Registered number
04961567
Nuneaton Replacement Panels Limited
Unaudited Filleted Accounts
31 January 2023
Beasley & Co.
Chartered Accountants
Abbey House
105 Abbey Street
Nuneaton
Warwickshire
CV11 5BX
Nuneaton Replacement Panels Limited
Registered number: 04961567
Balance Sheet
as at 31 January 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 383,633 389,205
Current assets
Stocks 232,832 220,677
Debtors 4 283,259 259,153
Cash at bank and in hand 274,315 247,718
790,406 727,548
Creditors: amounts falling due within one year 5 (334,483) (339,284)
Net current assets 455,923 388,264
Total assets less current liabilities 839,556 777,469
Provisions for liabilities (1,649) (4,204)
Net assets 837,907 773,265
Capital and reserves
Called up share capital 106 106
Profit and loss account 837,801 773,159
Shareholders' funds 837,907 773,265
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their 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.
Mr D House
Director
Approved by the board on 28 March 2023
Nuneaton Replacement Panels Limited
Notes to the Accounts
for the year ended 31 January 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.
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.
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:
Plant and machinery 25% reducing balance basis
Motor vehicles 25% reducing balance basis
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 18 16
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 February 2022 344,325 32,356 98,428 475,109
Additions - 892 20,000 20,892
Disposals - - (33,800) (33,800)
At 31 January 2023 344,325 33,248 84,628 462,201
Depreciation
At 1 February 2022 - 29,315 56,589 85,904
Charge for the year - 983 12,119 13,102
On disposals - - (20,438) (20,438)
At 31 January 2023 - 30,298 48,270 78,568
Net book value
At 31 January 2023 344,325 2,950 36,358 383,633
At 31 January 2022 344,325 3,041 41,839 389,205
4 Debtors 2023 2022
£ £
Trade debtors 263,490 249,275
Other debtors 19,769 9,878
283,259 259,153
5 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 106,350 95,439
Corporation tax 25,631 22,468
Other taxes and social security costs 13,912 18,494
Directors loan accounts 185,857 199,482
Other creditors 2,733 3,401
334,483 339,284
6 Controlling party
The ultimate controlling party is Mr D House and Mrs S House acting in concert.
7 Other information
Nuneaton Replacement Panels Limited is a private company limited by shares and incorporated in England. Its registered office is:
Unit 4 Alliance Close
Attleborough Fields Ind Estate
Nuneaton
Warwickshire
CV11 6SD
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