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REGISTERED NUMBER: SC288534















NORTH CENTRAL OFFICE LTD.

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024






NORTH CENTRAL OFFICE LTD. (REGISTERED NUMBER: SC288534)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024




Page

Balance Sheet 1

Notes to the Financial Statements 3


NORTH CENTRAL OFFICE LTD. (REGISTERED NUMBER: SC288534)

BALANCE SHEET
31 MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 10,500 21,000
Tangible assets 5 28,509 34,225
39,009 55,225

CURRENT ASSETS
Stocks 65,006 57,877
Debtors 6 248,109 200,224
Cash at bank and in hand 16,905 82,961
330,020 341,062
CREDITORS
Amounts falling due within one year 7 293,704 290,597
NET CURRENT ASSETS 36,316 50,465
TOTAL ASSETS LESS CURRENT
LIABILITIES

75,325

105,690

CREDITORS
Amounts falling due after more than one year 8 (51,231 ) (90,125 )

PROVISIONS FOR LIABILITIES (5,417 ) (6,507 )
NET ASSETS 18,677 9,058

CAPITAL AND RESERVES
Called up share capital 105 105
Share premium 2,721 2,721
Share options reserve 273 273
Profit and loss account 15,578 5,959
SHAREHOLDERS' FUNDS 18,677 9,058

NORTH CENTRAL OFFICE LTD. (REGISTERED NUMBER: SC288534)

BALANCE SHEET - continued
31 MARCH 2024


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 24 March 2025 and were signed on its behalf by:





J R Baikie - Director


NORTH CENTRAL OFFICE LTD. (REGISTERED NUMBER: SC288534)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1. STATUTORY INFORMATION

North Central Office Ltd. is a private company, limited by shares, registered in Scotland. The company's registered office is Unit W10, Rosemount Centre, 141 Charles Street, Glasgow, G21 2QA.

The financial statements are presented in Sterling (£).

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

There were no material departures from that standard.

Judgements
The company considers on an annual basis the judgements that are made by management when applying its significant accounting policies that would have the most significant effect on amounts that are recognised in the financial statements. The directors consider there are no such significant judgements.

Turnover
Turnover represents the invoice value of goods sold, excluding value added tax. The company's policy is to recognise a sale when substantively all the risks and rewards in connection with the goods have been passed to the buyer.

Intangible fixed assets
Positive purchased goodwill arising on acquisitions is capitalised, classified as an asset on the balance sheet and amortised over its estimated useful life up to a maximum of 20 years. This length of time is presumed to be the maximum useful life of purchased goodwill because it is difficult to make projections beyond this period. Goodwill is reviewed for impairment at the end of the first full financial year following each acquisition and subsequently as and when necessary if circumstances emerge that indicate that the carrying value may not be recoverable.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Plant and machinery etc - 33.3% on cost, 15% on reducing balance and 10% on cost

Tangible fixed assets are included at cost less accumulated depreciation and accumulated impairment losses.

Impairment of non-financial assets
At each reporting date non-financial assets not carried at fair value, like goodwill and plant and machinery, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount which is the higher of value in use and the fair value less cost to sell, is estimated and compared with the carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in profit and loss.

Stocks
Stocks are valued at the lower of cost and estimated selling price less costs to sell.

NORTH CENTRAL OFFICE LTD. (REGISTERED NUMBER: SC288534)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

2. ACCOUNTING POLICIES - continued

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable and loans from banks and loans to and from related parties.

Debt instruments like loans and other accounts receivable and payable are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and trade creditors, are measured, initially and subsequently, at the undiscounted amount of cash or other consideration expected to be paid or received.

Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for evidence of impairment and if found, an impairment loss is recognised in profit or loss.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Cash and cash equivalents includes cash in hand, deposits held at call with banks, other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. Bank overdrafts, when applicable, are shown within borrowings in current liabilities.

Taxation
Taxation represents the sum of tax currently payable and deferred tax. 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.

The charge for taxation takes into account taxation deferred as a result of timing differences between the treatment of certain items for taxation and accounting purposes. In general, deferred taxation is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. However, deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred taxation is measured on a non-discounted basis at the tax rates that are expected to apply in the periods in which the timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.

With the exception of changes arising on the initial recognition of a business combination, the tax expense is presented either in profit or loss, other comprehensive income or statement of changes in equity depending on the transaction that resulted in the tax expense.

Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs
The company pays into the personal pensions of certain employees. Contributions payable for the year are charged in the profit and loss account.

NORTH CENTRAL OFFICE LTD. (REGISTERED NUMBER: SC288534)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

2. ACCOUNTING POLICIES - continued

Provisions
Provisions are recognised when the company has a legal or constructive obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle the obligation and the amount of the obligation can be reliably estimated. Provisions are recognised at the best estimate of the amount required to settle the obligation at the reporting date.

Share based payments
Share based payments include share options granted to employees. The fair value of equity-settled share options is initially measured at grant date by reference to the fair value of the equity instrument granted. For cash-settled share based payments, the fair value of the liability incurred is measured at each reporting date and at the date of settlement, with any changes in fair value recognised in profit and loss for the period. Where share options are awarded to employees, the fair value of the options at the date of grant is charged to the profit or loss over the vesting period.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 (2023 - 11 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 April 2023
and 31 March 2024 210,000
AMORTISATION
At 1 April 2023 189,000
Charge for year 10,500
At 31 March 2024 199,500
NET BOOK VALUE
At 31 March 2024 10,500
At 31 March 2023 21,000

NORTH CENTRAL OFFICE LTD. (REGISTERED NUMBER: SC288534)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 April 2023
and 31 March 2024 67,497
DEPRECIATION
At 1 April 2023 33,272
Charge for year 5,716
At 31 March 2024 38,988
NET BOOK VALUE
At 31 March 2024 28,509
At 31 March 2023 34,225

Included above is £20,974 (2023: £24,675) carrying value of assets for which the company has pledged as security.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 211,155 183,687
Other debtors 36,954 16,537
248,109 200,224

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 34,576 57,854
Hire purchase contracts 6,421 9,132
Trade creditors 202,489 182,355
Taxation and social security 40,249 32,972
Other creditors 9,969 8,284
293,704 290,597

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 51,231 83,704
Hire purchase contracts - 6,421
51,231 90,125

NORTH CENTRAL OFFICE LTD. (REGISTERED NUMBER: SC288534)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Hire purchase contracts 6,421 15,553

Hire purchase contracts are secured over the assets concerned.

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2024 and 31 March 2023:

2024 2023
£    £   
J R Baikie
Balance outstanding at start of year - 23,699
Amounts advanced 33,666 35,005
Amounts repaid (6,000 ) (58,704 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 27,666 -

Interest was charged on the loan at the official rate. The loan is repayable on demand.

11. LEASING AGREEMENTS

The total amount of non-cancellable operating leases due at the balance sheet date amounted to £75,815 (2023 - £19,007).