REGISTERED NUMBER: |
Northam Clover Limited |
Financial Statements |
for the Year Ended 31 July 2024 |
REGISTERED NUMBER: |
Northam Clover Limited |
Financial Statements |
for the Year Ended 31 July 2024 |
Northam Clover Limited (Registered number: 06303148) |
Contents of the Financial Statements |
for the year ended 31 July 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Northam Clover Limited |
Company Information |
for the year ended 31 July 2024 |
Director: |
Registered office: |
Registered number: |
Northam Clover Limited (Registered number: 06303148) |
Balance Sheet |
31 July 2024 |
2024 | 2023 |
Notes | £ | £ |
Current assets |
Debtors | 4 |
Cash at bank |
Creditors |
Amounts falling due within one year | 5 |
Net current assets |
Total assets less current liabilities |
Creditors |
Amounts falling due after more than one year |
6 |
Net assets |
Capital and reserves |
Called up share capital | 7 |
Retained earnings | 8 |
Shareholders' funds |
The director acknowledges his responsibilities for: |
(a) | ensuring that the Company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the Company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the Company. |
Northam Clover Limited (Registered number: 06303148) |
Balance Sheet - continued |
31 July 2024 |
The financial statements were approved by the director and authorised for issue on |
Northam Clover Limited (Registered number: 06303148) |
Notes to the Financial Statements |
for the year ended 31 July 2024 |
1. | Statutory information |
Northam Clover Limited is a |
2. | Accounting policies |
Basis of preparing the financial statements |
Set out below is a summary of principal accounting policies, all of which have been consistently applied throughout the year and the preceding year (except as otherwise stated). The financial statements are presented in Sterling. |
Northam Clover Limited (Registered number: 06303148) |
Notes to the Financial Statements - continued |
for the year ended 31 July 2024 |
2. | Accounting policies - continued |
Significant judgements and estimates |
In applying the Company's accounting policies, the director is required to make judgements, estimates and assumptions in determining the carrying amounts of assets and liabilities. The director's judgement, estimated and assumptions are based on the best and most reliable evidence available at the time when the decisions are made, and are based on historical experience and other factors that are considered to be applicable. Due to the inherent subjectivity involved in making such judgements, estimates and assumptions, the actual results and outcomes may differ. |
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, if the revision affects only that period, or in the period of the revision and future periods, if the revision affects both current and future periods. |
Critical judgements in applying the Company's accounting policies |
The critical judgement that the directors have made in the process of applying the Company's accounting policies that have the most significant effect on the amounts recognised in the statutory financial statements are discussed below: |
(i) Assessing indicators and impairment |
In assessing whether there have been any indicators or impairment of assets, the directors have considered both external and internal sources of information such as market conditions, counterparty credit ratings and experience or recoverability. There have been no indicators or impairments identified during the current financial year. |
Key sources of estimation uncertainty |
The key assumptions concerning the future, and other key sources of estimation uncertainty that have a significant risk of causing material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below. |
(i) Estimating value in use |
Where an indication of impairment exists the director will carry out an impairment review of to determine the recoverable amount, which is the higher of fair value less cost to sell and value in use. The value in use calculation requires the directors to estimate the future cash flows expected to arise from the asset or the cash generating unit and a suitable discount rate in order to calculate present value. |
(ii) Recoverability of receivables |
The Company establishes a provision for receivables that are estimated not to be recoverable. When assessing recoverability the director considers factors such as the ageing of the receivables, past experience and recoverability, and the credit profile of individual or groups of customers. |
Turnover |
Turnover represents amounts receivable for services net of VAT and trade discounts. |
Northam Clover Limited (Registered number: 06303148) |
Notes to the Financial Statements - continued |
for the year ended 31 July 2024 |
2. | Accounting policies - continued |
Financial instruments |
Financial assets and liabilities are recognised when the Company becomes party to the contractual provisions of the financial instrument. The Company holds both basic financial instruments which comprise cash and cash equivalents, trade and other receivables, equity investments, trade and other payables, and loans and borrowings. The company has chosen to apply the provisions of Section 11 Basic Financial Instruments and Section 12 Other Financial Instruments in full. |
Financial assets |
(i) Cash and cash equivalents include cash in hand, deposits held with banks, and other short-term highly liquid investments with original maturities of three months or less. |
(ii) Trade and other receivables |
Trade and other receivables are initially recognised at the transaction price, including any transaction costs, and subsequently measured at amortised cost including the effective interest method, less any provision for impairment. Amounts that are receivable within one year are measured at the undiscounted amount of the cash expected to be received, net of any impairment. |
At the end of each reporting period, the Company assesses whether there is objective evidence that an receivable amount may be impaired. A provision for impairment is established when there is objective evidence that the Company will not be able to collect all amounts due according to the original terms of the receivables. The amount of the provision is the difference between the asset's carrying amount and the present value of the estimated future cash flows, discounted at the effective interest rate. The amount of the provision is recognised immediately in profit or loss. |
(iii) Trade and other payables and loans and borrowings |
Trade and other payables and loans and borrowings are initially measured at the transaction price, including any transaction costs, and subsequently measured at amortised cost using the effective interest method. Amounts that are payable within one year are measured at the discounted amount of the cash expected to be paid. |
3. | Employees and directors |
The average number of employees during the year was |
4. | Debtors: amounts falling due within one year |
2024 | 2023 |
£ | £ |
Trade debtors |
Other debtors |
Northam Clover Limited (Registered number: 06303148) |
Notes to the Financial Statements - continued |
for the year ended 31 July 2024 |
5. | Creditors: amounts falling due within one year |
2024 | 2023 |
£ | £ |
Tax |
VAT | 17,446 | 3,669 |
Other creditors |
Directors' current accounts | - | 887 |
Accrued expenses |
6. | Creditors: amounts falling due after more than one year |
2024 | 2023 |
£ | £ |
Bank loans - 1-2 years |
Bank loans - 2-5 years |
7. | Called up share capital |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | £1 | 1 | 1 |
8. | Reserves |
Retained |
earnings |
£ |
At 1 August 2023 |
Profit for the year |
Dividends | ( |
) |
At 31 July 2024 |