Company No:
Contents
Note | 2023 | 2022 | ||
£ | £ | |||
Fixed assets | ||||
Tangible assets | 3 |
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Investment property | 4 |
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213,803 | 215,356 | |||
Current assets | ||||
Debtors | 5 |
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Cash at bank and in hand |
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97,545 | 90,311 | |||
Creditors: amounts falling due within one year | 6 | (
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Net current assets | 57,431 | 48,227 | ||
Total assets less current liabilities | 271,234 | 263,583 | ||
Net assets |
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Capital and reserves | ||||
Called-up share capital | 8 |
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Revaluation reserve |
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Profit and loss account |
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Total shareholders' funds |
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Directors' responsibilities:
The financial statements of Nodrog Limited (registered number:
Gordon Trent Stead
Director |
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.
Nodrog 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 Splatford Barton, Kennford, Exeter, EX6 7XY, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and 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 £.
Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.
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 Statement of Financial Position date.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Plant and machinery |
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Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.
The fair value is determined annually by the directors, on an open market value for existing use basis.
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.
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
2023 | 2022 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including directors |
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Plant and machinery | Total | ||
£ | £ | ||
Cost | |||
At 01 July 2022 |
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At 30 June 2023 |
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Accumulated depreciation | |||
At 01 July 2022 |
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Charge for the financial year |
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At 30 June 2023 |
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Net book value | |||
At 30 June 2023 |
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At 30 June 2022 |
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Investment property | |
£ | |
Valuation | |
As at 01 July 2022 |
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As at 30 June 2023 |
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Valuation
The 2023 valuations were made by the director, on an open market value for existing use basis.
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£ | £ | ||
Trade debtors |
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Other debtors |
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£ | £ | ||
Trade creditors |
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Amounts owed to directors |
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Accruals and deferred income |
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Deferred tax liability |
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Taxation and social security |
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2023 | 2022 | ||
£ | £ | ||
At the beginning of financial year | (
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Charged to the Statement of Income and Retained Earnings |
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At the end of financial year | (
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2023 | 2022 | ||
£ | £ | ||
Allotted, called-up and fully-paid | |||
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2 | 2 |
Transactions with the entity's directors
During the year the directors' maintained a current account with the company. At the year end the company owed the directors £27,528 (2022: £30,090). Interest is charged on overdrawn balances at the HMRC official rate and there are no set repayment terms. The loan is shown within other creditors due within one year.