Nantwich Veneers Limited

Contents
	Page
Abridged Balance Sheet	1—2
Notes to the Abridged Financial Statements	3—5

Registered number: 03936148

		2023		2022
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	3		686,826		441,814

			686,826		441,814
CURRENT ASSETS
Stocks		241,821		320,382
Debtors		370,167		325,262
Cash at bank and in hand		130,258		152,837

		742,246		798,481
Creditors: Amounts Falling Due Within One Year		(529,272 )		(676,802 )

NET CURRENT ASSETS (LIABILITIES)			212,974		121,679

TOTAL ASSETS LESS CURRENT LIABILITIES			899,800		563,493

Creditors: Amounts Falling Due After More Than One Year			(338,986 )		(260,074 )

PROVISIONS FOR LIABILITIES
Deferred Taxation	6		(13,040 )		(15,666 )

NET ASSETS			547,774		287,753

CAPITAL AND RESERVES
Called up share capital	7		1,000		1,000
Profit and Loss Account			546,774		286,753

SHAREHOLDERS' FUNDS			547,774		287,753

Page 1

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Nantwich Veneers Limited

Abridged Balance Sheet (continued)

As At 28 February 2023

For the 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.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.

The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.

All of the company's members have consented to the preparation of an Abridged Profit and Loss Account and an Abridged Balance Sheet for the year end 28 February 2023 in accordance with section 444(2A) of the Companies Act 2006.

On behalf of the board

Mr Michael Baddeley

Director

6 October 2023

The notes on pages 3 to 5 form part of these financial statements.

1. Accounting Policies

1.1. Basis of Preparation of Financial Statements

The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).

1.2. Turnover

Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.

1.3. Tangible Fixed Assets and Depreciation

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Freehold	2% Straight line
Plant & Machinery	15% Reducing balance
Motor Vehicles	25% Reducing balance
Fixtures & Fittings	20% Reducing balance

1.4. Leasing and Hire Purchase Contracts

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.

1.5. Stocks and Work in Progress

Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.

1.6. Foreign Currencies

Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.

1.7. Taxation

The charge for taxation takes into account taxation deferred as a result of timing differences between the treatment of certain items for taxation and accounting purposes. In general, deferred taxation is recognised in respect of timing differences that have originated but not reversed at the balance sheet date. However, deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred taxation is measured on a non-discounted basis at the tax rates that are expected to apply in periods in which the timing differences reverse, based on tax rates and the law enacted or substantively enacted at the balance sheet date.

2. Average Number of Employees

Average number of employees, including directors, during the year was: 16 (2022: 14)

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Nantwich Veneers Limited

Notes to the Abridged Financial Statements (continued)

For The Year Ended 28 February 2023

3. Tangible Assets

	Total
	£
Cost
As at 1 March 2022	740,645
Additions	259,300

As at 28 February 2023	999,945

Depreciation
As at 1 March 2022	298,831
Provided during the period	14,288

As at 28 February 2023	313,119

Net Book Value
As at 28 February 2023	686,826

As at 1 March 2022	441,814

Included above are assets held under finance leases with a net book value as follows:

	2023	2022
	£	£
Plant & Machinery	14,459	17,011
Motor Vehicles	11,951	15,935

	26,410	32,946

4. Secured Creditors

Of the creditors the following amounts are secured.

	2023		2022
	£		£
Net obligations under finance lease and hire purchase contracts	23,046		32,943

5. Obligations Under Finance Leases and Hire Purchase

	2023	2022
	£	£
The maturity of these amounts is as follows:
Within one year	9,897	9,898
Between one and five years	13,149	23,046

	23,046	32,944

	23,046	32,944

6. Deferred Taxation

The provision for deferred tax is made up as follows:

	2023	2022
	£	£
Deferred Tax	13,040	15,666

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Nantwich Veneers Limited

Notes to the Abridged Financial Statements (continued)

For The Year Ended 28 February 2023

7. Share Capital

	2023	2022
	£	£
Allotted, Called up and fully paid	1,000	1,000

	Value	Number	2023	2022
Allotted, called up and fully paid	£		£	£
Ordinary A shares	1	238	238	238

Ordinary B shares	1	238	238	238

Ordinary C shares	1	237	237	237

Ordinary D shares	1	237	237	237

Ordinary E shares	1	50	50	50




		1,000	1,000	1,000

8. Ultimate Parent Undertaking and Controlling Party

The company's immediate and ultimate parent undertaking is NVL (2016) Limited . NVL (2016) Limited was incorporated in England & Wales. Copies of the group accounts may be obtained from the secretary, Alexandra Business Partk, Gresty Road, Crewe. . The ultimate controlling party is NVL (2016) Limited who controls 100% of the shares of Nantwich Veneers Limited .

9. General Information

Nantwich Veneers Limited is a private company, limited by shares, incorporated in England & Wales, registered number 03936148 . The registered office is Alexandra Business Park, Gresty Lane, Shavington, Crewe, Cheshire, CW2 5DD.