Company Registration No. 08603783 (England and Wales)
George Northwood Limited
Unaudited accounts
for the year ended 31 July 2022
George Northwood Limited
Unaudited accounts
Contents
George Northwood Limited
Company Information
for the year ended 31 July 2022
Director
Mr George Northwood
Company Number
08603783 (England and Wales)
Registered Office
24 Wells Street
London
W1T 3PH
Accountants
Atmos Bookkeeping Ltd
32 Aconbury Close
Worcester
WR5 1JD
George Northwood Limited
Statement of financial position
as at 31 July 2022
Tangible assets
151,836
204,098
Inventories
89,540
109,500
Cash at bank and in hand
471,897
378,787
Creditors: amounts falling due within one year
(582,488)
(578,620)
Net current assets
230,053
116,581
Total assets less current liabilities
382,280
320,922
Creditors: amounts falling due after more than one year
(162,500)
(212,500)
Net assets
219,780
108,422
Called up share capital
100
100
Profit and loss account
219,680
108,322
Shareholders' funds
219,780
108,422
For the year ending 31 July 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 21 June 2023 and were signed on its behalf by
Mr George Northwood
Director
Company Registration No. 08603783
George Northwood Limited
Notes to the Accounts
for the year ended 31 July 2022
George Northwood Limited is a private company, limited by shares, registered in England and Wales, registration number 08603783. The registered office is 24 Wells Street, London, W1T 3PH.
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Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Turnover from the sale of goods to retailers is recognised at the point the goods are delivered to them such that the risks and rewards of ownership of the goods has been transferred. Turnover from the sale of goods to consumers is recognised at the point of sale.
Turnover from the provision of hair styling services is recognised in the period in which the services are provided.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Land & buildings
10% straight line
Plant & machinery
Mixture of 20% and 33% straight line
Fixtures & fittings
Mixture of 10% and 20% straight line
Intangible fixed assets acquired separately are included at cost less accumulated amortisation. Amortisation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Intellectual property: 10% straight line
Inventories are valued at the lower of cost and estimated selling price less costs to complete and sell.
Expenditure on research and development is written off in the year in which it is incurred.
George Northwood Limited
Notes to the Accounts
for the year ended 31 July 2022
Monetary 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 rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
Grants that impose specified future performance-related conditions are recognised in income when the performance-related conditions are met. Grants that do not impose specified future performance-related conditions are recognised in income when the grant proceeds are received or receivable. Grants received before the revenue recognition criteria are satisfied are recognised as liabilities.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Basic financial instruments, other than arrangements constituting financing transactions, are initially recognised at transaction price and subsequently measured at amortised cost using the effective interest method. Basic financial instruments classified as payable or receivable within one year are not amortised.
Arrangements constituting financing transactions are measured at the present value of the future payments or receipts discounted at a market rate of interest.
The financial statements have been prepared on a going concern basis.
Correction of prior period errors
The following line items for the period ended 31 July 2021 have been restated due to material errors contained in the previously-submitted accounts:
Statement of Income and Retained Earnings
Retained earnings at the end of the year: £108,322 (Previously: £100,822)
The previous figure was too low due to an expense of £7,500 being incorrectly accrued in the accounting records for the preceding period, ended 31 July 2020. This transaction has since been reversed, which is reflected in the new figure.
Statement of Financial Position
Creditors: amounts falling due within one year: £578,620 (Previously: £548,620)
This increase is a combination of £37,500 of the bank loan previously included under 'Creditors: amounts falling due after more than one year' being reclassified and the aforementioned incorrect £7,500 accrual being reversed.
Net current assets: £116,581 (Previously: £146,581)
Total assets less current liabilities: £320,922 (Previously: £350,922)
George Northwood Limited
Notes to the Accounts
for the year ended 31 July 2022
These decreases are a result of the above corrections.
Creditors: amounts falling due after more than one year: £212,500 (Previously: £250,000)
This decrease is due to £37,500 of the total £250,000 bank loan being reclassified under 'Creditors: amounts falling due within one year'.
Net assets: £108,422 (Previously: £100,922)
Profit and loss account: £108,322 (Previously: 100,822)
Shareholders' funds: £108,422 (Previously: £100,922)
These increases are a result of the incorrect £7,500 accrual being reversed.
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Intangible fixed assets
Other
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Tangible fixed assets
Land & buildings
Plant & machinery
Fixtures & fittings
Total
Cost or valuation
At cost
At cost
At cost
At 1 August 2021
547,264
17,492
29,429
594,185
Additions
1,436
2,140
2,827
6,403
At 31 July 2022
548,700
19,632
32,256
600,588
At 1 August 2021
354,861
16,256
18,970
390,087
Charge for the year
54,735
715
3,215
58,665
At 31 July 2022
409,596
16,971
22,185
448,752
At 31 July 2022
139,104
2,661
10,071
151,836
At 31 July 2021
192,403
1,236
10,459
204,098
George Northwood Limited
Notes to the Accounts
for the year ended 31 July 2022
Amounts falling due within one year
Trade debtors
181,411
145,926
Accrued income and prepayments
40,693
6,416
Other debtors
29,000
54,572
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Creditors: amounts falling due within one year
2022
2021
Bank loans and overdrafts
50,000
37,500
Trade creditors
116,333
(39,018)
Taxes and social security
118,507
50,063
Other creditors
6,115
5,231
Loans from directors
97,178
111,383
8
Creditors: amounts falling due after more than one year
2022
2021
Bank loans
162,500
212,500
Aggregate of amounts that fall due for payment after five years
-
12,500
Allotted, called up and fully paid:
100 Ordinary shares of £1 each
100
100
The company operates a defined contribution 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 £64,887 (2021: £55,401).
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Operating lease commitments
2022
2021
At 31 July 2022 the company had the following future minimum lease payments under non-cancellable operating leases for each of the following periods:
Not later than one year
117,973
117,973
Later than one year and not later than five years
263,789
381,762
George Northwood Limited
Notes to the Accounts
for the year ended 31 July 2022
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Transactions with related parties
Amounts due to related parties:
At the reporting date, a total of £97,178 was owed to key management personnel (2021: £111,383).
This amount is interest-free, unsecured and repayable on demand.
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Average number of employees
During the year the average number of employees was 33 (2021: 32).
