North Face Properties Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 09489421

NORTH FACE PROPERTIES LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2018

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

D Alison

J J Field

L A Fettah

REGISTERED OFFICE:

Elfed House

Oak Tree Court

Cardiff Gate Business Park

CARDIFF

CF23 8RS

REGISTERED NUMBER:

09489421

ACCOUNTANTS:

Watts Gregory LLP

Chartered Accountants

Elfed House

Oak Tree Court

Cardiff Gate Business Park

CARDIFF

County of Cardiff

CF23 8RS

FIXED ASSETS

Investment property

3

1,200,000

1,200,000

CURRENT ASSETS

Debtors

4

-

629

Cash at bank

16,510

12,117

16,510

12,746

CREDITORS

Amounts falling due within one year

5

(361,882

)

(351,649

)

NET CURRENT LIABILITIES

(345,372

)

(338,903

)

TOTAL ASSETS LESS CURRENT LIABILITIES

854,628

861,097

CREDITORS

Amounts falling due after more than one year

6

(371,498

)

(399,111

)

PROVISIONS FOR LIABILITIES

(78,065

)

(71,468

)

NET ASSETS

405,065

390,518

CAPITAL AND RESERVES

Called up share capital

8

100

100

Non distributable reserve

339,403

339,403

Retained earnings

65,562

51,015

SHAREHOLDERS' FUNDS

405,065

390,518

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2018 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Profit and loss account has not been delivered.

The financial statements were approved for issue by the Board of Directors on 17 December 2018 and were signed on its behalf by:

J J Field - Director

1.	STATUTORY INFORMATION

North Face Properties Limited is a private company, limited by shares , registered in Not specified/Other. The

company's registered number and registered office address can be found on the Company Information page.

The company's functional and presentational currency in the financial statements is the Sterling (£), rounded to

the nearest pound.

The significant accounting policies applied in the presentation of these financial statements are set out below.

These policies have been consistently applied to all years presented unless otherwise stated.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities"

of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of

Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost

convention as modified by the revaluation of the investment property.

There have been no material departures from Financial Reporting Standard 102 1A.

Going concern

At 31 March 2018 the company had net current liabilities of £345,372.The going concern basis is considered

appropriate for the preparation of the financial statements due to the continued financial support of the directors.

Turnover

Turnover consists of rent receivable during the year, excluding value added tax.

Investment property

Investment property is included at fair value. Gains are recognised in the profit and loss account. Deferred

taxation is provided on these gains at the rate expected to apply when the property is sold.

Financial instruments

Basic financial instruments are recognised at amortised cost.

Current taxation

Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the year and

is calculated using the tax rates and laws that have been enacted or substantively enacted at the balance sheet

date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the

balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws

that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal

of the timing difference.

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.

3.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2017

and 31 March 2018

1,200,000

NET BOOK VALUE

At 31 March 2018

1,200,000

At 31 March 2017

1,200,000

Fair value at 31 March 2018 is represented by:

£

Valuation in 2018

1,200,000

If the investment property had not been revalued it would have been included at the following historical cost:

2018

2017

£

£

Cost

789,129

789,129

The investment property was valued on a fair value basis as at 31 March 2018 by the directors who do not have

formal valuation qualifications. In valuing the property the directors have considered sales prices of comparable

properties in the same area.

4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Prepayments and accrued income

-

629

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Bank loans and overdrafts

30,784

29,822

Trade creditors

-

6,950

Corporation tax

4,960

6,672

VAT

3,625

1,167

Directors' current accounts

304,283

294,659

Accruals and deferred income

18,230

12,379

361,882

351,649

6.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2018

2017

£

£

Bank loans

371,498

399,111

Amounts falling due in more than five years:

Repayable by instalments

2018

2017

£

£

Bank

248,363

279,824

7.	SECURED DEBTS

The following secured debts are included within creditors:

2018

2017

£

£

Bank loans

402,282

428,933

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2018

2017

value:

£

£

100

Ordinary

£1

100

100