Registered number:
FOR THE YEAR ENDED 30 SEPTEMBER 2023
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NORTHFIELD HOLDINGS LIMITED
COMPANY INFORMATION
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NORTHFIELD HOLDINGS LIMITED
CONTENTS
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NORTHFIELD HOLDINGS LIMITED
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2023
The director presents his strategic report for the year ended 30 September 2023.
These financial statements represent the consolidated financial statements of Northfield Holdings Limited which incorporate the entity and its subsidiary.
The financial results for the year ended 30 September 2023 are in line with the directors' expectations.
With the ongoing economic uncertainty, the group continues to take a cautious approach and carefully selects tenders and contracts with principal contractors with a proven track record and looks to build strong trading partnerships with its customers. The group has continued to expand its client base and reputation as the leading reinforced concrete specialist in the Midlands. Northfield has strengthened relations with key suppliers within the supply chain, ensuring payments to suppliers are within agreed payment terms. A strong supply chain has been instrumental to Northfield’s continued success. The group continues to utilise its own assets, ensuring reduced operational expenditure on hired plant and equipment. Capital expenditure during the year has been reduced as the group has been able to manage its own assets accordingly. The group has been able to retain its experienced construction workforce despite current economic pressures. The highly skilled and professional workforce remain key to ensure our three primary objectives - Quality-Safety-Success - are achieved.
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NORTHFIELD HOLDINGS LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
The group's principal financial instruments comprise bank balances, trade debtors and creditors, loans to the business and obligations under hire purchase and finance lease agreements. The main purpose of these instruments is to finance the business operations. The principal risks and uncertainties are described below:
Price risk Raw materials prices in respect of concrete and rebar have remained fairly stable during the year. Labour costs are showing a significant increase, especially for highly skilled specialist trades. The group's objective is to minimise risks and uncertainties to the level of the market place in which it operates. Cash flow and liquidity risk Business forecasts identifying, in particular, liquidity requirements are produced frequently whilst internal controls ensure the safeguarding of the group's assets. Trade creditors’ liquidity risk is managed by ensuring sufficient funds are available to meet amounts due. The business is a lessee in respect of finance leased assets. The liquidity risk in respect of these is managed by ensuring there are sufficient funds to meet the payments through appropriate cash management using cash flow forecasts. Credit risk Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits. The amounts presented in the balance sheet are net of allowances for bad and doubtful debts. In respect of bank balances, surplus cash is held with the group’s bankers, Lloyds. As an A-rated bank, the directors consider this to be among Britain’s strongest and safest, and feel the group’s short-term cash is consequently in a low-risk category.
The KPIs that the group use are relevant to the type of business that it operates. The financial KPIs that the group use are turnover and operating profit.
The other KPIs that the group use are operational (staff retention and motivation) and from a customer service perspective (customer feedback and retention, and new customers). These KPIs are within the targets set for the year.
This report was approved by the board on 28 August 2024 and signed on its behalf.
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NORTHFIELD HOLDINGS LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2023
The director presents his report and the financial statements for the year ended 30 September 2023.
The director is responsible for preparing the Group strategic report, the Director's report and the consolidated financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the director is 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;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group will continue in business.
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and to enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The loss for the year, after taxation, amounted to £276,357 (2022 - loss £291,648).
Dividends of £NIL (2022 - £182,000) have been paid during the year.
The directors who served during the year were:
The directors continue to look to the future with positivity despite continued pressures in the construction sector. Northfield's ongoing policy of investing in plant and machinery to reduce its hire charges continues to be a positive profitable strategy.
Northfield prides itself on the quality and expertise of its personnel. By continued investment in training of its staff and recruiting only the best management, the company is safeguarding its position for the future.
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NORTHFIELD HOLDINGS LIMITED
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
On 8 November 2023 the company repurchased and subsequently cancelled the shares belonging to one of the directors on his retirement from the holding and trading companies, following clearance obtained from HMRC. The shares were repurchased at a premium and financed from working capital.
The auditors, Barnett & Turner Accountants Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on
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NORTHFIELD HOLDINGS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NORTHFIELD HOLDINGS LIMITED
We have audited the financial statements of Northfield Holdings Limited (the 'parent company') and its subsidiary (the 'group') for the year ended 30 September 2023, 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 policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
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.
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the 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 director with respect to going concern are described in the relevant sections of this report.
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NORTHFIELD HOLDINGS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NORTHFIELD HOLDINGS LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The director is 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.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Group strategic report and the Director's 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 Director's report have been prepared in accordance with applicable legal requirements.
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 Director's report.
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NORTHFIELD HOLDINGS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NORTHFIELD HOLDINGS LIMITED (CONTINUED)
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:
As part of our planning process:
∙We enquired of management regarding the systems and controls the group has in place, the areas of the financial statements that are mostly susceptible to the risk of irregularities and fraud, and whether there was any known, suspected or alleged fraud. The group did not inform us of any known, suspected or alleged fraud.
∙We obtained an understanding of the legal and regulatory frameworks applicable to the group. We determined that the following were most relevant: FRS 102, Companies Act 2006 and current tax legislation.
∙We considered the incentives and opportunities that exist in the group, including the extent of management bias, which present a potential for irregularities and fraud to be perpetuated, and tailored our risk assessment accordingly.
∙Using our knowledge of the group, together with the discussions held with the group at the planning stage, we formed a conclusion on the risk of misstatement due to irregularities including fraud and tailored our procedures according to this risk assessment.
The key procedures we undertook to detect irregularities including fraud during the course of the audit included:
∙Identifying and testing journal entries and the overall accounting records, in particular those that were significant and unusual.
∙Reviewing the financial statement disclosures and determining whether accounting policies have been appropriately applied.
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NORTHFIELD HOLDINGS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NORTHFIELD HOLDINGS LIMITED (CONTINUED)
∙Reviewing and challenging the assumptions and judgements used by management in their significant accounting estimates, in particular in relation to the valuation of work-in-progress and amounts recoverable on contracts.
∙Testing key revenue lines, in particular cut-off, for evidence of management bias.
∙Performing a physical verification of key assets and stock items.
∙Obtaining third-party confirmation of material bank and loan balances.
∙Reviewing documentation such as the group board minutes, correspondence with solicitors, for discussions of irregularities including fraud.
∙Testing all material consolidation adjustments.
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements even though we have properly planned and performed our audit in accordance with auditing standards. The primary responsibility for the prevention and detection of irregularities and fraud rests with the directors.
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.
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in 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.
for and on behalf of
Chartered Accountants
Registered Auditor
Cromwell House
68 West Gate
Nottinghamshire
NG18 1RR
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NORTHFIELD HOLDINGS LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 SEPTEMBER 2023
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NORTHFIELD HOLDINGS LIMITED
REGISTERED NUMBER: 04095617
CONSOLIDATED BALANCE SHEET
AS AT 30 SEPTEMBER 2023
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 28 August 2024.
The notes on pages 16 to 30 form part of these financial statements.
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NORTHFIELD HOLDINGS LIMITED
REGISTERED NUMBER: 04095617
COMPANY BALANCE SHEET
AS AT 30 SEPTEMBER 2023
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 16 to 30 form part of these financial statements.
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NORTHFIELD HOLDINGS LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2023
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NORTHFIELD HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2023
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NORTHFIELD HOLDINGS LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
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NORTHFIELD HOLDINGS LIMITED
CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 30 SEPTEMBER 2023
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NORTHFIELD HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
Northfield Holdings Limited is a private limited company incorporated and domiciled in England. Its registered office and principal place of business is situated at Northfield House, Tilford Road, Newstead Village, Nottinghamshire NG15 0BS.
The principal activity of the parent company is the holding of investments. The principal activity of the subsidiary company is that of construction.
2.Accounting policies
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.
The following principal accounting policies have been applied:
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. In accordance with the transitional exemption available in FRS 102, the group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 01 October 2014.
On the basis of their assessment of the financial position of both the company and the group, the directors have a reasonable expectation that the company and the group will be able to continue in operational existence for the foreseeable future. Hence, the directors believe it is appropriate to adopt the going concern basis of preparation of the financial statements.
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NORTHFIELD HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
2.Accounting policies (continued)
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NORTHFIELD HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
2.Accounting policies (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 as appropriate.
Depreciation is provided on the following basis:
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.
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NORTHFIELD HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
2.Accounting policies (continued)
The group 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 group's Balance sheet when the group becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
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 group'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.
Financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the group after the deduction of all its liabilities.
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NORTHFIELD HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
2.Accounting policies (continued)
Basic financial liabilities, which include trade and other payables, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
Revenue recognition and amounts recoverable on contracts Contract revenue is recognised as activity progresses, based on certified applications reflecting the stage of completion of the contract. Profit is recognised as the work is carried out only when the final outcome of the contract can be assessed with reasonable certainty. Full provision is made for losses on all contracts in the year in which they are first foreseen. Depreciation of tangible fixed assets Determining the appropriate rate of depreciation of tangible fixed assets requires an estimation of the useful economic life and ultimate net realisable value. The useful economic life is determined to be the period during which each asset will generate positive cash flows for the company.
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NORTHFIELD HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
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NORTHFIELD HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
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NORTHFIELD HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
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NORTHFIELD HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
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. The profit after tax of the parent company for the year was £0 (2022 - £
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NORTHFIELD HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
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NORTHFIELD HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
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NORTHFIELD HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
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NORTHFIELD HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
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NORTHFIELD HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
Profit and loss account
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NORTHFIELD HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
The subsidiary company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the subsidiary company in an independently administered fund. The pension cost charge represents contributions payable by the subsidiary company to the fund and amounted to £188,669 (2022 - £189,734) . Contributions totalling £16,281 (2022 - £16,479) were payable to the fund at the balance sheet date and are included in creditors.
The company is owned equally by D Oughton and P Bryan.
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