REGISTERED NUMBER: |
N.E.M. CO. LIMITED |
STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2023 |
REGISTERED NUMBER: |
N.E.M. CO. LIMITED |
STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2023 |
N.E.M. CO. LIMITED (REGISTERED NUMBER: 01738476) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST MARCH 2023 |
Page |
Company information | 1 |
Strategic report | 2 |
Report of the directors | 3 | to | 4 |
Report of the independent auditors | 5 | to | 8 |
Statement of comprehensive income | 9 |
Statement of financial position | 10 |
Statement of changes in equity | 11 |
Statement of cash flows | 12 |
Notes to the statement of cash flows | 13 |
Notes to the financial statements | 14 | to | 21 |
N.E.M. CO. LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31ST MARCH 2023 |
Directors: |
Secretary: |
Registered office: |
Registered number: |
Auditors: |
Chartered Accountants and Statutory Auditors |
Richmond House |
Walkern Road |
Stevenage |
Hertfordshire |
SG1 3QP |
N.E.M. CO. LIMITED (REGISTERED NUMBER: 01738476) |
STRATEGIC REPORT |
FOR THE YEAR ENDED 31ST MARCH 2023 |
The directors present their strategic report for the year ended 31st March 2023. |
Review of business |
The directors are pleased to announce a satisfactory result before taxation for the year despite the global shortage of components which continues to restrict the companies activities.This has resulted in a slight decline in turnover and margin. |
The company is committed to reducing its carbon emissions and holds ISO14001 accreditation, highlighting the company's ongoing commitment to Corporate Social Responsibility. |
Principal risks and uncertainties |
The company's operations expose it to a variety of financial risks that include credit risk. The company has in place a risk management programme that seeks to limit the adverse effect on the financial performance of the company by monitoring its exposure to credit risk. |
Given the size of the company, the directors have not delegated the responsibility of monitoring financial risk management to a sub-committee of the board. The policies set by the board of directors are implemented by the company's finance department. The department has a policy and procedures manual that sets our specific guidelines to monitor credit risk. |
The company has implemented policies that require appropriate credit checks on potential customers before sales are made. The amount of exposure to any individual counterparty is subject to a limit, which is reassessed annually by the board. |
Future developments |
The current order book remains strong and the directors assert that the order intake will grow as business confidence returns to the industry. |
The directors are continuing their efforts to improve efficiencies to increase profits for the year to 31st March 2024, as well as developing and designing new products specified towards blue chip companies. |
On behalf of the board: |
N.E.M. CO. LIMITED (REGISTERED NUMBER: 01738476) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31ST MARCH 2023 |
The directors present their report with the financial statements of the company for the year ended 31st March 2023. |
Dividends |
The profit for the year, after taxation, amounted to £833,496. Particulars of dividends paid and proposed are detailed in notes to the financial statements. |
Directors |
The directors shown below have held office during the whole of the period from 1st April 2022 to the date of this report. |
Disclosure in the strategic report |
The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of future developments. |
POST BALANCE SHEET EVENTS |
There are no matters to report as post balance sheet events. |
Statement of directors' responsibilities |
The directors are responsible for preparing the Strategic report, the Report of the directors 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), 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 and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | 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 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. |
N.E.M. CO. LIMITED (REGISTERED NUMBER: 01738476) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31ST MARCH 2023 |
Statement as to disclosure of information to auditors |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
Auditors |
The auditors, Menzies LLP, are deemed to be reappointed in accordance with Section 487(2) of the Companies Act 2006. |
On behalf of the board: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
N.E.M. CO. LIMITED |
Opinion |
We have audited the financial statements of N.E.M. Co. Limited (the 'company') for the year ended 31st March 2023 which comprise the Statement of comprehensive income, Statement of financial position, Statement of changes in equity, Statement of cash flows and Notes to the statement of cash flows, Notes to the financial statements, 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). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 31st March 2023 and of its profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
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 UK, including the FRC'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. |
Conclusions relating to going concern |
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. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Strategic report and the Report of the directors, but does not include the financial statements and our Report of the auditors thereon. |
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. |
In connection with our audit of the financial statements, 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 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. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
N.E.M. CO. LIMITED |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Strategic report and the Report of the directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic report and the Report of the directors have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception |
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 Report of the directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors |
As explained more fully in the Statement of directors' responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
N.E.M. CO. LIMITED |
Auditors' responsibilities for the audit of the financial statements |
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 a Report of the auditors 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. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
- We obtained an understanding of the legal and regulatory framework applicable to the company and the sector in which they operate. We determined that the following laws and regulations were most significant: the Companies Act 2006 and UK corporate taxation laws. |
- We obtained an understanding of how the company is complying with those legal and regulatory frameworks by making inquiries to the management. We corroborated our inquiries through our review of board minutes and papers provided by those charged with governance. |
- We assessed the susceptibility of the company's financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team include: |
- identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud; |
- understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process; |
- challenging assumptions and judgments made by management in its significant accounting estimates; |
- identifying and testing journal entries, in particular any journal entries posted with unusual account combinations; and |
- assessing the extent of compliance with the relevant laws and regulations. |
- We have reviewed the financial statements and considered whether they are consistent with our understanding of the entity or indicate a previously unrecognised risk of material misstatement that could be due to fraud. |
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 Report of the auditors. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
N.E.M. CO. LIMITED |
Use of our report |
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 a Report of the auditors 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 and Statutory Auditors |
Richmond House |
Walkern Road |
Stevenage |
Hertfordshire |
SG1 3QP |
N.E.M. CO. LIMITED (REGISTERED NUMBER: 01738476) |
STATEMENT OF COMPREHENSIVE |
INCOME |
FOR THE YEAR ENDED 31ST MARCH 2023 |
2023 | 2022 |
Notes | £ | £ |
REVENUE | 4 |
Cost of sales | ( |
) | ( |
) |
GROSS PROFIT |
Distribution costs | ( |
) | ( |
) |
Administrative expenses | ( |
) | ( |
) |
1,018,550 | 2,364 |
Other operating income |
OPERATING PROFIT |
Interest receivable and similar income |
PROFIT BEFORE TAXATION | 7 |
Tax on profit | 8 | ( |
) | ( |
) |
PROFIT FOR THE FINANCIAL YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
N.E.M. CO. LIMITED (REGISTERED NUMBER: 01738476) |
STATEMENT OF FINANCIAL POSITION |
31ST MARCH 2023 |
2023 | 2022 |
Notes | £ | £ |
FIXED ASSETS |
Property, plant and equipment | 10 |
CURRENT ASSETS |
Inventories | 11 |
Debtors | 12 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 13 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 15 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 16 |
Retained earnings |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
N.E.M. CO. LIMITED (REGISTERED NUMBER: 01738476) |
STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31ST MARCH 2023 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1st April 2021 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31st March 2022 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31st March 2023 |
N.E.M. CO. LIMITED (REGISTERED NUMBER: 01738476) |
STATEMENT OF CASH FLOWS |
FOR THE YEAR ENDED 31ST MARCH 2023 |
2023 | 2022 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | ( |
) | ( |
) |
Tax paid | ( |
) |
Net cash from operating activities | ( |
) | ( |
) |
Cash flows from investing activities |
Purchase of tangible fixed assets | ( |
) | ( |
) |
Sale of tangible fixed assets |
Interest received |
Net cash from investing activities | ( |
) |
Cash flows from financing activities |
Amount introduced by directors | 36,094 | - |
Amount withdrawn by directors | (26,473 | ) | (14,580 | ) |
Equity dividends paid | ( |
) | ( |
) |
Net cash from financing activities | ( |
) | ( |
) |
Decrease in cash and cash equivalents | ( |
) | ( |
) |
Cash and cash equivalents at beginning of year |
2 |
6,092,937 |
Cash and cash equivalents at end of year | 2 | 4,291,578 | 4,719,612 |
N.E.M. CO. LIMITED (REGISTERED NUMBER: 01738476) |
NOTES TO THE STATEMENT OF CASH FLOWS |
FOR THE YEAR ENDED 31ST MARCH 2023 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2023 | 2022 |
£ | £ |
Profit before taxation |
Depreciation charges |
Profit on disposal of fixed assets | ( |
) |
Finance income | (28,195 | ) | (779 | ) |
919,635 | 292,253 |
Increase in inventories | ( |
) | ( |
) |
Increase in trade and other debtors | ( |
) | ( |
) |
Increase in trade and other creditors |
Cash generated from operations | ( |
) | ( |
) |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Statement of cash flows in respect of cash and cash equivalents are in respect of these Statement of financial position amounts: |
Year ended 31st March 2023 |
31.3.23 | 1.4.22 |
£ | £ |
Cash and cash equivalents | 4,291,578 | 4,719,612 |
Year ended 31st March 2022 |
31.3.22 | 1.4.21 |
£ | £ |
Cash and cash equivalents | 4,719,612 | 6,092,937 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1.4.22 | Cash flow | At 31.3.23 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 4,719,612 | (428,034 | ) | 4,291,578 |
4,719,612 | ( |
) | 4,291,578 |
Total | 4,719,612 | (428,034 | ) | 4,291,578 |
N.E.M. CO. LIMITED (REGISTERED NUMBER: 01738476) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST MARCH 2023 |
1. | STATUTORY INFORMATION |
N.E.M. Co. Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements are prepared on a going concern basis and under the historical cost convention. |
Significant judgements and estimates |
In the application of the group's accounting policies, which are described below, management is |
required to make judgements estimates and assumptions about the carrying value of assets and |
liabilities that are not readily apparent from other sources. The estimates and underlying |
assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. |
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to |
accounting estimates are recognised in the period in which the estimate is revised if the revision |
affects only that period, or in the period of the revision and future periods if the revision affects both |
current and future periods. |
The Key sources of estimation uncertainty that have a significant effect on the amounts recognised |
in the financial statements are described below: |
Useful Economic Life of Tangible Assets: |
The annual depreciation charge for tangible fixed assets is sensitive to changes in the estimated |
useful lives and residual values of the assets. The useful economic lives and residual values are |
re-assessed annually. They are amended when necessary to reflect current estimates, based on |
technological advancement, future investments, economic utilisation and physical condition of the |
assets. |
Significant judgements and estimates - continued |
Inventory Provisioning: |
The company purchases large quantities of raw materials of electrical components. Due to the technological nature of the parts used in production, they can become obsolete. This is considered and reviewed on a regular basis when making provisions against inventory. |
N.E.M. CO. LIMITED (REGISTERED NUMBER: 01738476) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2023 |
3. | ACCOUNTING POLICIES - continued |
Revenue |
Revenue represents the total invoice value, excluding value added tax, trade discounts and all other taxes of sales made during the year. |
Revenue recognition |
Revenue is recognised when goods have been delivered and services supplied to customers such that risks and rewards of ownership have transferred to them. |
Property, plant and equipment |
Freehold property | - |
Leasehold improvements | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Computer equipment | - |
It is the policy of the company not to provide depreciation on the freehold or long leasehold premises. The premises are maintained to a high standard and the directors consider that the life of the premises are so long and that the residual value is so great that depreciation would be immaterial to consider. |
Where any permanent diminution of property is incurred, a provision is made in the profit and loss account. The directors' estimate of residual value is based on prices prevailing at the time of acquisition or subsequent revaluation. |
The directors undertake an annual impairment review. |
Inventories |
Inventories and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition. |
Tax |
Tax for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred tax assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date. |
N.E.M. CO. LIMITED (REGISTERED NUMBER: 01738476) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2023 |
3. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all material timing differences that have originated but not reversed at the statement of financial position date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Hire purchase and leasing commitments |
Rentals payable under operating leases are charged against income on a straight line basis over the lease term. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to the income statement in the period to which they relate. |
4. | REVENUE |
The revenue and profit before taxation are attributable to the one principal activity of the company. |
An analysis of revenue by geographical market is given below: |
2023 | 2022 |
£ | £ |
United Kingdom |
Rest of the World | 564,331 | 299,924 |
N.E.M. CO. LIMITED (REGISTERED NUMBER: 01738476) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2023 |
5. | EMPLOYEES AND DIRECTORS |
2023 | 2022 |
£ | £ |
Wages and salaries | 3,494,688 | 3,322,095 |
Social security costs | 324,315 | 288,062 |
Other pension costs | 64,638 | 63,099 |
3,883,641 | 3,673,256 |
The average monthly number of employees during the year was as follows: |
2023 | 2022 |
Administration & production | 125 | 129 |
6. | DIRECTORS' EMOLUMENTS |
2023 | 2022 |
£ | £ |
Directors' remuneration |
Directors' pension contributions to money purchase schemes |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes |
Information regarding the highest paid director is as follows: |
2023 | 2022 |
£ | £ |
Emoluments etc |
7. | PROFIT BEFORE TAXATION |
The profit is stated after charging/(crediting): |
2023 | 2022 |
£ | £ |
Other operating leases |
Depreciation - owned assets |
Profit on disposal of fixed assets | ( |
) |
Auditors' remuneration |
Foreign exchange differences | ( |
) | ( |
) |
N.E.M. CO. LIMITED (REGISTERED NUMBER: 01738476) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2023 |
8. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2023 | 2022 |
£ | £ |
Current tax: |
UK corporation tax | ( |
) |
Deferred tax | ( |
) |
Tax on profit |
UK corporation tax was charged at 19%) in 2022. |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
2023 | 2022 |
£ | £ |
Profit before tax |
Profit multiplied by the standard rate of corporation tax in the UK of (2022 - |
Effects of: |
Expenses not deductible for tax purposes |
Income not taxable for tax purposes | ( |
) |
Capital allowances in excess of depreciation | - | ( |
) |
Depreciation in excess of capital allowances | - |
Net chargeable gains | 57,148 | - |
Deferred tax | (11,603 | ) | 7,980 |
Total tax charge | 213,249 | 3,064 |
9. | DIVIDENDS |
2023 | 2022 |
£ | £ |
Ordinary shares of £1 each |
Interim |
N.E.M. CO. LIMITED (REGISTERED NUMBER: 01738476) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2023 |
10. | PROPERTY, PLANT AND EQUIPMENT |
Freehold | Leasehold | Long | Plant and |
property | improvements | leasehold | machinery |
£ | £ | £ | £ |
Cost |
At 1st April 2022 |
Additions |
Disposals | ( |
) | ( |
) |
At 31st March 2023 |
Depreciation |
At 1st April 2022 |
Charge for year |
At 31st March 2023 |
Net book value |
At 31st March 2023 |
At 31st March 2022 |
Fixtures |
and | Motor | Computer |
fittings | vehicles | equipment | Totals |
£ | £ | £ | £ |
Cost |
At 1st April 2022 |
Additions |
Disposals | ( |
) |
At 31st March 2023 |
Depreciation |
At 1st April 2022 |
Charge for year |
At 31st March 2023 |
Net book value |
At 31st March 2023 |
At 31st March 2022 |
N.E.M. CO. LIMITED (REGISTERED NUMBER: 01738476) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2023 |
11. | INVENTORIES |
2023 | 2022 |
£ | £ |
Raw materials |
Work-in-progress |
12. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Amounts owed by connected companies | 465,471 | 21,571 |
Other debtors |
Prepayments and accrued income |
13. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade creditors |
Amounts owed to connected companies | 1,168,454 | 1,075,405 |
Corporation tax |
Social security and other taxes |
Other creditors |
Directors' current accounts | 36,094 | 26,473 |
Accruals |
14. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2023 | 2022 |
£ | £ |
Within one year |
Between one and five years |
In more than five years |
N.E.M. CO. LIMITED (REGISTERED NUMBER: 01738476) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2023 |
15. | PROVISIONS FOR LIABILITIES |
2023 | 2022 |
£ | £ |
Deferred tax |
Accelerated capital allowances |
Deferred |
tax |
£ |
Balance at 1st April 2022 |
Provided during year | ( |
) |
Accelerated capital allowances |
Balance at 31st March 2023 |
16. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | £1 | 20,000 | 20,000 |
17. | RELATED PARTY DISCLOSURES |
During the year, the company entered into various transactions on an arm's length basis with the directors. At the reporting date the company was owed by the directors £163,906 (2022: £26,473). There are no terms relating to the payment of interest or the repayment of capital. |
During the year the company made sales of goods and services to a company under the control of a director amounting to £94,443 (2022: £105,985) and purchases amounting to £Nil (2022: £Nil). At the reporting date this company was owed £1,168,454 (2022: £1,075,405). This amount is included within creditors amounts falling due within one year. |
These transactions are considered to be at arm's length. |
18. | KEY MANAGEMENT PERSONNEL COMPENSATION |
The directors have sole responsibility for planning, directing and controlling the activities of the |
entity and are therefore considered to be the key management personnel of the company. Details |
of remuneration paid to directors is included within the directors emoluments note. There are no |
other key management personnel. |