Company No: 08448277 (England and Wales)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2023		2022
		£		£
				Restated - note 2
Fixed assets
Tangible assets	4	1,978		2,967
Investments	5	100		100
		2,078		3,067
Current assets
Stocks		933,966		922,572
Debtors	6	446,337		298,110
Cash at bank and in hand		3,661,141		3,925,263
		5,041,444		5,145,945
Creditors: amounts falling due within one year	7	( 4,436)		( 11,686)
Net current assets		5,037,008		5,134,259
Total assets less current liabilities		5,039,086		5,137,326
Net assets		5,039,086		5,137,326
Capital and reserves
Called-up share capital		101		101
Profit and loss account		5,038,985		5,137,225
Total shareholder's funds		5,039,086		5,137,326

For the financial year ending 28 February 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

• The member has not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The director acknowledges their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Income and Retained Earnings has not been delivered.

The financial statements of Northfield (South West) Limited (registered number: 08448277) were approved and authorised for issue by the Director on 29 November 2023. They were signed on its behalf by:

Joanne Sams Director

1. Accounting policies

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.

General information and basis of accounting

Northfield (South West) 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 Towngate House, 2-8 Parkstone Road, Poole, BH15 2PW, 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 £.

Going concern

The director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Prior year error

A prior year adjustment has been made to reflect the 100 Ordinary shares held in Northfield Business Management Limited.

Interest income

Interest income is recognised over time based on the amount outstanding and the effective interest rate.

Taxation

Current tax
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.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a [straight-line, reducing balance] basis over its expected useful life, as follows:

Computer equipment

3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Impairment of assets

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.

Non-financial assets
At each balance sheet date, the company reviews its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss.

If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value.

Financial instruments

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.

2. Prior year adjustment

		As previously reported		Adjustment		As restated
Year ended 28 February 2022		£		£		£
Shares owned in group Company		0		100		100
Other debtors		420,389		(100)		420,289

3. Employees

	2023		2022
	Number		Number
Monthly average number of persons employed by the Company during the year, including the director	1		1

4. Tangible assets

	Computer equipment		Total
	£		£
Cost
At 01 March 2022	2,967		2,967
At 28 February 2023	2,967		2,967
Accumulated depreciation
At 01 March 2022	0		0
Charge for the financial year	989		989
At 28 February 2023	989		989
Net book value
At 28 February 2023	1,978		1,978
At 28 February 2022	2,967		2,967

5. Fixed asset investments

Investments in subsidiaries

	2023
	£
Cost
At 01 March 2022	100
At 28 February 2023	100
Carrying value at 28 February 2023	100
Carrying value at 28 February 2022	100

6. Debtors

	2023		2022
	£		£
Amounts owed by Group undertakings	117,482		55,772
Other debtors	328,855		242,338
	446,337		298,110

7. Creditors: amounts falling due within one year

	2023		2022
	£		£
Trade creditors	2,760		1,440
Other creditors	1,676		10,246
	4,436		11,686

8. Related party transactions

Other related party transactions

	2023		2022
	£		£
Other debtors	313,986		205,772

Included within other debtors is a balance of £220,000 (2022 - £150,000) owed by Zone Central Limited a company in which Ms J Sams is a director and controlling shareholder.
Included within other debtors is a balance of £93,986 (2022 - £55,772) owed by NSX LTD a company in which Ms J Sams is a director and controlling shareholder.