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Registered number: 04095617









NORTHFIELD HOLDINGS LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2023

 
NORTHFIELD HOLDINGS LIMITED
 
 
COMPANY INFORMATION


Directors
D Oughton 
P Bryan (resigned 8 November 2023)




Company secretary
L Oughton



Registered number
04095617



Registered office
Northfield House
Tilford Road

Newstead Village

Nottinghamshire

NG15 0BS




Independent auditors
Barnett & Turner Accountants Limited
Chartered Accountants & Registered Auditor

Cromwell House

68 West Gate

Mansfield

Nottinghamshire

NG18 1RR





 
NORTHFIELD HOLDINGS LIMITED
 

CONTENTS



Page
Group strategic report
1 - 2
Director's 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 - 30


 
NORTHFIELD HOLDINGS LIMITED
 
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2023

Introduction
 
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.

Business review
 
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.

Page 1

 
NORTHFIELD HOLDINGS LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023

Principal risks and uncertainties
 
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. 

Financial key performance indicators
 
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.

Other key performance indicators
 
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.



D Oughton
Director

Page 2

 
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.

Director's responsibilities statement

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.
 
Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is 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 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 2006He 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.

Results and dividends

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.  

Directors

The directors who served during the year were:

D Oughton 
P Bryan (resigned 8 November 2023)

Future developments

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.

Page 3

 
NORTHFIELD HOLDINGS LIMITED
 
 
 
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023

Disclosure of information to auditors

The director at the time when this Director's report is approved has confirmed that:
 
so far as he is aware, there is no relevant audit information of which the company and the group's auditors are unaware, and

he 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

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.

Auditors

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

This report was approved by the board on 28 August 2024 and signed on its behalf.
 





D Oughton
Director

Page 4

 
NORTHFIELD HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NORTHFIELD HOLDINGS LIMITED
 

Opinion


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 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 30 September 2023 and of the group's loss 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 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.


Page 5

 
NORTHFIELD HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NORTHFIELD HOLDINGS LIMITED (CONTINUED)


Other information


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 ReportOur 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.


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 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.


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 Director's 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 director's remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Page 6

 
NORTHFIELD HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NORTHFIELD HOLDINGS LIMITED (CONTINUED)


Responsibilities of directors
 

As explained more fully in the Director's responsibilities statement set out on page 3, the director is 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 director determines 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 director is 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 director either intends to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.


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:

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.
Page 7

 
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.


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.





Jonathan Wilson FCA CTA (Senior statutory auditor)
  
for and on behalf of
Barnett & Turner Accountants Limited
 
Chartered Accountants
Registered Auditor
  
Cromwell House
68 West Gate
Mansfield
Nottinghamshire
NG18 1RR

28 August 2024
Page 8

 
NORTHFIELD HOLDINGS LIMITED
 
 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2023
2022
Note
£
£

  

Turnover
 4 
18,330,584
19,970,247

Cost of sales
  
(15,997,545)
(17,653,601)

Gross profit
  
2,333,039
2,316,646

Administrative expenses
  
(2,640,698)
(2,614,307)

Operating loss
 5 
(307,659)
(297,661)

Interest receivable and similar income
 9 
13,524
433

Interest payable and similar expenses
 10 
(43,972)
(40,255)

Loss before taxation
  
(338,107)
(337,483)

Tax on loss
 11 
61,750
45,835

Loss for the financial year
  
(276,357)
(291,648)

(Loss) for the year attributable to:
  

Owners of the parent company
  
(276,357)
(291,648)

There were no recognised gains and losses for 2023 or 2022 other than those included in the consolidated statement of comprehensive income.

There was no other comprehensive income for 2023 (2022:£NIL).

The notes on pages 16 to 30 form part of these financial statements.

Page 9

 
NORTHFIELD HOLDINGS LIMITED
REGISTERED NUMBER: 04095617

CONSOLIDATED BALANCE SHEET
AS AT 30 SEPTEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 14 
1,697,107
1,734,466

Current assets
  

Debtors: amounts falling due within one year
 16 
3,819,219
2,763,581

Cash at bank and in hand
 17 
1,505,097
3,538,506

  
5,324,316
6,302,087

Creditors: amounts falling due within one year
 18 
(3,790,194)
(4,261,168)

Net current assets
  
 
 
1,534,122
 
 
2,040,919

Total assets less current liabilities
  
3,231,229
3,775,385

Creditors: amounts falling due after more than one year
 19 
(378,677)
(584,726)

Provisions for liabilities
  

Deferred taxation
 22 
(123,400)
(185,150)

Net assets
  
2,729,152
3,005,509


Capital and reserves
  

Called up share capital 
 23 
16
16

Profit and loss account
 24 
2,729,136
3,005,493

Equity attributable to owners of the parent company
  
2,729,152
3,005,509


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 28 August 2024.




D Oughton
Director

The notes on pages 16 to 30 form part of these financial statements.

Page 10

 
NORTHFIELD HOLDINGS LIMITED
REGISTERED NUMBER: 04095617

COMPANY BALANCE SHEET
AS AT 30 SEPTEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Investments
 15 
8
8

Current assets
  

Debtors: amounts falling due within one year
 16 
8
8

Total assets less current liabilities
  
16
16

  

  

Net assets
  
16
16


Capital and reserves
  

Called up share capital 
 23 
16
16


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 28 August 2024.




D Oughton
Director


The notes on pages 16 to 30 form part of these financial statements.

Page 11

 
NORTHFIELD HOLDINGS LIMITED
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2023


Called up share capital
Revaluation reserve
Profit and loss account
Total equity

£
£
£
£


At 1 October 2021
16
62,693
3,416,448
3,479,157



Loss for the year
-
-
(291,648)
(291,648)

Dividends: Equity capital
-
-
(182,000)
(182,000)

Transfer to/from profit and loss account
-
(62,693)
62,693
-



At 1 October 2022
16
-
3,005,493
3,005,509



Loss for the year
-
-
(276,357)
(276,357)


At 30 September 2023
16
-
2,729,136
2,729,152


The notes on pages 16 to 30 form part of these financial statements.

Page 12

 
NORTHFIELD HOLDINGS LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2023


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 October 2021
16
-
16



Profit for the year
-
182,000
182,000

Dividends: Equity capital
-
(182,000)
(182,000)



At 1 October 2022
16
-
16




At 30 September 2023
16
-
16


The notes on pages 16 to 30 form part of these financial statements.

Page 13

 
NORTHFIELD HOLDINGS LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2023
2022
£
£

Cash flows from operating activities

Loss for the financial year
(307,659)
(297,661)

Adjustments for:

Depreciation of tangible assets
535,716
636,617

Loss on disposal of tangible assets
(39,358)
(58,861)

(Increase) in debtors
(1,055,639)
(258,571)

(Decrease)/increase in creditors
(477,023)
1,455,857

Corporation tax received/(paid)
-
(237,602)

Net cash generated from operating activities

(1,343,963)
1,239,779


Cash flows from investing activities

Purchase of tangible fixed assets
(555,160)
(512,452)

Sale of tangible fixed assets
96,162
82,725

Interest received
13,524
433

HP interest paid
-
(10,741)

Net cash from investing activities

(445,474)
(440,035)

Cash flows from financing activities

Repayment of loans
(200,000)
(200,000)

Repayment of/new finance leases
-
(101,974)

Dividends paid
-
(182,000)

Interest paid
(43,972)
(29,514)

Net cash used in financing activities
(243,972)
(513,488)

Net (decrease)/increase in cash and cash equivalents
(2,033,409)
286,256

Cash and cash equivalents at beginning of year
3,538,506
3,252,250

Cash and cash equivalents at the end of year
1,505,097
3,538,506


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
1,505,097
3,538,506


The notes on pages 16 to 30 form part of these financial statements.

Page 14

 
NORTHFIELD HOLDINGS LIMITED
 

CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 30 SEPTEMBER 2023




At 1 October 2022
Cash flows
At 30 September 2023
£

£

£

Cash at bank and in hand

3,538,506

(2,033,409)

1,505,097

Debt due after 1 year

(566,667)

200,000

(366,667)

Debt due within 1 year

(200,000)

-

(200,000)


2,771,839
(1,833,409)
938,430

The notes on pages 16 to 30 form part of these financial statements.

Page 15

 
NORTHFIELD HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

1.


General information

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

 
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.

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.
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.

 
2.3

Going concern

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.

Page 16

 
NORTHFIELD HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2.Accounting policies (continued)

 
2.4

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. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the group will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.5

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.

 
2.6

Borrowing costs

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

 
2.7

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

 
NORTHFIELD HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2.Accounting policies (continued)

 
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 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.

 
2.9

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 or reducing balance method as appropriate.

Depreciation is provided on the following basis:

Plant and machinery
-
10-20% on valuation
Motor vehicles
-
25% reducing balance
Office equipment
-
33.33% 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.

Page 18

 
NORTHFIELD HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2.Accounting policies (continued)

 
2.10

Amounts recoverable on contracts

Amounts recoverable on contracts are stated at cost, including labour and attributable overheads, plus an element of profit relevant to the stage of completion at the balance sheet date.

At each balance sheet date, amounts recoverable on contracts are assessed for impairment and, if 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.

 
2.11

Financial instruments

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.

Page 19

 
NORTHFIELD HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2.Accounting policies (continued)


2.11
Financial instruments (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.

 
2.12

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 at an annual general meeting.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

Preparation of the financial statements requires management to make significant judgements and estimates.  The items in the financial statements where these judgements and estimates have been made include:
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.


4.


Turnover

All turnover arose within the United Kingdom.

Page 20

 
NORTHFIELD HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

5.


Operating loss

The operating loss is stated after charging:

2023
2022
£
£

Other operating lease rentals
245,880
235,729

Depreciation of tangible fixed assets
535,715
636,617

(Profit)/loss on sale of tangible fixed assets
(39,358)
(58,861)


6.


Auditors' remuneration

During the year, the group obtained the following services from the company's auditors:


2023
2022
£
£

Fees payable to the company's auditors for the audit of the consolidated and parent company's financial statements
11,500
11,000


7.


Employees

Staff costs, including director's remuneration, were as follows:


Group
Group
2023
2022
£
£


Wages and salaries
2,627,394
2,814,762

Social security costs
292,712
328,245

Cost of defined contribution scheme
188,669
189,734

3,108,775
3,332,741


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



Group
Group
Company
Company
        2023
        2022
        2023
        2022
            No.
            No.
            No.
            No.









Management and administration
18
19
2
2



Operational
38
40
-
-

56
59
2
2

Page 21

 
NORTHFIELD HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

8.


Directors' remuneration

2023
2022
£
£

Directors' emoluments
196,286
409,230

Group contributions to defined contribution pension schemes
6,800
8,000

Compensation for loss of office
98,000
-

301,086
417,230


During the year retirement benefits were accruing to 2 directors (2022 - 2) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £156,497 (2022 - £205,861).

The value of the group's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £4,000 (2022 - £4,000).


9.


Interest receivable

2023
2022
£
£


Other interest receivable
13,524
433


10.


Interest payable and similar expenses

2023
2022
£
£


Bank interest payable
43,972
29,514

Finance leases and hire purchase contracts
-
10,741

43,972
40,255

Page 22

 
NORTHFIELD HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

11.


Taxation


2023
2022
£
£

Corporation tax


Adjustments in respect of previous periods
-
(101,910)


Deferred tax


Origination and reversal of timing differences
(61,750)
56,075


Taxation on loss on ordinary activities
(61,750)
(45,835)

Factors affecting tax charge for the year

The tax assessed for the year is higher than (2022 - higher than) the standard rate of corporation tax in the UK of 19% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Loss on ordinary activities before tax
(338,107)
(337,483)


Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 19% (2022 - 19%)
(64,240)
(64,122)

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
940
1,035

Capital allowances for year in excess of depreciation
(9,690)
(38,822)

Short term timing difference leading to an increase (decrease) in taxation
-
(587)

Book profit on chargeable assets
(61,752)
54,384

Unrelieved tax losses carried forward
72,992
-

Changes in tax rates
-
2,277

Total tax charge for the year
(61,750)
(45,835)


12.


Dividends

2023
2022
£
£


Dividends paid
-
182,000

Page 23

 
NORTHFIELD HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

13.


Parent company profit for the year

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 - £182,000).


14.


Tangible fixed assets

Group






Plant and machinery
Motor vehicles
Office equipment
Total

£
£
£
£



Cost or valuation


At 1 October 2022
5,950,879
773,279
174,264
6,898,422


Additions
174,274
363,481
17,405
555,160


Disposals
(65,812)
(137,036)
(65,320)
(268,168)



At 30 September 2023

6,059,341
999,724
126,349
7,185,414



Depreciation


At 1 October 2022
4,474,846
529,134
159,976
5,163,956


Charge for the year on owned assets
419,144
106,257
10,314
535,715


Disposals
(53,812)
(92,233)
(65,319)
(211,364)



At 30 September 2023

4,840,178
543,158
104,971
5,488,307



Net book value



At 30 September 2023
1,219,163
456,566
21,378
1,697,107



At 30 September 2022
1,476,033
244,145
14,288
1,734,466

Page 24

 
NORTHFIELD HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

15.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost or valuation


At 1 October 2022
8



At 30 September 2023
8





Subsidiary undertaking


The following was a subsidiary undertaking of the company:

Name

Registered office

Class of shares

Holding

Northfield Construction Limited
Northfield House, Tilford Road, Newstead Village, Nottinghamshire NG15 0BS
Ordinary
100%

The aggregate of the share capital and reserves as at 30 September 2023 and the profit or loss for the year ended on that date for the subsidiary undertaking were as follows:

Name
Aggregate of share capital and reserves
£
(Loss) for the year
 £

Northfield Construction Limited

2,707,144
(276,357)

Page 25

 
NORTHFIELD HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

16.


Debtors

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£


Trade debtors
762,441
875,662
-
-

Other debtors
187,582
240,814
8
8

Prepayments and accrued income
298,688
321,309
-
-

Amounts recoverable on long term contracts
2,469,573
1,224,861
-
-

Tax recoverable
100,935
100,935
-
-

3,819,219
2,763,581
8
8



17.


Cash and cash equivalents

Group
Group
2023
2022
£
£

Cash at bank and in hand
1,505,097
3,538,506



18.


Creditors: Amounts falling due within one year

Group
Group
2023
2022
£
£

Bank loans
200,000
200,000

Payments received on account
228,000
239,645

Trade creditors
2,862,131
3,064,384

Other taxation and social security
83,171
93,149

Accruals and deferred income
416,892
663,990

3,790,194
4,261,168


The bank loan is a CBILS facility, secured by fixed and floating charges over the assets of the subsidiary company.

Page 26

 
NORTHFIELD HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

19.


Creditors: Amounts falling due after more than one year

Group
Group
2023
2022
£
£

Bank loans
366,667
566,667

Accruals and deferred income
12,010
18,059

378,677
584,726




20.


Loans


Analysis of the maturity of loans is given below:


Group
Group
2023
2022
£
£

Amounts falling due within one year

Bank loans
200,000
200,000

Amounts falling due 1-2 years

Bank loans
200,000
200,000

Amounts falling due 2-5 years

Bank loans
166,667
366,667


566,667
766,667


The bank loan is a CBILS facility, secured by fixed and floating charges over the assets of the subsidiary company.

Page 27

 
NORTHFIELD HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

21.


Financial instruments

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Financial assets

Financial assets measured at fair value through profit or loss
1,505,097
3,538,506
-
-

Financial assets that are debt instruments measured at amortised cost
950,023
1,116,476
8
8

2,455,120
4,654,982
8
8


Financial liabilities

Financial liabilities measured at amortised cost
4,085,700
4,752,745
-
-


Financial assets measured at fair value through profit or loss comprise bank and cash balances.


Financial assets that are debt instruments measured at amortised cost comprise trade and other debtors.


Financial liabilities measured at amortised cost comprise trade and other creditors and accruals.

Page 28

 
NORTHFIELD HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

22.


Deferred taxation


Group



2023


£






At beginning of year
185,150


Charged/(credited) to profit or loss
(61,750)



At end of year
123,400

Company


2023



Group
Group
2023
2022
£
£

Accelerated capital allowances
220,459
193,313

Tax losses carried forward
(92,989)
(4,538)

Other short term timing dfferences
(4,070)
(3,625)

(123,400)
(185,150)


23.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



16 (2022 - 16) Ordinary shares of £1.00 each
16
16



24.


Reserves

Profit and loss account

Profits after dividends and reserve transfers, as noted above, are accumulated and carried forward in the profit and loss account.

Page 29

 
NORTHFIELD HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

25.


Capital commitments




At 30 September 2023 the group had capital commitments as follows:


Group
Group
2023
2022
£
£

Contracted for but not provided in these financial statements
-
108,448


26.


Pension commitments

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.


27.


Commitments under operating leases

At 30 September 2023 the Group had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
2023
2022
£
£

Not later than 1 year
3,222
21,475

Later than 1 year and not later than 5 years
77,089
61,689

Later than 5 years
1,202,500
1,387,500

1,282,811
1,470,664

28.


Related party transactions

The group occupies premises owned by D Oughton and P Bryan.  Rentals payable on a normal commercial basis during the year amounted to £185,000 (2022 - £185,000).


29.


Controlling party

The company is owned equally by D Oughton and P Bryan.

Page 30