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Registration number: 05497650

Northcote Technology Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 July 2023

 

Northcote Technology Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 9

 

Northcote Technology Ltd

Company Information

Directors

Victor Arenas Alvarino

Carlota Miranda De Paz

Francisco de Borja Arenas Alvariño

Company secretary

Carlota Miranda De Paz

Registered office

The Beehive
Beehive Ring Road
London Gatwick Airport
Gatwick
England
RH6 0PA

Accountants

Carbon Accountancy Limited
Chartered Accountants
80-83 Long Lane
London
EC1A 9ET

 

Northcote Technology Ltd

(Registration number: 05497650)
Balance Sheet as at 31 July 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

11,205

12,061

Investments

5

2,596

2,596

 

13,801

14,657

Current assets

 

Debtors

6

167,458

32,936

Cash at bank and in hand

 

174,557

67,322

 

342,015

100,258

Creditors: Amounts falling due within one year

7

(844,896)

(413,546)

Net current liabilities

 

(502,881)

(313,288)

Total assets less current liabilities

 

(489,080)

(298,631)

Creditors: Amounts falling due after more than one year

7

(18,703)

(29,352)

Net liabilities

 

(507,783)

(327,983)

Capital and reserves

 

Called up share capital

8

160

160

Share premium reserve

65,380

65,380

Retained earnings

(573,323)

(393,523)

Shareholders' deficit

 

(507,783)

(327,983)

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

Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared 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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 19 April 2024 and signed on its behalf by:

........................................
Carlota Miranda De Paz
Company secretary and director

 

Northcote Technology Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 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 Beehive
Beehive Ring Road
London Gatwick Airport
Gatwick
England
RH6 0PA

These financial statements were authorised for issue by the Board on 19 April 2024.

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

The company's balance sheet as of 31st July 2023 shows net liabilities of £507,783 (2022:£327,983). The accounts have been prepared on a going concern basis, supported by the director's positive forecast of future operations, and continued financial support from the directors.

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.

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.

 

Northcote Technology Ltd

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

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% straight line basis

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

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.

 

Northcote Technology Ltd

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

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.

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2022 - 5).

 

Northcote Technology Ltd

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

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 August 2022

35,498

35,498

Additions

2,879

2,879

At 31 July 2023

38,377

38,377

Depreciation

At 1 August 2022

23,437

23,437

Charge for the year

3,735

3,735

At 31 July 2023

27,172

27,172

Carrying amount

At 31 July 2023

11,205

11,205

At 31 July 2022

12,061

12,061

5

Investments

2023
£

2022
£

Investments in subsidiaries

2,596

2,596

Subsidiaries

£

Cost or valuation

At 1 August 2022

2,596

Provision

Carrying amount

At 31 July 2023

2,596

At 31 July 2022

2,596

 

Northcote Technology Ltd

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

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2023

2022

Subsidiary undertakings

Use Before Flight S.L.U.

Calle Dalí 3, Paracuellos deJarama, CP 28860 - Madrid.

Spain

Ordinary

100%

100%

Subsidiary undertakings

Use Before Flight S.L.U.

The principal activity of Use Before Flight S.L.U. is providing aerospace software services..

6

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

161,056

11,229

Amounts owed by related parties

10

6,402

21,707

   

167,458

32,936

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

33,202

62,292

Taxation and social security

 

4,424

26,540

Accruals and deferred income

 

689,217

206,508

Other creditors

 

118,053

118,206

 

844,896

413,546

 

Northcote Technology Ltd

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

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

18,703

29,352

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

150

150

150

150

         

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Other borrowings

18,703

29,352

2023
£

2022
£

Current loans and borrowings

Bank overdrafts

1

1

Other borrowings

33,201

62,291

33,202

62,292

10

Related party transactions

Transactions with directors

2023

At 1 August 2022
£

At 31 July 2023
£

Andrew James Mitchell

Interest free loan to the Company

118,015

118,015

     
   

 

 

Northcote Technology Ltd

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

2022

At 1 August 2021
£

Advances to director
£

At 31 July 2022
£

Andrew James Mitchell

Interest free loan to the Company

118,052

(37)

118,015

       
     

 

Other transactions with directors

The interest-free loan from the director to the company, as stated in the accounts for the period ending 31st July 2023, is currently under review by the Board.

Summary of transactions with subsidiaries

Loans to related parties

2023

Subsidiary
£

Total
£

At start of period

21,707

21,707

Repaid

(15,305)

(15,305)

At end of period

6,402

6,402

2022

Subsidiary
£

Total
£

At start of period

57,964

57,964

Repaid

(36,257)

(36,257)

At end of period

21,707

21,707