts falling due within one year |
7 |
(
1,543,295) |
(
1,249,423) |
|
------------- |
------------- |
|
Net current assets |
57,432 |
52,078 |
|
--------- |
--------- |
|
Total assets less current liabilities |
87,405 |
95,372 |
|
|
|
|
|
Creditors: amounts falling due after more than one year |
8 |
(
29,891) |
(
34,749) |
|
--------- |
--------- |
|
Net assets |
57,514 |
60,623 |
|
--------- |
--------- |
|
|
|
|
Capital and reserves
|
Called up share capital |
100 |
100 |
|
Profit and loss account |
57,414 |
60,523 |
|
--------- |
--------- |
|
Shareholder funds |
57,514 |
60,623 |
|
--------- |
--------- |
|
|
|
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.
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.
These financial statements were approved by the
board of directors
and authorised for issue on
24 December 2025
, and are signed on behalf of the board by:
Company registration number:
03409232
|
PROPERTY MANAGEMENT (NORTH LONDON) LIMITED |
|
|
NOTES TO THE FINANCIAL STATEMENTS |
|
YEAR ENDED 30 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 29 York Street, London, W1H 1EZ.
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 in sterling on the historical cost basis.
Going concern
The company is part of the Acorn Property Group and the ultimate parent company is Acorn PG Holdings Limited. The group has made a loss and has net liabilities however has unrealised profits on future development projects and is managing group cashflows to ensure liabilities are being paid as they fall due for payment. The group is receiving financial support from related companies to provide it with adequate working capital for a period of at least 12 months from the date of signing the financial statements and the ultimate parent company has provided group support. For these reasons, the directors have prepared the company's financial statements on a going concern basis.
Judgements and key sources of estimation uncertainty
The preparation of financial statements requires management to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying 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 a continuing basis. Revisions to accounting estimates are recognised in the year in which the estimate is revised if the revision affects only that year, or in the year of the revision and future years if the revision affects both current and future years. The directors consider that there are no significant judgements or estimates in the preparation of these financial statements.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover represents amounts receivable from inter group companies in the form of management charges.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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% straight line |
|
Motor vehicles |
- |
25% straight line |
|
|
|
|
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
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.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
26
(2023:
49
).
5.
Tangible assets
|
Plant and machinery |
Motor vehicles |
Total |
|
£ |
£ |
£ |
|
Cost |
|
|
|
|
At 1 October 2023 and 30 September 2024 |
12,322 |
53,285 |
65,607 |
|
--------- |
--------- |
--------- |
|
Depreciation |
|
|
|
|
At 1 October 2023 |
12,322 |
9,991 |
22,313 |
|
Charge for the year |
– |
13,321 |
13,321 |
|
--------- |
--------- |
--------- |
|
At 30 September 2024 |
12,322 |
23,312 |
35,634 |
|
--------- |
--------- |
--------- |
|
Carrying amount |
|
|
|
|
At 30 September 2024 |
– |
29,973 |
29,973 |
|
--------- |
--------- |
--------- |
|
At 30 September 2023 |
– |
43,294 |
43,294 |
|
--------- |
--------- |
--------- |
|
|
|
|
6.
Debtors
|
2024 |
2023 |
|
£ |
£ |
|
Trade debtors |
484,800 |
– |
|
Amounts owed by group undertakings and undertakings in which the company has a participating interest |
946,012 |
1,145,520 |
|
Other debtors |
135,600 |
153,178 |
|
------------- |
------------- |
|
1,566,412 |
1,298,698 |
|
------------- |
------------- |
|
|
|
7.
Creditors:
amounts falling due within one year
|
2024 |
2023 |
|
£ |
£ |
|
Trade creditors |
168,935 |
26,991 |
|
Amounts owed to group undertakings |
688,641 |
687,047 |
|
Accruals and deferred income |
459,113 |
428,914 |
|
Social security and other taxes |
207,120 |
94,149 |
|
Obligations under finance leases and hire purchase contracts |
5,249 |
4,867 |
|
Other creditors |
14,237 |
7,455 |
|
------------- |
------------- |
|
1,543,295 |
1,249,423 |
|
------------- |
------------- |
|
|
|
Included within other creditors are hire purchase liabilities of £5,249 (2023 - £4,867) which are secured on the assets concerned. Included within amounts owed to group undertakings is £671,092 (2023 - £478,647) which is secured against the assets of the company.
8.
Creditors:
amounts falling due after more than one year
|
2024 |
2023 |
|
£ |
£ |
|
Obligations under finance leases and hire purchase contracts |
29,891 |
34,749 |
|
--------- |
--------- |
|
|
|
Included within other creditors are hire purchase liabilities of £29,891 (2023 - £34,749) which are secured on the assets concerned.
9.
Summary audit opinion
The auditor's report dated
24 December 2025
was unqualified
, however, the auditor drew attention to the following by way of emphasis.
We draw attention to note 3 in the financial statements, which indicates that the company is reliant on support from the ultimate parent undertaking, Acorn PG Holdings Limited. We note the group is receiving financial support from related companies. The ability of the company to continue as a going concern is dependent on continuing financial support by the ultimate parent undertaking, which in turn is dependent on the continuing financial support of these related companies. These conditions, indicate that a material uncertainty exists that may cast significant doubt on the company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
The senior statutory auditor was
Jonathan Day
, for and on behalf of Streets Audit LLP
.
10.
Related party transactions
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’, not to disclose related party transactions with wholly owned subsidiaries within the group.
11.
Controlling party
APG Regional Development Limited is the immediate parent company. Acorn PG Holdings Limited is the ultimate parent company. The registered office of the companies is 29 York Street, London, England, W1H 1EZ. Copies of the financial statements for the parent company and group can be obtained from Companies House.