Northwood (Derbyshire) Limited Filleted accounts for Companies House (small and micro)

NORTHWOOD (DERBYSHIRE) LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 06596180

Northwood (Derbyshire) Limited

Filleted Unaudited Financial Statements

31 January 2022

Northwood (Derbyshire) Limited

Statement of Financial Position

31 January 2022

	2022		2021
Note	£	£	£

Fixed assets

Intangible assets	5	18,144	22,733
Tangible assets	6	2,300	( 1)
		-------	-------
		20,444	22,732

Current assets

Debtors	7	111,133	6,409
Cash at bank and in hand		50,478	340,267
		---------	---------
		161,611	346,676

Creditors: amounts falling due within one year	8	101,122		346,977
		---------		---------
Net current assets/(liabilities)			60,489	( 301)
			-------	-------
Total assets less current liabilities			80,933	22,431
			-------	-------
Net assets			80,933	22,431
			-------	-------

Capital and reserves

Called up share capital	2	2
Profit and loss account	80,931	22,429
	-------	-------
Shareholder funds	80,933	22,431
	-------	-------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 31 January 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Northwood (Derbyshire) Limited

Statement of Financial Position (continued)

31 January 2022

These financial statements were approved by the board of directors and authorised for issue on 1 June 2022 , and are signed on behalf of the board by:

Miss A Stackhouse
Director

Company registration number: 06596180

Northwood (Derbyshire) Limited

Notes to the Financial Statements

Year ended 31 January 2022

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 1A The Moorings, Dane Road Industrial Estate, Sale, M33 7BH.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. 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.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Goodwill

Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.

Intangible assets

Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

Goodwill	-	20% straight line
Franchise fee	-	20% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

	Office Equipment	-	25% straight line

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.

Financial instruments

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

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 8 (2021: 8 ).

5. Intangible assets

	Goodwill	Patents, trademarks and licences	Total
	£	£	£
Cost
At 1 February 2021 and 31 January 2022	100,000	23,000	123,000
	---------	-------	---------
Amortisation
At 1 February 2021	100,000	267	100,267
Charge for the year	–	4,589	4,589
	---------	-------	---------
At 31 January 2022	100,000	4,856	104,856
	---------	-------	---------
Carrying amount
At 31 January 2022	–	18,144	18,144
	---------	-------	---------
At 31 January 2021	–	22,733	22,733
	---------	-------	---------

6. Tangible assets

	Equipment
	£
Cost
At 1 February 2021	19,026
Additions	2,835
	-------
At 31 January 2022	21,861
	-------
Depreciation
At 1 February 2021	19,027
Charge for the year	534
	-------
At 31 January 2022	19,561
	-------
Carrying amount
At 31 January 2022	2,300
	-------
At 31 January 2021	( 1)
	-------

7. Debtors

	2022	2021
	£	£
Amounts owed by group undertakings and undertakings in which the company has a participating interest	80,600	–
Other debtors	30,533	6,409
	---------	------
	111,133	6,409
	---------	------

8. Creditors: amounts falling due within one year

	2022	2021
	£	£
Bank loans and overdrafts	46,395	50,000
Trade creditors	29,170	262,020
Corporation tax	14,180	19,899
Social security and other taxes	7,055	1,429
Other creditors	4,322	13,629
	---------	---------
	101,122	346,977
	---------	---------