Northgate Foods Limited - Accounts to registrar (filleted) - small 18.2
Northgate Foods Limited - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| Financial Statements |
| for the Year Ended 30 September 2020 |
| for |
| Northgate Foods Limited |
| Northgate Foods Limited (Registered number: 02642455) |
| Contents of the Financial Statements |
| for the Year Ended 30 September 2020 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 3 |
| Northgate Foods Limited |
| Company Information |
| for the Year Ended 30 September 2020 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| Eldo House |
| Kempson Way |
| Suffolk Business Park |
| Bury St Edmunds |
| Suffolk |
| IP32 7AR |
| Northgate Foods Limited (Registered number: 02642455) |
| Balance Sheet |
| 30 September 2020 |
| 2020 | 2019 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| CURRENT ASSETS |
| Stocks | 5 |
| Debtors | 6 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 7 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CAPITAL AND RESERVES |
| Called up share capital | 10 |
| Share premium |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| 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 |
| Northgate Foods Limited (Registered number: 02642455) |
| Notes to the Financial Statements |
| for the Year Ended 30 September 2020 |
| 1. | STATUTORY INFORMATION |
| Northgate Foods Limited is a |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Significant judgements and estimates |
| In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. |
| The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period which the estimate is revised if the revision affects only that period, or in the period of revision and future periods if the revision affects both current and future periods. |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
| Tangible fixed assets |
| Improvements to leasehold property | - |
| Fixtures and fittings | - |
| Motor vehicles | - |
| Stocks |
| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
| 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. |
| Northgate Foods Limited (Registered number: 02642455) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 September 2020 |
| 2. | ACCOUNTING POLICIES - continued |
| 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. |
| Foreign currencies |
| Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
| Pension costs and other post-retirement benefits |
| The company operates defined contribution pension schemes for the directors and some of its employees. Contributions payable for the year are charged in the profit and loss account. |
| Financial instruments |
| The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, and loans from banks or other related parties. |
| Debt instruments, like loans and other accounts receivable and payable, are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration, expected to be paid or received. However if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an outright short-term loan not at market rate, the financial asset or liability is measured, initially and subsequently, at the present value of the future payment discounted at a market rate of interest for a similar debt instrument. |
| Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income. |
| For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract. |
| For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate, which is an approximation of the amount that the company would receive for the asset if it were to be sold at the balance sheet date. |
| Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an 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. |
| Hire purchase and leasing commitments |
| Rentals paid under operating leases are charged to the profit and loss account as incurred. |
| Northgate Foods Limited (Registered number: 02642455) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 September 2020 |
| 2. | ACCOUNTING POLICIES - continued |
| Employee benefit trusts |
| The company has created a trust whose beneficiaries will include employees of the Company and their dependants. Assets held under this trust will be controlled by trustees who will be acting independently and entirely at their own discretion. |
| Where assets are held in the trust and these are considered by the Company to be in respect of services already provided by employees to the Company, the Company will account for these as assets of the Company until the earlier of it no longer having de facto control of these assets and it not obtaining future economic benefit from these assets. The value transferred will be charged in the Company's profit and loss account for the year to which it relates. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | TANGIBLE FIXED ASSETS |
| Plant and |
| Land and | machinery |
| buildings | etc | Totals |
| £ | £ | £ |
| COST |
| At 1 October 2019 |
| Additions |
| Disposals | ( |
) | ( |
) |
| At 30 September 2020 |
| DEPRECIATION |
| At 1 October 2019 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) |
| At 30 September 2020 |
| NET BOOK VALUE |
| At 30 September 2020 |
| At 30 September 2019 |
| 5. | STOCKS |
| 2020 | 2019 |
| £ | £ |
| Goods for resale |
| 6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2020 | 2019 |
| £ | £ |
| Trade debtors |
| Other debtors |
| Northgate Foods Limited (Registered number: 02642455) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 September 2020 |
| 6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR - continued |
| Other debtors includes overdrawn director and shareholder loans of £3,882 (2019: £87,077). |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2020 | 2019 |
| £ | £ |
| Bank loans and overdrafts |
| Trade creditors |
| Taxation and social security |
| Other creditors |
| Other creditors includes a directors loan of £14,556 (2019: £4,996). |
| 8. | LEASING AGREEMENTS |
| Minimum lease payments under non-cancellable operating leases fall due as follows: |
| 2020 | 2019 |
| £ | £ |
| Within one year |
| 9. | SECURED DEBTS |
| The bank holds a debenture from the company which incorporates a fixed and floating charge over all current and future assets of the company. |
| 10. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2020 | 2019 |
| Value: | £ | £ |
| 44,440 | Ordinary 'A' | £1 | 44,440 | 44,440 |
| 100 | Ordinary 'C' | £1 | 100 | 100 |
| 100 | Ordinary 'D' | £1 | 100 | 100 |
| 100 | Ordinary 'E' | £1 | 100 | 100 |
| 4 | Ordinary 'F' | £1 | 4 | 4 |
| 44,744 | 44,744 |
| Only the 'A' and 'F' ordinary shares have full voting rights. The other classes of shares have no voting rights, but they do carry rights on winding up and to dividends when specifically voted to an individual class of shares. |
| 11. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
| The Report of the Auditors was unqualified. |
| for and on behalf of |
| Northgate Foods Limited (Registered number: 02642455) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 September 2020 |
| 12. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
| The following advances and credits to directors subsisted during the years ended 30 September 2020 and 30 September 2019: |
| 2020 | 2019 |
| £ | £ |
| Balance outstanding at start of year | ( |
) |
| Amounts advanced |
| Amounts repaid | ( |
) | ( |
) |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year |
| Balance outstanding at start of year | ( |
) |
| Amounts advanced |
| Amounts repaid | ( |
) | ( |
) |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year |