Registered number
03645904
Northwood Southampton Limited
Unaudited Filleted Accounts
31 May 2023
Northwood Southampton Limited
Report and accounts
Contents
Page
Company information 1
Director's report 2
Chartered Accountants' report 3
Balance sheet 4
Notes to the accounts 5
Northwood Southampton Limited
Company Information
Director
S P Calvert
Secretary
M Calvert
Accountants
Cochrane & Co Accountants Limited
38 Kings Road
Lee-on-the-Solent
Hampshire
PO13 9NU
Registered office
56 Castle Street
Salisbury
England
SP1 3TS
Registered number
03645904
Northwood Southampton Limited
Registered number: 03645904
Director's Report
The director presents his report and accounts for the year ended 31 May 2023.
Principal activities
The company's principal activity during the year continued to be that of agents for the letting of residential properties.
Directors
The following persons served as directors during the year:
S P Calvert
Third party indemnity provisions
The company buys director's indemnity insurance.
Small company provisions
This report has been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime.
This report was approved by the board on 21 February 2024 and signed on its behalf.
S P Calvert
Director
Northwood Southampton Limited
Chartered Accountants' report to the board of directors on the preparation of the unaudited statutory accounts of Northwood Southampton Limited for the year ended 31 May 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Northwood Southampton Limited for the year ended 31 May 2023 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
23 February 2024
Northwood Southampton Limited
Registered number: 03645904
Balance Sheet
as at 31 May 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 4 18,622 3,488
Current assets
Debtors 5 1,072,994 858,313
Cash at bank and in hand 407,814 592,213
1,480,808 1,450,526
Creditors: amounts falling due within one year 6 (572,764) (584,482)
Net current assets 908,044 866,044
Total assets less current liabilities 926,666 869,532
Creditors: amounts falling due after more than one year 7 (34,433) (30,610)
Net assets 892,233 838,922
Capital and reserves
Called up share capital 2 2
Profit and loss account 892,231 838,920
Shareholder's funds 892,233 838,922
The director is 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 director acknowledges his 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.
S P Calvert
Director
Approved by the board on 21 February 2024
Northwood Southampton Limited
Notes to the Accounts
for the year ended 31 May 2023
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 represents the value, net of value added tax and discounts, of rents received, commissions received and work carried out in respect of services provided to customers.
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 the asset, over it's useful economic life, for franchise fees 20% straight line.
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:
Plant and machinery 20% straight line
Motor vehicles 20% 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.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
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.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 14 14
3 Intangible fixed assets £
Franchise fees:
Cost
At 1 June 2022 6,803
At 31 May 2023 6,803
Amortisation
At 1 June 2022 6,803
At 31 May 2023 6,803
Net book value
At 31 May 2023 -
Franchie fees to 31.5.16 have been fully written off.
4 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 June 2022 57,462 - 57,462
Additions - 21,099 21,099
At 31 May 2023 57,462 21,099 78,561
Depreciation
At 1 June 2022 53,974 - 53,974
Charge for the year 1,745 4,220 5,965
At 31 May 2023 55,719 4,220 59,939
Net book value
At 31 May 2023 1,743 16,879 18,622
At 31 May 2022 3,488 - 3,488
5 Debtors 2023 2022
£ £
Amounts owed by group undertakings and undertakings in which the company has a participating interest 976,481 765,255
Other debtors 96,513 93,058
1,072,994 858,313
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 9,699 9,648
Obligations under finance lease and hire purchase contracts 1,622 -
Trade creditors 404,455 335,183
Amounts owed to group undertakings and undertakings in which the company has a participating interest - 66,916
Corporation tax 60,927 79,374
Other taxes and social security costs 13,690 18,672
Other creditors 82,371 74,689
572,764 584,482
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 20,861 30,610
Obligations under finance lease and hire purchase contracts 13,572 -
34,433 30,610
8 Pension commitments
Contributions payable at the balance sheet date £1,557 (2022 £1,126).
9 Controlling party
The ultimate parent company is SPC Southampton Limited.
10 Other information
Northwood Southampton Limited is a private company limited by shares and incorporated in England. Its registered office is:
56 Castle Street
Salisbury
England
SP1 3TS
Place of business;
1 Bellevue Road
Southampton
Hampshire
SO15 2AW
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