Company Registration No. 10832462 (England and Wales)
NORTHWOOD STREET LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
NORTHWOOD STREET LIMITED
COMPANY INFORMATION
Directors
S S Conway
G A Conway
G Nock
R Norstrom
Company number
10832462
Registered office
6 Grosvenor Street
London
United Kingdom
W1K 4PZ
Auditor
Buzzacott LLP
130 Wood Street
London
EC2V 6DL
NORTHWOOD STREET LIMITED
CONTENTS
Page
Directors' report
1 - 2
Independent auditor's report
3 - 6
Statement of comprehensive income
7
Statement of financial position
8
Statement of changes in equity
9
Notes to the financial statements
10 - 13
NORTHWOOD STREET LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 1 -

The directors present their annual report and financial statements for the year ended 31 March 2024.

Principal activities

The principal activity of the company continued to be that of property development.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

S S Conway
G A Conway
G Nock
R Norstrom
Auditor

The auditor, Buzzacott LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Statement of directors' responsibilities

The directors are responsible for preparing the annual 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 of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

 

 

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.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

NORTHWOOD STREET LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
Going Concern

The directors have assessed the company’s cashflow forecasts and they are satisfied that there is sufficient available cash for at least the next twelve months to meet the operating needs of the company.

 

The Company is currently presenting a net current liabilities position. Contributing amounts include £3,424,877 which is due to Galliard Holdings Limited. However this amount will not be called in within the next twelve months.

 

The Company’s loan facility of £7,041,447 was due for repayment in June 2024. The directors have agreed an extension of the facility with the lenders for another two years with repayment now being due in June 2026. Written confirmation has also been received by the directors from Galliard Group Limited confirming their intention to support the company to ensure it can meet its liabilities as they fall due (including any loan repayments if required) for a period of not less than one year from the date of signing these financial statements.

Small companies exemption

This report has been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

On behalf of the board
S S Conway
Director
7 October 2024
NORTHWOOD STREET LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF NORTHWOOD STREET LIMITED
- 3 -
Opinion

We have audited the financial statements of Northwood Street Limited (the 'company') for the year ended 31 March 2024 which comprise the statement of comprehensive income, the statement of financial position, the statement of changes in equity and notes to the financial statements, including 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).

In our opinion the financial statements:

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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the Annual report, other than the financial statements and our Auditor’s report thereon. The directors are responsible for the other information contained within the Annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

 

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

NORTHWOOD STREET LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF NORTHWOOD STREET LIMITED
- 4 -

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' report.

 

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

Responsibilities of directors

As explained more fully in the statement of directors' responsibilities, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

 

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's 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 auditor's 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 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:

 

How the audit was considered capable of detecting irregularities including fraud

 

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

 

 

 

NORTHWOOD STREET LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF NORTHWOOD STREET LIMITED
- 5 -

 

We assessed the extent of compliance with the laws and regulations identified above through:

 

 

To address the risk of fraud through management bias and override of controls, we:

 

 

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

 

 

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation.  This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

 

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 Auditor’s report.

 

NORTHWOOD STREET LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF NORTHWOOD STREET LIMITED
- 6 -

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 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 auditor's 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.

Philip Westerman (Senior Statutory Auditor)
For and on behalf of Buzzacott LLP, Statutory Auditor
7 October 2024
130 Wood Street
London
EC2V 6DL
NORTHWOOD STREET LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
2024
2023
Notes
£
£
Cost of sales
(93,459)
(242,142)
Administrative expenses
(2,646)
(2,716)
Operating loss
2
(96,105)
(244,858)
Investment income
24,013
(18,560)
Finance costs
(829,532)
(792,629)
Loss before taxation
(901,624)
(1,056,047)
Tax on loss
-
0
-
0
Loss for the financial year
(901,624)
(1,056,047)

The statement of comprehensive income has been prepared on the basis that all operations are continuing operations.

The notes on pages 10 to 13 form part of these financial statements.
NORTHWOOD STREET LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 MARCH 2024
31 March 2024
- 8 -
2024
2023
Notes
£
£
£
£
Non-current assets
Investments
4
13,450,000
13,450,000
Current assets
Inventories
6,545,388
5,996,350
Trade and other receivables
6
423,274
237,908
Cash and cash equivalents
145,861
176,401
7,114,523
6,410,659
Current liabilities
7
(16,248,627)
(14,643,139)
Net current liabilities
(9,134,104)
(8,232,480)
Net assets
4,315,896
5,217,520
Equity
Called up share capital
8
8,228,000
8,228,000
Retained earnings
(3,912,104)
(3,010,480)
Total equity
4,315,896
5,217,520

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

The financial statements were approved by the board of directors and authorised for issue on 7 October 2024 and are signed on its behalf by:
S S Conway
Director
Company Registration No. 10832462
The notes on pages 10 to 13 form part of these financial statements.
NORTHWOOD STREET LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 9 -
Share capital
Retained earnings
Total
£
£
£
Balance at 1 April 2022
8,228,000
(1,954,433)
6,273,567
Year ended 31 March 2023:
Loss and total comprehensive expense for the year
-
(1,056,047)
(1,056,047)
Balance at 31 March 2023
8,228,000
(3,010,480)
5,217,520
Year ended 31 March 2024:
Loss and total comprehensive expense for the year
-
(901,624)
(901,624)
Balance at 31 March 2024
8,228,000
(3,912,104)
4,315,896
The notes on pages 10 to 13 form part of these financial statements.
NORTHWOOD STREET LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 10 -
1
Accounting policies
Company information

Northwood Street Limited is a private company limited by shares incorporated in England and Wales. The registered office is 6 Grosvenor Street, London, United Kingdom, W1K 4PZ.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The company has taken advantage of s400 of the Companies Act not to produce group financial statements, as it is included in the consolidated financial statements of Galliard Group Limited, a company registered in England and Wales.

1.2
Going concern

The directors have assessed the company’s cashflow forecasts and they are satisfied that there is sufficient available cash for at least the next twelve months to meet the operating needs of the company.true

 

The Company is currently presenting a net current liabilities position. Contributing amounts include £3,424,877 which is due to Galliard Holdings Limited. However this amount will not be called in within the next twelve months.

 

The Company’s loan facility of £7,041,447 was due for repayment on June 2024, which is within the going concern assessment period. However, the directors have agreed an extension of the facility with the lenders for another two years with repayment now being due on June 2026. Written confirmation has also been received by the directors from Galliard Group Limited confirming their intention to support the company to ensure it can meet its liabilities as they fall due (including any loan repayments if required) for a period of not less than one year from the date of signing these financial statements.

1.3
Non-current investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.4
Inventories

Inventories are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost comprises the purchase cost of land and buildings and development expenditure.

 

Profit on sales of developed properties are taken on receipt of sales proceeds at legal completion. Costs attributable to each sale comprises an appropriate proportion of total costs of the development.

NORTHWOOD STREET LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 11 -
1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.6
Financial instruments

Financial assets, other than investments, are initially measured at transaction price and subsequently held at cost, less any impairment.

 

Financial liabilities are measured initially at transaction price and subsequently at amortised cost.

 

Financial liabilities and equity are classified according to the substance of the instrument's contractual obligation, rather than its legal form.

 

Finance costs are charged to profit and loss over the term of the debt using the effective interest rate method so that the amount charged is at a constant rate on the carrying amount.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.8

Finance costs

Finance costs are charged to profit over the term of the debt so that the amount charged is at a constant rate on the carrying amount. Finance costs include issue costs, which are initially recognised as a reduction in the proceeds of the associated capital instrument.

2
Operating loss
2024
2023
Operating loss for the year is stated after charging:
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
2,000
2,000
3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
-
0
-
0
4
Fixed asset investments
2024
2023
£
£
Investment in subsidiary
13,450,000
13,450,000
NORTHWOOD STREET LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 12 -
5
Subsidiaries

Details of the company's subsidiaries at 31 March 2024 are as follows:

Name of undertaking
Address
Class of
% Held
shares held
Direct
Pingrade Limited
1
Ordinary share
100.00

Registered office addresses (all UK unless otherwise indicated):

1
3rd Floor, Sterling House, Langston Rd, IG10 3TS

The Company also holds redeemable preference shares to the amount of £155,060 (£1 per share).

6
Trade and other receivables
2024
2023
Amounts falling due within one year:
£
£
Trade receivables
7,469
-
0
Other receivables
415,805
237,908
423,274
237,908
7
Current liabilities
2024
2023
£
£
Bank loans and overdrafts
7,137,687
7,044,157
Trade payables
-
0
106,729
Amounts owed to shareholders
4,121,269
3,427,305
Amount due to joint developers
4,875,535
3,958,864
Other payables
114,136
106,084
16,248,627
14,643,139
The loan is secured against the assets of the company, please see note 1.2 for further detail in respect to the loan.
8
Called up share capital
2024
2023
Ordinary share capital
£
£
Issued and fully paid
8,228,000 Ordinary shares of £1 each
8,228,000
8,228,000
NORTHWOOD STREET LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 13 -
9
Related party transactions
Transactions with related parties

Transactions with Joint Venture Undertakings:

 

At the balance sheet date the Company owed £4,875,535 (2023: £3,958,864) to Apsley House Capital Plc. During the year an additional £916,671 of funding was paid to the Company.

 

Transactions with Related Party Undertakings:

 

At the balance sheet date the Company owed £3,966,209 (2023: £3,424,877) to Galliard Holdings Limited, a company in which S S Conway is a director. During the year an additional £541,332 of funding was paid to the Company.

 

At the balance sheet date the Company owed £nil (2023: £2,428) to Galliard Construction Limited, a company in which S S Conway is a director. During the year £2,428 of construction related costs were repaid by the Company.

 

Reflex Bridging Limited participated in the procurement of the bank loan, the debt facility amount attributable to Reflex Bridging Limited is for the amount of £1,575,214. Reflex is a related party virtue of common control directorship through S S Conway.

10
Parent company

The immediate parent company is Galliard Holdings Limited, a company registered in England and Wales, and the ultimate holding company is Galliard Group Limited, a company registered in England and Wales.

 

Galliard Group Limited prepares group financial statements and copies can be obtained from 3rd floor Sterling House, Langston Road, Loughton, Essex, IG10 3TS or from Companies House.

 

In the opinion of the directors, the controlling party is Stephen Conway, a director who holds more than 50% of voting rights.

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