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Registration number: 04905671

Norbreck Genetics Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2023

 

Norbreck Genetics Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

Norbreck Genetics Ltd

Company Information

Directors

Philip Richard Halhead

Richard Thornton Halhead

Registered office

35 King Street
Whalley
Clitheroe
Lancashire
BB7 9SP

Accountants

King Street Accounts
35A King Street
Whalley
Clitheroe
Lancs
BB7 9SP

 

Norbreck Genetics Ltd

(Registration number: 04905671)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

-

2,500

Tangible assets

5

76,159

65,288

 

76,159

67,788

Current assets

 

Stocks

7

782,431

615,130

Debtors

8

95,388

143,771

Other financial assets

6

2,874

2,874

Cash at bank and in hand

 

63,685

-

 

944,378

761,775

Creditors: Amounts falling due within one year

9

(410,097)

(268,185)

Net current assets

 

534,281

493,590

Total assets less current liabilities

 

610,440

561,378

Creditors: Amounts falling due after more than one year

9

(121,668)

(118,330)

Provisions for liabilities

(12,196)

(12,196)

Net assets

 

476,576

430,852

Capital and reserves

 

Called up share capital

501

501

Retained earnings

476,075

430,351

Shareholders' funds

 

476,576

430,852

For the financial 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

 

Norbreck Genetics Ltd

(Registration number: 04905671)
Balance Sheet as at 31 March 2023

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 9 October 2023 and signed on its behalf by:
 

.........................................
Philip Richard Halhead
Director

 

Norbreck Genetics Ltd

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

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
35 King Street
Whalley
Clitheroe
Lancashire
BB7 9SP

These financial statements were authorised for issue by the Board on 9 October 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.


Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

Norbreck Genetics Ltd

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

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Leasehold Land & Buildings

10 Years straight line basis

Plant & Machinery

15% reducing balance basis

Office Equipment

Over 3 years on a straight line basis

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

over 20 years on a straight line basis

 

Norbreck Genetics Ltd

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

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Norbreck Genetics Ltd

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

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

 

Norbreck Genetics Ltd

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

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 April 2022

50,000

50,000

At 31 March 2023

50,000

50,000

Amortisation

At 1 April 2022

47,500

47,500

Amortisation charge

2,500

2,500

At 31 March 2023

50,000

50,000

Carrying amount

At 31 March 2023

-

-

At 31 March 2022

2,500

2,500

5

Tangible assets

Short leasehold land and buildings
£

Plant and machinery
£

Office equipment
£

Total
£

Cost or valuation

At 1 April 2022

93,418

172,270

16,694

282,382

Additions

-

26,536

-

26,536

At 31 March 2023

93,418

198,806

16,694

308,918

Depreciation

At 1 April 2022

90,317

110,209

16,568

217,094

Charge for the year

3,101

12,438

126

15,665

At 31 March 2023

93,418

122,647

16,694

232,759

Carrying amount

At 31 March 2023

-

76,159

-

76,159

At 31 March 2022

3,101

62,061

126

65,288

Included within the net book value of land and buildings above is £Nil (2022 - £3,101) in respect of short leasehold land and buildings.
 

 

Norbreck Genetics Ltd

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

6

Other financial assets (current and non-current)

Financial assets at fair value through profit and loss
£

Total
£

Current financial assets

Cost or valuation

At 1 April 2022

2,874

2,874

At 31 March 2023

2,874

2,874

Impairment

Carrying amount

At 31 March 2023

2,874

2,874

7

Stocks

2023
£

2022
£

Other inventories

782,431

615,130

8

Debtors

Current

2023
£

2022
£

Trade debtors

93,888

103,112

Prepayments

1,500

4,275

Other debtors

-

36,384

 

95,388

143,771

9

Creditors

Creditors: amounts falling due within one year

 

Norbreck Genetics Ltd

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

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

10

222,369

159,396

Trade creditors

 

154,714

62,603

Taxation and social security

 

13,113

36,055

Accruals and deferred income

 

1,200

4,215

Other creditors

 

18,701

5,916

 

410,097

268,185

 

Norbreck Genetics Ltd

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

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

10

121,668

118,330

10

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

121,668

118,330

2023
£

2022
£

Current loans and borrowings

Bank borrowings

15,650

24,468

Bank overdrafts

206,719

134,928

222,369

159,396

11

Dividends

Interim dividends paid

   

2023
£

 

2022
£

Interim dividend of £7.98 (2022 - £7.96) per each Ordinary shares

 

4,000

 

3,992

         

12

Related party transactions

At the balance sheet date £16,443 was owed to the directors (2022 £36,384 owed from the directors ).

Dividends of £4,000 (2022 £3,992 ) were paid to the directors during the year .