Silverfin false 28/02/2023 01/03/2022 28/02/2023 David Lester Rhys Coplestone 07/06/2023 Charmian Elizabeth Jones 04/02/2010 Edward Northcott Jones 04/02/2010 Richard Magnus 04/02/2010 Christian John Pearce 07/06/2023 24 November 2023 The company's principal activity continues to be that of evacuation, remote medical and project management solutions, tracking, travel management and security. 07145685 2023-02-28 07145685 bus:Director1 2023-02-28 07145685 bus:Director2 2023-02-28 07145685 bus:Director3 2023-02-28 07145685 bus:Director4 2023-02-28 07145685 bus:Director5 2023-02-28 07145685 2022-02-28 07145685 core:CurrentFinancialInstruments 2023-02-28 07145685 core:CurrentFinancialInstruments 2022-02-28 07145685 core:Non-currentFinancialInstruments 2023-02-28 07145685 core:Non-currentFinancialInstruments 2022-02-28 07145685 core:ShareCapital 2023-02-28 07145685 core:ShareCapital 2022-02-28 07145685 core:SharePremium 2023-02-28 07145685 core:SharePremium 2022-02-28 07145685 core:RetainedEarningsAccumulatedLosses 2023-02-28 07145685 core:RetainedEarningsAccumulatedLosses 2022-02-28 07145685 core:FurnitureFittings 2022-02-28 07145685 core:ComputerEquipment 2022-02-28 07145685 core:FurnitureFittings 2023-02-28 07145685 core:ComputerEquipment 2023-02-28 07145685 bus:OrdinaryShareClass1 2023-02-28 07145685 bus:OrdinaryShareClass2 2023-02-28 07145685 core:WithinOneYear 2023-02-28 07145685 core:WithinOneYear 2022-02-28 07145685 core:BetweenOneFiveYears 2023-02-28 07145685 core:BetweenOneFiveYears 2022-02-28 07145685 2022-03-01 2023-02-28 07145685 bus:FullAccounts 2022-03-01 2023-02-28 07145685 bus:SmallEntities 2022-03-01 2023-02-28 07145685 bus:AuditExempt-NoAccountantsReport 2022-03-01 2023-02-28 07145685 bus:PrivateLimitedCompanyLtd 2022-03-01 2023-02-28 07145685 bus:Director1 2022-03-01 2023-02-28 07145685 bus:Director2 2022-03-01 2023-02-28 07145685 bus:Director3 2022-03-01 2023-02-28 07145685 bus:Director4 2022-03-01 2023-02-28 07145685 bus:Director5 2022-03-01 2023-02-28 07145685 core:FurnitureFittings core:TopRangeValue 2022-03-01 2023-02-28 07145685 core:ComputerEquipment core:TopRangeValue 2022-03-01 2023-02-28 07145685 2021-03-01 2022-02-28 07145685 core:FurnitureFittings 2022-03-01 2023-02-28 07145685 core:ComputerEquipment 2022-03-01 2023-02-28 07145685 core:Non-currentFinancialInstruments 2022-03-01 2023-02-28 07145685 bus:OrdinaryShareClass1 2022-03-01 2023-02-28 07145685 bus:OrdinaryShareClass1 2021-03-01 2022-02-28 07145685 bus:OrdinaryShareClass2 2022-03-01 2023-02-28 07145685 bus:OrdinaryShareClass2 2021-03-01 2022-02-28 iso4217:GBP xbrli:pure xbrli:shares

Company No: 07145685 (England and Wales)

NORTHCOTT GLOBAL SOLUTIONS LIMITED

Unaudited Financial Statements
For the financial year ended 28 February 2023
Pages for filing with the registrar

NORTHCOTT GLOBAL SOLUTIONS LIMITED

Unaudited Financial Statements

For the financial year ended 28 February 2023

Contents

NORTHCOTT GLOBAL SOLUTIONS LIMITED

COMPANY INFORMATION

For the financial year ended 28 February 2023
NORTHCOTT GLOBAL SOLUTIONS LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 28 February 2023
DIRECTORS David Lester Rhys Coplestone
Charmian Elizabeth Jones
Edward Northcott Jones
Richard Magnus
Christian John Pearce
REGISTERED OFFICE Level 9 One Canada Square
Canary Wharf
London
E14 5AA
United Kingdom
COMPANY NUMBER 07145685 (England and Wales)
NORTHCOTT GLOBAL SOLUTIONS LIMITED

BALANCE SHEET

As at 28 February 2023
NORTHCOTT GLOBAL SOLUTIONS LIMITED

BALANCE SHEET (continued)

As at 28 February 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 29,665 39,865
29,665 39,865
Current assets
Debtors 4 2,856,255 3,862,006
Cash at bank and in hand 222,522 1,351,436
3,078,777 5,213,442
Creditors: amounts falling due within one year 5 ( 3,292,042) ( 5,456,934)
Net current liabilities (213,265) (243,492)
Total assets less current liabilities (183,600) (203,627)
Creditors: amounts falling due after more than one year 6 ( 27,443) ( 37,271)
Net liabilities ( 211,043) ( 240,898)
Capital and reserves
Called-up share capital 7 30,725 30,725
Share premium account 275,629 275,629
Profit and loss account ( 517,397 ) ( 547,252 )
Total shareholders' deficit ( 211,043) ( 240,898)

For the financial year ending 28 February 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Northcott Global Solutions Limited (registered number: 07145685) were approved and authorised for issue by the Board of Directors on 24 November 2023. They were signed on its behalf by:

Richard Magnus
Director
NORTHCOTT GLOBAL SOLUTIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 28 February 2023
NORTHCOTT GLOBAL SOLUTIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 28 February 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Northcott Global Solutions Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Level 9 One Canada Square, Canary Wharf, London, E14 5AA, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Foreign currency

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 rate ruling on the date of the transaction.
Exchange differences are taken into account in arriving at the operating profit.

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 rendering of services of evacuation, remote medical and project management solutions, tracking, travel management and security.

**Rendering of services**
Turnover from the rendering of services, including commission, is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured either with reference to the contract period or according to specific work performed. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

Taxation

Current tax
Tax is recognised in profit or loss, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income. The current 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.

The tax credit relating to research and development claims is recognised in the year the expenditure was incurred.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Research and Development

Expenditure on research and development is written off in the year it is incurred.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Fixtures and fittings 5 years straight line
Computer equipment 5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases

The Company as lessee
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period. Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently measured at amortised cost.

Government grants

Government grant income relating to the Coronavirus Job Retention Scheme is recognised in other operating income in the period in which the relevant wages expenses is incurred.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

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 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.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including the directors 43 42

3. Tangible assets

Fixtures and fittings Computer equipment Total
£ £ £
Cost
At 01 March 2022 20,705 117,612 138,317
Additions 0 4,378 4,378
At 28 February 2023 20,705 121,990 142,695
Accumulated depreciation
At 01 March 2022 19,153 79,299 98,452
Charge for the financial year 848 13,730 14,578
At 28 February 2023 20,001 93,029 113,030
Net book value
At 28 February 2023 704 28,961 29,665
At 28 February 2022 1,552 38,313 39,865

4. Debtors

2023 2022
£ £
Trade debtors 1,920,744 1,561,122
Deferred tax asset 49,154 46,665
Corporation tax 44,311 90,294
Other debtors 842,046 2,163,925
2,856,255 3,862,006

5. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans 9,829 9,586
Trade creditors 1,380,483 2,154,580
Other taxation and social security 168,363 617,036
Other creditors 1,733,367 2,675,732
3,292,042 5,456,934

6. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans 27,443 37,271

There are no amounts included above in respect of which any security has been given by the small entity.

7. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
100 A shares ordinary shares of £ 1.00 each 100 100
306,250 B shares ordinary shares of £ 0.10 each 30,625 30,625
30,725 30,725

8. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

2023 2022
£ £
within one year 117,000 72,486
between one and five years 200,640 0
317,640 72,486

9. Related party transactions

Transactions with the entity's directors

2023 2022
£ £
Mr Edward Jones 343,745 343,475
Mr Richard Magnus 76,524 76,421
Mrs Charmian Jones 25,000 25,000

At 1 March 2022 the amount due from Mr Edward Jones was £343,475. A further advance of £270. The amount due at 28 February 2023 was £343,745. Interest was not charged for the year. The loans are repayable on demand.

At 1 March 2022 the amount due from Mr Richard Magnus was £76,421. A further advance of £103 was made in the year. The amount due at 28 February 2023 was £76,524. Interest was not charged for the year. The loans are repayable on demand.

At 1 March 2022 the amount due from Mrs Charmian Jones was £25,000. The amount due at 28 February 2023 was £25,000. Interest was not charged for the year. The loans are repayable on demand.

10. Ultimate controlling party

The company's ultimate controlling party is Mr Edward Jones by virtue of his ownership of 51% of the issued share capital and also being the managing director of the company.