Company registration number 04442410 (England and Wales)
PROPERTY NORTH WEST LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2025
PAGES FOR FILING WITH REGISTRAR
PROPERTY NORTH WEST LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 9
PROPERTY NORTH WEST LIMITED
BALANCE SHEET
AS AT
31 OCTOBER 2025
31 October 2025
- 1 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
3
10,496
825
Investment property
4
16,057,137
13,739,567
Investments
5
2,165,436
1,130,968
18,233,069
14,871,360
Current assets
Debtors
7
189,371
80,206
Cash at bank and in hand
935,638
927,638
1,125,009
1,007,844
Creditors: amounts falling due within one year
8
(1,383,136)
(2,471,322)
Net current liabilities
(258,127)
(1,463,478)
Total assets less current liabilities
17,974,942
13,407,882
Creditors: amounts falling due after more than one year
9
(4,260,389)
(774,490)
Provisions for liabilities
(1,218,286)
(1,233,550)
Net assets
12,496,267
11,399,842
Capital and reserves
Called up share capital
11
100
100
Non-distributable profits reserve
12
4,824,569
4,877,765
Distributable profit and loss reserves
7,671,598
6,521,977
Total equity
12,496,267
11,399,842
PROPERTY NORTH WEST LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 OCTOBER 2025
31 October 2025
- 2 -

For the financial year ended 31 October 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

T he 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 directors acknowledge their 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 have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 19 February 2026 and are signed on its behalf by:
C D Grieves
Director
Company registration number 04442410 (England and Wales)
PROPERTY NORTH WEST LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2025
- 3 -
1
Accounting policies
Company information

Property North West Limited is a private company limited by shares incorporated in England and Wales. The registered office is 1D Crown Business Park, Cowm Top Lane, Queensway, Rochdale, OL11 2PU.

1.1
Basis of preparation

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.

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

1.2
Going concern

The company is reliant upon the financial support of the directors true, its external funding providers and connected companies. There is no evidence to suggest that this support is likely to be withdrawn in the foreseeable future, and therefore the accounts have been prepared on the going concern basis.

1.3
Revenue
Turnover represents amounts receivable for rents net of VAT.
1.4
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.

Plant and machinery
15% reducing balance
Computer equipment
20% straight line

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.

1.5
Investment property

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.

PROPERTY NORTH WEST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
1
Accounting policies
(Continued)
- 4 -
1.6
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. Other investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in profit or loss. Transaction costs are expensed to profit or loss as incurred.

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.

1.7
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.8
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.

1.9
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.

PROPERTY NORTH WEST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
1
Accounting policies
(Continued)
- 5 -
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, 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.

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 paymen ts 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. 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. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.10
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.

1.11
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.

PROPERTY NORTH WEST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
1
Accounting policies
(Continued)
- 6 -

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.

1.12
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

2
Employees

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

2025
2024
Number
Number
Total
2
2
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 November 2024
1,005
Additions
9,900
At 31 October 2025
10,905
Depreciation and impairment
At 1 November 2024
180
Depreciation charged in the year
229
At 31 October 2025
409
Carrying amount
At 31 October 2025
10,496
At 31 October 2024
825
PROPERTY NORTH WEST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
- 7 -
4
Investment property
2025
£
Fair value
At 1 November 2024
13,739,567
Additions
3,259,406
Disposals
(870,908)
Revaluations
(70,928)
At 31 October 2025
16,057,137

The valuations of the properties held by the company have been considered by the directors as at 31 October 202 5.

Some properties are held at cost where the directors are of the opinion that the market values are not materially different from the cost. The remaining properties have been revalued by the directors.

The historical cost of the properties is £10,017,667 (20 2 4: £7,629,169).

5
Fixed asset investments
2025
2024
£
£
Shares in group undertakings and participating interests
2
2
Other investments other than loans
2,165,434
1,130,966
2,165,436
1,130,968
Movements in fixed asset investments
Shares in subsidiaries
Other investments
Total
£
£
£
Cost or valuation
At 1 November 2024
2
1,130,966
1,130,968
Additions
-
283,903
283,903
Valuation changes
-
766,625
766,625
Disposals
-
(16,060)
(16,060)
At 31 October 2025
2
2,165,434
2,165,436
Carrying amount
At 31 October 2025
2
2,165,434
2,165,436
At 31 October 2024
2
1,130,966
1,130,968
6
Subsidiaries

Details of the company's subsidiaries at 31 October 2025 are as follows:

PROPERTY NORTH WEST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
6
Subsidiaries
(Continued)
- 8 -
Name of undertaking
Address
Class of
% Held
shares held
Direct
Integrity Pub Management Limited
1
Ordinary
67.00

Registered office addresses (all UK unless otherwise indicated):

1
Mentor House, Ainsworth Street, Blackburn BB1 6AY
7
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
148,334
53,515
Other debtors
41,037
26,691
189,371
80,206
8
Creditors: amounts falling due within one year
2025
2024
£
£
Bank loans
100,000
1,306,779
Trade creditors
20,367
38,478
Taxation and social security
259,330
116,330
Other creditors
1,003,439
1,009,735
1,383,136
2,471,322

Other creditors includes £640,000 (202 4 - £750,000) due to connected entities.

9
Creditors: amounts falling due after more than one year
2025
2024
£
£
Bank loans and overdrafts
4,260,389
774,490
Creditors which fall due after five years are payable as follows:
Payable by instalments
2,885,341
374,604

The bank loans are secured on the assets of the company.

PROPERTY NORTH WEST LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
- 9 -
10
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2025
2024
Balances:
£
£
Accelerated capital allowances
2,468
-
Revaluations
1,215,818
1,233,550
1,218,286
1,233,550
2025
Movements in the year:
£
Liability at 1 November 2024
1,233,550
Credit to profit or loss
(15,264)
Liability at 31 October 2025
1,218,286

T he deferred tax liability set out above is expected to reverse either when the properties are sold, or over the useful life of the other assets..

11
Called up share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
A1 Ordinary shares of £1 each
50
50
50
50
A2 ordinary shares of £1 each
30
30
30
30
B Ordinary shares of £1 each
10
10
10
10
C Ordinary shares of £1 each
10
10
10
10
100
100
100
100
12
Non-distributable profits reserve
2025
2024
£
£
At the beginning of the year
4,877,765
4,727,765
Non distributable profits in the year
(53,196)
150,000
At the end of the year
4,824,569
4,877,765

Non-distributable profits reserve relates to the revaluations on investment properties adjusted for the potential deferred taxation arising on any gains on disposal.

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