NORFOLK DRY WALL (ESSEX) LIMITED

Company Registration Number:
04282216 (England and Wales)

Unaudited abridged accounts for the year ended 30 September 2023

Period of accounts

Start date: 01 October 2022

End date: 30 September 2023

NORFOLK DRY WALL (ESSEX) LIMITED

Contents of the Financial Statements

for the Period Ended 30 September 2023

Balance sheet
Notes

NORFOLK DRY WALL (ESSEX) LIMITED

Balance sheet

As at 30 September 2023


Notes

2023

2022


£

£
Fixed assets
Tangible assets: 3 220,446 237,739
Total fixed assets: 220,446 237,739
Current assets
Stocks: 110,392 205,612
Debtors:   908,887 1,062,212
Cash at bank and in hand: 196,820 196,576
Total current assets: 1,216,099 1,464,400
Creditors: amounts falling due within one year:   (504,703) (683,906)
Net current assets (liabilities): 711,396 780,494
Total assets less current liabilities: 931,842 1,018,233
Creditors: amounts falling due after more than one year:   (87,551) (119,149)
Provision for liabilities: (26,590) (29,875)
Total net assets (liabilities): 817,701 869,209
Capital and reserves
Called up share capital: 99 99
Profit and loss account: 817,602 869,110
Shareholders funds: 817,701 869,209

The notes form part of these financial statements

NORFOLK DRY WALL (ESSEX) LIMITED

Balance sheet statements

For the year ending 30 September 2023 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

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

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A).

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The directors have chosen to not file a copy of the company’s profit & loss account.

This report was approved by the board of directors on 14 November 2023
and signed on behalf of the board by:

Name: S V C Scott
Status: Director

The notes form part of these financial statements

NORFOLK DRY WALL (ESSEX) LIMITED

Notes to the Financial Statements

for the Period Ended 30 September 2023

1. Accounting policies

These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

Turnover policy

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 possible that the associated benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Tangible fixed assets and depreciation policy

Depreciation is measured so as to write off the cost or valuation of an asset, less its residual value, over the useful life of that asset as follows:Freehold property - No depreciationPlant and machinery - 15% per month of net book valueOffice equipment - 10% per month of net book valueMotor vehicles - 25% per month of net book valueFixtures & fittings - 10% per month of net book valueIf there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.

Other accounting policies

Basis of preparation:The financial statements have been prepared on the historical cost basis.The financial statements are prepared in sterling, which is the functional currency of the entity.Taxation:The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.Tangible assets:Tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and any accumulated impairment losses.Stocks:Stocks are measured at the lower of cost and estimated selling prices less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their current location and condition.Financial instruments:A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.Defined contribution plans:Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.

NORFOLK DRY WALL (ESSEX) LIMITED

Notes to the Financial Statements

for the Period Ended 30 September 2023

2. Employees

2023 2022
Average number of employees during the period 11 13

NORFOLK DRY WALL (ESSEX) LIMITED

Notes to the Financial Statements

for the Period Ended 30 September 2023

3. Tangible Assets

Total
Cost £
At 01 October 2022 480,326
Additions 46,494
Disposals (113,102)
At 30 September 2023 413,718
Depreciation
At 01 October 2022 242,587
Charge for year 36,500
On disposals (85,815)
At 30 September 2023 193,272
Net book value
At 30 September 2023 220,446
At 30 September 2022 237,739

NORFOLK DRY WALL (ESSEX) LIMITED

Notes to the Financial Statements

for the Period Ended 30 September 2023

4. Loans to directors

Name of director receiving advance or credit: S V C Scott
Description of the loan: During the year the director entered into the following advances and credits with the company.
£
Balance at 01 October 2022 8,046
Advances or credits made: 164
Advances or credits repaid: 2,200
Balance at 30 September 2023 6,010

NORFOLK DRY WALL (ESSEX) LIMITED

Notes to the Financial Statements

for the Period Ended 30 September 2023

5. Related party transactions

During the year the company has had business transactions with Norfolk Dry Wall Limited, a company in which two of the directors, Peter James George and William Douglas Gilchrist, are also directors. As at 30 September 2023 Norfolk Dry Wall Limited owed Norfolk Dry Wall (Essex) Limited £5,521 (2022: £43,089) in relation to these transactions.