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

REGISTERED NUMBER: 07857053 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 March 2020

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

28,104

30,479

Tangible assets

5

4,553

2,134

32,657

32,613

Current assets

Stocks

62,900

57,100

Debtors

6

3,910

1,938

Cash at bank

79,041

51,934

145,851

110,972

Creditors

Amounts falling due within one year

7

76,523

60,649

Net current assets

69,328

50,323

Total assets less current liabilities

101,985

82,936

Provisions for liabilities

8

498

436

Net assets

101,487

82,500

Capital and reserves

Called up share capital

100

100

Retained earnings

101,387

82,400

Shareholders' funds

101,487

82,500

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2020 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 and authorised for issue on 24 December 2020 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.

Leasehold improvements

-

10% on cost

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 the carrying amount had the impairment not previously been recognised.

Taxation

Taxation for the year 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 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.

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 year was 4 (2019 - 4 ) .

4.	Intangible fixed assets

Goodwill

£

Cost

At 1 April 2019

and 31 March 2020

47,500

Amortisation

At 1 April 2019

17,021

Amortisation for year

2,375

At 31 March 2020

19,396

Net book value

At 31 March 2020

28,104

At 31 March 2019

30,479

5.	Tangible fixed assets

Fixtures,

fittings

Leasehold

and

improvements

equipment

Totals

£

£

£

Cost

At 1 April 2019

-

17,772

17,772

Additions

2,145

1,922

4,067

At 31 March 2020

2,145

19,694

21,839

Depreciation

At 1 April 2019

-

15,638

15,638

Charge for year

214

1,434

1,648

At 31 March 2020

214

17,072

17,286

Net book value

At 31 March 2020

1,931

2,622

4,553

At 31 March 2019

-

2,134

2,134

6.

Debtors: amounts falling due within one year

31/3/20

31/3/19

£

£

Other debtors

3,910

1,938

7.

Creditors: amounts falling due within one year

31/3/20

31/3/19

£

£

Trade creditors

37,701

32,363

Taxation and social security

28,846

22,181

Other creditors

9,976

6,105

76,523

60,649

8.	Provisions for liabilities

31/3/20

31/3/19

£

£

Deferred tax

Accelerated capital allowances

498

436

Deferred

tax

£

Balance at 1 April 2019

436

Charge to Statement of Income and Retained Earnings during year

62

Balance at 31 March 2020

498

9.	Other financial commitments

At 31 March 2020 the company had total commitments under non-cancellable operating leases over the remaining life of those leases of £nil (2019 - £4,936) of which £nil (2019 - £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 year ended 31 March 2020 and the period ended 31 March 2019:

31/3/20

31/3/19

£

£

S C Grimley

Balance outstanding at start of year

-

651

Amounts advanced

-

10,596

Amounts repaid

-

(11,247

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

-

-

Loans to the director are interest free and repayable on demand.