George Northwood Limited
George Northwood Limited
Registered number: 08603783
Unaudited Financial Statements
For The Year Ended 31 July 2023
George Northwood Limited
Contents
Contents
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| Statement of Financial Position | 1—2 |
| Notes to the Financial Statements | 3—7 |
George Northwood Limited
Statement of Financial Position
As At
31 July 2023
Statement of Financial Position
Registered number:
08603783
For the year ending 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has 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.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Income Statement.
| 2023 | 2022 | ||||
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| Notes | £ | £ | £ | £ | |
| FIXED ASSETS | |||||
| Intangible assets | 4 |
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| Tangible assets | 5 |
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| CURRENT ASSETS | |||||
| Stocks | 6 |
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| Debtors | 7 |
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| Cash at bank and in hand |
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| Creditors: Amounts falling due within one year | 8 |
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| NET CURRENT ASSETS (LIABILITIES) |
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| TOTAL ASSETS LESS CURRENT LIABILITIES |
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| Creditors: Amounts falling due after more than one year | 9 |
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| NET ASSETS |
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| CAPITAL AND RESERVES | |||||
| Called up share capital | 10 |
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| Income Statement |
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| SHAREHOLDERS' FUNDS | 422,530 | 219,780 | |||
George Northwood Limited
Statement of Financial Position (continued)
As At
31 July 2023
The financial statements were approved by the board of directors on 15 May 2023 and were signed on its behalf by:
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Director
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The notes on pages 3 to 7 form part of these financial statements.
George Northwood Limited
Notes to the Financial Statements
For The Year Ended 31 July 2023
Notes to the Financial Statements
1.
General Information
George Northwood Limited
is a private company, limited by shares, incorporated in England & Wales, registered number
08603783
. The registered office is 24 Wells Street, London, W1T 3PH.
2.
Accounting Policies
2.1.
Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2.
Going Concern Disclosure
The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern.
2.3.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services.
Sale of goods
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.
Rendering of services
Turnover from the provision of hair styling services is recognised in the period in which the services are provided.
2.4.
Intangible Fixed Assets and Amortisation - Other Intangible
Other intangible assets consist of the following categories and are amortised to the income statement at the corresponding rates shown:
Licensing and Rights: 20% straight line
All of the intangible assets included in the above category relate to the acquisition of the lease for an additional salon.
2.5.
Intangible Fixed Assets and Amortisation - Intellectual Property
Intellectual property assets consist of the following categories and are amortised to the income statement at the corresponding rates shown:
Trade marks: 10% straight line
2.6.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
| Leasehold |
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| Plant & Machinery |
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| Fixtures & Fittings |
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2.7.
Leasing and Hire Purchase Contracts
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the income statement on a straight line basis over the lease term.
2.8.
Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value.
George Northwood Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 July 2023
2.9.
Financial Instruments
Basic Financial Instruments
Basic financial instruments, other than arrangements constituting certain financing transactions, are initially recognised at transaction price. Arrangements constituting financing transactions consisting of a loan to the company from a person who is within a director's group of close family members that contains at least one shareholder are also initially recognised at transaction price. All other arrangements constituting financing transactions are initially recognised at the present value of the future payments or receipts discounted at a market rate of interest.
Basic financial instruments classified as payable or receivable after more than one year are subsequently measured at amortised cost using the effective interest method, whereas those classified as payable or receivable within one year are not amortised.
2.10.
Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.11.
Taxation
Income tax expense represents the sum of the tax currently payable.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the income statement or, if presented, the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Current tax for the year is recognised in profit or loss, except when it relates to items that are recognised in other comprehensive income or directly in equity, in which case the current tax is also recognised in other comprehensive income or directly in equity respectively.
2.12.
Pensions
Contributions to defined contribution pension plans are charged to the income statement as they become payable in accordance with the rules of the scheme.
2.13.
Government Grant
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.
2.14.
Presentation Currency
The accounts are presented in £ sterling.
2.15.
Registrar Filing Requirements
The company has taken advantage of Companies Act 2006 section 444(1) and opted not to file the income statement, director's report, and notes to the financial statements relating to the income statement.
3.
Average Number of Employees
Average number of employees, including directors, during the year was: 40 (2022: 34)
George Northwood Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 July 2023
4.
Intangible assets
| Other | Intellectual Property | Total | |
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| £ | £ | £ | |
| Cost | |||
| As at 1 August 2022 |
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| Additions |
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| As at 31 July 2023 |
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| Amortisation | |||
| As at 1 August 2022 |
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| Provided during the period |
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| As at 31 July 2023 |
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| Net Book Value | |||
| As at 31 July 2023 |
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| As at 1 August 2022 |
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5.
Tangible assets
| Land & Property | ||||
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| Leasehold | Plant & Machinery | Fixtures & Fittings | Total | |
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| Cost | ||||
| As at 1 August 2022 |
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| Additions |
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| As at 31 July 2023 |
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| Depreciation | ||||
| As at 1 August 2022 |
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| Provided during the period |
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| As at 31 July 2023 |
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| Net Book Value | ||||
| As at 31 July 2023 |
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| As at 1 August 2022 |
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6.
Stocks
| 2023 | 2022 | ||
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| Stock - Finished components |
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| Stock - Bulk finished goods | - |
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| Stock - Finished goods |
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George Northwood Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 July 2023
7.
Debtors
| 2023 | 2022 | ||
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| £ | £ | ||
| Due within one year | |||
| Trade debtors |
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| Prepayments and accrued income |
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| Short-term deposits | - |
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| Due after more than one year | |||
| Long-term deposits |
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8.
Creditors: Amounts falling due within one year
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| Trade creditors |
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| Bank loans and overdrafts |
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| Corporation tax |
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| Other taxes and social security |
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| VAT |
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| Net wages | - | 605 | |
| Staff expense reimbursements payable |
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| Pension creditor |
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| Accruals and deferred income |
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| Director's loan account |
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9.
Creditors: Amounts falling due after more than one year
| 2023 | 2022 | ||
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| £ | £ | ||
| Bank loans |
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11.
Other Commitments
At the statement of financial position date, the company had the following total future minimum lease payments under non-cancellable operating leases:
| 2023 | 2022 | ||
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| £ | £ | ||
| Not later than one year |
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| Later than one year and not later than five years |
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The above operating leases were in relation to the rental of two salons.
George Northwood Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 July 2023
12.
Pension Commitments
The company operates a defined contribution pension scheme for its employees. The assets of the scheme are held separately from those of the company in an independently administered fund. Additionally, the company makes contributions to the sole director's personal pension plan.
The total pension cost charge recognised in the income statement for the period represents employer contributions to both the employee pension fund and the director's personal pension plan. Employer contributions to the employee pension fund amounted to £25,937 (2022: £25,161), and employer contributions to the director's personal pension plan amounted to £6,000 (2022: £6,000).
At the statement of financial position date, unpaid employer contributions of £2,782 (2022: £2,957) were due to the employee pension fund. These are included in 'Other creditors - Pension creditor' and, for accrued amounts, 'Accruals and deferred income'.
13.
Dividends
| 2023 | 2022 | ||
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| £ | £ | ||
| On equity shares: | |||
| Interim dividend paid |
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14.
Related Party Transactions
Amounts due to related parties
At the reporting date, the company had an outstanding loan balance due to Mr G Northwood, the sole director and shareholder, of £80,969 (2022: £97,178).
This amount is interest-free, unsecured and repayable on demand.