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COMPANY REGISTRATION NUMBER: 08982813
Norfolk Commercials Limited
Unaudited financial statements
31 March 2023
Norfolk Commercials Limited
Statement of financial position
31 March 2023
2023
2022
Note
£
£
£
£
Fixed assets
Intangible assets
5
6,333
8,333
Tangible assets
6
3,170
8,114
------
-------
9,503
16,447
Current assets
Stocks
61,893
45,153
Debtors
7
97,136
67,792
Cash at bank and in hand
37,219
44,535
---------
---------
196,248
157,480
Creditors: Amounts falling due within one year
8
( 164,515)
( 134,616)
---------
---------
Net current assets
31,733
22,864
-------
-------
Total assets less current liabilities
41,236
39,311
Creditors: Amounts falling due after more than one year
9
( 21,667)
( 38,595)
Provisions
Taxation including deferred tax
( 405)
( 560)
-------
-------
Net assets
19,164
156
-------
-------
Capital and reserves
Called up share capital
100
100
Profit and loss account
19,064
56
-------
----
Shareholders funds
19,164
156
-------
----
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Norfolk Commercials Limited
Statement of financial position (continued)
31 March 2023
These financial statements were approved by the board of directors and authorised for issue on 7 August 2023 , and are signed on behalf of the board by:
R McCormack
Director
Company registration number: 08982813
Norfolk Commercials Limited
Notes to the financial statements
Year ended 31 March 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is First Floor Suite, 2 Hillside Business Park, Bury St Edmunds, IP32 7EA. The trading address during the year was Yaxham Road, Dereham, Norfolk, NR19 1AJ.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
10% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
-
15% reducing balance
Motor vehicles
-
15% reducing balance
Equipment
-
15% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of employees during the year was 6 (2022: 5 ).
5. Intangible assets
Goodwill
£
Cost
At 1 April 2022 and 31 March 2023
20,000
-------
Amortisation
At 1 April 2022
11,667
Charge for the year
2,000
-------
At 31 March 2023
13,667
-------
Carrying amount
At 31 March 2023
6,333
-------
At 31 March 2022
8,333
-------
6. Tangible assets
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
Cost
At 1 April 2022
7,347
10,780
640
18,767
Disposals
( 10,779)
( 10,779)
------
-------
----
-------
At 31 March 2023
7,347
1
640
7,988
------
-------
----
-------
Depreciation
At 1 April 2022
4,011
6,395
247
10,653
Charge for the year
501
59
560
Disposals
( 6,395)
( 6,395)
------
-------
----
-------
At 31 March 2023
4,512
306
4,818
------
-------
----
-------
Carrying amount
At 31 March 2023
2,835
1
334
3,170
------
-------
----
-------
At 31 March 2022
3,336
4,385
393
8,114
------
-------
----
-------
7. Debtors
2023
2022
£
£
Trade debtors
84,252
61,173
Other debtors
12,884
6,619
-------
-------
97,136
67,792
-------
-------
8. Creditors: Amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
16,248
16,117
Trade creditors
97,606
94,019
Social security and other taxes
35,201
20,165
Other creditors
15,460
4,315
---------
---------
164,515
134,616
---------
---------
9. Creditors: Amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
21,667
38,595
-------
-------
10. Directors' advances, credits and guarantees
Included within debtors at the year end are directors loan accounts totalling £12,006 (2022: £5,685). The maximum total overdrawn balance during the year was £12,006. Interest of £175 (2022: £171) was charged at the official rate.