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REGISTERED NUMBER: SC220343 (Scotland)














UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2023

FOR

NORTHCOTE SERVICES LIMITED

NORTHCOTE SERVICES LIMITED (REGISTERED NUMBER: SC220343)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31 October 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3

Chartered Certified Accountants' Report 8

NORTHCOTE SERVICES LIMITED

COMPANY INFORMATION
for the Year Ended 31 October 2023







DIRECTOR: Mr G Thomson





SECRETARY: LC Secretaries Limited





REGISTERED OFFICE: Johnstone House
52-54 Rose Street
Aberdeen
AB101HA





REGISTERED NUMBER: SC220343 (Scotland)





ACCOUNTANTS: Acumen Accountants and Advisors Limited
Unit 1, Office 1 & 8
Blackhall Industrial Estate
Burghmuir Circle
Inverurie
Aberdeenshire
AB51 4FS

NORTHCOTE SERVICES LIMITED (REGISTERED NUMBER: SC220343)

BALANCE SHEET
31 October 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 10,787 9,968

CURRENT ASSETS
Stocks 2,000 2,000
Debtors 6 355,596 340,540
Cash at bank 11 38,273
357,607 380,813
CREDITORS
Amounts falling due within one year 7 376,891 476,325
NET CURRENT LIABILITIES (19,284 ) (95,512 )
TOTAL ASSETS LESS CURRENT LIABILITIES (8,497 ) (85,544 )

CREDITORS
Amounts falling due after more than one year 8 (18,219 ) (28,931 )

PROVISIONS FOR LIABILITIES (2,697 ) (2,042 )
NET LIABILITIES (29,413 ) (116,517 )

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings (29,414 ) (116,518 )
SHAREHOLDERS' FUNDS (29,413 ) (116,517 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 29 July 2024 and were signed by:





Mr G Thomson - Director


NORTHCOTE SERVICES LIMITED (REGISTERED NUMBER: SC220343)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 October 2023

1. STATUTORY INFORMATION

Northcote Services Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is stated net of VAT and trade discounts. Turnover from the sale of goods is recognised when the goods are physically delivered to the customer. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the value of the consideration due. Where the contract has only been partially completed at the balance sheet date turnover represents the value of the service provided to date based on a proportion of the total contract value.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - 20% on cost
Plant and machinery - 25% on cost
Fixtures and fittings - 25% on cost
Motor vehicles - 25% on cost
Computer equipment - 50% on cost

Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.

The gain or loss arising on the disposal of an asset is determined as the difference between the proceeds and the carrying value of the asset and is included in the profit and loss account.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

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.

NORTHCOTE SERVICES LIMITED (REGISTERED NUMBER: SC220343)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 October 2023

3. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtainer under hire purchase contracts are capitalised in the balance sheet. These are depreciation over their estimated useful lives.

The interest is calculated on effective interest method and posted to the profit and loss for the relevant period.

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.

Financial instruments
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include trade and other debtors and cash and bank balances, are measured at transaction price including transaction costs.

Basic financial liabilities

Basic financial liabilities, which include trade and other creditors and bank loans, are recognised at transaction price.

Going concern
The director, having made due and careful enquiry, has made an informed judgement, at the time of approving the financial statements, that there is a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future with support of the director. The directors loan balance will not be recalled on for repayment until the company is in a position to do so.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2022 - 8 ) .

5. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and
property machinery fittings
£    £    £   
COST
At 1 November 2022 34,626 23,414 2,273
Additions - 7,640 -
At 31 October 2023 34,626 31,054 2,273
DEPRECIATION
At 1 November 2022 32,826 23,014 2,002
Charge for year 1,800 1,137 136
At 31 October 2023 34,626 24,151 2,138
NET BOOK VALUE
At 31 October 2023 - 6,903 135
At 31 October 2022 1,800 400 271

NORTHCOTE SERVICES LIMITED (REGISTERED NUMBER: SC220343)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 October 2023

5. TANGIBLE FIXED ASSETS - continued

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 November 2022 93,180 2,423 155,916
Additions - - 7,640
At 31 October 2023 93,180 2,423 163,556
DEPRECIATION
At 1 November 2022 85,683 2,423 145,948
Charge for year 3,748 - 6,821
At 31 October 2023 89,431 2,423 152,769
NET BOOK VALUE
At 31 October 2023 3,749 - 10,787
At 31 October 2022 7,497 - 9,968

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 November 2022 60,420
Transfer to ownership (45,425 )
At 31 October 2023 14,995
DEPRECIATION
At 1 November 2022 52,923
Charge for year 3,748
Transfer to ownership (45,425 )
At 31 October 2023 11,246
NET BOOK VALUE
At 31 October 2023 3,749
At 31 October 2022 7,497

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 328,883 304,859
Provision for bad debt (47,842 ) (74,252 )
Prepayments and accrued income 74,555 109,933
355,596 340,540

NORTHCOTE SERVICES LIMITED (REGISTERED NUMBER: SC220343)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 October 2023

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts (see note 9) 14,132 9,808
Hire purchase contracts 658 3,675
Trade creditors 90,444 68,104
Social security and other taxes 179 170,405
VAT 82,224 143,643
Other creditors 10,896 9,992
Directors' current accounts 170,232 70,698
Accrued expenses 8,126 -
376,891 476,325

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans (see note 9) 18,219 28,273
Hire purchase contracts - 658
18,219 28,931

9. LOANS

An analysis of the maturity of loans is given below:

2023 2022
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts 4,077 -
Bank loans 10,055 9,808
14,132 9,808

Amounts falling due between one and two years:
Bank loans - 1-2 years 18,219 20,365

Amounts falling due between two and five years:
Bank loans - 2-5 years - 7,908

10. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank overdraft 4,077 -

The company has granted a bond and floating charge in favour of The Royal Bank of Scotland PLC over all present and future property and undertakings of the company.

NORTHCOTE SERVICES LIMITED (REGISTERED NUMBER: SC220343)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 October 2023

11. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 October 2023 and 31 October 2022:

2023 2022
£    £   
Mr G Thomson
Balance outstanding at start of year (70,698 ) (21,253 )
Amounts advanced 3,469 1,905
Amounts repaid (103,003 ) (51,350 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (170,232 ) (70,698 )

These amounts bear no interest and have no fixed repayment terms.

CHARTERED CERTIFIED ACCOUNTANTS' REPORT TO THE DIRECTOR
ON THE UNAUDITED FINANCIAL STATEMENTS OF
NORTHCOTE SERVICES LIMITED (REGISTERED NUMBER: SC220343)

The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Northcote Services Limited for the year ended 31 October 2023 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity 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 Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook.

This report is made solely to the director of Northcote Services Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Northcote Services Limited and state those matters that we have agreed to state to the director of Northcote Services Limited in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its director for our work or for this report.

It is your duty to ensure that Northcote Services Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Northcote Services Limited. You consider that Northcote Services Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Northcote Services Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Acumen Accountants and Advisors Limited
Unit 1, Office 1 & 8
Blackhall Industrial Estate
Burghmuir Circle
Inverurie
Aberdeenshire
AB51 4FS


29 July 2024