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Registration number: 09623246

NSN Electrical Ltd

Unaudited Filleted Financial Statements

for the Year Ended 30 June 2023

 

NSN Electrical Ltd

Contents

Company Information

1

Directors' Report

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 14

 

NSN Electrical Ltd

Company Information

Directors

Mr Neil Stevens

Mr Joss Sullivan-Norcliffe

Registered office

11 Alverton Terrace
PENZANCE
Cornwall
TR18 4JH

Accountants

Crane & Johnston C&J Ltd
Chartered Certified Accountants
11 Alverton Terrace
PENZANCE
Cornwall
TR18 4JH

 

NSN Electrical Ltd

Directors' Report for the Year Ended 30 June 2023

The directors present their report and the financial statements for the year ended 30 June 2023.

Directors of the company

The directors who held office during the year were as follows:

Mr Neil Stevens

Mr Joss Sullivan-Norcliffe

Principal activity

The principal activity of the company is Electricians

Small companies provision statement

This report has 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.

Approved and authorised by the Board on 7 November 2023 and signed on its behalf by:
 


Mr Neil Stevens
Director


Mr Joss Sullivan-Norcliffe
Director

 

NSN Electrical Ltd

(Registration number: 09623246)
Balance Sheet as at 30 June 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

46,416

32,025

Tangible assets

5

83,318

61,019

 

129,734

93,044

Current assets

 

Stocks

6

13,500

11,500

Debtors

7

94,767

51,027

Cash at bank and in hand

 

162,297

131,906

 

270,564

194,433

Creditors: Amounts falling due within one year

8

(178,089)

(103,558)

Net current assets

 

92,475

90,875

Total assets less current liabilities

 

222,209

183,919

Creditors: Amounts falling due after more than one year

8

(48,389)

(49,662)

Provisions for liabilities

(20,317)

(17,678)

Net assets

 

153,503

116,579

Capital and reserves

 

Called up share capital

9

100

100

Retained earnings

153,403

116,479

Shareholders' funds

 

153,503

116,579

For the financial year ending 30 June 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.

 

NSN Electrical Ltd

(Registration number: 09623246)
Balance Sheet as at 30 June 2023 (continued)

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.

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 7 November 2023 and signed on its behalf by:
 


Mr Neil Stevens
Director


Mr Joss Sullivan-Norcliffe
Director

 

NSN Electrical Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

1

General information

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

The address of its registered office is:
11 Alverton Terrace
PENZANCE
Cornwall
TR18 4JH
England

These financial statements were authorised for issue by the Board on 7 November 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.

 

NSN Electrical Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023 (continued)

2

Accounting policies (continued)

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.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

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:

 

NSN Electrical Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023 (continued)

2

Accounting policies (continued)

Asset class

Depreciation method and rate

Computer equipment

20% per annum on reduced balance method

Plant and machinery

15% per annum on reduced balance method

Motor vehicles

25% per annum on reduced balance method

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

Intangible assets

20% per annum on stright line method

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.

 

NSN Electrical Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023 (continued)

2

Accounting policies (continued)

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

 

NSN Electrical Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023 (continued)

2

Accounting policies (continued)

Interest-bearing borrowings are intially recorded at dair 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.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 14 (2022 - 14).

 

NSN Electrical Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023 (continued)

4

Intangible assets

Goodwill
 £

Other intangible assets
 £

Total
£

Cost or valuation

At 1 July 2022

20,000

42,044

62,044

Additions acquired separately

-

28,500

28,500

At 30 June 2023

20,000

70,544

90,544

Amortisation

At 1 July 2022

20,000

10,019

30,019

Amortisation charge

-

14,109

14,109

At 30 June 2023

20,000

24,128

44,128

Carrying amount

At 30 June 2023

-

46,416

46,416

At 30 June 2022

-

32,025

32,025

 

NSN Electrical Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023 (continued)

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 July 2022

10,192

83,055

93,247

Additions

14,269

35,747

50,016

Disposals

-

(7,495)

(7,495)

At 30 June 2023

24,461

111,307

135,768

Depreciation

At 1 July 2022

3,625

28,603

32,228

Charge for the year

3,388

21,958

25,346

Eliminated on disposal

-

(5,124)

(5,124)

At 30 June 2023

7,013

45,437

52,450

Carrying amount

At 30 June 2023

17,448

65,870

83,318

At 30 June 2022

6,567

54,452

61,019

6

Stocks

2023
£

2022
£

Raw materials and consumables

13,500

11,500

7

Debtors

 

NSN Electrical Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023 (continued)

7

Debtors (continued)

Current

2023
£

2022
£

Trade debtors

86,234

37,876

Prepayments

5,443

7,401

Other debtors

3,090

5,750

 

94,767

51,027

 

NSN Electrical Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023 (continued)

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

10

33,677

28,121

Trade creditors

 

79,843

19,028

Taxation and social security

 

27,074

50,352

Accruals and deferred income

 

2,400

2,348

Other creditors

 

35,095

3,709

 

178,089

103,558

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

10

48,389

49,662

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

         
 

NSN Electrical Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023 (continued)

10

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

20,066

30,000

Hire purchase contracts

28,323

19,662

48,389

49,662

The hire purchase liabilities are secured on the assets to which they relate.

11

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £54,500 (2022 - £3,660).