Northinvest Heathfield Limited - Accounts to registrar (filleted) - small 18.2

Northinvest Heathfield Limited - Accounts to registrar (filleted) - small 18.2

NORTHINVEST HEATHFIELD LIMITED - Company Information

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REGISTERED NUMBER: SC261571 (Scotland)
















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2020

FOR

NORTHINVEST HEATHFIELD LIMITED
NORTHINVEST HEATHFIELD LIMITED (REGISTERED NUMBER: SC261571)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2020




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


NORTHINVEST HEATHFIELD LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 JANUARY 2020







DIRECTORS: A G Macdonald
S H Rough





REGISTERED OFFICE: 204 West George Street
Glasgow
G2 2PQ





REGISTERED NUMBER: SC261571 (Scotland)





ACCOUNTANTS: McLay, McAlister & McGibbon (Ayr) Ltd
19 Wellington Square
Ayr
Ayrshire
KA7 1EZ
Page 1
NORTHINVEST HEATHFIELD LIMITED (REGISTERED NUMBER: SC261571)

BALANCE SHEET
31 JANUARY 2020

31.1.20 31.1.19
Notes £    £   
CURRENT ASSETS
Stocks 550,000 550,000
Debtors 4 36 36
550,036 550,036
CREDITORS
Amounts falling due within one year 5 555,112 555,112
NET CURRENT LIABILITIES (5,076 ) (5,076 )
TOTAL ASSETS LESS CURRENT
LIABILITIES
(5,076
)
(5,076
)

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings (5,176 ) (5,176 )
SHAREHOLDERS' FUNDS (5,076 ) (5,076 )

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2020 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 applicable to companies subject to the small companies regime.

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

The financial statements were approved by the Board of Directors and authorised for issue on 22 January 2021 and were signed on its behalf by:





S H Rough - Director


The notes form part of these financial statements

Page 2
NORTHINVEST HEATHFIELD LIMITED (REGISTERED NUMBER: SC261571)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2020

1. STATUTORY INFORMATION

Northinvest Heathfield Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

The company is a member of a group of companies which finances its activities with the support of the director.

After making enquiries the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.

Accordingly, the directors continue to adopt the going concern basis in preparing the financial statements.

Significant judgements and estimates
Key sources of estimation uncertainty

The company make judgements, estimates and assumptions about the carrying amounts of assets and liabilities based on historical experience and other relevant factors and are reviewed on an ongoing basis. Actual outcomes may differ from these estimates. The estimates that have the most significant effect on the amounts recognised in the financial statements are as follows:

Valuation of Work in Progress

Development work in progress is stated at the lower of cost and net realisable value. Net realisable value is based on estimated selling price less the estimated costs of completion and disposal assuming where appropriate that the site will be fully developed and sold in the ordinary course of business. Whilst there is a degree of uncertainty in these estimates, reviews to monitor are carried out regularly.

Basic financial instruments
Trade and other debtors/creditors are recognised initially at transaction price. Subsequent to initial recognition they are measured at amortised cost using the effective interest method. If the arrangement constitutes a financing transaction, where payment is deferred beyond normal business terms, it is measured at present value of future payments discounted at an appropriate market rate of interest.

Stocks
Work in progress is stated at the lower of cost and net realisable value.

Costs represent direct material plus attributable overheads and finance charges incurred in development.

Net realisable value is based on estimated selling price less the estimated costs of completion and disposal assuming where appropriate that sites will be fully developed and sold in the ordinary course of business.


Page 3 continued...
NORTHINVEST HEATHFIELD LIMITED (REGISTERED NUMBER: SC261571)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2020

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 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. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2019 - 2 ) .

4. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.1.20 31.1.19
£    £   
Other debtors 36 36

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.1.20 31.1.19
£    £   
Amounts owed to group undertakings 553,412 553,412
Other creditors 1,700 1,700
555,112 555,112

6. ULTIMATE CONTROLLING PARTY

The directors consider DDev Holdings Limited to be the ultimate holding company. The company's registered address is 204 West George Street, Glasgow, G2 2PQ.

The director Alan G. Macdonald held the majority of the issued ordinary share capital of this company throughout the year.

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