Northwood (Lincs) Ltd 08251288 false 2023-11-01 2024-10-31 2024-10-31 The principal activity of the company is Estate Agency Digita Accounts Production Advanced 6.30.9574.0 true 08251288 2023-11-01 2024-10-31 08251288 2024-10-31 08251288 bus:OrdinaryShareClass1 2024-10-31 08251288 core:CurrentFinancialInstruments 2024-10-31 08251288 core:CurrentFinancialInstruments core:WithinOneYear 2024-10-31 08251288 core:Non-currentFinancialInstruments 2024-10-31 08251288 core:Non-currentFinancialInstruments core:AfterOneYear 2024-10-31 08251288 core:Goodwill 2024-10-31 08251288 core:FurnitureFittingsToolsEquipment 2024-10-31 08251288 bus:SmallEntities 2023-11-01 2024-10-31 08251288 bus:AuditExemptWithAccountantsReport 2023-11-01 2024-10-31 08251288 bus:FilletedAccounts 2023-11-01 2024-10-31 08251288 bus:SmallCompaniesRegimeForAccounts 2023-11-01 2024-10-31 08251288 bus:RegisteredOffice 2023-11-01 2024-10-31 08251288 bus:Director2 2023-11-01 2024-10-31 08251288 bus:OrdinaryShareClass1 2023-11-01 2024-10-31 08251288 bus:PrivateLimitedCompanyLtd 2023-11-01 2024-10-31 08251288 core:Goodwill 2023-11-01 2024-10-31 08251288 core:IntangibleAssetsOtherThanGoodwill 2023-11-01 2024-10-31 08251288 core:FurnitureFittings 2023-11-01 2024-10-31 08251288 core:FurnitureFittingsToolsEquipment 2023-11-01 2024-10-31 08251288 core:OfficeEquipment 2023-11-01 2024-10-31 08251288 countries:England 2023-11-01 2024-10-31 08251288 2023-10-31 08251288 core:Goodwill 2023-10-31 08251288 core:FurnitureFittingsToolsEquipment 2023-10-31 08251288 2022-11-01 2023-10-31 08251288 2023-10-31 08251288 bus:OrdinaryShareClass1 2023-10-31 08251288 core:CurrentFinancialInstruments 2023-10-31 08251288 core:CurrentFinancialInstruments core:WithinOneYear 2023-10-31 08251288 core:Non-currentFinancialInstruments 2023-10-31 08251288 core:Non-currentFinancialInstruments core:AfterOneYear 2023-10-31 08251288 core:FurnitureFittingsToolsEquipment 2023-10-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 08251288

Northwood (Lincs) Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 October 2024

 

Northwood (Lincs) Ltd

(Registration number: 08251288)
Balance Sheet as at 31 October 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

4,644

5,806

Current assets

 

Stocks

6

950

950

Debtors

7

294,856

234,719

Cash at bank and in hand

 

9,951

21,008

 

305,757

256,677

Creditors: Amounts falling due within one year

8

(19,323)

(175,820)

Net current assets

 

286,434

80,857

Total assets less current liabilities

 

291,078

86,663

Creditors: Amounts falling due after more than one year

8

(326,834)

(32,367)

Provisions for liabilities

(883)

(1,103)

Net (liabilities)/assets

 

(36,639)

53,193

Capital and reserves

 

Called up share capital

10

100

100

Retained earnings

(36,739)

53,093

Shareholders' (deficit)/funds

 

(36,639)

53,193

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

Directors' 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 directors acknowledge 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 and 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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 1 April 2025 and signed on its behalf by:
 

.........................................
Joanne Taylor
Director

 

Northwood (Lincs) Ltd

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

1

General information

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

The address of its registered office is:
25-26 Silver Street
Lincoln
LN2 1EW

These financial statements were authorised for issue by the Board on 1 April 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.

Revenue recognition

Turnover 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. Turnover 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 and deferred 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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet 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.

 

Northwood (Lincs) Ltd

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

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:

Asset class

Depreciation method and rate

Furniture and fittings

20% reducing balance

Office equipment

20% reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Amortisation of franchise fee

20% straight line

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.

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 profit and loss account 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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 5 (2023 - 5).

 

Northwood (Lincs) Ltd

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

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 November 2023

15,320

15,320

At 31 October 2024

15,320

15,320

Amortisation

At 1 November 2023

15,320

15,320

At 31 October 2024

15,320

15,320

Carrying amount

At 31 October 2024

-

-

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 November 2023

30,584

30,584

At 31 October 2024

30,584

30,584

Depreciation

At 1 November 2023

24,778

24,778

Charge for the year

1,162

1,162

At 31 October 2024

25,940

25,940

Carrying amount

At 31 October 2024

4,644

4,644

At 31 October 2023

5,806

5,806

6

Stocks

2024
£

2023
£

Other inventories

950

950

7

Debtors

 

Northwood (Lincs) Ltd

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

Current

Note

2024
£

2023
£

Amounts owed by related parties

-

26,018

Prepayments

 

-

618

Other debtors

 

294,856

208,083

   

294,856

234,719

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

5,400

5,187

Taxation and social security

 

6,007

14,906

Accruals and deferred income

 

551

1,169

Other creditors

 

7,365

154,558

 

19,323

175,820

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

326,834

32,367

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

326,834

32,367

Current loans and borrowings

2024
£

2023
£

Bank borrowings

5,400

5,187

10

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary share of £1 each

100

100

100

100