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Registration number: 04101419

NFB (Import) Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2023

 

NFB (Import) Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 10

 

NFB (Import) Limited

Company Information

Directors

Mr E C Coret-Vendrell

Mr Alexander Jose Coret

Mr Ramon Garcia Sanchez

Company secretary

Mrs Annabel Lynn Dickinson

Registered office

Unit 1 Riversway Business Village
Navigation Way
Preston
Lancashire
PR2 2YP

Accountants

Crossley & Davis Chartered Accountants
Ground Floor, Seneca House
Links Point, Amy Johnson Way
Blackpool
Lancashire
FY4 2FF

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
NFB (Import) Limited
for the Year Ended 31 March 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of NFB (Import) Limited for the year ended 31 March 2023 as set out on pages 3 to 10 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of NFB (Import) Limited, as a body, in accordance with the terms of our engagement letter dated 8 June 2022. Our work has been undertaken solely to prepare for your approval the accounts of NFB (Import) Limited and state those matters that we have agreed to state to the Board of Directors of NFB (Import) Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than NFB (Import) Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that NFB (Import) Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of NFB (Import) Limited. You consider that NFB (Import) Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of NFB (Import) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Crossley & Davis Chartered Accountants
Ground Floor, Seneca House
Links Point, Amy Johnson Way
Blackpool
Lancashire
FY4 2FF

8 November 2023

 

NFB (Import) Limited

(Registration number: 04101419)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

166,217

205,675

Investment property

5

300,000

310,000

Other financial assets

6

9,416

14,623

 

475,633

530,298

Current assets

 

Debtors

7

1,217,403

533,019

Other financial assets

6

367,885

406,436

Cash at bank and in hand

 

1,923,940

1,590,598

 

3,509,228

2,530,053

Creditors: Amounts falling due within one year

8

(977,685)

(387,645)

Net current assets

 

2,531,543

2,142,408

Net assets

 

3,007,176

2,672,706

Capital and reserves

 

Called up share capital

9

150,001

150,001

Retained earnings

2,857,175

2,522,705

Shareholders' funds

 

3,007,176

2,672,706

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.

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 8 November 2023 and signed on its behalf by:
 

 

NFB (Import) Limited

(Registration number: 04101419)
Balance Sheet as at 31 March 2023

.........................................
Mr E C Coret-Vendrell
Director

 

NFB (Import) Limited

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 and Wales.

The address of its registered office is:
Unit 1 Riversway Business Village
Navigation Way
Preston
Lancashire
PR2 2YP

These financial statements were authorised for issue by the Board on 8 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.

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.

 

NFB (Import) Limited

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

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

Freehold property (not land element)

2% straight line basis

Fixtures and fittings

25% reducing balance basis

Motor vehicles

25% reducing balance basis

Computer equipment

33% straight line basis

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

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.

 

NFB (Import) Limited

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

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.

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 8 (2022 - 9).

 

NFB (Import) Limited

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

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2022

150,000

14,248

81,685

245,933

Additions

-

-

45,990

45,990

Disposals

-

-

(79,490)

(79,490)

At 31 March 2023

150,000

14,248

48,185

212,433

Depreciation

At 1 April 2022

2,000

12,710

25,548

40,258

Charge for the year

2,000

916

6,532

9,448

Eliminated on disposal

-

-

(3,490)

(3,490)

At 31 March 2023

4,000

13,626

28,590

46,216

Carrying amount

At 31 March 2023

146,000

622

19,595

166,217

At 31 March 2022

148,000

1,538

56,137

205,675

Included within the net book value of land and buildings above is £146,000 (2022 - £148,000) in respect of freehold land and buildings.
 

5

Investment properties

2023
£

At 1 April

310,000

Fair value adjustments

(10,000)

At 31 March

300,000

The director has valued the investment property as at the company year end.

There has been no valuation of investment property by an independent valuer.

 

NFB (Import) Limited

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
£

Non-current financial assets

Cost or valuation

At 1 April 2022

14,623

14,623

Fair value adjustments

(5,207)

(5,207)

At 31 March 2023

9,416

9,416

Impairment

Carrying amount

At 31 March 2023

9,416

9,416

2023
£

2022
£

Current financial assets

Financial assets at fair value through profit and loss

367,885

406,436

7

Debtors

Current

2023
£

2022
£

Trade debtors

1,190,411

513,014

Prepayments

6,192

5,397

Other debtors

20,800

14,608

 

1,217,403

533,019

 

NFB (Import) Limited

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

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Trade creditors

 

380,550

274,720

Amounts owed to group undertakings and undertakings in which the company has a participating interest

645

645

Taxation and social security

 

139,140

107,280

Accruals and deferred income

 

3,850

3,500

Other creditors

 

453,500

1,500

 

977,685

387,645

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary B of £0.10 each

1,500,011

150,001

1,500,011

150,001

Ordinary C of £0.10 each

1

-

1

-

 

1,500,012

150,001

1,500,012

150,001