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Registration number: 09892379

Northwood (Ashford) Limited

Unaudited Financial Statements

for the Year Ended 30 September 2024

 

Northwood (Ashford) Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 11

 

Northwood (Ashford) Limited

Company Information

Directors

C Simpson

P Simpson

Registered office

Suite G
1 Elwick Road
Ashford
Kent
TN23 1PD

 

Northwood (Ashford) Limited

(Registration number: 09892379)
Balance Sheet as at 30 September 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

223,800

243,476

Tangible assets

5

9,135

5,545

Investments

6

24,726

67,534

 

257,661

316,555

Current assets

 

Debtors

7

69,139

44,506

Cash at bank and in hand

 

254,719

221,265

 

323,858

265,771

Creditors: Amounts falling due within one year

8

(441,035)

(412,875)

Net current liabilities

 

(117,177)

(147,104)

Total assets less current liabilities

 

140,484

169,451

Creditors: Amounts falling due after more than one year

8

(58,777)

(98,063)

Provisions for liabilities

(4,000)

(3,000)

Net assets

 

77,707

68,388

Capital and reserves

 

Called up share capital

2

2

Profit and loss account

77,705

68,386

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:

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 27 June 2025 and signed on its behalf by:
 

.........................................

C Simpson
Director

.........................................

P Simpson
Director

 

Northwood (Ashford) Limited

Notes to the Financial Statements for the Year Ended 30 September 2024

1

General information

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

The address of its registered office is:

Suite G
1 Elwick Road
Ashford
Kent
TN23 1PD

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 Board on 27 June 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 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

Group financial statements are not required as the company is a small company and the group is a small group.

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
A financial instrument is a contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity.

Basic financial instruments are recognised at amortised cost. The company does not have any financial instruments that are not basic financial instruments.


 

3

Staff numbers

The average number of persons employed by the company during the year, including directors, was 10 (2023 - 6).

 

Northwood (Ashford) Limited

Notes to the Financial Statements for the Year Ended 30 September 2024

4

Intangible assets

Goodwill
 £

Franchise fee
 

Total
£

Cost

At 1 October 2023

283,380

27,680

311,060

Additions

42,808

-

42,808

At 30 September 2024

326,188

27,680

353,868

Amortisation

At 1 October 2023

40,146

27,438

67,584

Amortisation charge

62,384

100

62,484

At 30 September 2024

102,530

27,538

130,068

Carrying amount

At 30 September 2024

223,658

142

223,800

At 30 September 2023

243,234

242

243,476

5

Tangible assets

Short leasehold premises and improvements thereto
£

Fixtures and fittings
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost

At 1 October 2023

2,038

8,600

17,653

20,005

48,296

Additions

-

-

6,026

-

6,026

Disposal

-

-

-

(20,005)

(20,005)

At 30 September 2024

2,038

8,600

23,679

-

34,317

Depreciation

At 1 October 2023

578

4,515

17,653

20,005

42,751

Charge for the year

204

1,720

512

-

2,436

Eliminated on disposal

-

-

-

(20,005)

(20,005)

At 30 September 2024

782

6,235

18,165

-

25,182

Carrying amount

At 30 September 2024

1,256

2,365

5,514

-

9,135

At 30 September 2023

1,460

4,085

-

-

5,545

 

Northwood (Ashford) Limited

Notes to the Financial Statements for the Year Ended 30 September 2024

6

Investment

2024
£

2023
£

Investment in subsidiary

24,726

67,534

Investment in subsidiary

£

Cost or valuation

At 1 October 2023

67,534

Transfer to goodwill

(42,808)

At 30 September 2024

24,726

Provision

At 1 October 2023

-

Provision

-

At 30 September 2024

-

Carrying amount

At 30 September 2024

24,726

At 30 September 2023

67,534

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

7

Debtors

Current

2024
£

2023
£

Trade debtors

52,663

37,029

Prepayments

4,116

503

Other debtors

12,360

6,974

 

69,139

44,506

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

309,035

265,203

Amounts owed to group undertakings and undertakings in which the company has a participating interest

11

57,497

25,766

Taxation and social security

 

43,363

65,215

Accruals and deferred income

 

20,770

32,402

Other creditors

 

10,370

24,289

 

441,035

412,875

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
£

Due after one year

 

Loans and borrowings

9

48,777

83,063

Other financial liabilities

 

10,000

15,000

 

58,777

98,063

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

9

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Bank loan

34,289

34,036

Directors' loan account

274,746

231,167

309,035

265,203

Non-current loans and borrowings

2024
£

2023
£

Bank loan

48,777

83,063

 

Northwood (Ashford) Limited

Notes to the Financial Statements for the Year Ended 30 September 2024

10

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 £117,617 (2023 - £136,629).

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.

 

11

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.