Company No:
Contents
| Note | 2025 | 2024 | ||
| £'000 | £'000 | |||
| Fixed assets | ||||
| Tangible assets | 4 |
|
|
|
| 1,054 | 650 | |||
| Current assets | ||||
| Stocks | 5 |
|
|
|
| Debtors | 6 |
|
|
|
| Cash at bank and in hand |
|
|
||
| 4,191 | 4,906 | |||
| Creditors: amounts falling due within one year | 7 | (
|
(
|
|
| Net current assets | 1,805 | 1,763 | ||
| Total assets less current liabilities | 2,859 | 2,413 | ||
| Creditors: amounts falling due after more than one year | 8 | (
|
(
|
|
| Provision for liabilities | (
|
(
|
||
| Net assets |
|
|
||
| Capital and reserves | ||||
| Called-up share capital |
|
|
||
| Profit and loss account |
|
|
||
| Total shareholder's funds |
|
|
Directors' responsibilities:
The financial statements of Northpoint Limited (registered number:
|
A Holt
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
Northpoint Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Northpoint, Globe Lane, Dukinfield, SK16 4UY, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £'000.
Group accounts exemption s399
The Company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the Company as an individual entity and not about its group.
the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or
receivable, excluding discounts, rebates, value added tax and other sales taxes.
Revenue from coating services is recognised in line with the coating service being performed, which is when
the amount of revenue can be measured reliably and it is probable that the company will receive the
consideration due, and the associated costs incurred can be measured reliably.
Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.
Equity-settled share-based payment transactions are measured at fair value at the date of grant. The fair value determined at the grant date of the equity-settled share-based payments is expensed on a straight-line basis over the vesting period where considered material, based on the Company’s estimate of shares that will eventually vest and adjusted for the effect of non-market-based vesting conditions.
Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
| Plant and machinery | 15 -
|
| Vehicles |
|
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.
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.
Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
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.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).
When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders.
Research and development costs are written off in the period in which they are incurred.
A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the balance sheet date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the balance sheet date.
| 2025 | 2024 | ||
| Number | Number | ||
| Monthly average number of persons employed by the Company during the year, including directors |
|
|
Equity-settled share-based payment schemes
The share options shall become capable of exercise on the earlier of an Exercise event, the repayment in full of Deferred Consideration associated with the change in ownership of the Group during 2019, and the the fifth anniversary of the date of grant at any time until the date of an exercise event, subject to the option holder having been in continuous employment with the Company.
The share options vested immediately on grant and may be exercised subject to the option holder having been in continuous employment with the Company until the date of an exercise event.
None of the options had been exercised at the balance sheet date.
Details of the share options outstanding during the financial year are as follows:
| 2025 | 2024 | ||||
|---|---|---|---|---|---|
| Weighted Average | Weighted Average | ||||
| Number of share options | Average exercise price (£) | Number of share options | Average exercise price (£) | ||
| Outstanding at beginning of period |
|
|
|
|
|
| Outstanding at the end of the period |
|
|
|
|
|
| Exercisable at the end of the period |
|
|
|
|
|
| Plant and machinery | Vehicles | Total | |||
| £'000 | £'000 | £'000 | |||
| Cost | |||||
| At 01 March 2024 |
|
|
|
||
| Additions |
|
|
|
||
| Disposals | (
|
|
(
|
||
| At 28 February 2025 |
|
|
|
||
| Accumulated depreciation | |||||
| At 01 March 2024 |
|
|
|
||
| Charge for the financial year |
|
|
|
||
| Disposals | (
|
|
(
|
||
| At 28 February 2025 |
|
|
|
||
| Net book value | |||||
| At 28 February 2025 | 911 | 143 | 1,054 | ||
| At 29 February 2024 | 551 | 99 | 650 | ||
| Leased assets included above: | |||||
| Net book value | |||||
| At 28 February 2025 | 80 | 137 | 217 | ||
| At 29 February 2024 | 99 | 68 | 167 |
| 2025 | 2024 | ||
| £'000 | £'000 | ||
| Stocks |
|
|
|
| Finished goods |
|
|
|
|
|
|
| 2025 | 2024 | ||
| £'000 | £'000 | ||
| Trade debtors |
|
|
|
| Amounts owed by Group undertakings |
|
|
|
| Prepayments |
|
|
|
| Corporation tax |
|
|
|
| Other debtors |
|
|
|
|
|
|
| 2025 | 2024 | ||
| £'000 | £'000 | ||
| Bank loans (secured) |
|
|
|
| Trade creditors |
|
|
|
| Amounts owed to Group undertakings |
|
|
|
| Other loans (secured) |
|
|
|
| Accruals |
|
|
|
| Corporation tax |
|
|
|
| Other taxation and social security |
|
|
|
| Obligations under finance leases and hire purchase contracts (secured) |
|
|
|
| Other creditors |
|
|
|
|
|
|
Other loans represents Invoice discounting balances which are secured by way of fixed and floating charges on the property or undertaking of the company.
Obligations under finance lease and hire purchase contracts are secured over the assets to which they relate.
| 2025 | 2024 | ||
| £'000 | £'000 | ||
| Bank loans (secured) |
|
|
|
| Obligations under finance leases and hire purchase contracts (secured) |
|
|
|
|
|
|
Obligations under finance lease and hire purchase contracts are secured over the assets to which they relate.
Amounts repayable after more than 5 years are included in creditors falling due over one year:
| 2025 | 2024 | ||
| £'000 | £'000 | ||
| Bank loans (repayable by instalments) |
|
|
|
| Obligations under finance leases and hire purchase contracts (repayable by instalments) |
|
|
|
| 25 | 3 |
Commitments
Total future minimum lease payments under non-cancellable operating leases are as follows:
| 2025 | 2024 | ||
| £'000 | £'000 | ||
| within one year |
|
|
|
| between one and five years |
|
|
|
|
|
|
Pensions
The Company operates a defined contribution pension scheme for the directors and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund.
| 2025 | 2024 | ||
| £'000 | £'000 | ||
| Unpaid contributions due to the fund (inc. in other creditors) |
|
|
Contingent liabilities
| 2025 | 2024 | ||
| £'000 | £'000 | ||
| Total contingent liabilities |
|
|
| 2025 | 2024 | ||
| £'000 | £'000 | ||
| Contracted for but not provided in these financial statements | 0 | 171 |
The ultimate parent company is Northpoint Group Limited, company number 06272179, incorporated in England & Wales.
The ultimate controlling party is the Northpoint Group Employee Ownership Trust.