REGISTERED NUMBER: |
Strategic Report, Report of the Director and |
Financial Statements for the Year Ended 31 March 2023 |
for |
Northgate Lighting Limited |
REGISTERED NUMBER: |
Strategic Report, Report of the Director and |
Financial Statements for the Year Ended 31 March 2023 |
for |
Northgate Lighting Limited |
Northgate Lighting Limited (Registered number: 05735653) |
Contents of the Financial Statements |
for the Year Ended 31 March 2023 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Director | 3 |
Report of the Independent Auditors | 4 |
Income Statement | 7 |
Other Comprehensive Income | 8 |
Balance Sheet | 9 |
Statement of Changes in Equity | 10 |
Cash Flow Statement | 11 |
Notes to the Cash Flow Statement | 12 |
Notes to the Financial Statements | 13 |
Northgate Lighting Limited |
Company Information |
for the Year Ended 31 March 2023 |
DIRECTOR: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
14 Clifton Moor Business Village |
James Nicolson Link |
York |
YO30 4XG |
Northgate Lighting Limited (Registered number: 05735653) |
Strategic Report |
for the Year Ended 31 March 2023 |
The director presents his strategic report for the year ended 31 March 2023. |
REVIEW OF BUSINESS |
Northgate Lighting Limited's principal activity is the supply of products to the electrical wholesale market. Delivering an excellent personal service and providing an extensive range of products means we're one of the leading suppliers of LED lamps, fittings, lighting spares, batteries, emergency lighting products, as well as a comprehensive range of conventional and traditional lamps. |
The cost of freight has eased throughout the year helping improve product margin. However, the increase in National Minimum Wage continues to drive up employment costs. Our teams focus on the 3 strategic objectives are helping to balance the effects of these factors: |
- Improve margin by improving efficiencies |
- Reduce low margin sales activities |
- Automate processes |
For the 3rd year, these have resulted in positive outcomes |
- Gross Margin improved from 24.3% to 28.1% |
- Administration Expenses increased just 0.9% |
In summary, we are pleased with the improvements made in the business this year and to look forward to further enhancing our customer journey in 2023/24 |
Employee Ownership Trust |
In November 2023 the company established Northgate Lighting Employee Ownership Trust with the objective of ensuring that shares in the company are held by the Trustees for the benefit of the company's employees. Employees will have an interest in the company's business, a voice in the operations and in the longer term a share of its profits. |
PRINCIPAL RISKS AND UNCERTAINTIES |
The main risks and uncertainties centre on customer demand, product pricing, liquidity, and credit risk. The company works closely with stock suppliers to ensure a consistent and reliable supply of product. |
The company monitors and forecasts cash flow as part of its day-to-day control procedures. Credit risk is managed by carrying out credit checks on new and existing customers |
FUTURE DEVELOPMENTS |
The company's strategy remains centred on continued product development. |
In summary, we are very well placed to meet the needs of our customers. Our highly experienced teams in Procurement, Sales and Logistics adapt well to the constant changes in the industry. |
ON BEHALF OF THE BOARD: |
Northgate Lighting Limited (Registered number: 05735653) |
Report of the Director |
for the Year Ended 31 March 2023 |
The director presents his report with the financial statements of the company for the year ended 31 March 2023. |
DIVIDENDS |
The total distribution of dividends for the year ended 31 March 2023 will be £25,000. |
DIRECTOR |
STATEMENT OF DIRECTOR'S RESPONSIBILITIES |
The director is responsible for preparing the Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations. |
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
AUDITORS |
The auditors, Q&K Auditors Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
Report of the Independent Auditors to the Members of |
Northgate Lighting Limited |
Opinion |
We have audited the financial statements of Northgate Lighting Limited (the 'company') for the year ended 31 March 2023 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 31 March 2023 and of its profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report. |
Other information |
The director is responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements. |
Report of the Independent Auditors to the Members of |
Northgate Lighting Limited |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Director. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of director's remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of director |
As explained more fully in the Statement of Director's Responsibilities set out on page three, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the director is responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so. |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
We obtained an understanding of the legal and regulatory frameworks that are applicable to the company and determined that most significant are those that relate to the financial reporting framework, namely FRS102 and the Companies Act 2006. |
We understood how the company is complying with those frameworks by making enquiries of management as to their procedures for identifying and responding to fraud risks. |
We assessed the susceptibility of the company's financial statements to material misstatement, including how fraud might occur by considering the risk of management override. We considered the controls the company has established to address risk identified by management, or that otherwise seek to prevent, detect or deter fraud and how management monitor those controls. |
Based on our understanding, we designed audit procedures to identify non-compliance with laws and regulations. Our procedures included journal entry testing based on our risk assessment, analytical procedures to identify unusual relationships that may indicate the risk of material misstatement and challenging the assumptions and judgements made by management in respect of significant accounting estimates. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
Report of the Independent Auditors to the Members of |
Northgate Lighting Limited |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
14 Clifton Moor Business Village |
James Nicolson Link |
York |
YO30 4XG |
Northgate Lighting Limited (Registered number: 05735653) |
Income Statement |
for the Year Ended 31 March 2023 |
31.3.23 | 31.3.22 |
Notes | £ | £ |
TURNOVER |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
737,678 | 936,352 |
Other operating income |
OPERATING PROFIT | 4 |
Interest payable and similar expenses | 6 |
PROFIT BEFORE TAXATION |
Tax on profit | 7 |
PROFIT FOR THE FINANCIAL YEAR |
Northgate Lighting Limited (Registered number: 05735653) |
Other Comprehensive Income |
for the Year Ended 31 March 2023 |
31.3.23 | 31.3.22 |
Notes | £ | £ |
PROFIT FOR THE YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
Northgate Lighting Limited (Registered number: 05735653) |
Balance Sheet |
31 March 2023 |
31.3.23 | 31.3.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 9 |
CURRENT ASSETS |
Stocks | 10 |
Debtors | 11 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 12 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
13 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 16 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 17 |
Share premium | 18 |
Revaluation reserve | 18 |
Retained earnings | 18 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the director and authorised for issue on |
Northgate Lighting Limited (Registered number: 05735653) |
Statement of Changes in Equity |
for the Year Ended 31 March 2023 |
Called up |
share | Retained | Share | Revaluation | Total |
capital | earnings | premium | reserve | equity |
£ | £ | £ | £ | £ |
Balance at 1 April 2021 |
Changes in equity |
Dividends | - | ( |
) | - | - | ( |
) |
Total comprehensive income | - | - |
Balance at 31 March 2022 |
Changes in equity |
Issue of share capital | - | - |
Dividends | - | ( |
) | - | - | ( |
) |
Total comprehensive income | - | - |
Balance at 31 March 2023 |
Northgate Lighting Limited (Registered number: 05735653) |
Cash Flow Statement |
for the Year Ended 31 March 2023 |
31.3.23 | 31.3.22 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 |
Interest paid | ( |
) | ( |
) |
Tax paid | ( |
) | ( |
) |
Net cash from operating activities |
Cash flows from investing activities |
Purchase of tangible fixed assets | ( |
) | ( |
) |
Sale of tangible fixed assets |
Net cash from investing activities | ( |
) | ( |
) |
Cash flows from financing activities |
New loans in year |
Loan repayments in year | ( |
) | ( |
) |
Amount introduced by directors | 18,141 | - |
Amount withdrawn by directors | (196,912 | ) | - |
Share issue |
Share premium |
Equity dividends paid | ( |
) | ( |
) |
Net cash from financing activities | ( |
) |
Increase/(decrease) in cash and cash equivalents | ( |
) |
Cash and cash equivalents at beginning of year |
2 |
593,563 |
Cash and cash equivalents at end of year | 2 | 503,363 | 271,285 |
Northgate Lighting Limited (Registered number: 05735653) |
Notes to the Cash Flow Statement |
for the Year Ended 31 March 2023 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
31.3.23 | 31.3.22 |
£ | £ |
Profit before taxation |
Depreciation charges |
Finance costs | 45,238 | 28,181 |
1,507,570 | 1,242,805 |
Decrease/(increase) in stocks | ( |
) |
Increase in trade and other debtors | ( |
) | ( |
) |
Decrease in trade and other creditors | ( |
) | ( |
) |
Cash generated from operations |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 31 March 2023 |
31/3/23 | 1/4/22 |
£ | £ |
Cash and cash equivalents | 503,363 | 271,285 |
Year ended 31 March 2022 |
31/3/22 | 1/4/21 |
£ | £ |
Cash and cash equivalents | 271,285 | 593,563 |
3. | ANALYSIS OF CHANGES IN NET DEBT |
At 1/4/22 | Cash flow | At 31/3/23 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 271,285 | 232,078 | 503,363 |
271,285 | 503,363 |
Debt |
Debts falling due within 1 year | (90,216 | ) | (79,195 | ) | (169,411 | ) |
Debts falling due after 1 year | (613,719 | ) | (119,711 | ) | (733,430 | ) |
(703,935 | ) | (198,906 | ) | (902,841 | ) |
Total | (432,650 | ) | 33,172 | (399,478 | ) |
Northgate Lighting Limited (Registered number: 05735653) |
Notes to the Financial Statements |
for the Year Ended 31 March 2023 |
1. | STATUTORY INFORMATION |
Northgate Lighting Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Significant judgements and estimates |
In applying the company's accounting policies, the director is required to make judgements, |
estimates and assumptions about the carrying value of assets and liabilities. Estimates and |
assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised |
in the period in which the estimate is revised. |
The main judgement concerns the likely future demand for the company's products and how that |
impacts on the carrying value of stock. The director has based his judgement on his considerable |
experience and understanding of the product and its market place. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Tangible fixed assets |
Freehold property | - |
Plant and machinery | - |
Computer equipment | - |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Financial instruments |
The company enters into basic financial instrument transactions resulting in the recognition of financial assets and liabilities such as trade debtors and trade creditors, loans from banks and loans to and from related parties. Debt instruments that are payable or receivable within one year, typically trade debtors and trade creditors, are measured at the undiscounted amount of cash or other consideration expected to be received or paid. If a short term instrument constitutes a financing transaction, such as the payment of a trade debt beyond normal business terms or financed at a non-market rate of interest, the financial asset or liability is measured 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. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Northgate Lighting Limited (Registered number: 05735653) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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. |
Foreign currencies |
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 of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
3. | EMPLOYEES AND DIRECTORS |
31.3.23 | 31.3.22 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
The average number of employees during the year was as follows: |
31.3.23 | 31.3.22 |
Management & administration | 22 | 23 |
Sales | 9 | 9 |
Warehouse & distribution | 25 | 29 |
31.3.23 | 31.3.22 |
£ | £ |
Director's remuneration |
Director's pension contributions to money purchase schemes |
Northgate Lighting Limited (Registered number: 05735653) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
4. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
31.3.23 | 31.3.22 |
£ | £ |
Hire of plant and machinery |
Depreciation - owned assets |
Auditors' remuneration |
Foreign exchange differences | ( |
) |
5. | EXCEPTIONAL ITEMS |
31.3.23 | 31.3.22 |
£ | £ |
Exceptional items | 657,390 | - |
6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
31.3.23 | 31.3.22 |
£ | £ |
Bank loan interest |
7. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
31.3.23 | 31.3.22 |
£ | £ |
Current tax: |
UK corporation tax |
Deferred tax | ( |
) |
Tax on profit |
UK corporation tax has been charged at 19% (2022 - 19%). |
Northgate Lighting Limited (Registered number: 05735653) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
7. | TAXATION - continued |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
31.3.23 | 31.3.22 |
£ | £ |
Profit before tax |
Profit multiplied by the standard rate of corporation tax in the UK of (2022 - |
Effects of: |
Expenses not deductible for tax purposes |
Depreciation in excess of capital allowances | - |
2021 costs deductible in 2022 | - | (7,782 | ) |
Depreciation on freehold property | 6,412 | - |
Difference on deferred tax rates | (350 | ) | - |
Deferred tax | - | 10,718 |
Total tax charge | 270,091 | 228,177 |
8. | DIVIDENDS |
31.3.23 | 31.3.22 |
£ | £ |
Ordinary shares of £0.10 each |
Interim |
9. | TANGIBLE FIXED ASSETS |
Freehold | Plant and | Computer |
property | machinery | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 April 2022 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 March 2023 |
DEPRECIATION |
At 1 April 2022 |
Charge for year |
At 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
Northgate Lighting Limited (Registered number: 05735653) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
10. | STOCKS |
31.3.23 | 31.3.22 |
£ | £ |
Stocks |
11. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.23 | 31.3.22 |
£ | £ |
Trade debtors |
Other debtors |
Amounts due from related undertaking | 150,000 | 150,000 |
Directors' current accounts | 178,771 | - |
Prepayments |
12. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.23 | 31.3.22 |
£ | £ |
Bank loans and overdrafts (see note 14) |
Trade creditors |
Tax |
Social security and other taxes |
VAT | 128,498 | 339,090 |
Other creditors |
Accrued expenses |
13. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.3.23 | 31.3.22 |
£ | £ |
Bank loans (see note 14) |
Trade creditors |
14. | LOANS |
An analysis of the maturity of loans is given below: |
31.3.23 | 31.3.22 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank loans |
Amounts falling due between one and two years: |
Bank loans - 1-2 years |
Northgate Lighting Limited (Registered number: 05735653) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
14. | LOANS - continued |
31.3.23 | 31.3.22 |
£ | £ |
Amounts falling due between two and five years: |
Bank loans - 2-5 years |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans more than five years by installment |
183,236 |
263,337 |
15. | SECURED DEBTS |
The following secured debts are included within creditors: |
31.3.23 | 31.3.22 |
£ | £ |
Bank loans | 902,841 | 703,935 |
The bank borrowings are secured against the company's freehold property. |
16. | PROVISIONS FOR LIABILITIES |
31.3.23 | 31.3.22 |
£ | £ |
Deferred tax | 138,096 | 139,554 |
Deferred |
tax |
£ |
Balance at 1 April 2022 |
Provided during year | ( |
) |
Balance at 31 March 2023 |
17. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.3.23 | 31.3.22 |
value: | £ | £ |
Ordinary | £0.10 | 1,378 | 1,000 |
During the year a total of 3,781 new shares were issued. 3,445 of these were issued to Mr L Doyle, no money was received for the shares. 168 were issued to Mr P Southern who paid a premium of £25 per share. 168 were issued to Mr S Howship who paid a premium of £25 per share. |
Northgate Lighting Limited (Registered number: 05735653) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
18. | RESERVES |
Retained | Share | Revaluation |
earnings | premium | reserve | Totals |
£ | £ | £ | £ |
At 1 April 2022 | 2,629,330 |
Profit for the year |
Dividends | ( |
) | ( |
) |
Cash share issue | - | 8,464 | - | 8,464 |
At 31 March 2023 | 3,713,147 |
19. | RELATED PARTY DISCLOSURES |
At 31 March 2023 the company was owed £150,000 (2022: £150,000) from Make & Test Limited. |
At 31 March 2023 the company was owed £163,890 (2022: £73,378) from Solutions Lighting Limited, due to trading activities. |
At 31 March 2023 the company was owed £21,002 (2022: £110,591) from Lampshoponline Limited, due to trading activities. |
At 31 March 2023 the company was owed £297,380 (2022: £218,924) from Dependable Trading Limited, due to trading activities. |
Included in trade creditors is an amount of £3,815 (2022: £16,029) due to Make & Test Limited. |
At 31 March 2023 the company was owed £178,771 (2022 £Nil) from its director A Lee. This amount was repaid within 9 months of the year end. |
20. | ULTIMATE CONTROLLING PARTY |
The company is under the ultimate control of its director. |