Northcroft Investments Limited - Period Ending 2020-08-01

Northcroft Investments Limited

Contents

Balance Sheet	1 to 2
Notes to the Unaudited Financial Statements	3 to 6

Northcroft Investments Limited

(Registration number: 04819967)
Balance Sheet as at 1 August 2020

	Note	2020 £	2019 £
Fixed assets
Investment property	4	70,000	70,000
Other financial assets	5	501,228	534,889
		571,228	604,889
Current assets
Debtors	6	1,894	2,323
Cash at bank and in hand		454,040	489,176
		455,934	491,499
Creditors: Amounts falling due within one year	7	(88,807)	(77,777)
Net current assets		367,127	413,722
Total assets less current liabilities		938,355	1,018,611
Provisions for liabilities
Deferred tax liabilities		(4,781)	(10,286)
Net assets		933,574	1,008,325
Capital and reserves
Called up share capital		200	200
Fair value reserve		26,154	52,517
Profit and loss account		907,220	955,608
Total equity		933,574	1,008,325

Northcroft Investments Limited

(Registration number: 04819967)
Balance Sheet as at 1 August 2020

For the financial year ending 1 August 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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 special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006. The option not to file the profit and loss account and directors’ report has been taken.

Approved and authorised by the director on 7 October 2020 .
 

Mr G G Horth Director

Northcroft Investments Limited

Notes to the Unaudited Financial Statements
for the Year Ended 1 August 2020

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:
Leanne House
6 Avon Close
Weymouth
Dorset
DT4 9UX

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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.

These financial statements are presented in Sterling (£).

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

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.

Defined contribution pension obligation

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payments obligations.

The contributions are recognised as an expense in the profit and loss account when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

Northcroft Investments Limited

Notes to the Unaudited Financial Statements
for the Year Ended 1 August 2020

3	Staff numbers

The average number of persons employed by the company (including the director) during the year was 1 (2019 - 1).

The company is run and administered by the director of the company for whom no formal contract of service is in place.

4	Investment properties

	2020  £
At 2 August 2019	70,000
At 1 August 2020	70,000

The valuation model used to determine the fair value of investment properties at the balance sheet date is open market value. This has been calculated by the director, who is internal to the company.

The class of asset has a current value of £70,000 (2019 - £70,000) and a carrying amount at historical cost of £70,000 (2019 - £70,000). The depreciation on this historical cost is nil (2019 - £nil).

There has been no valuation of investment property by an independent valuer.

Northcroft Investments Limited

Notes to the Unaudited Financial Statements
for the Year Ended 1 August 2020

5	Other financial assets (current and non-current)

	Financial assets at fair value through profit and loss £	Total £
Non-current financial assets
Cost or valuation
At 2 August 2019	534,889	534,889
Fair value adjustments	(31,868)	(31,868)
Additions	117,362	117,362
Disposals	(119,155)	(119,155)
At 1 August 2020	501,228	501,228
Impairment
Carrying amount
At 1 August 2020	501,228	501,228

6

Debtors

	2020  £	2019  £
Other debtors	1,894	2,323
Total current trade and other debtors	1,894	2,323

7

Creditors

Creditors: amounts falling due within one year

	2020 £	2019 £
Due within one year
Other creditors	88,807	77,777

Northcroft Investments Limited

Notes to the Unaudited Financial Statements
for the Year Ended 1 August 2020

8	Reserves reconciliation

	Fair value reserve £
At 2 August 2019	52,517
Movement in year :
Transfer of fair value adjustment from profit & loss	(31,868)
Transfer of deferred tax on fair value adjustments	5,505
At 1 August 2020	26,154

	Fair value reserve £
At 2 August 2018	40,177
Movement in year :
Transfer of fair value adjustment from profit & loss	15,543
Transfer of deferred tax on fair value adjustments	(3,203)
At 1 August 2019	52,517

9	Related party transactions

Other transactions with directors

During the year the director maintained an interest free loan account with the company which is repayable on demand. At the balance sheet date the amount owing to the director was £86,797 (2019 £75,797)