Registered number
04689247
J R Norton Limited
Filleted Accounts
31 March 2023
J R Norton Limited
Registered number: 04689247
Balance Sheet
as at 31 March 2023
Notes 2023 2022
Fixed assets
Tangible assets 4 11,871 13,564
Current assets
Stocks 4,656 4,260
Debtors 5 12,695 7,136
Cash at bank and in hand 35,665 40,529
53,016 51,925
Creditors: amounts falling due within one year 6 (64,317) (64,771)
#NAME? (11,301) (12,846)
Total assets less current liabilities 570 718
Provisions for liabilities (994) (1,278)
#NAME? (424) (560)
Capital and reserves
Called up share capital 1 1
Profit and loss account (425) (561)
Shareholder's funds (424) (560)
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
J R Norton
Director
Approved by the board on 27 September 2023
J R Norton Limited
Notes to the Accounts
for the year ended 31 March 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Grant income
Capital and revenue grants are recognised in income on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Leasehold buildings 2% straightline
Equipment 15% reducing balance
Motor vehicles 25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 0 0
3 Intangible fixed assets
Goodwill:
Cost
At 1 April 2022 25,000
At 31 March 2023 25,000
Amortisation
At 1 April 2022 25,000
At 31 March 2023 25,000
Net book value
At 31 March 2023 -
Goodwill has been written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Leasehold buildings Plant and machinery etc Motor vehicles Total
Cost
At 1 April 2022 9,843 13,770 43,727 67,340
At 31 March 2023 9,843 13,770 43,727 67,340
Depreciation
At 1 April 2022 3,007 11,900 38,869 53,776
Charge for the year 197 281 1,215 1,693
At 31 March 2023 3,204 12,181 40,084 55,469
Net book value
At 31 March 2023 6,639 1,589 3,643 11,871
At 31 March 2022 6,836 1,870 4,858 13,564
5 Debtors 2023 2022
Trade debtors 10,363 5,084
Other debtors 2,332 2,052
12,695 7,136
6 Creditors: amounts falling due within one year 2023 2022
Trade creditors 4,193 4,437
Taxation and social security costs 2,348 2,477
Other creditors 57,776 57,857
64,317 64,771
7 Controlling party
J R Norton, a director, who owns 100% of the issued share capital is the controlling party.
8 Other information
J R Norton Limited is a private company limited by shares and incorporated in England. Its registered office is:
Globe Farm
High Hoyland
Barnsley
South Yorkshire
S75 4BE
J R Norton Limited 04689247 false 2022-04-01 2023-03-31 2023-03-31 VT Final Accounts October 2023 J R Norton No description of principal activity 04689247 2021-04-01 2022-03-31 04689247 core:WithinOneYear 2022-03-31 04689247 core:ShareCapital 2022-03-31 04689247 core:RetainedEarningsAccumulatedLosses 2022-03-31 04689247 2022-04-01 2023-03-31 04689247 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 04689247 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 04689247 bus:Director40 2022-04-01 2023-03-31 04689247 1 2022-04-01 2023-03-31 04689247 2 2022-04-01 2023-03-31 04689247 core:LandBuildings 2022-04-01 2023-03-31 04689247 core:PlantMachinery 2022-04-01 2023-03-31 04689247 core:Vehicles 2022-04-01 2023-03-31 04689247 countries:England 2022-04-01 2023-03-31 04689247 bus:FRS102 2022-04-01 2023-03-31 04689247 bus:FullAccounts 2022-04-01 2023-03-31 04689247 2023-03-31 04689247 core:WithinOneYear 2023-03-31 04689247 core:ShareCapital 2023-03-31 04689247 core:RetainedEarningsAccumulatedLosses 2023-03-31 04689247 core:Goodwill 2023-03-31 04689247 core:LandBuildings 2023-03-31 04689247 core:PlantMachinery 2023-03-31 04689247 core:Vehicles 2023-03-31 04689247 2022-03-31 04689247 core:Goodwill 2022-03-31 04689247 core:LandBuildings 2022-03-31 04689247 core:PlantMachinery 2022-03-31 04689247 core:Vehicles 2022-03-31 iso4217:GBP xbrli:pure