Registration number:
Wm. Northam & Company Limited
for the Year Ended 31 December 2021
Wm. Northam & Company Limited
Contents
Company Information |
|
Balance Sheet |
|
Notes to the Financial Statements |
Wm. Northam & Company Limited
Company Information
Directors |
C G Bottley A T Halls |
Registered office |
|
Auditors |
|
Wm. Northam & Company Limited
(Registration number: 01387249)
Balance Sheet as at 31 December 2021
Note |
2021 |
2020 |
|
Fixed assets |
|||
Tangible assets |
|
|
|
Current assets |
|||
Stocks |
|
|
|
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
|
|
|
Profit and loss account |
|
|
|
Total equity |
|
|
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
|
Wm. Northam & Company Limited
Notes to the Financial Statements for the Year Ended 31 December 2021
General information |
The company is a private company limited by share capital, incorporated in England.
The address of the registered office is given in the company information on page 1 of the financial statements.
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
The 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.
The financial statements have been presented in Sterling (£) and rounded to the nearest £1.
Going concern
The financial statements have been prepared on a going concern basis.
Audit report
Wm. Northam & Company Limited
Notes to the Financial Statements for the Year Ended 31 December 2021
Key sources of estimation uncertainty
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors considered to be relevant. Actual results may differ from these estimated.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to estimates are recognised in the period in which the estimate is revised, if the revision only affects that period, or in the period of revision and future period if the revision affects both the current and future periods.
The estimates and assumptions which have risk of causing material adjustment to the carrying amount of assets and liabilities are set out below:
Impairment of stock:
Management routinely review stock holdings in order to assess the recoverability of the cost of stocks and the associated impairment. Management calculates impairments by considering the nature and condition of the stocks and applies assumptions around anticipated saleability of the goods.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
• |
the amount of revenue can be reliably measured; |
• |
it is probable that future economic benefits will flow to the entity; and |
• |
specific criteria have been met for each of the company's activities. |
Government grants
Government grants are recognised in the profit and loss account as income when such grant does not impose specified future performance-related conditions, in accordance with the performance model.
Tax
Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
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.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Wm. Northam & Company Limited
Notes to the Financial Statements for the Year Ended 31 December 2021
Depreciation
Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Other property, plant and equipment |
15%/30% reducing balance basis |
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Stocks held for hiring are amortised over their estimated useful lives of 4 years.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Tangible assets |
Other property, plant and equipment |
Total |
|
Cost or valuation |
||
At 1 January 2021 |
|
|
At 31 December 2021 |
|
|
Depreciation |
||
At 1 January 2021 |
|
|
Charge for the year |
|
|
At 31 December 2021 |
|
|
Carrying amount |
||
At 31 December 2021 |
|
|
At 31 December 2020 |
|
|
Wm. Northam & Company Limited
Notes to the Financial Statements for the Year Ended 31 December 2021
Stocks |
2021 |
2020 |
|
Stocks |
|
|
Debtors |
2021 |
2020 |
|
Trade debtors |
|
|
Amounts owed by group undertakings |
|
|
Other debtors |
|
|
|
|
Creditors |
2021 |
2020 |
|
Due within one year |
||
Trade creditors |
|
|
Taxation and social security |
|
|
Other creditors |
|
|
|
|
Share capital |
Allotted, called up and fully paid shares
2021 |
2020 |
|||
No. |
£ |
No. |
£ |
|
|
|
8,000 |
|
8,000 |
Wm. Northam & Company Limited
Notes to the Financial Statements for the Year Ended 31 December 2021
Financial commitments, guarantees and contingencies |
Amounts not provided for in the balance sheet
The total amount of financial commitments not included in the balance sheet is £
Contingent liabilities
The company has entered into cross guarantee arrangements with its bankers in respect of facilities in use. The cross guarantee relates to both group companies and other related party companies. The estimated contingent liability at the balance sheet date is £nil (2020 - £5,757,446). The directors are confident that no liability will crystallise in respect of this guarantee.
The company previously dicslosed a contingent liability relating to a material legal claim raised agains the company by a competitor. Since the balance sheet date the claim has been successfully defended and no libility has arisen.
Parent and ultimate parent undertaking |
The company's immediate and ultimate parent is
The address of Radcliffe & Taylor Limited is:
These financial statements are available on request from Companies House, Crown Way, Maindy, Cardiff, CF14 3UZ.
After the balance sheet date the company’s immediate and ultimate parent changed to Ede & Ravenscroft Ltd, incorporated in England