Registered number
09189710
Northwood (Salisbury) Limited
Unaudited Filleted Accounts
31 May 2023
Northwood (Salisbury) Limited
Company Information
Directors
Mr S P Calvert
Mrs M Calvert
Secretary
Mrs M Calvert
Accountants
Cochrane & Co Accountants Limited
38 Kings Road
Lee-on-the-Solent
Hampshire
PO13 9NU
Registered office
1 Bellevue Road
Southampton
Hampshire
SO15 2AW
Registered number
09189710
Northwood (Salisbury) Limited
Report and accounts
Contents
Page
Company information 1
Directors' report 2
Chartered Accountants' report 3
Balance sheet 4
Notes to the accounts 5
Northwood (Salisbury) Limited
Registered number: 09189710
Directors' Report
The directors present their 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 and sale of residential properties.
Directors
The following persons served as directors during the year:
Mr S P Calvert
Mrs M Calvert
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.
Mr S P Calvert
Director
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 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 (Salisbury) 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 (Salisbury) Limited
Registered number: 09189710
Balance Sheet
as at 31 May 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 4 3,061 2,915
Current assets
Debtors 5 15,729 1
Cash at bank and in hand 464,882 157,213
480,611 157,214
Creditors: amounts falling due within one year 6 (558,457) (331,831)
Net current liabilities (77,846) (174,617)
Total assets less current liabilities (74,785) (171,702)
Creditors: amounts falling due after more than one year 7 (16,285) (22,575)
Provisions for liabilities (401) -
Net liabilities (91,471) (194,277)
Capital and reserves
Called up share capital 1 1
Profit and loss account (91,472) (194,278)
Shareholder's funds (91,471) (194,277)
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 21 February 2024
Northwood (Salisbury) 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 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.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 14 4
3 Intangible fixed assets £
Franchise fees:
Cost
At 1 June 2022 4,000
At 31 May 2023 4,000
Amortisation
At 1 June 2022 4,000
At 31 May 2023 4,000
Net book value
At 31 May 2023 -
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 2022 14,579 7,546 22,125
Additions - 2,139 2,139
At 31 May 2023 14,579 9,685 24,264
Depreciation
At 1 June 2022 11,664 7,546 19,210
Charge for the year 1,458 535 1,993
At 31 May 2023 13,122 8,081 21,203
Net book value
At 31 May 2023 1,457 1,604 3,061
At 31 May 2022 2,915 - 2,915
5 Debtors 2023 2022
£ £
Amounts owed by group undertakings and undertakings in which the company has a participating interest 15,729 1
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 6,245 6,200
Amounts owed to group undertakings and undertakings in which the company has a participating interest 286,526 238,844
Corporation tax 10,525 2,224
Other taxes and social security costs 17,940 144
Other creditors 237,221 84,419
558,457 331,831
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 16,285 22,575
8 Controlling party
The ultimate parent company is SPC Southampton Limited.
9 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
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