Point North (International) Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 07857053 (England and Wales)

Unaudited Financial Statements

for the Period 1 February 2018 to 31 March 2019

for

Point North (International) Limited

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

Director:

S C Grimley

Registered office:

Unit 6 New Russia Hall

Chester Road

Tattenhall

Cheshire

CH3 9AH

Registered number:

07857053 (England and Wales)

Accountants:

Ellis & Co

Chartered Accountants

114-120 Northgate Street

Chester

CH1 2HT

Fixed assets

Intangible assets

4

30,479

33,250

Tangible assets

5

2,134

2,340

32,613

35,590

Current assets

Stocks

57,100

54,300

Debtors

6

1,938

5,256

Cash at bank

51,934

36,279

110,972

95,835

Creditors

Amounts falling due within one year

7

60,649

60,671

Net current assets

50,323

35,164

Total assets less current liabilities

82,936

70,754

Provisions for liabilities

8

436

445

Net assets

82,500

70,309

Capital and reserves

Called up share capital

100

100

Retained earnings

82,400

70,209

Shareholders' funds

82,500

70,309

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31 March 2019.

The members have not required the company to obtain an audit of its financial statements for the period ended 31 March 2019 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director on 18 December 2019 and were signed by:

S C Grimley - Director

1.	Statutory information

Point North (International) Limited is a private company, limited by shares , registered in

England and Wales. The company's registered number and registered office address can be

found on the Company Information page.

2.	Accounting policies

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding

discounts, rebates, value added tax and other sales taxes.

Revenue from the sale of goods is recognised when the significant risks and rewards of

ownership have transferred to the buyer, usually on despatch of the goods; the amount of

revenue can be measured reliably; it is probable that the associated economic benefits will

flow to the entity and the costs incurred or to be incurred in respect of the transactions can

be measured reliably.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2012, is being amortised evenly over its estimated useful life of twenty years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are

measured at cost less any accumulated amortisation and any accumulated impairment

losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures, fittings and equipment

-

25% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance

for obsolete and slow moving items.

Financial instruments

A financial asset or a financial liability is recognised only when the company 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.

Debt instruments are subsequently measured at amortised cost.

For all equity instruments regardless of significance, and other financial assets that are

individually significant, these are assessed individually for impairment. Other financial assets

are either assessed individually or grouped on the basis of similar credit risk characteristics.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that

the reversal does not result in a carrying amount of the financial asset that exceeds what the

carrying amount would have been had the impairment not previously been recognised.

Taxation

Taxation for the period comprises current and deferred tax. Tax is recognised in the

Statement of Income and Retained Earnings, except to the extent that it relates to items

recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that

have been enacted or substantively enacted by the statement of financial position date.

Deferred tax

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

reversed at the statement of financial position 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 period 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.

Operating leases

Rentals paid under operating leases are charged to profit or loss on a straight line basis over

the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the

company's pension scheme are charged to profit or loss in the period to which they relate.

3.	Employees and directors

The average number of employees during the period was 4 (2018 - 3 ) .

4.	Intangible fixed assets

Goodwill

£

Cost

At 1 February 2018

and 31 March 2019

47,500

Amortisation

At 1 February 2018

14,250

Amortisation for period

2,771

At 31 March 2019

17,021

Net book value

At 31 March 2019

30,479

At 31 January 2018

33,250

5.	Tangible fixed assets

Fixtures,

fittings

and

equipment

£

Cost

At 1 February 2018

16,351

Additions

1,548

Disposals

(127

)

At 31 March 2019

17,772

Depreciation

At 1 February 2018

14,011

Charge for period

1,659

Eliminated on disposal

(32

)

At 31 March 2019

15,638

Net book value

At 31 March 2019

2,134

At 31 January 2018

2,340

6.

Debtors: amounts falling due within one year

2019

2018

£

£

Other debtors

1,938

5,256

7.

Creditors: amounts falling due within one year

2019

2018

£

£

Trade creditors

32,363

34,817

Taxation and social security

22,181

24,072

Other creditors

6,105

1,782

60,649

60,671

8.	Provisions for liabilities

2019

2018

£

£

Deferred tax

Accelerated capital allowances

436

445

Deferred

tax

£

Balance at 1 February 2018

445

Credit to Income Statement during period

(9

)

Balance at 31 March 2019

436

9.	Other financial commitments

At 31 March 2019 the company had total commitments under non-cancellable operating

leases over the remaining life of those leases of £4,936 (2018 - £10,695) of which £4,936

(2018 - £4,936) is due within one year.

10.	Director's advances, credits and guarantees

The following advances and credits to a director subsisted during the period ended

31 March 2019 and the year ended 31 January 2018:

2019

2018

£

£

S C Grimley

Balance outstanding at start of period

651

-

Amounts advanced

10,596

7,475

Amounts repaid

(11,247

)

(6,824

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of period

-

651

The balance is interest free and repayable on demand.