Company registration number 05391505 (England and Wales)
NORTHPOINT PUBLISHING LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
NORTHPOINT PUBLISHING LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
NORTHPOINT PUBLISHING LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
4
27,600
34,800
Tangible assets
5
11,186
9,949
38,786
44,749
Current assets
Debtors
6
153,843
169,509
Cash at bank and in hand
27,024
60,014
180,867
229,523
Creditors: amounts falling due within one year
7
(143,507)
(194,755)
Net current assets
37,360
34,768
Total assets less current liabilities
76,146
79,517
Creditors: amounts falling due after more than one year
8
(42,458)
(22,500)
Net assets
33,688
57,017
Capital and reserves
Called up share capital
9
10
10
Profit and loss reserves
33,678
57,007
Total equity
33,688
57,017
NORTHPOINT PUBLISHING LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 2 -
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered 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 15 November 2024 and are signed on its behalf by:
R Slater
Director
Company Registration No. 05391505
NORTHPOINT PUBLISHING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information
Northpoint Publishing Limited is a private company limited by shares incorporated in England and Wales. The registered office is East Park Lodge, East Park Road, Blackburn, BB1 8DW.
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.
1.2
Going concern
Atruet the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT.
1.4
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Website
20% straight line
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold land and buildings
10% reducing balance
Fixtures and fittings
15% reducing balance
Computers
33.3% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
NORTHPOINT PUBLISHING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company 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.
1.7
Taxation
The tax expense represents the sum of the tax currently payable.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
1.8
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.10
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
NORTHPOINT PUBLISHING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
8
7
4
Intangible fixed assets
Website
£
Cost
At 1 April 2023 and 31 March 2024
36,000
Amortisation and impairment
At 1 April 2023
1,200
Amortisation charged for the year
7,200
At 31 March 2024
8,400
Carrying amount
At 31 March 2024
27,600
At 31 March 2023
34,800
5
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 April 2023
11,000
14,752
25,752
Additions
2,942
2,942
At 31 March 2024
11,000
17,694
28,694
Depreciation and impairment
At 1 April 2023
2,981
12,822
15,803
Depreciation charged in the year
802
903
1,705
At 31 March 2024
3,783
13,725
17,508
Carrying amount
At 31 March 2024
7,217
3,969
11,186
At 31 March 2023
8,019
1,930
9,949
NORTHPOINT PUBLISHING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
126,803
106,561
Corporation tax recoverable
734
734
Other debtors
26,306
62,214
153,843
169,509
Other debtors includes amounts owed to the company by connected entities of £25,070 (2023: £29,870). These amounts are interest free and recoverable on demand.
Other debtors also includes amounts loaned to the director of £Nil (2023: £14,851).
NORTHPOINT PUBLISHING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
7
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
26,906
10,000
Trade creditors
41,881
99,987
Corporation tax
2,334
6,727
Other taxation and social security
43,453
31,477
Other creditors
28,933
46,564
143,507
194,755
Included in Bank loans is an amount of £10,000 (2023 - £10,000) in relation to a loan received as part of the Bounce Back Loan Scheme, it is secured and managed by the British Business Bank.
Also included in Bank loans is an amount of £16,906 (2023 - £Nil) in relation to a loan for which a personal guarantee has been provided by the director.
Other creditors includes an amount of £19,127 (2023 - £32,435) relating to advances received in respect of factored debts. The liability is secured by a first legal charge over the assets of the company.
8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans
42,458
22,500
Included in Bank loans is an amount of £12,500 (2023 - £22,500) in relation to a loan received as part of the Bounce Back Loan Scheme, it is secured and managed by the British Business Bank.
Also included in Bank Loans is an amount of £29,958 (2023 - £Nil) in relation to a loan for which a personal guarantee has been provided by the director.
9
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary "A" shares of £1 each
9
9
9
9
Ordinary "B" shares of £1 each
1
1
1
1
10
10
10
10
NORTHPOINT PUBLISHING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 8 -
10
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
53,031
46,851