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COMPANY REGISTRATION NUMBER: 04653952
Point Northern Homes Limited
Filleted Unaudited Financial Statements
For the year ended
31 July 2024
Point Northern Homes Limited
Statement of Financial Position
31 July 2024
2024
2023
Note
£
£
£
£
Fixed assets
Tangible assets
5
288,329
289,042
Current assets
Stocks
169,661
169,661
Debtors
6
84,994
84,994
Cash at bank and in hand
176
----------
----------
254,655
254,831
Creditors: amounts falling due within one year
7
78,642
82,172
----------
----------
Net current assets
176,013
172,659
----------
----------
Total assets less current liabilities
464,342
461,701
Creditors: amounts falling due after more than one year
8
404,142
405,899
Provisions
Taxation including deferred tax
16,300
16,300
----------
----------
Net assets
43,900
39,502
----------
----------
Point Northern Homes Limited
Statement of Financial Position (continued)
31 July 2024
2024
2023
Note
£
£
£
£
Capital and reserves
Called up share capital
2
2
Revaluation reserve
48,901
48,901
Profit and loss account
( 5,003)
( 9,401)
--------
--------
Shareholders funds
43,900
39,502
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.
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.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 28 April 2025 , and are signed on behalf of the board by:
Mr. S.J. Whaley
Director
Company registration number: 04653952
Point Northern Homes Limited
Notes to the Financial Statements
Year ended 31 July 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Lyndhurst, Silver Street, Whitley Bridge, Goole, East Yorkshire, DN14 0JG.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
(a) Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
(b) Going concern
The UK economy has recently been impacted by rising inflation, interest rates and energy costs, exacerbated by the war in Ukraine. All these matters have impacted the company's trading results to a greater or lesser extent. At the date of signing these financial statements, the directors have considered the effect of these matters on the company with the information available to it and do not believe that it will affect the ability of the company to continue to trade for the foreseeable future. On this basis, the directors have prepared these financial statements on a going concern basis.
(c) Current tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
(d) Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
(e) Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixture & Fittings
-
15% straight line
Equipment
-
25% straight line
(f) Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
(g) Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
(h) Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
(i) Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2023: 2 ).
5. Tangible assets
Land and buildings
Fixtures and fittings
Equipment
Total
£
£
£
£
Cost
At 1 August 2023 and 31 July 2024
285,000
4,755
999
290,754
----------
-------
----
----------
Depreciation
At 1 August 2023
713
999
1,712
Charge for the year
713
713
----------
-------
----
----------
At 31 July 2024
1,426
999
2,425
----------
-------
----
----------
Carrying amount
At 31 July 2024
285,000
3,329
288,329
----------
-------
----
----------
At 31 July 2023
285,000
4,042
289,042
----------
-------
----
----------
Investment property has been valued at market value by the directors based on their experience in the location and category of the investment property concerned.
6. Debtors
2024
2023
£
£
Other debtors
84,994
84,994
--------
--------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
1,043
1,001
Corporation tax
1,200
2,585
Social security and other taxes
994
Other creditors
76,399
77,592
--------
--------
78,642
82,172
--------
--------
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
404,142
405,899
----------
----------
Included within creditors: amounts falling due after more than one year is an amount of £403,909 (2023: £403,909) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
9. Related party transactions
During the year the director made available a loan to the company . The loan is interest free and repayable on demand. At the year end date the balance due to the director totalled £ 31,677 (2023: £37,328) During the year loans were made available to the company from a company in which certain directors are also directors. At 31 July 2024, the total balance outstanding on this loan was £40,993 (2023: £37,548). No interest is charged on the loan and the balance is repayable on demand.