ACCOUNTS - Final Accounts

NORTHWOOD (DERBYSHIRE) LIMITED - Company Information

Company registration number: 06596180

	UNAUDITED FINANCIAL STATEMENTS
	FOR THE YEAR ENDED 31 MAY 2020

	NORTHWOOD (DERBYSHIRE) LIMITED


NORTHWOOD (DERBYSHIRE) LIMITED

COMPANY INFORMATION

Directors	Mrs C M Collier
	Mrs W M Richards


Registered number	06596180


Registered office	Suite 1
	3rd Floor
	11 - 12 St. Jame's Square
	London
	SW1Y 4LB


Accountants	Menzies LLP
	Chartered Accountants
	3000a Parkway
	Whiteley
	Hampshire
	PO15 7FX


NORTHWOOD (DERBYSHIRE) LIMITED REGISTERED NUMBER:06596180

STATEMENT OF FINANCIAL POSITION

AS AT 31 MAY 2020

		2020		2019
Note		£		£

Fixed assets
Intangible assets	4		300		400
Tangible assets	5		1,364		2,596
			1,664		2,996
Current assets
Debtors: amounts falling due within one year	6	11,762		970
Cash at bank and in hand		460,705		411,554
		472,467		412,524
Creditors: amounts falling due within one year	7	(318,554)		(261,602)
Net current assets			153,913		150,922
Total assets less current liabilities			155,577		153,918
Provisions for liabilities
Deferred tax		(259)		(385)
			(259)		(385)
Net assets			155,318		153,533

Page 1


NORTHWOOD (DERBYSHIRE) LIMITED REGISTERED NUMBER:06596180

STATEMENT OF FINANCIAL POSITION (CONTINUED)

AS AT 31 MAY 2020

	2020	2019
Note	£	£

Capital and reserves
Called up share capital	2	2
Profit and loss account	155,316	153,531
	155,318	153,533

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

Mrs C M Collier	Mrs W M Richards
Director	Director

Date: 7 July 2020

The notes on pages 3 to 7 form part of these financial statements.

Page 2


NORTHWOOD (DERBYSHIRE) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2020

1.	General information

Northwood (Derbyshire) 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.
The company's trading address is 5a St James Street, Derby, DE1 1QT.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

2.3

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to the statement of income and retained earnings at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the statement of income and retained earnings in the same period as the related expenditure.

2.4

Borrowing costs

All borrowing costs are recognised in the statement of income and retained earnings in the year in which they are incurred.

Page 3


NORTHWOOD (DERBYSHIRE) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2020

2.Accounting policies (continued)

2.5

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in the statement of income and retained earnings when they fall due. Amounts not paid are shown in accruals as a liability in the statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

2.6

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

The estimated useful lives range as follows:

				Franchise fees	-		over 5 years
				Goodwill	-		over 5 years

2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Fixtures and fittings

25%

straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the statement of income and retained earnings.

2.8

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Page 4


NORTHWOOD (DERBYSHIRE) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2020

2.Accounting policies (continued)

2.9

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Employees

The average monthly number of employees, including directors, during the year was 8 (2019 - 8).

4.	Intangible assets

	Franchise fees	Goodwill	Total
	£	£	£
Cost
At 1 June 2019	500	100,000	100,500
At 31 May 2020	500	100,000	100,500
Amortisation
At 1 June 2019	100	100,000	100,100
Charge for the year	100	-	100
At 31 May 2020	200	100,000	100,200
Net book value
At 31 May 2020	300	-	300
At 31 May 2019	400	-	400

Page 5


NORTHWOOD (DERBYSHIRE) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2020

5.	Tangible fixed assets

		Fixtures and fittings
		£
	Cost or valuation
	At 1 June 2019	18,627
	Additions	353
	At 31 May 2020	18,980
	Depreciation
	At 1 June 2019	16,031
	Charge for the year on owned assets	1,586
	At 31 May 2020	17,617
	Net book value
	At 31 May 2020	1,363
	At 31 May 2019	2,596

Debtors

					2020	2019
					£	£


Other debtors	10,792	-
Prepayments and accrued income	970	970
	11,762	970

Page 6


NORTHWOOD (DERBYSHIRE) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2020

7.	Creditors: Amounts falling due within one year
		2020	2019
		£	£

Bank loans	50,000	-
Trade creditors	232,673	219,713
Corporation tax	24,191	23,957
Other taxation and social security	10,490	13,531
Other creditors	210	748
Accruals and deferred income	990	3,653
	318,554	261,602

8.	Transactions with directors

At the year end, included within other debtors is a loan balance due by one of the directors amounting to £10,792 (2019: £Nil). The interest rate on the loan is 2.5% and the balance is repayable on demand.

Page 7