Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-31The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.30false2023-04-01No description of principal activity30falsetrue 04403334 2023-04-01 2024-03-31 04403334 2022-04-01 2023-03-31 04403334 2024-03-31 04403334 2023-03-31 04403334 2022-04-01 04403334 c:Director2 2023-04-01 2024-03-31 04403334 d:Buildings 2023-04-01 2024-03-31 04403334 d:Buildings 2024-03-31 04403334 d:Buildings 2023-03-31 04403334 d:Buildings d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 04403334 d:Buildings d:LongLeaseholdAssets 2023-04-01 2024-03-31 04403334 d:Buildings d:LongLeaseholdAssets 2024-03-31 04403334 d:Buildings d:LongLeaseholdAssets 2023-03-31 04403334 d:PlantMachinery 2023-04-01 2024-03-31 04403334 d:PlantMachinery 2024-03-31 04403334 d:PlantMachinery 2023-03-31 04403334 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 04403334 d:MotorVehicles 2023-04-01 2024-03-31 04403334 d:FurnitureFittings 2023-04-01 2024-03-31 04403334 d:FurnitureFittings 2024-03-31 04403334 d:FurnitureFittings 2023-03-31 04403334 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 04403334 d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 04403334 d:Goodwill 2024-03-31 04403334 d:Goodwill 2023-03-31 04403334 d:CurrentFinancialInstruments 2024-03-31 04403334 d:CurrentFinancialInstruments 2023-03-31 04403334 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 04403334 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 04403334 d:ShareCapital 2023-04-01 2024-03-31 04403334 d:ShareCapital 2024-03-31 04403334 d:ShareCapital 2022-04-01 2023-03-31 04403334 d:ShareCapital 2023-03-31 04403334 d:ShareCapital 2022-04-01 04403334 d:CapitalRedemptionReserve 2023-04-01 2024-03-31 04403334 d:CapitalRedemptionReserve 2024-03-31 04403334 d:CapitalRedemptionReserve 2022-04-01 2023-03-31 04403334 d:CapitalRedemptionReserve 2023-03-31 04403334 d:CapitalRedemptionReserve 2022-04-01 04403334 d:RetainedEarningsAccumulatedLosses 2023-04-01 2024-03-31 04403334 d:RetainedEarningsAccumulatedLosses 2024-03-31 04403334 d:RetainedEarningsAccumulatedLosses 2022-04-01 2023-03-31 04403334 d:RetainedEarningsAccumulatedLosses 2023-03-31 04403334 d:RetainedEarningsAccumulatedLosses 2022-04-01 04403334 c:FRS102 2023-04-01 2024-03-31 04403334 c:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 04403334 c:FullAccounts 2023-04-01 2024-03-31 04403334 c:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 04403334 2 2023-04-01 2024-03-31 04403334 6 2023-04-01 2024-03-31 04403334 e:PoundSterling 2023-04-01 2024-03-31 iso4217:GBP xbrli:pure

Registered number: 04403334










NORTH WEST TURF LIMITED








UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

 
NORTH WEST TURF LIMITED
REGISTERED NUMBER: 04403334

STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 5 
2,920,933
2,368,826

Investments
 6 
201
201

  
2,921,134
2,369,027

Current assets
  

Stocks
  
1,776,397
975,255

Debtors: amounts falling due within one year
 7 
1,007,529
1,952,502

Cash at bank and in hand
 8 
111,255
1,142,654

  
2,895,181
4,070,411

Creditors: amounts falling due within one year
 9 
(1,644,456)
(502,409)

Net current assets
  
 
 
1,250,725
 
 
3,568,002

Total assets less current liabilities
  
4,171,859
5,937,029

Provisions for liabilities
  

Deferred tax
  
(225,770)
(233,357)

  
 
 
(225,770)
 
 
(233,357)

Net assets
  
3,946,089
5,703,672


Capital and reserves
  

Called up share capital 
  
160
200

Capital redemption reserve
  
40
-

Profit and loss account
  
3,945,889
5,703,472

  
3,946,089
5,703,672


Page 1

 
NORTH WEST TURF LIMITED
REGISTERED NUMBER: 04403334
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 13 August 2024.






I. J. Mercer
Director

The notes on pages 4 to 11 form part of these financial statements.

Page 2

 
NORTH WEST TURF LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024


Called up share capital
Capital redemption reserve
Profit and loss account
Total equity

£
£
£
£


At 1 April 2022
200
-
5,048,514
5,048,714


Comprehensive income for the year

Profit for the year
-
-
654,958
654,958
Total comprehensive income for the year
-
-
654,958
654,958


Total transactions with owners
-
-
-
-



At 1 April 2023
200
-
5,703,472
5,703,672


Comprehensive income for the year

Profit for the year
-
-
254,917
254,917
Total comprehensive income for the year
-
-
254,917
254,917


Contributions by and distributions to owners

Purchase of own shares
-
40
(2,012,500)
(2,012,460)

Shares redeemed during the year
(40)
-
-
(40)


Total transactions with owners
(40)
40
(2,012,500)
(2,012,500)


At 31 March 2024
160
40
3,945,889
3,946,089


The notes on pages 4 to 11 form part of these financial statements.

Page 3

 
NORTH WEST TURF LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

North West Turf Limited is a private limited company, limited by shares, incorporated in England and Wales. It's registered office is Mickering Lane, Aughton, Lancashire, L39 6SR. The company number is 04403334.

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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

The following principal accounting policies have been applied:

 
2.2

Going concern

The company depends on its existing bank facilities to meet its day to day working capital requirements. Current forecasts indicate that the company expects to be able to operate within these facilities for whole of the foreseeable future. These facilities are renewed annually and are not guaranteed for the period covered by the going concern review. The Directors are not aware, however, of any circumstances that may adversely affect the renewal of these facilities. Accordingly, the directors believe it is appropriate to prepare the financial statements on the going concern basis.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company 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. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.4

Operating leases: the Company as lessee

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

Page 4

 
NORTH WEST TURF LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.5

Leased assets: the Company as lessee

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

 
2.6

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.7

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.

 
2.8

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 reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting 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 reporting date.

Page 5

 
NORTH WEST TURF LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.9

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.10

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.

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

Depreciation is provided on the following basis:

Land
-
Not depreciated
Property improvements
-
10% straight line
Plant & machinery
-
20% reducing balance
Motor vehicles
-
25% straight line
Fixtures, fittings and equipment
-
20% reducing balance

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.

 
2.11

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.12

Associates and joint ventures

Associates and Joint Ventures are held at cost less 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. Work in progress and finished goods include labour and attributable overheads.

At each reporting 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.

Page 6

 
NORTH WEST TURF LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
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.

 
2.15

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. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.16

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.

 
2.17

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.


3.


Employees

The average monthly number of employees, including directors, during the year was 30 (2023 - 30).

Page 7

 
NORTH WEST TURF LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

4.


Intangible assets




Goodwill

£



Cost


At 1 April 2023
600,000



At 31 March 2024

600,000



Amortisation


At 1 April 2023
600,000



At 31 March 2024

600,000



Net book value



At 31 March 2024
-



At 31 March 2023
-



Page 8

 
NORTH WEST TURF LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

5.


Tangible fixed assets





Freehold Land and buildings
Property improve-  ment
Plant & machinery
Fixtures, fittings and equipment
Total

£
£
£
£
£



Cost or valuation


At 1 April 2023
1,400,804
412,163
1,683,337
60,372
3,556,676


Additions
459,469
182,074
256,083
300
897,926


Disposals
-
(278,464)
(218,765)
(3,463)
(500,692)



At 31 March 2024

1,860,273
315,773
1,720,655
57,209
3,953,910



Depreciation


At 1 April 2023
-
327,730
809,558
50,563
1,187,851


Charge for the year on owned assets
9,189
10,177
187,613
2,807
209,786


Disposals
-
(278,464)
(82,733)
(3,463)
(364,660)



At 31 March 2024

9,189
59,443
914,438
49,907
1,032,977



Net book value



At 31 March 2024
1,851,084
256,330
806,217
7,302
2,920,933



At 31 March 2023
1,400,804
84,434
873,779
9,809
2,368,826


6.


Fixed asset investments





Investments in subsidiary companies
Investments
Total

£
£
£



Cost or valuation


At 1 April 2023
200
1
201



At 31 March 2024
200
1
201




Page 9

 
NORTH WEST TURF LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

7.


Debtors

2024
2023
£
£


Trade debtors
7,207
5,905

Amounts owed by group undertakings
997,177
1,880,624

Other debtors
-
60,849

Prepayments and accrued income
3,145
5,124

1,007,529
1,952,502



8.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
111,255
1,142,654

111,255
1,142,654



9.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
200,970
209,166

Amounts owed to group undertakings
67,657
-

Corporation tax
68,444
30,427

Other taxation and social security
33,645
44,328

Other creditors
1,241,538
200,514

Accruals and deferred income
32,202
17,974

1,644,456
502,409



10.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company  to the fund and amounted to £383 (2023 - £514).

Page 10

 
NORTH WEST TURF LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

11.


Controlling party

The company is controlled by I. J. Mercer.

 
Page 11