REGISTERED NUMBER: |
Unaudited Financial Statements |
For The Year Ended |
31 May 2024 |
for |
NORTHERN LIGHTS AGENCIES LTD |
REGISTERED NUMBER: |
Unaudited Financial Statements |
For The Year Ended |
31 May 2024 |
for |
NORTHERN LIGHTS AGENCIES LTD |
NORTHERN LIGHTS AGENCIES LTD (REGISTERED NUMBER: 05175439) |
Contents of the Financial Statements |
For The Year Ended 31 May 2024 |
Page |
Company Information | 1 |
Abridged Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
NORTHERN LIGHTS AGENCIES LTD |
Company Information |
For The Year Ended 31 May 2024 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Certified Accountants |
8 Eastway |
Sale |
Cheshire |
M33 4DX |
NORTHERN LIGHTS AGENCIES LTD (REGISTERED NUMBER: 05175439) |
Abridged Balance Sheet |
31 May 2024 |
31.5.24 | 31.5.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Debtors |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
CAPITAL AND RESERVES |
Called up share capital | 5 |
Retained earnings | ( |
) | ( |
) |
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. |
The financial statements were approved by the director and authorised for issue on |
NORTHERN LIGHTS AGENCIES LTD (REGISTERED NUMBER: 05175439) |
Notes to the Financial Statements |
For The Year Ended 31 May 2024 |
1. | STATUTORY INFORMATION |
Northern Lights Agencies Ltd is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
These financial statements have been prepared in accordance with the provisions of FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
A sale is recognised when the work has been completed, which is the point at which the risks and rewards of ownership pass to the customer and therefore revenue recognised. |
Tangible fixed assets |
Short leasehold | - |
Fixtures and fittings | - |
Computer equipment | - |
The company carries tangible fixed assets in the balance sheet using the depreciated historic cost method. |
Financial instruments |
A financial asset or financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. |
Basic financial instruments are initially recognised at transaction price and measured at amortised cost using the effective interest method. Where investments in non-derivative financial instruments are publicly traded, or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value through profit or loss. All other investments are subsequently measured at cost less impairment. |
Debtors and creditors which fall due within one year are recorded in the financial statements at transaction price and subsequently measured at amortised cost. If the effects of the time value of money are immaterial, they are measured at cost (less impairment for trade debtors). Debtors are reviewed for impairment at each reporting date and any impairments are recorded in profit or loss and shown within administrative expenses when there is objective evidence that a debtor is impaired. Objective evidence that a debtor is impaired arises when the customer is unable to settle amounts owing to the company or the customer becomes bankrupt. |
Debtors do not carry interest and are stated at their nominal value. |
Trade creditors are not interest-bearing and are stated at their nominal value. |
Financial assets which are measured at cost or amortised cost are reviewed for objective evidence of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. All equity instruments, regardless of significance, and other financial assets that are individually significant, are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. |
Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset which exceeds what the carrying amount would have been had the impairment loss not previously been recognised. |
NORTHERN LIGHTS AGENCIES LTD (REGISTERED NUMBER: 05175439) |
Notes to the Financial Statements - continued |
For The Year Ended 31 May 2024 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Employee benefits |
Short-term employee benefits are measured at the undiscounted amount expected to be paid in exchange for the employee's services to the company. Where employees have accrued short-term benefits which the entity has not paid by the balance sheet date, an accrual is recognised within creditors: amounts falling due within one year with an associated expense in profit or loss. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Totals |
£ |
COST |
At 1 June 2023 |
Disposals | ( |
) |
At 31 May 2024 |
DEPRECIATION |
At 1 June 2023 |
Eliminated on disposal | ( |
) |
At 31 May 2024 |
NET BOOK VALUE |
At 31 May 2024 |
At 31 May 2023 |
5. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.5.24 | 31.5.23 |
value: | £ | £ |
Ordinary A | £1 | 50 | 50 |
Ordinary B | £1 | 50 | 50 |
100 | 100 |
6. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES |
During the year the company made advances to the director of £49,805 and received credits of £104.783 from the director.The rate of interest charged on these advances was 0% and there were no terms attached to the advances. |
NORTHERN LIGHTS AGENCIES LTD (REGISTERED NUMBER: 05175439) |
Notes to the Financial Statements - continued |
For The Year Ended 31 May 2024 |
7. | GOING CONCERN |
The company has incurred significant losses during the financial year and, as at the balance sheet date, its liabilities exceeded its assets. These conditions indicate that the company is insolvent on a balance sheet basis. |
The director believes that it remains appropriate to prepare the financial statements on a going concern basis. However, there exists a material uncertainty that may cast significant doubt on the company’s ability to continue as a going concern. |
The financial statements do not include any adjustments that would result from the basis of preparation being inappropriate. |