Company Registration No. 08886771 (England and Wales)
NORTH WEST ASSET FINANCE LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MARCH 2022
31 March 2022
PAGES FOR FILING WITH REGISTRAR
PM+M Solutions for Business LLP
Chartered Accountants
New Century House
Greenbank Technology Park
Challenge Way
Blackburn
Lancashire
BB1 5QB
NORTH WEST ASSET FINANCE LTD
COMPANY INFORMATION
Director
Mr R A Hall
Company number
08886771
Registered office
The Barn
Shays Farm
Tosside
Skipton
North Yorkshire
BD23 4SY
Accountants
PM+M Solutions for Business LLP
New Century House
Greenbank Technology Park
Challenge Way
Blackburn
Lancashire
BB1 5QB
NORTH WEST ASSET FINANCE LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 3
NORTH WEST ASSET FINANCE LTD
BALANCE SHEET
AS AT
31 MARCH 2022
31 March 2022
- 1 -
2022
2021
Notes
£
£
£
£
Current assets
Debtors
3
242,472
1,370,954
Cash at bank and in hand
5,754
6,479
248,226
1,377,433
Creditors: amounts falling due within one year
4
(667,229)
(1,652,224)
Net current liabilities
(419,003)
(274,791)
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
(419,103)
(274,891)
Total equity
(419,003)
(274,791)
The notes on pages 2 to 3 form part of these financial statements.
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 March 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 20 December 2022
Mr R A Hall
Director
Company Registration No. 08886771
NORTH WEST ASSET FINANCE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
- 2 -
1
Accounting policies
Company information
North West Asset Finance Ltd is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
The Barn, Shays Farm, Tosside, Skipton, North Yorkshire, BD23 4SY.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
1.2
Going concern
During the period the company met its day to day working capital requirements by way of the financial
true
support of its parent company. The
parent
company has agreed to continue to support the company
by way of loans to the company.
On this basis, the director considers it appropriate to prepare the accounts
on the going concern basis.
The financial statements do not include any adjustments that would result from a withdrawal of this
support.
1.3
Turnover
Turnover represents contractual interest and fees earned in line with the
term and size of loan. Interest
income consists of interest calculated on a daily basis. Other fee income is recognised at the point
when these fees become applicable to a specific loan agreement, for example on arrangement or at
the point of default.
1.4
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the
profit and loss account
because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the
profit and loss account
, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
NORTH WEST ASSET FINANCE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
- 3 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
1
1
3
Debtors
2022
2021
Amounts falling due within one year:
£
£
Amounts recoverable from customers
203,315
1,325,676
Other debtors
39,157
45,278
242,472
1,370,954
4
Creditors: amounts falling due within one year
2022
2021
£
£
Amounts owed to group undertakings
622,351
1,649,714
Accruals and deferred income
44,878
2,510
667,229
1,652,224