George Northwood Limited

	Page
Statement of Financial Position	1—2
Notes to the Financial Statements	3—8

1. General Information

George Northwood Limited is a private company, limited by shares, incorporated in England & Wales, registered number 08603783 . The registered office is 24 Wells Street, London, W1T 3PH.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements have been prepared under the historical cost convention and in accordance with FRS 102 Section 1A, The Financial Reporting Standard applicable in the UK and Republic of Ireland - Small Entities and the Companies Act 2006.

2.2. Going Concern Disclosure

The director has not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern.

2.3. Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods sold and services rendered in the normal course of business, net of discounts, value added taxes and other applicable sales taxes.

Sale of goods

Turnover from the sale of goods to retailers is recognised at the point the goods are delivered to them such that the risks and rewards of ownership of the goods has been transferred. Turnover from the sale of goods to consumers is recognised at the point of sale.

Rendering of services

Turnover from the rendering of hair styling services is recognised in the period in which the services are performed.

2.4. Intangible Fixed Assets and Amortisation - Other Intangible

Other intangible assets consist of the following categories and are amortised to the income statement at the corresponding rates shown:

Licensing and Rights: 20% straight line

All of the intangible assets included in the above category relate to the acquisition of leases for additional salons.

2.5. Intangible Fixed Assets and Amortisation - Intellectual Property

Intellectual property assets consist of the following categories and are amortised to the income statement at the corresponding rates shown:

Trade marks: 10% straight line

2.6. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is charged to the income statement at the following rates in order to write off the cost of the assets, less their estimated residual value, over their estimated useful lives:

Leasehold	Mixture of 10% and 20% straight line
Plant & Machinery	Mixture of 20% and 33% straight line
Fixtures & Fittings	Mixture of 10% and 20% straight line

2.7. Leasing and Hire Purchase Contracts

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the income statement on a straight line basis over the lease term.

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George Northwood Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 July 2025

2.8. Stocks and Work in Progress

Stocks comprise goods held for resale, and are stated at the lower of cost and net realisable value. Net realisable value is the actual or estimated selling price less all further costs of completion and to be incurred in marketing, selling and distribution. Cost is calculated using the weighted-average method and includes invoice price, import duties and transportation costs.

At the end of each reporting period, inventories are assessed for impairment. If an item of stock is impaired, the identified inventory is reduced to its selling price less costs to complete and sell, and an impairment charge is recognised in the profit and loss account. Where a reversal of the impairment is recognised, the impairment charge is reversed, up to the original impairment loss, and is recognised as a credit in the profit and loss account.

2.9. Financial Instruments

Basic financial instruments

Cash and cash equivalents, and trade and other debtors and creditors, are classified as basic financial instruments.

Basic financial instruments not constituting financing transactions are initially recognised at transaction price. For arrangements constituting financing transactions, different recognition criteria apply:

Loans to the company from a person who is within a director's group of close family members that contains at least one shareholder are also initially recognised at transaction price.

All other arrangements constituting financing transactions are initially recognised at the present value of the future payments or receipts discounted at a market rate of interest.

Subsequent to initial recognition:

Basic financial instruments classified as payable or receivable after more than one year are measured at amortised cost using the effective interest method.

Basic financial instruments classified as payable or receivable within one year are only amortised if the effect is material.

Cash and cash equivalents

Cash in hand, bank balances, and short-term deposits with an original maturity of three months or less, which are readily convertible to known amounts of cash and subject to an insignificant risk of changes in value, are classified as cash and cash equivalents. These amounts are included in 'Cash at bank and in hand' on the statement of financial position.

Bank overdrafts are generally classified separately as creditors under current liabilities. However, if overdrafts are repayable on demand and the company has a legally enforceable right to set them off against cash and cash equivalents, they may be offset in certain circumstances.

2.10. Foreign Currencies

Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.

2.11. Taxation

Income tax expense represents the sum of the tax currently payable.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the income statement or, if presented, the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Current tax for the year is recognised in profit or loss, except when it relates to items that are recognised in other comprehensive income or directly in equity, in which case the current tax is also recognised in other comprehensive income or directly in equity respectively.

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George Northwood Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 July 2025

2.12. Pensions

Contributions to defined contribution pension plans are charged to the income statement as they become payable in accordance with the rules of the respective schemes.

2.13. Government Grant

Government grants are recognised in the statement of financial position at the fair value of the assets received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

Grants that impose specified future performance-related conditions are recognised in the income statement when the performance-related conditions are met. Grants that do not impose specified future performance-related conditions are recognised in income when the grant proceeds are received or receivable.

Grants received or receivable before the revenue recognition criteria are satisfied are recognised as a deferred income liability.

2.14. Presentation Currency

The financial statements are presented in £ sterling, which is the functional currency of the company.

2.15. Registrar Filing Requirements

The company has taken advantage of Companies Act 2006 section 444(1) and opted not to file the income statement, director's report, and notes to the financial statements relating to the income statement.

3. Average Number of Employees

The average number of employees, including directors and other officers, during the year was: 43 (2024: 43)

4. Intangible assets

	Other	Intellectual Property	Total
	£	£	£
Cost
As at 1 August 2024	19,431	3,520	22,951
Additions	36,726	1,255	37,981

As at 31 July 2025	56,157	4,775	60,932

Amortisation
As at 1 August 2024	5,501	256	5,757
Provided during the period	6,482	444	6,926

As at 31 July 2025	11,983	700	12,683

Net Book Value
As at 31 July 2025	44,174	4,075	48,249

As at 1 August 2024	13,930	3,264	17,194

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George Northwood Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 July 2025

5. Tangible assets

	Land & Property
	Leasehold	Plant & Machinery	Fixtures & Fittings	Total
	£	£	£	£
Cost
As at 1 August 2024	678,102	44,407	107,935	830,444
Additions	151,714	5,470	56,265	213,449

As at 31 July 2025	829,816	49,877	164,200	1,043,893

Depreciation
As at 1 August 2024	544,900	27,551	49,247	621,698
Provided during the period	52,951	7,530	18,859	79,340

As at 31 July 2025	597,851	35,081	68,106	701,038

Net Book Value
As at 31 July 2025	231,965	14,796	96,094	342,855

As at 1 August 2024	133,202	16,856	58,688	208,746

6. Stocks

	2025	2024
	£	£
Stock - Finished components	43,150	47,734
Stock - Finished goods	23,182	6,883

	66,332	54,617

7. Debtors

	2025	2024
	£	£
Due within one year
Trade debtors	47,209	156,544
Prepayments and accrued income	83,821	41,843
Net wages	5,400	1,095

	136,430	199,482
Due after more than one year
Long-term deposits	15,000	44,000

	151,430	243,482

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George Northwood Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 July 2025

8. Creditors: Amounts falling due within one year

	2025	2024
	£	£
Trade creditors	288,297	188,949
Bank loans and overdrafts	50,000	50,000
Corporation tax	179,884	86,339
Other taxes and social security	35,003	39,753
VAT	77,695	137,323
Pension creditor	5,831	6,594
Accruals and deferred income	151,057	187,335
Director's loan account	28	225,829

	787,795	922,122

9. Creditors: Amounts falling due after more than one year

	2025	2024
	£	£
Bank loans	12,500	62,500

10. Share Capital

	2025	2024
Allotted, called up and fully paid	£	£
100 Ordinary shares of £ 1.00 each	100	100

11. Other Commitments

At the statement of financial position date, the company had the following total future minimum lease payments under non-cancellable operating leases:

	2025	2024
	£	£
Not later than one year	117,500	150,000
Later than one year and not later than five years	286,250	100,000

	403,750	250,000

The above operating leases were in relation to the rental of three salons.

12. Pension Commitments

The company operates a defined contribution pension scheme for its employees. The assets of the scheme are held separately from those of the company in an independently administered fund. Additionally, the company makes contributions to the sole director's personal pension plan.

The total pension cost charge recognised in the income statement for the period represents employer contributions to both the employee pension fund and the director's personal pension plan. Employer contributions to the employee pension fund amounted to £25,386 (2024: £27,135), and employer contributions to the director's personal pension plan amounted to £12,000 (2024: £6,000).

At the statement of financial position date, unpaid employer contributions of £2,301 (2024: £2,520) were due to the employee pension fund. These are included in 'Other creditors - Pension creditor' and, for accrued amounts, 'Accruals and deferred income'.

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George Northwood Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 July 2025

13. Directors Advances, Credits and Guarantees

Loans to directors

Included within Debtors are the following loans to directors:

	As at 1 August 2024	Amounts advanced	Amounts repaid	Amounts written off	As at 31 July 2025
	£	£	£	£	£
Mr George Northwood	-	2,988	2,988	-	-

The above loan was interest-free, unsecured and repayable on demand.

Maximum balance outstanding during year: £2,988

14. Dividends

	2025	2024
	£	£
On equity shares:
Interim dividend paid	310,000	563,000

15. Related Party Transactions

Amounts due to related parties

At the reporting date, the company had an outstanding loan balance due to Mr G Northwood, the sole director and shareholder, of £28 (2024: £225,829).

This amount is interest-free, unsecured and repayable on demand.

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		2025		2024
	Notes	£	£	£	£
FIXED ASSETS
Intangible assets	4		48,249		17,194
Tangible assets	5		342,855		208,746

			391,104		225,940
CURRENT ASSETS
Stocks	6	66,332		54,617
Debtors	7	151,430		243,482
Cash at bank and in hand		209,042		474,742

		426,804		772,841
Creditors: Amounts falling due within one year	8	(787,795 )		(922,122 )

NET CURRENT ASSETS (LIABILITIES)			(360,991 )		(149,281 )

TOTAL ASSETS LESS CURRENT LIABILITIES			30,113		76,659

Creditors: Amounts falling due after more than one year	9		(12,500 )		(62,500 )

NET ASSETS			17,613		14,159

CAPITAL AND RESERVES
Called up share capital	10		100		100
Income Statement			17,513		14,059

SHAREHOLDERS' FUNDS			17,613		14,159