Northern Advantage Limited Filleted accounts for Companies House (small and micro)

NORTHERN ADVANTAGE LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 11160772

Northern Advantage Limited

Filleted Unaudited Financial Statements

31 January 2021

Northern Advantage Limited

Statement of Financial Position

31 January 2021

	2021	2020
Note	£	£

Fixed assets

Investments	4	268,115	268,115

Current assets

Debtors	5	11,474	659
Cash at bank and in hand		2,600	3,095
		------------	------------
		14,074	3,754

Creditors: amounts falling due within one year	6	( 190,229)	( 184,595)
		------------	------------
Net current liabilities		( 176,155)	( 180,841)
		------------	------------
Total assets less current liabilities		91,960	87,274

Creditors: amounts falling due after more than one year	7	( 89,495)	( 89,612)
		------------	------------
Net assets/(liabilities)		2,465	( 2,338)
		------------	------------

Northern Advantage Limited

Statement of Financial Position (continued)

31 January 2021

	2021	2020
Note	£	£

Capital and reserves

Called up share capital	1	1
Profit and loss account	2,464	( 2,339)
	------------	------------
Shareholder funds/(deficit)	2,465	( 2,338)
	------------	------------

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 2021 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 .

These financial statements were approved by the board of directors and authorised for issue on 16 August 2021 , and are signed on behalf of the board by:

Mr A Storey
Director

Company registration number: 11160772

Northern Advantage Limited

Notes to the Financial Statements

Year ended 31 January 2021

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Pacific House, Fletcher way, Parkhouse, Carlisle, CA3 0LJ, England.

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.

Disclosure exemptions

The entity satisfies the criteria of being a qualifying entity as defined in FRS 102 .

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable from rental properties.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax 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.

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

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.

4. Investments

	Other investments other than loans
	£
Cost
At 1 February 2020 and 31 January 2021	268,115
	------------
Impairment
At 1 February 2020 and 31 January 2021	–
	------------

Carrying amount
At 31 January 2021	268,115
	------------
At 31 January 2020	268,115
	------------

5. Debtors

	2021	2020
	£	£
Other debtors	11,474	659
	------------	------------

Included within other debtors is an overdrawn Director's loan account balance of £11,107 (2020 £300).

6. Creditors: amounts falling due within one year

	2021	2020
	£	£
Corporation tax	579	–
Other creditors	189,650	184,595
	------------	------------
	190,229	184,595
	------------	------------

7. Creditors: amounts falling due after more than one year

	2021	2020
	£	£
Bank loans and overdrafts	89,495	89,612
	------------	------------

8. Director's advances, credits and guarantees

During the year the director entered into the following advances and credits with the company:

	2021
	Balance brought forward	Advances/ (credits) to the director	Amounts repaid	Balance outstanding
	£	£	£	£
Mr A Storey	300	11,107	( 300)	11,107
	------------	------------	------------	------------

	2020
	Balance brought forward	Advances/ (credits) to the director	Amounts repaid	Balance outstanding
	£	£	£	£
Mr A Storey	( 50,876)	300	50,876	300
	------------	------------	------------	------------

9. Related party transactions

Within other creditors there is an amount due to LSL Estate Management Limited of £178,945 (2018 £70,430) a company in which Mr A Storey is a director and shareholder.