Northwest Globals UK Ltd 08434774 false 2022-04-01 2023-03-31 2023-03-31 The principal activity of the company is that of travel agents and selling goods on-line. Digita Accounts Production Advanced 6.30.9574.0 true true true 08434774 2022-04-01 2023-03-31 08434774 2023-03-31 08434774 bus:OrdinaryShareClass1 2023-03-31 08434774 core:CurrentFinancialInstruments 2023-03-31 08434774 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 08434774 core:Non-currentFinancialInstruments 2023-03-31 08434774 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 08434774 core:FurnitureFittingsToolsEquipment 2023-03-31 08434774 bus:SmallEntities 2022-04-01 2023-03-31 08434774 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 08434774 bus:FullAccounts 2022-04-01 2023-03-31 08434774 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 08434774 bus:RegisteredOffice 2022-04-01 2023-03-31 08434774 bus:Director2 2022-04-01 2023-03-31 08434774 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 08434774 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 08434774 core:FurnitureFittingsToolsEquipment 2022-04-01 2023-03-31 08434774 core:OfficeEquipment 2022-04-01 2023-03-31 08434774 1 2022-04-01 2023-03-31 08434774 countries:EnglandWales 2022-04-01 2023-03-31 08434774 core:FurnitureFittingsToolsEquipment 2022-03-31 08434774 2021-04-01 2022-03-31 08434774 2022-03-31 08434774 bus:OrdinaryShareClass1 2022-03-31 08434774 core:CurrentFinancialInstruments 2022-03-31 08434774 core:CurrentFinancialInstruments core:WithinOneYear 2022-03-31 08434774 core:Non-currentFinancialInstruments 2022-03-31 08434774 core:Non-currentFinancialInstruments core:AfterOneYear 2022-03-31 08434774 core:FurnitureFittingsToolsEquipment 2022-03-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 08434774

Northwest Globals UK Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2023

 

Northwest Globals UK Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 12

 

Northwest Globals UK Ltd

Company Information

Director

Mr Rajinder Kumar Bhalla

Registered office

The Vista Centre, Suite 1A-46
50 Salisbury Road
Hounslow
TW4 6JQ

Accountants

Aventus Partners Limited
Hygeia Building
Ground Floor
66-68 College Road
Harrow
Middlesex
HA1 1BE

 

Northwest Globals UK Ltd

(Registration number: 08434774)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

912

1,216

Current assets

 

Stocks

5

3,942

7,866

Debtors

6

30,749

27,462

Cash at bank and in hand

 

33,931

11,479

 

68,622

46,807

Creditors: Amounts falling due within one year

7

(56,749)

(37,681)

Net current assets

 

11,873

9,126

Total assets less current liabilities

 

12,785

10,342

Creditors: Amounts falling due after more than one year

7

(23,333)

(33,333)

Net liabilities

 

(10,548)

(22,991)

Capital and reserves

 

Called up share capital

9

4,250

4,250

Retained earnings

(14,798)

(27,241)

Shareholders' deficit

 

(10,548)

(22,991)

For the financial year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

Northwest Globals UK Ltd

(Registration number: 08434774)
Balance Sheet as at 31 March 2023 (continued)

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

These financial statements were approved and authorised for issue by the director on 30 October 2023
 

.........................................
Mr Rajinder Kumar Bhalla
Director

 

Northwest Globals UK Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
The Vista Centre, Suite 1A-46
50 Salisbury Road
Hounslow
TW4 6JQ
United Kingdom

The principal place of business is:
The Vista Centre, Suite 1A-46
50 Salisbury Road
Hounslow
TW4 6JQ
United Kingdom

These financial statements were authorised for issue by the director on 30 October 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The functional and presentational currency is GBP Sterling (£), being the currency of the primary economic environment in which the company operates in. The amounts are presented rounded to the nearest pound.

Going concern

At the time of approving these financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future and are willing to provide the necessary financial support as necessary.

 

Northwest Globals UK Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023 (continued)

2

Accounting policies (continued)

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Government grants

Government grants are accounted under the accruals model as permitted by FRS102. Grants of revenue nature are recognised in the financial statements in the same period as the related expenditure.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

25% on reducing balance method

 

Northwest Globals UK Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023 (continued)

2

Accounting policies (continued)

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Northwest Globals UK Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023 (continued)

2

Accounting policies (continued)

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Northwest Globals UK Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023 (continued)

2

Accounting policies (continued)

Financial instruments

Classification
The company only enters into basic financial instruments 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 and loans from related parties.

 Recognition and measurement
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other debtors and creditors, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method.

Debt instruments that are payable or receivable within one year, typically trade creditors or debtors, are
measured, initially and subsequently, at the undiscounted amount of the cash or other consideration, expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms of financed at a rate of interest that is not a market rate or in case of an out-right short term loan not at a market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.


 Impairment
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss if recognised in the Profit and loss account.

For financial assets measured as amortised cost, the impairment loss is measured as the difference between an asset’s carrying amount and the present value of estimated cash flows discounted at the asset’s original effective interest rate. If a financial asset has a variable interest rate, the discounted rate for measuring any impairment loss is the current effective interest rate determined under the contract.

Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

3

Staff numbers

The average monthly number of persons employed by the company (including the director) during the year, was 1 (2022: 1).

 

Northwest Globals UK Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023 (continued)

4

Tangible assets

Furniture, fittings and equipment
 £

Cost

At 1 April 2022

2,535

At 31 March 2023

2,535

Depreciation

At 1 April 2022

1,319

Charge for the year

304

At 31 March 2023

1,623

Carrying amount

At 31 March 2023

912

At 31 March 2022

1,216

 

Northwest Globals UK Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023 (continued)

5

Stocks

2023
£

2022
£

Other inventories

3,942

7,866

6

Debtors

2023
£

2022
£

Trade debtors

8,698

21,988

Other debtors

1,200

1,224

Called up share capital not paid

4,250

4,250

Prepayments

420

-

Accrued income

16,181

-

30,749

27,462

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Bank loans and overdrafts

8

10,000

10,000

Trade creditors

 

30,659

16,224

Taxation and social security

 

1,594

2,167

Other creditors

 

6,608

4,767

Accrued expenses

 

1,990

1,000

Directors current account

 

5,898

3,523

 

56,749

37,681

Due after one year

 

Loans and borrowings

8

23,333

33,333

 

Northwest Globals UK Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023 (continued)

8

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank borrowings

10,000

10,000

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

23,333

33,333

Bank borrowings consists of a government-backed Bounce Back Loan with a repayment term of 6 years from August 2021. The interest rate applicable to the loan is 2.5% with the first 12 months interest being covered by the government.

9

Share capital

Allotted, called up and not fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

4,250

4,250

4,250

4,250

         

10

Related party transactions

Director's remuneration

The director's remuneration for the year was as follows:

2023
£

2022
£

Remuneration

21,600

35,600

 

Northwest Globals UK Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023 (continued)

11

Parent and ultimate parent undertaking

The company's immediate parent is Northwest Travels Private Limited, incorporated in India.

 The ultimate controlling party is Mr Rajinder Kumar Bhalla.