Registered number:
for the year ended
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Northpoint Limited
Company Information
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Northpoint Limited
Contents
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Northpoint Limited
Strategic report
for the year ended 28 February 2021
The Company achieved a profit after tax totalling £187k in the year ended 28 February 2021 (2020: £82k), higher than the profits forecast in our realistic budget. The main reasons for this were our resilient customer base and the Government’s help with regards to the Coronavirus Job Retention Scheme ('furlough').
Northpoint effectively shut down for 3 weeks in April 2020 in response to the first lockdown being implemented, and this is the main reason why turnover and gross profit fell by £639k and £384k respectively, year on year. The fence coating and pipe coating markets remained challenging throughout the year, but we continued to secure good work in these sectors. All divisions performed well and activity levels ultimately remained high during the period, with many of our customers operate in key industries. Distribution expenses have fallen by £82k, effectively in line with turnover. Administrative expenses are £125k lower than in the prior year and furlough claims (presented as Other operating income) totalled £287k. Soon after our year end, and continuing to this day and beyond, Northpoint has been faced with extremely high price increases from our powder suppliers and our consumable suppliers. In some cases price increases have been towards the 40% level. As a result Northpoint’s customers now face higher coating rates. The Company has remained profitable in the current year 2021/22, up to & including the date of this report.
The Company manages risk mainly through acquiring new customers.
We are constantly researching and developing new coating applications in order to best serve our existing and new customers. All Directors take an active role in this respect. We aim to protect the cashflows generated by payments made by our customers. This is done principally by reviewing up to date financial information applicable to each customer and in the majority of cases ensuring we have full credit insurance cover against the balances owed to Northpoint by them. Over many years we have invested heavily in our Plant and Equipment. We aim to deliver coated material back to our customers on time, and it is therefore very important that we maintain our Plant and Equipment to a very high standard.
We consider that our key financial performance indicators are those that communicate the financial performance and strength of the Company as a whole, namely, turnover, operating profits and net assets.
In challenging markets our Turnover has decreased by £639k from £6.938m to £6.299m. Operating profit has increased by £108k from £111k to £219k. Profit before taxation has increased by £119k from £75k to £194k. The Net assets of the Company have increased by £177k, from £1.945m to £2.122m.
The Company’s principal financial instruments continue to be invoice discounting, trade creditors, hire purchase and bank loans. The main purpose of these instruments is to raise funds for and to finance the Company and Group’s operations.
The Directors feel that the key financial risk management for the Company is best served by the monthly review of management accounts encompassing the sales reports, cash flow, bank and debtor positions, and stock levels.
Page 1
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Northpoint Limited
Strategic report (continued)
for the year ended 28 February 2021
This report was approved by the board
and signed on its behalf.
Page 2
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Northpoint Limited
Directors' report
for the year ended 28 February 2021
The directors present their report and the financial statements for the year ended 28 February 2021.
The directors are responsible for preparing the strategic report, the directors' report and the
financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year
. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.
In preparing these financial statements, the directors are required to:
∙
select suitable accounting policies for the company's financial statements and then apply them consistently;
∙
make judgments and accounting estimates that are reasonable and prudent;
∙
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The profit for the year, after taxation, amounted to £
187
thousand
(2020 -
£
82
thousand)
.
Dividends paid during the year amounted to £10 thousand (2020: £1,423 thousand).
The directors do not recommend the payment of a final dividend.
The directors who served during the year were:
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Northpoint Limited
Directors' report (continued)
for the year ended 28 February 2021
The business remains well set to benefit from its diverse and solid customer base which yields regular repeat custom from its low cost, strategically well positioned manufacturing base just outside Manchester.
We will continue to bid for profitable business using our available production capacity. Any additional business is added to a firm and profitable core business which does not require substantial capital expenditure to meet significant extra demand. The Directors consider the Company to be in a good financial position and will continue to work on our core activities.
The Company continues to invest in research and development with the purpose of developing new products for the powder coating market.
There have been no significant events affecting the Company since the year end.
The auditors, Hurst Accountants Limited, will be proposed for reappointment in accordance with
section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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Northpoint Limited
Independent auditors' report to the members of Northpoint Limited
We have audited the financial statements of Northpoint Limited (the 'company') for the year ended 28 February 2021, which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity
and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards,
including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the Annual Report other than the financial statements and our auditors' report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
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Northpoint Limited
Independent auditors' report to the members of Northpoint Limited (continued)
In our opinion, based on the work undertaken in the course of the audit:
∙
the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
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Northpoint Limited
Independent auditors' report to the members of Northpoint Limited (continued)
Identifying and assessing potential risks related to irregularities
In identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following: • The nature of the industry and sector in which the company operates; the control environment and business performance including key drivers for directors' remuneration, bonus levels and performance targets. • The outcome of enquiries of local management and parent company management, including whether management was aware of any instances of non-compliance with laws and regulations, and whether management had knowledge of any actual, suspected, or alleged fraud. • Supporting documentation relating to the Company's policies and procedures for: - Identifying, evaluating, and complying with laws and regulations - Detecting and responding to the risks of fraud • The internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations. • The outcome of discussions amongst the engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud. • The legal and regulatory framework in which the Company operates, particularly those laws and regulations which have a direct effect on the financial statements, such as the Companies Act 2006, pensions and tax legislation, or which had a fundamental effect on the operations of the Company, including General Data Protection requirements, Health & Safety regulations, Quality Management System accreditations such as ISO 9001, and Anti-bribery and Corruption. Audit response to risks identified Our procedures to respond to the risks identified included the following: • Reviewing the financial statements disclosures and testing to supporting documentation to assess compliance with the provisions of those relevant laws and regulations which have a direct effect on the financial statements. • Discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulations and fraud. • Evaluation of the operating effectiveness of management’s controls designed to prevent and detect irregularities. • Enquiring of management about any actual and potential litigation and claims. • Performing analytical procedures to identify any unusual or unexpected relationships which may indicate risks of material misstatement due to fraud. We have also considered the risk of fraud through management override of controls by: • Testing the appropriateness of journal entries and other adjustments which may pose a heightened risk of material misstatement, whether due to fraud or error. • Challenging assumptions made by management in their significant accounting estimates, and assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and • Evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business. We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. There are inherent limitations in the audit procedures described above, and the further removed non-compliance with laws and regulations are from the events and transactions reflected in the financial statements, the less likely we would become aware of them. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at:
www.frc.org.uk/auditorsresponsibilities
. This description forms part of our auditors' report.
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Northpoint Limited
Independent auditors' report to the members of Northpoint Limited (continued)
This report is made solely to the company's members, as a body,
in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants & Statutory Auditors
Lancashire Gate
21 Tiviot Dale
SK1 1TD
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Northpoint Limited
Statement of comprehensive income
for the year ended 28 February 2021
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Northpoint Limited
Registered number:
04707053
Balance sheet
as at
The financial statements were approved and authorised for issue by the board and were signed on its behalf by
:
The notes on pages 12 to 26 form part of these financial statements.
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Northpoint Limited
Statement of changes in equity
for the year ended
28 February 2021
Statement of changes in equity
for the year ended
29 February 2020
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Northpoint Limited
Notes to the financial statements
for the year ended 28 February 2021
Northpoint Limited is a private company limited by share capital, incorporated in England. The address of the registered office and principal place of business is Globe Lane, Dukinfield, Cheshire, SK16 4UY. The company's registered number is 04707053.
The nature of the company's operations and its principal activity is the powder coating of fences and pipes.
2.
Accounting policies
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting policies (see note 3). The following principal accounting policies have been applied:
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙
the requirements of Section 7 Statement of Cash Flows;
∙
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
∙
the requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of Northpoint Group Limited as at 28 February 2021 and these financial statements may be obtained from Registrar of Companies, Companies House, Crown Way, Cardiff, CF4 3UZ.
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Northpoint Limited
Notes to the financial statements
for the year ended 28 February 2021
2.
Accounting policies (continued)
The financial statements have been prepared on a going concern basis. The following paragraphs set out the basis on which the directors have reached their conclusion.
The COVID-19 pandemic has impacted the majority of UK businesses. Following the implementation of lockdown restrictions by the UK Government in March 2020, the directors carried out a number of immediate actions including applying for applicable Government support (including utilisation of the 'furlough' scheme for some employees) and making arrangements with HMRC to defer relevant payments. Most of the business shut down for three weeks during April 2020 and Northpoint has since operated on a business-as-usual basis serving the key industries. Management performed risk assessments and implemented procedures in Spring 2020 to ensure that the Company's factory and head office were Covid-secure and a safe environment for our employees to work in. The Company is currently meeting its working capital requirements through its cash balances, intercompany loans and the group's bank facilities. Based on management's forecasts and projections, the directors have assessed that the Company has sufficient facilities to trade through the next 12 month period. The directors believe it is appropriate, therefore, to prepare the financial statements to 28 February 2021 on a going concern basis and the Company will remain solvent in the twelve months after the date of approval of the financial statements. 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. Grants of a revenue nature are recognised in the statement of comprehensive income in the same period as the related expenditure.
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Northpoint Limited
Notes to the financial statements
for the year ended 28 February 2021
2.
Accounting policies (continued)
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Northpoint Limited
Notes to the financial statements
for the year ended 28 February 2021
2.
Accounting policies (continued)
At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
The company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line or reducing balance method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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Northpoint Limited
Notes to the financial statements
for the year ended 28 February 2021
2.
Accounting policies (continued)
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and loans to related parties.
Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the statement of comprehensive income. For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the company would receive for the asset if it were to be sold at the balance sheet date.
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Northpoint Limited
Notes to the financial statements
for the year ended 28 February 2021
Key sources of estimation uncertainty a) Recoverable value of trade debtors The Company has recognised trade debtors with a carrying value of £1,400,000 (2020: £1,268,000). The recoverability of trade debtors is regularly reviewed in the light of the available economic information specific to each debtor and specific provisions are recognised for balances considered to be at risk or irrecoverable. b ) Tangible fixed assets Tangible fixed assets are depreciated over their useful lives and have a carrying value of £639,000 (2020: £637,000). The useful lives of assets are reviewed regularly by management to ensure they remain appropriate. Management assesses at each reporting date whether there is an indication that fixed assets are impaired. If any such indication exists, management shall estimate the recoverable amount of the asset and any impairment loss shall be recognised immediately in the Statement of Comprehensive Income.
The whole of the turnover is attributable to the powder coating of fences, pipes and bakeware.
Analysis of turnover by country of destination:
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Northpoint Limited
Notes to the financial statements
for the year ended 28 February 2021
Page 18
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Northpoint Limited
Notes to the financial statements
for the year ended 28 February 2021
Page 19
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Northpoint Limited
Notes to the financial statements
for the year ended 28 February 2021
Page 20
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Northpoint Limited
Notes to the financial statements
for the year ended 28 February 2021
11.
Taxation (continued)
The main rate of corporation tax is due to increase to 25% in the tax year commencing 1st April 2023 for companies where profits exceed £250,000. A tapered rate will be introduced for profits above £50,000 up to the £250,000 limit.
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Northpoint Limited
Notes to the financial statements
for the year ended 28 February 2021
13.
Tangible fixed assets (continued)
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Northpoint Limited
Notes to the financial statements
for the year ended 28 February 2021
Page 23
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Northpoint Limited
Notes to the financial statements
for the year ended 28 February 2021
Page 24
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Northpoint Limited
Notes to the financial statements
for the year ended 28 February 2021
Profit and loss account
The company is party to a cross guarantee with HSBC to secure borrowings in respect of other companies in the group. At 28 February 2021, the potential liability was £1,034,000
(2020: £1,216,000)
.
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Northpoint Limited
Notes to the financial statements
for the year ended 28 February 2021
The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £73,000
(2020 - £88,000)
. Contributions totalling £12,000
(2020 - £13,000)
were payable to the fund at the balance sheet date.
The intermediate parent undertaking is Esprit Fini Limited, a company registered in England & Wales.
The ultimate parent company is Northpoint Group Limited, company number 06272179, incorporated in England & Wales. Northpoint Group Limited produces consolidated financial statements and these are available from Companies House. The ultimate controlling party is the Northpoint Group Employee Ownership Trust.
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