Company registration number 01368610 (England and Wales)
NORTHROM INVESTMENTS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
PAGES FOR FILING WITH REGISTRAR
NORTHROM INVESTMENTS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
NORTHROM INVESTMENTS LIMITED
BALANCE SHEET
AS AT 30 SEPTEMBER 2024
30 September 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
48
157
Investments
4
12,507,785
12,512,714
12,507,833
12,512,871
Current assets
Debtors
5
14,233
15,738
Cash at bank and in hand
364,088
474,677
378,321
490,415
Creditors: amounts falling due within one year
6
(56,278)
(130,898)
Net current assets
322,043
359,517
Total assets less current liabilities
12,829,876
12,872,388
Provisions for liabilities
(1,862,237)
(1,719,120)
Net assets
10,967,639
11,153,268
Capital and reserves
Called up share capital
489,337
489,337
Share premium account
9
2,275,519
2,275,519
Fair value reserve
6,198,695
5,773,811
Capital redemption reserve
69,000
69,000
Profit and loss reserves
1,935,088
2,545,601
Total equity
10,967,639
11,153,268
NORTHROM INVESTMENTS LIMITED
BALANCE SHEET (CONTINUED)
AS AT 30 SEPTEMBER 2024
30 September 2024
- 2 -
For the financial year ended 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 12 June 2025 and are signed on its behalf by:
Mrs SC Battersby
Director
Company registration number 01368610 (England and Wales)
NORTHROM INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 3 -
1
Accounting policies
Company information
Northrom Investments Limited is a private company limited by shares incorporated in England and Wales. The registered office is Hole Farm, Stambourne Road, Finchingfield, Essex, CM7 4PG.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
The directors have, at the time of approving the financial statements, a reasonable expectation that thetrue company has adequate resources to continue in operational existence for at least the next 12 months following the approval of these financial statements. As such, the accounts have been prepared on a going concern basis.
1.3
Investment income
Investment income represents income received in the year from UK and foreign investments.
Other operating income represents dividends received in connection with rights issues.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and machinery
20% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Fixed asset investments
Investments other than those in group undertakings are classified as financial instruments and accounted for in accordance with the accounting policy at fair value through profit or loss. A transfer is made from profit and loss reserves to fair value reserves to show the unrealised gains and losses. Such transfer is net of associated recognised deferred tax.
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
NORTHROM INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 4 -
1.7
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Fair value measurement of financial instruments
Trade investments are equity investments over which the company has no significant influence, joint control or control and are initially measured at transaction price. Transaction price includes transaction costs, except where trade investments are measured at fair value through profit or loss when transaction costs are expensed to profit or loss as incurred.
Trade investments in non-convertible and non-puttable preference shares or non-puttable ordinary shares are measured at fair value through profit or loss. The fair value of trade investments quoted on a recognised stock exchange is the quoted bid price.
Basic financial assets
Basic financial assets, which include other debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the financial asset is measured at the present value of the future receipts discounted at a market rate of interest.
Impairment of financial assets
Financial assets are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected.If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
NORTHROM INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 5 -
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including other creditors, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest.
Derecognition of financial liabilities
Financial liabilities are derecognised when, and only when, the company’s contractual obligations are discharged, cancelled, or they expire.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the fair value of proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company
1.10
Taxation
The tax expense represents the sum of the current tax expense and deferred tax expense. Current tax assets are recognised when tax paid exceeds the tax payable.
Current and deferred tax is charged or credited to profit or loss, except when it relates to items charged or
credited to other comprehensive income or equity, when the tax follows the transaction or event it relates to
and is also charged or credited to other comprehensive income, or equity.
Current tax assets and current tax liabilities and deferred tax assets and deferred tax liabilities are offset, if
and only if, there is a legally enforceable right to set off the amounts and the entity intends either to settle on
the net basis or to realise the asset and settle the liability simultaneously.
Current tax is based on taxable profit for the year. Current tax assets and liabilities are measured using tax
rates that have been enacted or substantively enacted by the reporting date.
Deferred tax is calculated at the tax rates that are expected to apply to the period when the asset is realised
or the liability is settled based on tax rates that have been enacted or substantively enacted by the reporting
date.
Deferred tax liabilities are recognised in respect of all timing differences that exist at the reporting date.
Timing differences are differences between taxable profits and total comprehensive income that arise from the
inclusion of income and expenses in tax assessments in different periods from their recognition in the
financial statements. Deferred tax assets are recognised only to the extent that it is probable that they will be
recovered by the reversal of deferred tax liabilities or other future taxable profits.
For assets measured at fair value, deferred tax is measured using the tax rates and allowances that apply to
the sale of the asset.
NORTHROM INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 6 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
4
4
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 October 2023 and 30 September 2024
1,581
Depreciation and impairment
At 1 October 2023
1,424
Depreciation charged in the year
109
At 30 September 2024
1,533
Carrying amount
At 30 September 2024
48
At 30 September 2023
157
4
Fixed asset investments
2024
2023
£
£
Other investments other than loans
12,507,785
12,512,714
Fixed asset investments revalued
The investments are measured at fair value. The historical cost of the investments is £4,446,865 (2023: £5,019,842).
NORTHROM INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
4
Fixed asset investments
(Continued)
- 7 -
Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 October 2023
12,512,714
Additions
340,929
Valuation changes
863,019
Disposals
(1,208,877)
At 30 September 2024
12,507,785
Carrying amount
At 30 September 2024
12,507,785
At 30 September 2023
12,512,714
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
14,233
15,738
6
Creditors: amounts falling due within one year
2024
2023
£
£
Corporation tax
50,278
115,299
Other creditors
6,000
15,599
56,278
130,898
7
Financial instruments
2024
2023
£
£
Carrying amount of financial assets
Instruments measured at fair value through profit or loss
12,507,785
12,512,714
NORTHROM INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 8 -
8
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
12
39
Investments
1,862,225
1,719,081
1,862,237
1,719,120
2024
Movements in the year:
£
Liability at 1 October 2023
1,719,120
Charge to profit or loss
143,117
Liability at 30 September 2024
1,862,237
The deferred tax liability set out above is expected to reverse within 12 months and relates to accelerated capital allowances that are expected to mature within the same period.
9
Share premium account
On 21 August 2023 the directors' passed a special resolution to reduce the company's share premium account by £2,000,000. This was transferred to the profit and loss reserve
10
Events after the reporting date
Dividends totalling £734,006 (2023: £489,337) have been paid after the end of the reporting period but before the approval of the financial statements.
11
Directors' transactions
Dividends totalling £114,028 (2023: £190,503) were paid in the year in respect of shares held by the company's directors.
During the year directors incurred £110 (2023: £572) of expenses on behalf of the company. £110 (2023: £572) was paid to the directors during the year. The balance due to directors at the reporting date is £Nil (2023: £Nil).