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Registered number: 05771241
Northwest Hardware Limited
Unaudited Financial Statements
For The Year Ended 31 July 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 05771241
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 5 311,230 321,945
311,230 321,945
CURRENT ASSETS
Stocks 6 550,000 500,165
Debtors 7 216,876 222,497
Cash at bank and in hand 1,431,425 1,069,360
2,198,301 1,792,022
Creditors: Amounts Falling Due Within One Year 8 (492,212 ) (403,371 )
NET CURRENT ASSETS (LIABILITIES) 1,706,089 1,388,651
TOTAL ASSETS LESS CURRENT LIABILITIES 2,017,319 1,710,596
Creditors: Amounts Falling Due After More Than One Year 9 - (2,922 )
NET ASSETS 2,017,319 1,707,674
CAPITAL AND RESERVES
Called up share capital 11 2 2
Profit and Loss Account 2,017,317 1,707,672
SHAREHOLDERS' FUNDS 2,017,319 1,707,674
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Page 2
For the year ending 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Glenn Parrott
Director
18 February 2025
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Northwest Hardware Limited is a private company, limited by shares, incorporated in England & Wales, registered number 05771241 . The registered office is Unit 1 Hollingworth Court, 260 Stockport Road West, Bredbury, Stockport, SK6 2AN.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of .... years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold Nil
Plant & Machinery 33% Straight Line
Motor Vehicles 33% Straight Line
Fixtures & Fittings 33% Straight Line
2.5. Leasing and Hire Purchase Contracts
Assets obtained under 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.
2.6. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
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2.7. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 18 (2023: 17)
18 17
4. Intangible Assets
Goodwill
£
Cost
As at 1 August 2023 178,662
As at 31 July 2024 178,662
Amortisation
As at 1 August 2023 178,662
As at 31 July 2024 178,662
Net Book Value
As at 31 July 2024 -
As at 1 August 2023 -
5. Tangible Assets
Land & Property
Freehold Plant & Machinery Motor Vehicles Fixtures & Fittings Total
£ £ £ £ £
Cost
As at 1 August 2023 262,500 41,212 96,185 85,271 485,168
Additions - 3,131 25,892 1,321 30,344
Disposals - - (19,752 ) - (19,752 )
As at 31 July 2024 262,500 44,343 102,325 86,592 495,760
Depreciation
As at 1 August 2023 - 40,302 57,459 65,462 163,223
Provided during the period - 1,200 24,758 7,902 33,860
Disposals - - (12,553 ) - (12,553 )
As at 31 July 2024 - 41,502 69,664 73,364 184,530
Net Book Value
As at 31 July 2024 262,500 2,841 32,661 13,228 311,230
As at 1 August 2023 262,500 910 38,726 19,809 321,945
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6. Stocks
2024 2023
£ £
Finished goods 550,000 500,165
7. Debtors
2024 2023
£ £
Due within one year
Trade debtors 206,289 212,783
Other debtors 10,587 9,714
216,876 222,497
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 2,917 4,995
Trade creditors 235,649 199,673
Other creditors 12,081 21,338
Taxation and social security 241,565 177,365
492,212 403,371
9. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts - 2,922
10. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year 2,917 4,995
Later than one year and not later than five years - 2,922
2,917 7,917
2,917 7,917
11. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 2 2
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