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Registered number: 13341138
NORTHOVER CONSTRUCTION AND PLANT LTD
UNAUDITED
FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2022
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NORTHOVER CONSTRUCTION AND PLANT LTD
REGISTERED NUMBER: 13341138
BALANCE SHEET
AS AT 30 APRIL 2022
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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NORTHOVER CONSTRUCTION AND PLANT LTD
REGISTERED NUMBER: 13341138
BALANCE SHEET (CONTINUED)
AS AT 30 APRIL 2022
The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the period in question in accordance with section 476 of the Companies Act 2006.
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.
The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provision of FRS 102 Section 1A -small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 13 February 2023.
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Neil Northover
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The notes on pages 3 to 10 form part of these financial statements.
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NORTHOVER CONSTRUCTION AND PLANT LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2022
Northover Construction and Plant Ltd is a private company limited by shares, incorporated in England and Wales on 16 April 2021. The principal activity throughout the period was that of construction of domestic buildings. The Company started trading on 01 May 2021.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.
The following principal accounting policies have been applied:
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Sale of goods
Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
∙the Company has transferred the significant risks and rewards of ownership to the buyer;
∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
∙the amount of revenue can be measured reliably;
∙it is probable that the Company will receive the consideration due under the transaction; and
∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
∙the amount of revenue can be measured reliably;
∙it is probable that the Company will receive the consideration due under the contract;
∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and
∙the costs incurred and the costs to complete the contract can be measured reliably.
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NORTHOVER CONSTRUCTION AND PLANT LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2022
2.Accounting policies (continued)
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
Defined contribution pension plan
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
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NORTHOVER CONSTRUCTION AND PLANT LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2022
2.Accounting policies (continued)
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
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The average monthly number of employees, including the directors, during the period was as follows:
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Period ended 30 April 2022
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NORTHOVER CONSTRUCTION AND PLANT LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2022
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Charge for the period on owned assets
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The net book value of land and buildings may be further analysed as follows:
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The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:
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Period ended 30 April 2022
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NORTHOVER CONSTRUCTION AND PLANT LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2022
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Period ended 30 April 2022
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Stock and work in progress
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Period ended 30 April 2022
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Amounts owed by joint ventures and associated undertakings
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Included within other debtors is a director's loan account balance of £80 in relation to Neil Northover.
There were no conditions attached to the loan.
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Cash and cash equivalents
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Period ended 30 April 2022
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NORTHOVER CONSTRUCTION AND PLANT LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2022
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Creditors: Amounts falling due within one year
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Period ended 30 April 2022
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Other taxation and social security
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Obligations under finance lease and hire purchase contracts
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Accruals and deferred income
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The following liabilities were secured:
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Obligations under finance lease and hire purchase contracts
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The hire purchase is secured on the asset concerned.
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NORTHOVER CONSTRUCTION AND PLANT LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2022
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Creditors: Amounts falling due after more than one year
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Period ended 30 April 2022
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Net obligations under finance leases and hire purchase contracts
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The following liabilities were secured:
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Period ended 30 April 2022
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Obligations under finance lease and hire purchase contracts
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The hire purchase is secured on the asset concerned.
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Hire purchase and finance leases
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Minimum lease payments under hire purchase fall due as follows:
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Period ended 30 April 2022
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NORTHOVER CONSTRUCTION AND PLANT LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2022
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Period ended 30 April 2022
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Financial assets measured at fair value through profit or loss
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Financial assets measured at fair value through profit or loss comprise cash at bank and in hand.
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Period ended 30 April 2022
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Authorised, allotted, called up and fully paid
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80 Ordinary A shares of £1 each
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20 Ordinary B shares of £1 each
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Upon incorporation 80 Ordinary A £1 and 20 Ordinary B £1 shares were issued at par.
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £1,746. Contributions totalling £249 were payable to the fund at the balance sheet date.
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Related party transactions
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The director, Neil Northover, is a director in G Northover & Sons Limited.
During the period the Company made sales of £99,077 to and purchases of £31,244 from this company. At the end of the period £318 was due from G Northover & Sons Limited.
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The Company is controlled by the director, Neil Northover, by virtue of his shareholding as described in the directors' report.
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