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Company registration number: 12272180
Northwood Lane Developments Limited
Unaudited filleted financial statements
31 October 2023
Northwood Lane Developments Limited
Contents
Statement of financial position
Notes to the financial statements
Northwood Lane Developments Limited
Statement of financial position
31 October 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 5 77,211 77,738
_______ _______
77,211 77,738
Current assets
Debtors 6 13,750 14,973
Cash at bank and in hand 5,540 3,315
_______ _______
19,290 18,288
Creditors: amounts falling due
within one year 7 ( 66,193) ( 58,946)
_______ _______
Net current liabilities ( 46,903) ( 40,658)
_______ _______
Total assets less current liabilities 30,308 37,080
Creditors: amounts falling due
after more than one year 8 ( 20,498) ( 30,000)
_______ _______
Net assets 9,810 7,080
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 9,710 6,980
_______ _______
Shareholders funds 9,810 7,080
_______ _______
For the year ending 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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 income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 14 October 2024 , and are signed on behalf of the board by:
Mr Lee Harrison Mr Simon Rogerson
Director Director
Company registration number: 12272180
Northwood Lane Developments Limited
Notes to the financial statements
Year ended 31 October 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Deansfield House, 98 Lancaster Road, Newcastle under Lyme, Staffordshire, ST5 1DS.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Tangible assets
tangible assets are initially recorded at cost, and are 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:
Freehold property - No depreciation
Plant and machinery - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
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. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
A financial asset or a financial liability is recognised only when the company 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.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 0 (2022: 0).
5. Tangible assets
Freehold property Plant and machinery Total
£ £ £
Cost
At 1 November 2022 and 31 October 2023 75,629 5,000 80,629
_______ _______ _______
Depreciation
At 1 November 2022 - 2,891 2,891
Charge for the year - 527 527
_______ _______ _______
At 31 October 2023 - 3,418 3,418
_______ _______ _______
Carrying amount
At 31 October 2023 75,629 1,582 77,211
_______ _______ _______
At 31 October 2022 75,629 2,109 77,738
_______ _______ _______
6. Debtors
2023 2022
£ £
Amounts owed by related parties 13,750 14,685
Prepayments and accrued income - 288
_______ _______
13,750 14,973
_______ _______
7. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts 10,249 10,000
Trade creditors 1,200 1,200
Amounts owed to related parties 4,345 -
Corporation tax 765 1,158
Director loan accounts 48,314 45,342
Accruals and deferred income 1,320 1,246
_______ _______
66,193 58,946
_______ _______
8. Creditors: amounts falling due after more than one year
2023 2022
£ £
Bank loans and overdrafts 20,498 30,000
_______ _______
9. Related party transactions
Simon Rogerson is a related party by virtue of his directorship of and shareholding in the company.The following transactions took place during the year between Simon Rogerson and the company:Amounts due to the related party as at 1 November 2022 : £22,671Payments to related party : (£Nil)Amounts received from related party : £1,488Amounts due to the related party as at 31 October 2023 : £24,157Lee Harrison is a related party by virtue of his directorship of and shareholding in the company.The following transactions took place during the year between Lee Harrison and the company:Amounts due to the related party as at 1 November 2022 : £22,671Payments to related party : (£Nil)Amounts received from related party : £1,488Amounts due to the related party as at 31 October 2023 : £24,157The loans are interest free and have no specific repayment terms.