Company Registration No. 01967411 (England and Wales)
NORTHWAY PROPERTIES LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2017
PAGES FOR FILING WITH REGISTRAR
Faulkner House
Victoria Street
Rayner Essex LLP
St Albans
Chartered Accountants
Herts
AL1 3SE
NORTHWAY PROPERTIES LIMITED
COMPANY INFORMATION
Directors
A Bergbaum
A B R Bergbaum
E M Bergbaum
B M Samuels
Secretary
Mr A Bergbaum
Company number
01967411
Registered office
Faulkner House
Victoria Street
St Albans
Herts
AL1 3SE
Accountants
Rayner Essex LLP
Faulkner House
Victoria Street
St Albans
Herts
AL1 3SE
NORTHWAY PROPERTIES LIMITED
CONTENTS
Page
Balance sheet
2
Notes to the financial statements
3 - 5
NORTHWAY PROPERTIES LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MARCH 2017
- 1 -

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

 

  • select suitable accounting policies and then apply them consistently;

  • make judgements and accounting estimates that are reasonable and prudent;

  • prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

NORTHWAY PROPERTIES LIMITED
BALANCE SHEET
AS AT
31 MARCH 2017
31 March 2017
- 2 -
2017
2016
Notes
£
£
£
£
Current assets
Debtors
2
130,773
33,657
Cash at bank and in hand
31,290
53,533
162,063
87,190
Creditors: amounts falling due within one year
3
(31,812)
(31,384)
Net current assets
130,251
55,806
Capital and reserves
Called up share capital
4
100
100
Profit and loss reserves
130,151
55,706
Total equity
130,251
55,806

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

For the financial year ended 31 March 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

T he directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

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 .

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.

The financial statements were approved by the board of directors and authorised for issue on 16 November 2017 and are signed on its behalf by:
E M Bergbaum
Director
Company Registration No. 01967411
NORTHWAY PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2017
- 3 -
1
Accounting policies
Company information

Northway Properties Limited is a private company limited by shares incorporated in England and Wales. The registered office is Faulkner House, Victoria Street, St Albans, Herts, AL1 3SE.

1.1
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.

1.2
Turnover

Turnover represents interest receivable on on mortgage advances made.

 

Revenue is recognised by reference to interest due for the period.

1.3
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.

1.4
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.

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.

NORTHWAY PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2017
1
Accounting policies
(Continued)
- 4 -
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.

 

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.

2
Debtors
2017
2016
Amounts falling due within one year:
£
£
Trade debtors
92,940
-
Other debtors
37,833
33,657
130,773
33,657
3
Creditors: amounts falling due within one year
2017
2016
£
£
Other creditors
31,812
31,384
4
Called up share capital
2017
2016
£
£
Ordinary share capital
Issued and fully paid
90 Ordinary 'A' shares of £1 each
90
90
10 Ordinary shares of £1 each
10
10
100
100
NORTHWAY PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2017
- 5 -
5
Related party transactions

At the year end, A Bergbaum owed the company £9,751 (2016: £8,657) and this is included in other debtors. The loan is interest free and has no fixed date for repayment. During the year the company paid the directors dividends totalling £44,000.

 

Administrative expenses includes £428 (2016: £994) charged to the company by B M Samuels Finance Group PLC in respect of financiers transactions undertaken with the company. Mr b M Samuels, a director, is also a director of B M Samuels Finance Group PLC. The amount due to this company at the year end is £428 (2016: £994)

 

Included in other debtors is £28,082 (2016: £25,000) due from Grestol Ltd. Grestol Ltd is a company in which all of the directors of Northway Properties Limited are also directors, and in which A Bergbaum a shareholder.

 

Included in other creditors is £30,000 (2016: £30,000) due to Batchfields Ltd, a company in which three of the directors, A B R Bergbaum and E M Bergbaum are also directors and shareholders.

6
Control

There is no ultimate controlling party.

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