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Registration number: 11869261

Northern Retail Group Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Northern Retail Group Ltd

Contents

Company Information

1

Statement of Financial Position

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Northern Retail Group Ltd

Company Information

Director

Kevin Jopson

Registered office

Unit 4k
Goodlass Road
Liverpool
L24 9HL

Accountants

S.B.P. (Southport) Limited T/A SB Patel & Co
Chartered Certified Accountants
Tolsey House
1 Marshside Road
Churchtown
Southport
Merseyside
PR9 9TL

 

Northern Retail Group Ltd

(Registration number: 11869261)
Statement of Financial Position as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

3,030

3,787

Current assets

 

Stocks

5

370,037

77,294

Debtors

6

671,558

491,043

Cash at bank and in hand

 

78,408

253,841

 

1,120,003

822,178

Creditors: Amounts falling due within one year

7

(836,728)

(560,752)

Net current assets

 

283,275

261,426

Total assets less current liabilities

 

286,305

265,213

Creditors: Amounts falling due after more than one year

7

(11,667)

(21,667)

Net assets

 

274,638

243,546

Capital and reserves

 

Called up share capital

3

3

Retained earnings

274,635

243,543

Shareholders' funds

 

274,638

243,546

For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

 

Northern Retail Group Ltd

(Registration number: 11869261)
Statement of Financial Position as at 31 March 2024

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Income Statement.

Approved and authorised by the director on 26 March 2025
 

.........................................
Kevin Jopson
Director

 

Northern Retail Group Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Unit 4k
Goodlass Road
Liverpool
L24 9HL
England

These financial statements were authorised for issue by the director on 26 March 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Revenue comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Revenue is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income 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.

 

Northern Retail Group Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors 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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Northern Retail Group Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Borrowings

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 income statement 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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 4 (2023 - 3).

 

Northern Retail Group Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

4

Tangible assets

Fixtures and fittings
£

Total
£

Cost or valuation

At 1 April 2023

5,715

5,715

At 31 March 2024

5,715

5,715

Depreciation

At 1 April 2023

1,928

1,928

Charge for the year

757

757

At 31 March 2024

2,685

2,685

Carrying amount

At 31 March 2024

3,030

3,030

At 31 March 2023

3,787

3,787

5

Stocks

2024
£

2023
£

Other inventories

370,037

77,294

6

Debtors

Current

2024
£

2023
£

Trade debtors

565,205

490,945

Prepayments

137

95

Other debtors

106,216

3

 

671,558

491,043

 

Northern Retail Group Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

10,000

10,000

Trade creditors

 

442,418

238,342

Taxation and social security

 

83,837

95,821

Accruals and deferred income

 

1,580

7,133

Other creditors

 

298,893

209,456

 

836,728

560,752

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

11,667

21,667

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

11,667

21,667

Current loans and borrowings

2024
£

2023
£

Bank borrowings

10,000

10,000

9

Related party transactions

Transactions with the director

2024

At 1 April 2023
£

Advances to director
£

Repayments by director
£

At 31 March 2024
£

Kevin Jopson

Directors Loan Account

-

11,254

(4,040)

7,214

 

Northern Retail Group Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

2023

At 1 April 2022
£

Advances to director
£

Repayments by director
£

At 31 March 2023
£

Kevin Jopson

Directors Loan Account

4,750

18,406

(23,156)

-