Company No:
Contents
DIRECTORS | Edward James Boughton (Appointed 21 November 2023) |
David Lester Rhys Coplestone (Appointed 07 June 2023) | |
Charmian Elizabeth Jones | |
Edward Northcott Jones (Resigned 21 November 2023) | |
Richard Magnus | |
Debra Kay Mccabe (Appointed 21 November 2023) | |
Christian John Pearce (Appointed 07 June 2023) | |
Richard Sheer (Appointed 21 November 2023) |
REGISTERED OFFICE | Level 9 One Canada Square |
Canary Wharf | |
London | |
E14 5AA | |
United Kingdom |
COMPANY NUMBER | 07145685 (England and Wales) |
Note | 2024 | 2023 | ||
£ | £ | |||
Fixed assets | ||||
Tangible assets | 3 |
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34,294 | 29,665 | |||
Current assets | ||||
Debtors | 4 |
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Cash at bank and in hand |
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2,431,674 | 3,148,862 | |||
Creditors: amounts falling due within one year | 5 | (
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Net current liabilities | (756,341) | (143,180) | ||
Total assets less current liabilities | (722,047) | (113,515) | ||
Creditors: amounts falling due after more than one year | 6 | (
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Net liabilities | (
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Capital and reserves | ||||
Called-up share capital | 7 |
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Share premium account |
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Profit and loss account | (
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Total shareholders' deficit | (
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Directors' responsibilities:
The financial statements of Northcott Global Solutions Limited (registered number:
Richard Magnus
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
Northcott Global Solutions Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the company's registered office is Level 9 One Canada Square, Canary Wharf, London, E14 5AA, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
[Disclose the nature of the prior period adjustment, and (if practicable);
(i) for each prior period presented, the amount of the correction for each financial statement line item affected; and
(ii) the amount of the correction at the beginning of the earliest prior period presented; or an explanation if it is not practicable to disclose these amounts for (i) and (ii).]
Exchange differences are taken into account in arriving at the operating profit.
**Rendering of services**
Turnover from the rendering of services, including commission, is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured either with reference to the contract period or according to specific work performed. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
Tax is recognised in profit or loss, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income. The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
The tax credit relating to research and development claims is recognised in the year the expenditure was incurred.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Expenditure on research and development is written off in the year it is incurred.
Fixtures and fittings |
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Computer equipment |
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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.
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period. Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
Financial assets and financial liabilities are recognised 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.
Debt instruments are subsequently measured at amortised cost.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).
When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
2024 | 2023 | ||
Number | Number | ||
Monthly average number of persons employed by the company during the year, including directors |
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Fixtures and fittings | Computer equipment | Total | |||
£ | £ | £ | |||
Cost | |||||
At 01 March 2023 |
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Additions |
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At 29 February 2024 |
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Accumulated depreciation | |||||
At 01 March 2023 |
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Charge for the financial year |
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At 29 February 2024 |
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Net book value | |||||
At 29 February 2024 |
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At 28 February 2023 |
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2024 | 2023 | ||
£ | £ | ||
Trade debtors |
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Deferred tax asset |
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Corporation tax |
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Other debtors |
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2024 | 2023 | ||
£ | £ | ||
Bank loans |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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2024 | 2023 | ||
£ | £ | ||
Bank loans |
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2024 | 2023 | ||
£ | £ | ||
Allotted, called-up and fully-paid | |||
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30,725 | 30,725 |
Commitments
Total future minimum lease payments under non-cancellable operating leases are as follows:
2024 | 2023 | ||
£ | £ | ||
within one year |
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between one and five years |
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Transactions with owners holding a participating interest in the entity
2024 | 2023 | ||
£ | £ | ||
Mr Edward Jones | 347,297 | 343,745 |
At 1 March 2023 the amount due from Mr Edward Jones was £343,745. A further advance of £3,552 was made in the year. The amount due at 29 February 2024 was £347,297. Interest was not charged for the year. The loans are repayable on demand.
Mr Edward Jones resigned as a director on 21 November 2023, but remains as an owner holding a participating interest in the company.
Transactions with the entity's directors
2024 | 2023 | ||
£ | £ | ||
Mr Richard Magnus | 80,074 | 76,524 | |
Mrs Charmian Jones | (45,800) | 25,000 |
At 1 March 2023 the amount due from Mr Richard Magnus was £76,524. A further advance of £3,550 was made in the year. The amount due at 29 February 2024 was £80,074. Interest was not charged for the year. The loans are repayable on demand.
At 1 March 2023 the amount due from Mrs Charmian Jones was £25,000. £25,000 was repaid in the year and a loan of £45,800 was made to the company. The amount owing at 29 February 2023 was £45,800. Interest was not charged for the year. The loans are repayable on demand.
The company's ultimate controlling party is Mr Edward Jones by virtue of his ownership of 51% of the issued share capital.