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REGISTERED NUMBER: 04738402















Unaudited Financial Statements for the Year Ended 31 March 2023

for

Norfolk Brake and Clutch
Specialists Limited

Norfolk Brake and Clutch
Specialists Limited (Registered number: 04738402)






Contents of the Financial Statements
for the Year Ended 31 March 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Norfolk Brake and Clutch
Specialists Limited

Company Information
for the Year Ended 31 March 2023







DIRECTORS: Mr J C Cooper
Mrs S E Cooper





REGISTERED OFFICE: 11a Laurel Drive
Brundall
Norwich
NR13 5RE





BUSINESS ADDRESS: 11a Laurel Drive
Brundall
Norwich
Norfolk
NR13 5RE





REGISTERED NUMBER: 04738402





ACCOUNTANTS: Steve Pye & Co.
Chartered Certified Accountants
Unit 8
Home Farm
Norwich Road
Norwich
Norfolk
NR10 5PQ

Norfolk Brake and Clutch
Specialists Limited (Registered number: 04738402)

Balance Sheet
31 March 2023

2023 2022
Notes £    £   
CURRENT ASSETS
Debtors 7 2,999 5,064
Cash at bank 3,913 1,889
6,912 6,953
CREDITORS
Amounts falling due within one year 8 4,269 6,515
NET CURRENT ASSETS 2,643 438
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,643

438

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings 2,641 436
SHAREHOLDERS' FUNDS 2,643 438

Norfolk Brake and Clutch
Specialists Limited (Registered number: 04738402)

Balance Sheet - continued
31 March 2023


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 10 October 2023 and were signed on its behalf by:





Mr J C Cooper - Director


Norfolk Brake and Clutch
Specialists Limited (Registered number: 04738402)

Notes to the Financial Statements
for the Year Ended 31 March 2023

1. STATUTORY INFORMATION

Norfolk Brake and Clutch Specialists Limited is a private company, limited by shares , registered in Not specified/Other. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates
In the application of the company's accounting policies, 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 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 to 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 the depreciation charges that are calculated with reference to the useful economic life of fixed assets.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Norfolk Brake and Clutch
Specialists Limited (Registered number: 04738402)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

3. ACCOUNTING POLICIES - continued

Financial instruments
The company enters into basic financial instruments that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties and loans to related parties.

a) Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases, the receivables are stated at cost less impairment losses for bad and doubtful debts.

b) Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand.

c) Impairment of financial assets
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date.

d) Trade and other creditors
Debt instruments like loans and other accounts payable are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method. Debt instruments that are payable within one year, typically trade payables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an outright short-term loan not at market rate, the financial asset is measured, initially and subsequently, at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

Norfolk Brake and Clutch
Specialists Limited (Registered number: 04738402)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

5. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 April 2022
and 31 March 2023 20,000
AMORTISATION
At 1 April 2022
and 31 March 2023 20,000
NET BOOK VALUE
At 31 March 2023 -
At 31 March 2022 -

6. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 April 2022
and 31 March 2023 10,806
DEPRECIATION
At 1 April 2022
and 31 March 2023 10,806
NET BOOK VALUE
At 31 March 2023 -

7. DEBTORS
2023 2022
£    £   
Amounts falling due within one year:
Trade debtors 2,093 1,371
Other debtors - 2,787
2,093 4,158

Norfolk Brake and Clutch
Specialists Limited (Registered number: 04738402)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

7. DEBTORS - continued
2023 2022
£    £   
Amounts falling due after more than one year:
Other debtors 906 906

Aggregate amounts 2,999 5,064

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 462 2,331
Taxation and social security 3,160 3,584
Other creditors 647 600
4,269 6,515