9 17 September 2024 false false false false false false false false false false true false false false false false false No description of principal activity 2023-07-01 Sage Accounts Production Advanced 2023 - FRS102_2023 313,617 237,541 102,867 32,825 481,116 481,116 313,617 xbrli:pure xbrli:shares iso4217:GBP 1120166 2023-07-01 2024-06-30 1120166 2024-06-30 1120166 2023-06-30 1120166 2022-07-01 2023-06-30 1120166 2023-06-30 1120166 2022-06-30 1120166 core:FurnitureFittings 2023-07-01 2024-06-30 1120166 bus:OrdinaryShareClass1 2023-07-01 2024-06-30 1120166 bus:Director2 2023-07-01 2024-06-30 1120166 core:LandBuildings 2024-06-30 1120166 core:FurnitureFittings 2024-06-30 1120166 core:WithinOneYear 2024-06-30 1120166 core:WithinOneYear 2023-06-30 1120166 core:ShareCapital 2024-06-30 1120166 core:ShareCapital 2023-06-30 1120166 core:SharePremium 2024-06-30 1120166 core:SharePremium 2023-06-30 1120166 core:RetainedEarningsAccumulatedLosses 2024-06-30 1120166 core:RetainedEarningsAccumulatedLosses 2023-06-30 1120166 core:BetweenOneFiveYears 2024-06-30 1120166 core:MoreThanFiveYears 2024-06-30 1120166 core:CostValuation core:Non-currentFinancialInstruments 2023-06-30 1120166 core:AdditionsToInvestments core:Non-currentFinancialInstruments 2024-06-30 1120166 core:DisposalsRepaymentsInvestments core:Non-currentFinancialInstruments 2024-06-30 1120166 core:Non-currentFinancialInstruments core:RevaluationsIncreaseDecreaseInInvestments 2024-06-30 1120166 core:CostValuation core:Non-currentFinancialInstruments 2024-06-30 1120166 core:Non-currentFinancialInstruments 2024-06-30 1120166 core:Non-currentFinancialInstruments 2023-06-30 1120166 bus:SmallEntities 2023-07-01 2024-06-30 1120166 bus:Audited 2023-07-01 2024-06-30 1120166 bus:SmallCompaniesRegimeForAccounts 2023-07-01 2024-06-30 1120166 bus:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 1120166 bus:FullAccounts 2023-07-01 2024-06-30 1120166 bus:OrdinaryShareClass1 2024-06-30 1120166 bus:OrdinaryShareClass1 2023-06-30 1120166 core:LandBuildings core:LongLeaseholdAssets 2023-07-01 2024-06-30
COMPANY REGISTRATION NUMBER: 1120166
Northmace & Hendon Limited
Filleted Financial Statements
30 June 2024
Northmace & Hendon Limited
Directors' Responsibilities Statement
Year ended 30 June 2024
The directors are responsible for preparing the directors' report and the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: - select suitable accounting policies 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 company will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Northmace & Hendon Limited
Statement of Financial Position
30 June 2024
2024
2023
Note
£
£
£
Fixed assets
Investments
6
481,116
313,617
Current assets
Stocks
444,810
489,268
Debtors
7
169,195
244,383
Cash at bank and in hand
305,301
395,537
---------
------------
919,306
1,129,188
Creditors: amounts falling due within one year
8
208,157
271,288
---------
------------
Net current assets
711,149
857,900
------------
------------
Total assets less current liabilities
1,192,265
1,171,517
Provisions
36,560
36,560
------------
------------
Net assets
1,155,705
1,134,957
------------
------------
Capital and reserves
Called up share capital
10
108,500
108,500
Share premium account
3,655
3,655
Profit and loss account
1,043,550
1,022,802
------------
------------
Shareholders funds
1,155,705
1,134,957
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 17 September 2024 , and are signed on behalf of the board by:
M H J Plaut
Director
Company registration number: 1120166
Northmace & Hendon Limited
Notes to the Financial Statements
Year ended 30 June 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Suite 1, First floor, 1 Duchess Street, London, W1W 6AN.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The principal activity of the company during the year was the supply of goods to the hotel and leisure industry. The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Leasehold improvements
-
Over the term of the lease
Computer, fixtures and fittings
-
20% straight line
Investments
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions for dilapidations are recognised on a lease by lease basis and are based on the company's best estimate of the likely committed cash outflow.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Other financial instruments, including derivatives, are initially recognised at fair value. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss.
Defined contribution plans
The company makes payments to personal pension schemes on behalf of certain employees. The assets of these schemes are held separately from those of the company. The annual contributions payable are charged to the profit and loss account.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 9 (2023: 7 ).
5. Tangible assets
Leasehold improvements
Fixtures and fittings
Total
£
£
£
Cost
At 1 July 2023 and 30 June 2024
41,517
15,729
57,246
--------
--------
--------
Depreciation
At 1 July 2023 and 30 June 2024
41,517
15,729
57,246
--------
--------
--------
Carrying amount
At 30 June 2024
--------
--------
--------
At 30 June 2023
--------
--------
--------
6. Investments
Other investments other than loans
£
Valuation
At 1 July 2023
313,617
Additions
237,541
Disposals
( 102,867)
Revaluations
32,825
---------
At 30 June 2024
481,116
---------
Impairment
At 1 July 2023 and 30 June 2024
---------
Carrying amount
At 30 June 2024
481,116
---------
At 30 June 2023
313,617
---------
7. Debtors
2024
2023
£
£
Trade debtors
169,195
244,383
---------
---------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
56,095
110,122
Corporation tax
6,798
Social security and other taxes
22,227
9,999
Other creditors
129,835
144,369
---------
---------
208,157
271,288
---------
---------
9. Financial instruments
The carrying amount for each category of financial instrument is as follows:
2024
2023
£
£
Financial assets measured at fair value through profit or loss
Financial assets measured at fair value through profit or loss
481,116
313,617
---------
---------
10. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
108,500
108,500
108,500
108,500
---------
---------
---------
---------
The total number of options granted under the Enterprise Management Incentive plan, which remain unexercised at the year end amounted to Nil (2023: Nil).
11. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Not later than 1 year
11,200
2,563
Later than 1 year and not later than 5 years
44,800
Later than 5 years
933
--------
-------
56,933
2,563
--------
-------
12. Summary audit opinion
The auditor's report dated 17 September 2024 was unqualified .
The senior statutory auditor was Sonia Yeshin BFP FCA , for and on behalf of Leaman Mattei .
13. Related party transactions
During the period, the company paid rent of £10,250 (2023: £10,250) to Duck Island Limited, a company controlled by M H J Plaut and a close family member. The company received management charges of £14,500 (2023: £14,500) and recharged salary costs of £25,791 (2023: £25,791) from Duck Island Limited.
14. Controlling party
The ultimate controlling party is M H J Plaut and a close family member.