Registered number
07844805
Northwing Construction Limited
Unaudited Filleted Accounts
30 November 2024
Northwing Construction Limited
Registered number: 07844805
Balance Sheet
as at 30 November 2024
Restated
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 41,619 30,086
Investments 4 127,500 -
169,119 30,086
Current assets
Debtors 5 21,504 32,839
Cash at bank and in hand 205,205 334,982
226,709 367,821
Creditors: amounts falling due within one year 6 (102,649) (166,901)
Net current assets 124,060 200,920
Total assets less current liabilities 293,179 231,006
Creditors: amounts falling due after more than one year 7 (8,353) (19,600)
Provisions for liabilities (9,060) (7,522)
Net assets 275,766 203,884
Capital and reserves
Called up share capital 100 100
Fair value reserve (4,036) -
Profit and loss account 279,702 203,784
Shareholders' funds 275,766 203,884
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr B Farmer
Director
Approved by the board on 17 April 2025
Northwing Construction Limited
Notes to the Accounts
for the year ended 30 November 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Motor vehicles 25% reducing balance
Plant and machinery 25% reducing balance
Computer equipment over 3 years
Investments
The investment property is measured at fair value unless the value cannot be measured reliably, in which case it will be measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 6 5
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 December 2023 24,746 40,000 64,746
Additions 1,436 24,000 25,436
At 30 November 2024 26,182 64,000 90,182
Depreciation
At 1 December 2023 21,098 13,562 34,660
Charge for the year 1,293 12,610 13,903
At 30 November 2024 22,391 26,172 48,563
Net book value
At 30 November 2024 3,791 37,828 41,619
At 30 November 2023 3,648 26,438 30,086
4 Investments
Other
investments
£
Cost
Additions 132,881
Revaluation (5,381)
At 30 November 2024 127,500
Historical cost
At 30 November 2024 132,881
5 Debtors 2024 2023
£ £
Other debtors 21,504 32,839
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 4,000 4,000
Obligations under finance lease and hire purchase contracts 7,250 7,250
Trade creditors 24,857 39,182
Taxation and social security costs 64,904 114,630
Other creditors 1,638 1,839
102,649 166,901
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 2,019 6,016
Obligations under finance lease and hire purchase contracts 6,334 13,584
8,353 19,600
8 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
Mr B Farmer
Interest free loan, repayable on demand 3,501 45,235 (40,501) 8,235
Mrs L Farmer
Interest free loan, repayable on demand 3,500 45,235 (40,500) 8,235
7,001 90,470 (81,001) 16,470
9 Related party transactions
Payments to key management personnel in the year included salaries of £16,328 and dividends of £81,001.
10 First time adoption of FRS 102 1A Profits Reserves
£ £
Previously stated at 30 November 2023 226,273 211,406
Deferred tax provision (831) (7,522)
Re-stated comparative balances 225,442 203,884
11 Other information
Northwing Construction Limited is a private company limited by shares and incorporated in England. Its registered office is:
2a Field Lane
Upton
Pontefract
West Yorkshire
WF9 1BH
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