Registration number:
Northwood (Ashford) Limited
for the Year Ended 30 September 2024
Northwood (Ashford) Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
Northwood (Ashford) Limited
Company Information
Directors |
C Simpson P Simpson |
Registered office |
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Northwood (Ashford) Limited
(Registration number: 09892379)
Balance Sheet as at 30 September 2024
Note |
2024 |
2023 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Investments |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
2 |
2 |
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Profit and loss account |
77,705 |
68,386 |
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Total equity |
77,707 |
68,388 |
Northwood (Ashford) Limited
(Registration number: 09892379)
Balance Sheet as at 30 September 2024
For the financial year ending 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
Approved and authorised by the
.........................................
Director
.........................................
Director
Northwood (Ashford) Limited
Notes to the Financial Statements for the Year Ended 30 September 2024
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
The company's principal place of business is:
Unit A
Bridgewater House
4 Victoria Road
Ashford
Kent
TN23 7AJ
These financial statements were authorised for issue by the
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 Section 1A of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
Basis of preparation
These financial statements have been prepared using the historical cost convention. No items are disclosed in the financial statements at fair value unless stated otherwise in these accounting policies.
The financial statements are presented in pounds sterling, which is the company’s functional currency, rounded to the nearest whole pound.
Group accounts not prepared
Going concern
The financial statements have been prepared on a going concern basis, which assumes the continuing support of the company's sources of finance, including its directors.
Revenue recognition
The company recognises revenue under a contract for a client when and to the extent that it obtains the right to consideration in exchange for its performance. At that time, the company recognises a new asset in the form of a debtor.
Government grants
The company applies the accrual model for accounting for government grants. A grant is classified either as a grant relating to revenue or a grant relating to assets.
Grants relating to revenue are recognised in income on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. A grant that becomes receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs is recognised in income in the period in which it becomes receivable.
Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred it is recognised as deferred income and not deducted from the carrying amount of the asset.
Northwood (Ashford) Limited
Notes to the Financial Statements for the Year Ended 30 September 2024
Taxation
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 provided in full on material timing differences which represent a liability at the balance sheet date, at rates expected to apply when they crystallise based on current tax rates and law. Timing differences arise from the inclusion of items of income or expenditure in tax computations in periods different from those in which they are included in the financial statements. Deferred tax assets are recognised only to the extent that it is likely that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax liabilities and, where recognised, assets are not discounted.
Tangible fixed assets
Tangible fixed assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Tangible fixed assets are subject to an annual impairment review.
Depreciation
Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:
Asset class |
Depreciation method and rate |
Short leasehold premises and improvements thereto |
Straight-line, over the term of the lease of 10 years |
Office equipment, fixtures and fittings |
Straight-line, 20% per annum |
Motor vehicles |
Straight-line, 20% per annum |
Business combinations
Investments representing the acquisition of the entire share capital of another company are initially recorded at cost. When a share purchase agreement provides for adjustments to the cost of the acquisition contingent on future events, the group includes the estimated amount of that adjustment in the cost of the investment at the acquisition date if the adjustment is probable and can be measured reliably.
Where the activities and/or net assets of a subsidiary are transferred in whole or part after its acquisition to its parent company (a 'hive-up'), the cost of any goodwill transferred to the parent is transferred from the cost of the investment to goodwill within intangible assets. The net cost or liability of any other assets and liabilities so transferred is also transferred from the cost of the investment to other asset or liability headings as appropriate.
The allocation of the cost of the investment in this way is arrived at with reference to the fair value of assets and liabilities of the subsidiary at the time the acquisition took place, whenever the subsequent hive-up or hive-ups take place.
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 and liabilities of the entity recognised at the date of acquisition. Goodwill is amortised over its useful economic life.
Intangible fixed assets
Intangible fixed assets are stated in the balance sheet at cost, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible fixed assets are subject to an annual impairment review.
Amortisation
Amortisation is provided on intangible fixed 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 |
Goodwill |
Straignt-line over the useful economic life of goodwill, considered to be 5 years |
Franchise fee |
Straight-line over the initial period of the franchise, 5 years, and then over the period for which the franchise has been extended, a further 5 years |
Investments
Investments in unlisted subsidiaries are stated at cost, less a provision for accumulated impairment losses where applicable.
Northwood (Ashford) Limited
Notes to the Financial Statements for the Year Ended 30 September 2024
Provisions
Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
Operating leases and hire purchase contracts
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.
Assets held under hire purchase contracts are capitalised in the balance sheet as tangible fixed assets. Such assets are depreciated over their useful lives in accordance with the accounting policy stated above.
The capital elements of future obligations under hire purchase contracts are included as liabilities in the balance sheet. The interest element of the repayments is charged to the profit and loss account over the period of the contract and represents a constant proportion of the balance of capital repayments outstanding.
Pensions
Contributions made by the company to defined contribution pension schemes for the benefit of certain employees are charged to the profit and loss account as they are incurred.
Financial instruments
Basic financial instruments are recognised at amortised cost. The company does not have any financial instruments that are not basic financial instruments.
Staff numbers |
The average number of persons employed by the company during the year, including directors, was
Northwood (Ashford) Limited
Notes to the Financial Statements for the Year Ended 30 September 2024
Intangible assets |
Goodwill |
Franchise fee |
Total |
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Cost |
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At 1 October 2023 |
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Additions |
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- |
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At 30 September 2024 |
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Amortisation |
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At 1 October 2023 |
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Amortisation charge |
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At 30 September 2024 |
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Carrying amount |
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At 30 September 2024 |
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At 30 September 2023 |
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Tangible assets |
Short leasehold premises and improvements thereto |
Fixtures and fittings |
Office equipment |
Motor vehicles |
Total |
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Cost |
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At 1 October 2023 |
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Additions |
- |
- |
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- |
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Disposal |
- |
- |
- |
( |
( |
At 30 September 2024 |
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- |
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Depreciation |
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At 1 October 2023 |
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Charge for the year |
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- |
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Eliminated on disposal |
- |
- |
- |
( |
( |
At 30 September 2024 |
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- |
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Carrying amount |
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At 30 September 2024 |
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- |
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At 30 September 2023 |
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- |
- |
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Northwood (Ashford) Limited
Notes to the Financial Statements for the Year Ended 30 September 2024
Investment |
2024 |
2023 |
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Investment in subsidiary |
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Investment in subsidiary |
£ |
Cost or valuation |
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At 1 October 2023 |
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Transfer to goodwill |
( |
At 30 September 2024 |
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Provision |
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At 1 October 2023 |
- |
Provision |
- |
At 30 September 2024 |
- |
Carrying amount |
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At 30 September 2024 |
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At 30 September 2023 |
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The company owns the entire issued share capital of Stevens & Co. (SE) Limited, a company incorporated in England and Wales.
Following the acquisition of the subsidiary company in the year ended 30 September 2023, the bulk of that company's activities were transferred to the company by 30 September 2023. This was recognised by the transfer from the cost of the investment to goodwill within intangible assets of the cost of the goodwill atributable to those activities.
The other activities of the subsidiary were transferred to the company in the year ended 30 September 2024 and this has been recognised by a further transfer from the cost of the investment to goodwill, of the cost of the goodwill atributable to those remaining activities.
Northwood (Ashford) Limited
Notes to the Financial Statements for the Year Ended 30 September 2024
Debtors |
Current |
2024 |
2023 |
Trade debtors |
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Prepayments |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
Note |
2024 |
2023 |
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Due within one year |
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Loans and borrowings |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Creditors falling due within one year include a bank loan of £24,000 which is secured (2023 - £24,000) .
Creditors: amounts falling due after more than one year
Note |
2024 |
2023 |
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Due after one year |
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Loans and borrowings |
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Other financial liabilities |
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Creditors falling due after more than one year include a bank loan of £40,000 which is secured (2023 - £64,000).
Northwood (Ashford) Limited
Notes to the Financial Statements for the Year Ended 30 September 2024
Loans and borrowings |
Current loans and borrowings
2024 |
2023 |
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Bank loan |
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Directors' loan account |
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Non-current loans and borrowings
2024 |
2023 |
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Bank loan |
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Northwood (Ashford) Limited
Notes to the Financial Statements for the Year Ended 30 September 2024
Financial commitments |
Amounts not provided for in the balance sheet
The total amount of financial commitments in respect of an operating lease for premises not included in the balance sheet is £
In addition. the company operates a guaranteed rent scheme. For each landlord client who wishes to participate in this, there is a lease between the landlord and Northwood (Ashford) Limited, and Northwood (Ashford) Limited arranges for a lease to be entered into between itself and a sub-tenant.
At 30 September 2024, the company had operating lease commitments under the leases between the head landlord and itself of £451,842 (2023 £414,588). The company expects to receive more than this sum from the sub-tenants.
Related party transactions |
There was a credit balance on the directors' loan account of Mr C and Mrs P Simpson of £274,746 (2023 £231,167) at the balance sheet date. The loan account is unsecured and repayable on Mr and Mrs Simpson's demand. Until 30 September 2023, it was interest-free. Since 1 October 2023, the credit balance on the account has been subject to interest at the rate of 10% per annum.