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Registered number: 06272179









Northpoint Group Limited









Annual Report and Consolidated Financial Statements

For the Year Ended 29 February 2024

 
Northpoint Group Limited
 
 
Company Information


Directors
A Holt 
P Dawson (appointed 27 March 2024)
P Butterworth 




Registered number
06272179



Registered office
Globe Lane

Dukinfield

Cheshire

SK16 4UY




Independent auditors
Hurst Accountants Limited
Chartered Accountants & Statutory Auditors

3 Stockport Exchange

Stockport

SK1 3GG




Bankers
HSBC Bank Plc
4 Hardman Square

Spinningfields

Manchester

M3 3EB





 
Northpoint Group Limited
 

Contents



Page
Group Strategic Report
 
1 - 2
Directors' Report
 
3 - 4
Independent Auditors' Report
 
5 - 8
Consolidated Statement of Comprehensive Income
 
9
Consolidated Balance Sheet
 
10
Company Balance Sheet
 
11
Consolidated Statement of Changes in Equity
 
12
Company Statement of Changes in Equity
 
13
Consolidated Statement of Cash Flows
 
14
Consolidated Analysis of Net Debt
 
15
Notes to the Financial Statements
 
16 - 34


 
Northpoint Group Limited
 
 
Group Strategic Report
For the Year Ended 29 February 2024

Business review
 
The Group achieved a profit after tax totalling £506k in the year ended 29 February 2024 (2023: £229k), ahead of the profits forecast in our realistic budget.
The fence coatings and pipe coatings markets remained challenging throughout the year, but we continued to secure good work in these sectors. All divisions performed well and activity levels ultimately remained very good during the period.
Distribution expenses decreased by £15k, administrative expenses are £373k higher than in the prior year, mainly as a result of inflationary increases in the various cost centres that are included therein. Although prices have reduced from their highest levels, energy costs are still significantly higher for Northpoint moving into our 28 February 2025 year-end. 
Northpoint has remained profitable in the current year 2024/25, up to and including the date of this report.

Principal risks and uncertainties
 
The Group manages risk mainly through acquiring new customers.
We are constantly researching and developing new coating applications in order to best serve our existing and new customers. All Directors take an active role in this respect.
We aim to protect the cashflows generated by payments made by our customers. This is done principally by reviewing up to date financial information applicable to each customer and in the majority of cases ensuring we have full credit insurance cover against the balances owed to Northpoint by them.
Over many years we have invested heavily in our Plant and Equipment. We aim to deliver coated material back to our customers on time, and it is therefore very important that we maintain our Plant and Equipment to a very high standard.

Financial key performance indicators
 
We consider that our key financial performance indicators are those that communicate the financial performance and strength of the Group and trading subsidiary as a whole, namely, turnover, gross margin, operating profits and net assets.
In challenging markets our turnover has increased by £864k, from £7.642m to £8.506m. Operating profit has increased by £443k from £389k to £832k, mainly due to the increase in Gross Profit arising from low energy costs and higher turnover. 
Profit before taxation increased by £390k, from £274k to £664k.
The Net assets of the Group have increased by £186k, from £168k to £354k. The movement represents the £506k consolidated profit for the year, less the £320k distribution to Northpoint Group Employee Ownership Trust.


Financial Risk Management Objectives and Policies

The Group’s principal financial instruments continue to be invoice discounting, trade creditors, hire purchase and bank loans. The main purpose of these instruments is to raise funds for and to finance the Group’s operations.
The Directors feel that the key financial risk management for the Group is best served by the monthly review of management accounts encompassing the sales reports, cash flow, bank and debtor positions, and stock levels.

Page 1

 
Northpoint Group Limited
 

Group Strategic Report (continued)
For the Year Ended 29 February 2024


This report was approved by the board and signed on its behalf.





A Holt
Director

Date: 16 August 2024

Page 2

 
Northpoint Group Limited
 
 
 
Directors' Report
For the Year Ended 29 February 2024

The directors present their report and the financial statements for the year ended 29 February 2024.

Directors' responsibilities statement

The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Group's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.

The directors are 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 the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the year, after taxation, amounted to £506 thousand (2023 - £229 thousand).

Amounts totalling £320 thousand (2023: £180 thousand) were distributed to Northpoint Group Employee Ownership Trust during the year.
The directors do not recommend the payment of a final dividend.

Directors

The directors who served during the year were:

G P Marshall (resigned 27 March 2024)
S A Quiligotti (resigned 27 March 2024)
P Butterworth 
A Holt 

Page 3

 
Northpoint Group Limited
 
 
 
Directors' Report (continued)
For the Year Ended 29 February 2024

Future developments

The business remains well set to benefit from its diverse and solid customer base which yields regular repeat custom from its low cost, strategically well positioned manufacturing base just outside Manchester.
We will continue to bid for profitable business using our available production capacity. Any additional business is added to a firm and profitable core business which does not require substantial capital expenditure to meet significant extra demand.
The Directors consider the Group to be in a good financial position and will continue to work on our core activities.

Research and development activities

The Group continues to invest in research and development with the purpose of developing new products for the powder coating market.

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Group since the year end.

Auditors

The auditorsHurst Accountants Limitedwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 





A Holt
Director

Date: 16 August 2024

Page 4

 
Northpoint Group Limited
 
 
 
Independent Auditors' Report to the Members of Northpoint Group Limited
 

Opinion


We have audited the financial statements of Northpoint Group Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 29 February 2024, which comprise the Group Statement of Comprehensive Income, the Group and Company Balance Sheets, the Group Statement of Cash Flows, the Group and Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe 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 Group's and of the parent Company's affairs as at 29 February 2024 and of the Group's 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 Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 directors' 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 Group's or the parent 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 directors with respect to going concern are described in the relevant sections of this report.


Other information


The other information comprises the information included in the Annual Report other than the financial statements and  our Auditors' Report thereon.  The directors are responsible for the other information contained within the Annual Report.  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. 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 course of 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.


Page 5

 
Northpoint Group Limited
 
 
 
Independent Auditors' Report to the Members of Northpoint Group Limited (continued)


Opinion 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 Group Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Directors' Report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 3, the directors are 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 directors determine is 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 directors are responsible for assessing the Group's and the parent 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 directors either intend to liquidate the Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


Page 6

 
Northpoint Group Limited
 
 
 
Independent Auditors' Report to the Members of Northpoint Group Limited (continued)


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 an Auditors' Report 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 Group financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Identifying and assessing potential risks related to irregularities
In identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:
• The nature of the industry and sector in which the group operates; the control environment and business 
 performance including key drivers for directors' remuneration, bonus levels and performance targets.
• The outcome of enquiries of management, including whether management was aware of any instances of non-   compliance with laws and regulations, and whether management had knowledge of any actual, suspected, or alleged   fraud. 
• Supporting documentation relating to the Company's policies and procedures for:
    - Identifying, evaluating, and complying with laws and regulations
    - Detecting and responding to the risks of fraud
• The internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations.
• The outcome of discussions amongst the engagement team regarding how and where fraud might occur in the    financial statements and any potential indicators of fraud.
• The legal and regulatory framework in which the Company operates, particularly those laws and regulations which    have a direct effect on the financial statements, such as the Companies Act 2006, pensions and tax legislation, or    which had a fundamental effect on the operations of the Company, including General Data Protection requirements,   and Anti-bribery and Corruption.
Audit response to risks identified
Our procedures to respond to the risks identified included the following:
• Reviewing the financial statements disclosures and testing to supporting documentation to assess compliance with    the provisions of those relevant laws and regulations which have a direct effect on the financial statements.
• Discussions with management, including consideration of known or suspected instances of non-compliance with    laws and regulations and fraud.
• Evaluation and testing of the operating effectiveness of management’s controls designed to prevent and detect    irregularities.
• Enquiring of management about any actual and potential litigation and claims.
• Performing analytical procedures to identify any unusual or unexpected relationships which may indicate risks of    material misstatement due to fraud.
 
Page 7

 
Northpoint Group Limited
 
 
 
Independent Auditors' Report to the Members of Northpoint Group Limited (continued)



We have also considered the risk of fraud through management override of controls by:
• Testing the appropriateness of journal entries and other adjustments. We have used data analytics software to     identify accounting transaction which pose heightened risk of material misstatement, whether due to fraud or    error.  
• Challenging assumptions made by management in their significant accounting estimates, and assessing whether the    judgements made in making accounting estimates are indicative of a potential bias; and
• Evaluating the business rationale of any significant transactions that are unusual or outside the normal course of    business.
We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.
There are inherent limitations in the audit procedures described above, and the further removed non-compliance with laws and regulations are from the events and transactions reflected in the financial statements, the less likely we would become aware of them.  Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. 


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 Auditors' Report.


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 2006Our 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 an Auditors' Report 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.





Anthony Woodings (Senior Statutory Auditor)
for and on behalf of
Hurst Accountants Limited
Chartered Accountants & Statutory Auditors
3 Stockport Exchange
Stockport
SK1 3GG

16 August 2024
Page 8

 
Northpoint Group Limited
 
 
Consolidated Statement of Comprehensive Income
For the Year Ended 29 February 2024

2024
2023
Note
£000
£000

  

Turnover
 4 
8,506
7,642

Cost of sales
  
(5,209)
(5,146)

Gross profit
  
3,297
2,496

Distribution costs
  
(536)
(551)

Administrative expenses
  
(1,929)
(1,556)

Operating profit
 5 
832
389

Interest payable and similar expenses
 9 
(168)
(115)

Profit before taxation
  
664
274

Tax on profit
 10 
(158)
(45)

Profit for the financial year
  
506
229

There was no other comprehensive income for 2024 (2023: £NIL).

The notes on pages 16 to 34 form part of these financial statements.

Page 9

 
Northpoint Group Limited
Registered number: 06272179

Consolidated Balance Sheet
As at 29 February 2024

29 February
28 February
2024
2023
Note
£000
£000

Fixed assets
  

Tangible assets
 11 
1,557
1,669

Current assets
  

Stocks
 13 
363
328

Debtors due within 1 year
  
1,700
1,668

Cash at bank and in hand
 15 
29
55

  
2,092
2,051

Creditors: amounts falling due within one year
 16 
(2,250)
(2,244)

Net current liabilities
  
 
 
(158)
 
 
(193)

Total assets less current liabilities
  
1,399
1,476

Creditors: amounts falling due after more than one year
 17 
(940)
(1,152)

Provisions for liabilities
  

Deferred taxation
 20 
(105)
(156)

Net assets
  
354
168


Capital and reserves
  

Share premium account
 22 
24
24

Profit and loss account
 22 
330
144

  
354
168


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




A Holt
Director

Date: 16 August 2024

The notes on pages 16 to 34 form part of these financial statements.

Page 10

 
Northpoint Group Limited
Registered number: 06272179

Company Balance Sheet
As at 29 February 2024

29 February
28 February
2024
2023
Note
£000
£000

Fixed assets
  

Investments
 12 
2,060
2,060

Current assets
  

Debtors due within 1 year
 14 
781
781

Creditors: Amounts Falling Due Within One Year
 16 
(2,814)
(2,814)

Net current liabilities
  
 
 
(2,033)
 
 
(2,033)

Total assets less current liabilities
  
27
27

  

  

Net assets
  
27
27


Capital and reserves
  

Share premium account
 22 
24
24

Profit and loss account brought forward
  
3
3

Profit for the year
  
320
180

Other changes in the profit and loss account

  

(320)
(180)

Profit and loss account carried forward
  
3
3

  
27
27


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




A Holt
Director

Date: 16 August 2024

The notes on pages 16 to 34 form part of these financial statements.

Page 11

 
Northpoint Group Limited
 

Consolidated Statement of Changes in Equity
For the Year Ended 29 February 2024


Share premium account
Profit and loss account
Total equity

£000
£000
£000

At 1 March 2023
24
144
168


Comprehensive income for the year

Profit for the year
-
506
506
Total comprehensive income for the year
-
506
506

Distributions to Northpoint Group Employee Ownership Trust
-
(320)
(320)


At 29 February 2024
24
330
354


The notes on pages 16 to 34 form part of these financial statements.


Consolidated Statement of Changes in Equity
For the Year Ended 28 February 2023


Share premium account
Profit and loss account
Total equity

£000
£000
£000

At 1 March 2022
24
95
119


Comprehensive income for the year

Profit for the year
-
229
229
Total comprehensive income for the year
-
229
229


Contributions by and distributions to owners

Distributions to Northpoint Group Employee Ownership Trust
-
(180)
(180)


At 28 February 2023
24
144
168


The notes on pages 16 to 34 form part of these financial statements.

Page 12

 
Northpoint Group Limited
 

Company Statement of Changes in Equity
For the Year Ended 29 February 2024


Share premium account
Profit and loss account
Total equity

£000
£000
£000

At 1 March 2023
24
3
27


Comprehensive income for the year

Profit for the year
-
320
320
Total comprehensive income for the year
-
320
320


Contributions by and distributions to owners

Distributions to Northpoint Group Employee Ownership Trust
-
(320)
(320)


At 29 February 2024
24
3
27



Company Statement of Changes in Equity
For the Year Ended 28 February 2023


Share premium account
Profit and loss account
Total equity

£000
£000
£000

At 1 March 2022
24
3
27


Comprehensive income for the year

Profit for the year
-
180
180
Total comprehensive income for the year
-
180
180


Contributions by and distributions to owners

Distributions to Northpoint Group Employee Ownership Trust
-
(180)
(180)


At 28 February 2023
24
3
27


The notes on pages 16 to 34 form part of these financial statements.

Page 13

 
Northpoint Group Limited
 

Consolidated Statement of Cash Flows
For the Year Ended 29 February 2024

29 February
28 February
2024
2023
£000
£000

Cash flows from operating activities

Profit for the financial year
506
229

Adjustments for:

Depreciation of tangible assets
202
207

Interest paid
168
115

Taxation charge
158
45

Increase in stocks
(35)
(30)

(Increase)/decrease in debtors
(32)
66

Increase/(decrease) in creditors
183
(177)

Corporation tax (paid)/received
(15)
-

Net cash generated from/(used in) operating activities

1,135
455


Cash flows from investing activities

Purchase of tangible fixed assets
(90)
(115)

HP interest paid
(7)
(9)

Net cash used in investing activities

(97)
(124)

Cash flows from financing activities

Repayment of loans
(141)
(122)

Repayment of finance leases
(86)
(48)

Movements on invoice discounting
(356)
82

Interest paid
(161)
(106)

Distributions to Northpoint Group Employee Ownership Trust
(320)
(180)

Net cash generated from/(used in) financing activities
(1,064)
(374)

Net (decrease) in cash and cash equivalents
(26)
(43)

Cash and cash equivalents at beginning of year
55
98

Cash and cash equivalents at the end of year
29
55


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
29
55

29
55


The notes on pages 16 to 34 form part of these financial statements.

Page 14

 
Northpoint Group Limited
 

Consolidated Analysis of Net Debt
For the Year Ended 29 February 2024




At 1 March 2023
Cash flows
At 29 February 2024
£000

£000

£000

Cash at bank and in hand

55

(26)

29

Debt due after 1 year

(1,034)

148

(886)

Debt due within 1 year

(150)

(8)

(158)

Finance leases

(204)

87

(117)

Invoice discounting

(989)

356

(633)


(2,322)
557
(1,765)

The notes on pages 16 to 34 form part of these financial statements.

Invoice discounting has been included within the Consolidated Analysis of Net Debt for the first time. 

Page 15

 
Northpoint Group Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 29 February 2024

1.


General information

Northpoint Group Limited is a private company limited by share capital and incorporated in England and Wales. The address of the registered office and principal place of business is Globe Lane, Dukinfield, Cheshire, SK16 4UY.  
The company's registered number is 06272179 and its principal activity is that of a holding company. The nature of the group's operations and its principal activity is the powder coating of fences and pipes.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.
Amounts presented in the financial statements are rounded to the nearest thousand, unless otherwise stated.

Parent Company disclosure exemptions

In preparing the separate financial statements of the parent Company, advantage has been taken of the following disclosure exemptions available in FRS 102:
No Statement of Cash Flows has been presented for the parent Company;

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. 
Revenue from coating services is recognised in line with the coating service being performed, which is when the amount of revenue can be measured reliably and it is probable that the Group will receive the consideration due, and the associated costs incurred can be measured reliably.

Page 16

 
Northpoint Group Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 29 February 2024

2.Accounting policies (continued)

 
2.4

Operating leases: the Group as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.5

Research and development

Research and development costs are written off in the period in which they are incurred.

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

  
2.7
Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders.

 
2.8

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.9

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Group in independently administered funds.

Page 17

 
Northpoint Group Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 29 February 2024

2.Accounting policies (continued)

 
2.10

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
 
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.11

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

The Group adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the Group. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.

Page 18

 
Northpoint Group Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 29 February 2024

2.Accounting policies (continued)


2.11
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line or reducing balance method.

Depreciation is provided on the following basis:

Freehold property
-
2% straight line
Plant and machinery
-
15% - 33% reducing balance
Motor vehicles
-
20% - 33% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.12

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment. 

 
2.13

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.14

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 19

 
Northpoint Group Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 29 February 2024

2.Accounting policies (continued)

  
2.15
Financial instruments

The company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Basic financial assets
Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Discounting is omitted where the effect of discounting is immaterial. The company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.
Impairment of financial assets
Financial assets are assessed for indicators of impairment at each reporting date. 
Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.
If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
Derecognition of financial instruments
Derecognition of financial assets
Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the company will continue to recognise the value of the portion of the risks and rewards retained.

 
2.16

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

Page 20

 
Northpoint Group Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 29 February 2024

2.Accounting policies (continued)

 
2.17

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.18

Holiday pay accrual

A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the balance sheet date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the balance sheet date.


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

Preparation of the financial statements requires management to make significant judgements and estimates that affect amounts recognised for assets and liabilities at the reporting date and the amounts of revenue and expenses incurred during the reporting period. Actual outcomes may differ from these judgements, estimates and assumptions.
The directors believe that judgements, estimates and assumptions do not have a significant risk of causing a material difference to the carrying amounts of the assets and liabilities within the next financial year.


4.


Analysis of turnover

The whole of the turnover is attributable to the powder coating of fences and pipes.

Analysis of turnover by country of destination:

2024
2023
£000
£000

United Kingdom
8,439
7,295

Rest of Europe
67
347

8,506
7,642



5.


Operating profit

The operating profit is stated after charging:

2024
2023
£000
£000

Depreciation of tangible fixed assets - owned
146
127

Depreciation of tangible fixed assets - held under finance lease
56
77

Other operating lease rentals
155
139

Defined contribution pension costs
138
119

Page 21

 
Northpoint Group Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 29 February 2024

6.


Auditors' remuneration

During the year, the Group obtained the following services from the Company's auditors:


2024
2023
£000
£000

Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements
16
15

Other services relating to taxation
3
3

All other services
13
2


7.


Employees

Staff costs, including directors' remuneration, were as follows:


Group
29 February
Group
28 February
Company
29 February
Company
28 February
2024
2023
2024
2023
£000
£000
£000
£000


Wages and salaries
3,110
2,762
-
-

Social security costs
258
227
-
-

Cost of defined contribution scheme
138
119
-
-

3,506
3,108
-
-


The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Production
77
76



Management
12
12

89
88

Page 22

 
Northpoint Group Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 29 February 2024

8.


Directors' remuneration

29 February
28 February
2024
2023
£000
£000


Directors' emoluments
348
291

Group contributions to defined contribution pension schemes
75
63

423
354

During the year retirement benefits were accruing to 4 directors (2023 - 4) in respect of defined contribution pension schemes.
The highest paid director received remuneration of £110 thousand (2023 - £102 thousand).
The value of the company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £42 thousand (2023 - £42 thousand).


9.


Interest payable and similar expenses

2024
2023
£000
£000


Bank interest payable
91
59

Finance leases and hire purchase contracts
7
9

Other interest payable
70
47

168
115

Page 23

 
Northpoint Group Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 29 February 2024

10.


Taxation


2024
2023
£000
£000

Corporation tax


Current tax on profits for the year
209
15


Total current tax
209
15

Deferred tax


Origination and reversal of timing differences
(51)
30

Total deferred tax
(51)
30


Taxation on profit on ordinary activities
158
45

Factors affecting tax charge for the year

The tax assessed for the year is lower than (2023 - lower than) the standard rate of corporation tax in the UK of 24.5% (2023 - 19%). The differences are explained below:

2024
2023
£000
£000


Profit on ordinary activities before tax
664
274


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 24.5% (2023 - 19%)
163
52

Effects of:


Expenses not deductible for tax purposes
12
3

Utilisation of tax losses
-
(13)

Short term timing difference leading to an increase (decrease) in taxation
9
-

Adjustment in research and development tax credit leading to a decrease in the tax charge
(15)
(15)

Change in rate of deferred tax
(2)
27

Changes in provisions leading to an increase (decrease) in the tax charge
(2)
(3)

Other differences leading to an increase/(decrease) in the tax charge
(7)
(6)

Total tax charge for the year
158
45

From 1 April 2023 the main rate of corporation tax increased to 25%. The 24.5% rate used above reflects 11 months of the new rate and 1 month of the previous rate of 19%. 


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 24

 
Northpoint Group Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 29 February 2024

11.


Tangible fixed assets

Group








Freehold property
Plant and machinery
Motor vehicles
Total

£000
£000
£000
£000



Cost or valuation


At 1 March 2023
2,094
2,414
244
4,752


Additions
-
90
-
90



At 29 February 2024

2,094
2,504
244
4,842



Depreciation


At 1 March 2023
1,147
1,834
102
3,083


Charge for the year
40
119
43
202



At 29 February 2024

1,187
1,953
145
3,285



Net book value



At 29 February 2024
907
551
99
1,557



At 28 February 2023
947
580
142
1,669

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


29 February
28 February
2024
2023
£000
£000



Plant and machinery
99
167

Motor vehicles
68
137

167
304

Page 25

 
Northpoint Group Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 29 February 2024

12.


Fixed asset investments

Company








Investments in subsidiary companies

£000



Cost or valuation


At 1 March 2023
2,060



At 29 February 2024
2,060






Net book value



At 29 February 2024
2,060



At 28 February 2023
2,060


Direct subsidiary undertaking


The following was a direct subsidiary undertaking of the Company:

Name

Class of shares

Holding

Esprit Fini Limited
Ordinary
100%


Indirect subsidiary undertaking


The following was an indirect subsidiary undertaking of the Company:

Name

Class of shares

Holding

Northpoint Limited
Ordinary
100%

The registered office of Esprit Fini Limited and Northpoint Limited is Globe Lane, Dukinfield, Cheshire, SK16 4UY.

Page 26

 
Northpoint Group Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 29 February 2024

13.


Stocks

Group
29 February
Group
28 February
2024
2023
£000
£000

Raw materials and consumables
310
302

Finished goods and goods for resale
53
26

363
328


The carrying value of stocks are stated net of impairment losses totalling £28 thousand (2023: £29 thousand).


14.


Debtors

Group
29 February
Group
28 February
Company
29 February
Company
28 February
2024
2023
2024
2023
£000
£000
£000
£000


Trade debtors
1,520
1,549
-
-

Amounts owed by group undertakings
-
-
781
781

Other debtors
1
-
-
-

Prepayments and accrued income
180
119
-
-

1,701
1,668
781
781


Impairment losses in relation to debtors totalling £15 thousand were accounted for in administration expenses during the year ended 29 February 2024 (2023: Reversal of previous impairment losses recognised in relation to debtors totalling £14 thousand).


15.


Cash and cash equivalents

Group
29 February
Group
28 February
2024
2023
£000
£000

Cash at bank and in hand
29
55


Page 27

 
Northpoint Group Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 29 February 2024

16.


Creditors: Amounts falling due within one year

Group
29 February
Group
28 February
Company
29 February
Company
28 February
2024
2023
2024
2023
£000
£000
£000
£000

Bank loans
158
150
-
-

Trade creditors
704
619
-
-

Amounts owed to group undertakings
-
-
2,814
2,814

Corporation tax
209
15
-
-

Other taxation and social security
245
244
-
-

Obligations under finance lease and hire purchase contracts
63
86
-
-

Invoice discounting advances
633
989
-
-

Other creditors
13
36
-
-

Accruals and deferred income
225
105
-
-

2,250
2,244
2,814
2,814


A Bank loan agreement was made by the trading subsidiary, Northpoint Limited, under the Coronavirus Business Interruption Loan Scheme ('CBILS'). The loan is secured by a guarantee from a director (limited to £48 thousand in total) and under the CBILS, the Secretary of State for Business, Energy, Industrial Strategy has agreed to provide the Bank with a Partial Guarantee. The Partial Guarantee is given to the Bank and not to Northpoint Limited, and Northpoint Limited remains liable for all sums payable under the CBILS agreement in the event of a default.
A separate Bank loan is held by Esprit Fini Limited and is secured by a mortgage debenture incorporating a fixed and floating charge over all of the assets of Northpoint Limited.  The bank loan is also secured by first legal charge over registered freehold property owned by Esprit Fini Limited and known as Northpoint Works, Globe Lane, Dukinfield, SK16 4UY.
Post year-end the loan facilities in both Northpoint Limited and Esprit Fini Limited were refinanced and replaced with a new 15 year agreement. The new loan facility is held within Esprit Fini Limited and is secured over the freehold property.
Invoice discounting balances are secured by way of floating charge on the property or undertaking of the company.
Obligations under finance lease and hire purchase contracts are secured over the assets to which they relate.

Page 28

 
Northpoint Group Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 29 February 2024

17.


Creditors: Amounts falling due after more than one year

Group
29 February
Group
28 February
2024
2023
£000
£000

Bank loans
886
1,034

Net obligations under finance leases and hire purchase contracts
54
118

940
1,152


A Bank loan agreement was made by the trading subsidiary, Northpoint Limited, under the Coronavirus Business Interruption Loan Scheme ('CBILS'). The loan is secured by a guarantee from a director (limited to £48 thousand in total) and under the CBILS, the Secretary of State for Business, Energy, Industrial Strategy has agreed to provide the Bank with a Partial Guarantee. The Partial Guarantee is given to the Bank and not to Northpoint Limited, and Northpoint Limited remains liable for all sums payable under the CBILS agreement in the event of a default.
A separate Bank loan is held by Esprit Fini Limited and is secured by a mortgage debenture incorporating a fixed and floating charge over all of the assets of Northpoint Limited.  The bank loan is also secured by first legal charge over registered freehold property owned by Esprit Fini Limited and known as Northpoint Works, Globe Lane, Dukinfield, SK16 4UY.
Post year-end the loan facilities in both Northpoint Limited and Esprit Fini Limited were refinanced and replaced with a new 15 year agreement. The new loan facility is held within Esprit Fini Limited and is secured over the freehold property.
Obligations under finance lease and hire purchase contracts are secured over the assets to which they relate.

Page 29

 
Northpoint Group Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 29 February 2024

18.


Loans

Analysis of the maturity of loans is given below:


Group
29 February
Group
28 February
2024
2023
£000
£000

Amounts falling due within one year

Bank loans
158
150

Amounts falling due 1-2 years

Bank loans
278
370

Amounts falling due 2-5 years

Bank loans
211
196

Amounts falling due after more than 5 years

Bank loans
396
468

1,043
1,184


A bank loan totalling £980 thousand was drawn down by a subsidiary company, Esprit Fini Limited, during the year ended 29 February 2020, for the purpose of assisting with the funding of the Northpoint Group Limited Employee Ownership Trust ('EOT') share purchase. The bank loan is repayable by 180 monthly instalments and an interest rate of 2.95% per annum above Base Rate is applicable. Monthly instalments of £6,787 were applicable at February 2022. The monthly repayment increased incrementally during the prior period, in line with increases to the Base Rate. The monthly repayments during the period have been £8,395.
The Group's trading subsidiary, Northpoint Limited, entered into a loan agreement in respect of  a loan totalling £480k from HSBC Bank Plc and this was drawn down during March 2021. The lending facility is supported by the Coronavirus Business Interruption Loan Scheme, with interest due during the first 12 months being payable by the UK Government under the terms of the Scheme. An interest rate of 3.99% per annum above Base rate is applicable. Northpoint Limited is repaying the loan by monthly repayments of £8 thousand. The first instalment was due 13 months after the date on which the loan was drawn and the final instalment is due 60 months after the loan was drawn.
Post year-end the loan facilities in both Northpoint Limited and Esprit Fini Limited were refinanced and replaced with a new 15 year agreement. The new loan facility is held within Esprit Fini Limited and is secured over the freehold property.

Page 30

 
Northpoint Group Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 29 February 2024

19.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

Group
29 February
Group
28 February
2024
2023
£000
£000

Within one year
63
86

Between 1-5 years
51
52

Over 5 years
3
66

117
204


20.


Deferred taxation


Group



2024


£000






Liability at beginning of year
156


Charged to the profit or loss
(51)



Liability at end of year
105

The provision for deferred taxation is made up as follows:

Group
29 February
Group
28 February
2024
2023
£000
£000

Accelerated capital allowances
144
167

Other timing differences
(39)
(11)

105
156

Page 31

 
Northpoint Group Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 29 February 2024

21.


Share capital

29 February
28 February
2024
2023
£
£
Allotted, called up and fully paid



10,000 (2023 - 10,000) A Ordinary shares of £0.01 each
100
100


All shares issued are non-redeemable and rank equally in terms of (a) voting rights - one vote for each share; (b) rights to participate in all approved dividend distributions for that class of share; and (c) rights to participate in any capital distribution on winding up. 



22.


Reserves

Share premium account
Share premium account - includes any premiums received on issue of share capital. Any transaction costs associated with the issuing of shares are deducted from share premium.
Profit and loss account
Profit and loss account - includes all current period retained profits, net of dividends.

Page 32

 
Northpoint Group Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 29 February 2024

23.


Share based payments

On 18 October 2019, Northpoint Group Limited granted EMI share options in respect of 4,286 B Ordinary shares to key management personnel of Northpoint Limited.
The share options shall become capable of exercise on the earlier of an Exercise event, the repayment in full of Deferred Consideration associated with the change in ownership of the Group during 2019, and the the fifth anniverisary of the date of grant. at any time until the date of an exercise event, subject to the option holder having been in continuous employment with the Company.
The share options vested immediately on grant and may be exercised subject to the option holder having been in continuous employment with the Company until the date of an exercise event.
None of the options had been exercised at the balance sheet date.
The fair value of the options has been estimated by management to be immaterial and therefore no equity-settled share-based payment expense has been accounted for in the Consolidated Statement of Comprehensive income.

29 February
29 February
Weighted average exercise price (pence)
2024
Number
2024

Outstanding at the beginning of the year

438

4,286

Granted during the year


-

Outstanding at the end of the year
438

4,286





24.


Contingent liabilities

The Company is party to a cross guarantee with HSBC to secure borrowings in respect of other companies in the group. At 29 February 2024, the potential liability was £1,677 thousand (2023: £2,174 thousand).


25.


Capital commitments




At 29 February 2024 the Group had capital commitments as follows:


Group
29 February
Group
28 February
2024
2023
£000
£000

Contracted for but not provided in these financial statements
171
-

Page 33

 
Northpoint Group Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 29 February 2024

26.


Pension commitments

The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund. The pension cost charge represents contributions payable by the group to the fund and amounted to £138 thousand (2023: £119 thousand). Contributions totalling £13 thousand (2023: £12 thousand) were payable to the fund at the balance sheet date.


27.


Commitments under operating leases

At 29 February 2024 the Group had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
29 February
Group
28 February
2024
2023
£000
£000

Not later than 1 year
136
126

Later than 1 year and not later than 5 years
245
189

381
315


28.Directors' personal guarantees

A director has given a personal guarantee totalling £48 thousand in respect of the Bank loan totalling £480 thousand. £312 thousand was outstanding within the balance sheet at 29 February 2024.


29.


Related party transactions

Transactions entered into with companies wholly owned within the group have not been disclosed as permitted under FRS 102 paragraph 33.1A. 
Key management are considered to be the directors of the company.  Directors' remuneration is disclosed at Note 9.


30.


Controlling party

The ultimate controlling party is the Northpoint Group Employee Ownership Trust.

 
Page 34