| Northwood (Salisbury) Limited |
|
| Chartered Accountants' report to the board of directors on the preparation of the unaudited statutory accounts of Northwood (Salisbury) Limited for the year ended 31 May 2017 |
| In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Northwood (Salisbury) Limited for the year ended 31 May 2017 which comprise of the Profit and Loss Account, the Balance Sheet and the related notes from the company’s accounting records and from information and explanations you have given us. |
As a practising member firm of the Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at
www.icaew.com/en/members/regulations-standards-and-guidance |
| Our work has been undertaken in accordance with ICAEW Technical Release 07/16 AAF. |
|
| Cochrane & Co Accountants Limited |
| Chartered Accountants |
| 38 Kings Road |
| Lee-on-the-Solent |
| Hampshire |
| PO13 9NU |
|
| 4 December 2017 |
|
| Northwood (Salisbury) Limited |
| Registered number: |
09189710 |
| Balance Sheet |
| as at 31 May 2017 |
|
| Notes |
|
|
2017 |
|
|
2016 |
| £ |
£ |
| Fixed assets |
| Intangible assets |
3 |
|
|
1,600 |
|
|
2,400 |
| Tangible assets |
4 |
|
|
12,090 |
|
|
15,435 |
|
|
|
|
13,690 |
|
|
17,835 |
|
| Current assets |
| Debtors |
5 |
|
1 |
|
|
1 |
| Cash at bank and in hand |
|
|
70,025 |
|
|
35,497 |
|
|
|
70,026 |
|
|
35,498 |
|
| Creditors: amounts falling due within one year |
6 |
|
(212,776) |
|
|
(124,832) |
|
| Net current liabilities |
|
|
|
(142,750) |
|
|
(89,334) |
|
| Total assets less current liabilities |
|
|
|
(129,060) |
|
|
(71,499) |
|
| Creditors: amounts falling due after more than one year |
7 |
|
|
(53,625) |
|
|
(72,447) |
|
| Provisions for liabilities |
|
|
|
(358) |
|
|
(754) |
|
|
| Net liabilities |
|
|
|
(183,043) |
|
|
(144,700) |
|
|
|
|
|
|
|
|
| Capital and reserves |
| Called up share capital |
|
|
|
1 |
|
|
1 |
| Profit and loss account |
|
|
|
(183,044) |
|
|
(144,701) |
|
| Shareholder's funds |
|
|
|
(183,043) |
|
|
(144,700) |
|
|
|
|
|
|
|
|
| The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
| The member has not required the company to obtain an audit in accordance with section 476 of the Act. |
| The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. |
| The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies. |
|
|
|
|
| Mr S P Calvert |
| Director |
| Approved by the board on 27 November 2017 |
|
| Northwood (Salisbury) Limited |
| Notes to the Accounts |
| for the year ended 31 May 2017 |
|
|
| 1 |
Accounting policies |
|
|
Basis of preparation |
|
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
|
|
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 rents receivable, commissions received and services provided. |
|
|
Intangible fixed assets |
|
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses. Amortisation is calculated so as to write off the cost of an asset, over it's useful economic life, franchise fees are amortised over five years. |
|
|
Tangible fixed assets |
|
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
|
|
Leasehold land and buildings |
10% straight line |
|
Fixtures, fittings, tools and equipment |
25% straight line |
|
|
Debtors |
|
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
|
|
Creditors |
|
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
|
|
Taxation |
|
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
|
|
Leased assets |
|
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term. |
|
|
Going concern |
|
At the balance sheet date the company had negative reserves.
The company is dependent upon the support of its directors, bankers and creditors and the directors believe that this support is forthcoming for the foreseeable future and have prepared the accounts on a going concern basis. |
|
|
| 2 |
Employees |
2017 |
|
2016 |
| Number |
Number |
|
|
Average number of persons employed by the company |
3 |
|
3 |
|
|
|
|
|
|
|
|
|
|
| 3 |
Intangible fixed assets |
£ |
|
Franchise fees: |
|
|
Cost |
|
At 1 June 2016 |
4,000 |
|
At 31 May 2017 |
4,000 |
|
|
|
|
|
|
|
|
|
|
Amortisation |
|
At 1 June 2016 |
1,600 |
|
Provided during the year |
800 |
|
At 31 May 2017 |
2,400 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 31 May 2017 |
1,600 |
|
At 31 May 2016 |
2,400 |
|
|
|
|
|
|
|
|
|
|
Franchise fees are being written off in equal annual instalments over their estimated economic life of 5 years. |
|
|
| 4 |
Tangible fixed assets |
|
|
|
|
Land and buildings |
|
Plant and machinery etc |
|
Total |
| £ |
£ |
£ |
|
Cost |
|
At 1 June 2016 |
14,579 |
|
7,546 |
|
22,125 |
|
At 31 May 2017 |
14,579 |
|
7,546 |
|
22,125 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 June 2016 |
2,916 |
|
3,774 |
|
6,690 |
|
Charge for the year |
1,458 |
|
1,887 |
|
3,345 |
|
At 31 May 2017 |
4,374 |
|
5,661 |
|
10,035 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 31 May 2017 |
10,205 |
|
1,885 |
|
12,090 |
|
At 31 May 2016 |
11,663 |
|
3,772 |
|
15,435 |
|
|
| 5 |
Debtors |
2017 |
|
2016 |
| £ |
£ |
|
|
Amounts owed by group undertakings and undertakings in which the company has a participating interest |
|
1 |
|
1 |
|
|
|
|
|
|
|
|
|
|
| 6 |
Creditors: amounts falling due within one year |
2017 |
|
2016 |
| £ |
£ |
|
|
Bank loans and overdrafts |
20,000 |
|
22,042 |
|
Amounts owed to group undertakings and undertakings in which the company has a participating interest |
|
120,426 |
|
72,926 |
|
Other taxes and social security costs |
(969) |
|
48 |
|
Other creditors |
73,319 |
|
29,816 |
|
|
|
|
|
|
212,776 |
|
124,832 |
|
|
|
|
|
|
|
|
|
|
| 7 |
Creditors: amounts falling due after one year |
2017 |
|
2016 |
| £ |
£ |
|
|
Bank loans |
53,625 |
|
72,447 |
|
|
|
|
|
|
|
|
|
|
| 8 |
Loans |
2017 |
|
2016 |
| £ |
£ |
|
Creditors include: |
|
|
Secured bank loans |
74,490 |
|
94,489 |
|
|
|
|
|
|
|
|
|
|
The bank loan is secured by National Westminster Bank Plc by a fixed and floating charge over all of the company's assets. |
|
|
| 9 |
Other financial commitments |
2017 |
|
2016 |
| £ |
£ |
|
|
Total future minimum payments under non-cancellable operating leases |
|
23,917 |
|
34,167 |
|
|
|
|
|
|
|
|
|
|
| 10 |
Controlling party |
|
|
The ultimate parent company is SPC Southampton Limited. |
|
|
| 11 |
Other information |
|
|
Northwood (Salisbury) Limited is a private company limited by shares and incorporated in England. Its registered office is: |
|
1 Bellevue Road |
|
Southampton |
|
Hampshire |
|
SO15 2AW |
|
|
Place of business: |
|
|
56 Castle Street |
|
Salisbury |
|
England |
|
SP1 3TS |
