Northdown Enterprises Limited Filleted accounts for Companies House (small and micro)

NORTHDOWN ENTERPRISES LIMITED - Company Information

123 false false false false false false false false false true false false false false false false No description of principal activity 2020-07-01 Sage Accounts Production Advanced 2021 - FRS102_2021 xbrli:pure xbrli:shares iso4217:GBP NI070389 2020-07-01 2021-06-30 NI070389 2021-06-30 NI070389 2020-06-30 NI070389 2019-07-01 2020-06-30 NI070389 2020-06-30 NI070389 bus:Director3 2020-07-01 2021-06-30 NI070389 core:FurnitureFittings 2020-06-30 NI070389 core:FurnitureFittings 2021-06-30 NI070389 core:FurnitureFittings 2020-07-01 2021-06-30 NI070389 core:WithinOneYear 2021-06-30 NI070389 core:WithinOneYear 2020-06-30 NI070389 core:ShareCapital 2021-06-30 NI070389 core:ShareCapital 2020-06-30 NI070389 core:RetainedEarningsAccumulatedLosses 2021-06-30 NI070389 core:RetainedEarningsAccumulatedLosses 2020-06-30 NI070389 core:FurnitureFittings 2020-06-30 NI070389 bus:SmallEntities 2020-07-01 2021-06-30 NI070389 bus:Audited 2020-07-01 2021-06-30 NI070389 bus:FullAccounts 2020-07-01 2021-06-30 NI070389 bus:SmallCompaniesRegimeForAccounts 2020-07-01 2021-06-30 NI070389 bus:PrivateLimitedCompanyLtd 2020-07-01 2021-06-30

COMPANY REGISTRATION NUMBER: NI070389

Northdown Enterprises Limited

Filleted Financial Statements

30 June 2021

Northdown Enterprises Limited

Financial Statements

Year ended 30 June 2021

Contents	Page

Statement of financial position	1

Notes to the financial statements	2

Northdown Enterprises Limited

Statement of Financial Position

30 June 2021

	2021		2020
Note	£	£	£

Fixed assets

Tangible assets	5		20,766	27,637

Current assets

Debtors	6	333,118	580,988
Cash at bank and in hand		783,234	356,082
		------------	---------
		1,116,352	937,070

Creditors: amounts falling due within one year	7	1,026,374		855,066
		------------		---------
Net current assets			89,978	82,004
			---------	---------
Total assets less current liabilities			110,744	109,641

Provisions

Taxation including deferred tax	3,311	3,311
	---------	---------
Net assets	107,433	106,330
	---------	---------

Capital and reserves

Called up share capital	20,000	20,000
Profit and loss account	87,433	86,330
	---------	---------
Shareholders funds	107,433	106,330
	---------	---------

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.

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.

These financial statements were approved by the board of directors and authorised for issue on 28 April 2022 , and are signed on behalf of the board by:

Mr R Craig

Director

Company registration number: NI070389

Northdown Enterprises Limited

Notes to the Financial Statements

Year ended 30 June 2021

1. General information

The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is 3 Glenford Way, Newtownards, Co Down, BT23 4BX.

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.

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:

Fixtures, fittings and equipment	-	20%, 25% or 33.33% Straight line
Premises fit out costs	-	10% 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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

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. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 123 (2020: 116 ).

5. Tangible assets

	Fixtures and fittings	Premises fit out costs	Total
	£	£	£
Cost
At 1 July 2020	81,145	28,361	109,506
Additions	7,566	–	7,566
	--------	--------	---------
At 30 June 2021	88,711	28,361	117,072
	--------	--------	---------
Depreciation
At 1 July 2020	66,270	15,599	81,869
Charge for the year	8,765	5,672	14,437
	--------	--------	---------
At 30 June 2021	75,035	21,271	96,306
	--------	--------	---------
Carrying amount
At 30 June 2021	13,676	7,090	20,766
	--------	--------	---------
At 30 June 2020	14,875	12,762	27,637
	--------	--------	---------

6. Debtors

	2021	2020
	£	£
Trade debtors	317,829	575,846
Other debtors	15,289	5,142
	---------	---------
	333,118	580,988
	---------	---------

7. Creditors: amounts falling due within one year

	2021	2020
	£	£
Trade creditors	28,380	17,500
Corporation tax	1,851	3,822
Social security and other taxes	150,000	138,372
Related party balances	18,146	18,146
Other creditors	827,997	677,226
	------------	---------
	1,026,374	855,066
	------------	---------

Ulster Bank Limited hold a fixed and floating charge over all assets and undertakings of the company.

8. Summary audit opinion

The auditor's report for the year dated 28 April 2022 was unqualified.

The senior statutory auditor was Ms E Mulholland , for and on behalf of Johnston Graham Limited .

9. Related party transactions

During the year the company made donations of £569,956 to its parent company Northdown Communityworks.

10. Controlling party

The ultimate parent company is Northdown Communityworks, an incorporated charity registered with the Charity Commission for Northern Ireland.