Caseware UK (AP4) 2022.0.179 2022.0.179 2023-05-312023-05-31No description of principal activity2022-06-01false22falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 08068660 2022-06-01 2023-05-31 08068660 2021-06-01 2022-05-31 08068660 2023-05-31 08068660 2022-05-31 08068660 c:Director1 2022-06-01 2023-05-31 08068660 c:Director2 2022-06-01 2023-05-31 08068660 d:Buildings 2022-06-01 2023-05-31 08068660 d:Buildings 2023-05-31 08068660 d:Buildings 2022-05-31 08068660 d:Buildings d:OwnedOrFreeholdAssets 2022-06-01 2023-05-31 08068660 d:Buildings d:LeasedAssetsHeldAsLessee 2022-06-01 2023-05-31 08068660 d:MotorVehicles 2022-06-01 2023-05-31 08068660 d:MotorVehicles 2023-05-31 08068660 d:MotorVehicles 2022-05-31 08068660 d:MotorVehicles d:OwnedOrFreeholdAssets 2022-06-01 2023-05-31 08068660 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2022-06-01 2023-05-31 08068660 d:FurnitureFittings 2022-06-01 2023-05-31 08068660 d:FurnitureFittings 2023-05-31 08068660 d:FurnitureFittings 2022-05-31 08068660 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-06-01 2023-05-31 08068660 d:FurnitureFittings d:LeasedAssetsHeldAsLessee 2022-06-01 2023-05-31 08068660 d:OfficeEquipment 2022-06-01 2023-05-31 08068660 d:OfficeEquipment 2023-05-31 08068660 d:OfficeEquipment 2022-05-31 08068660 d:OfficeEquipment d:OwnedOrFreeholdAssets 2022-06-01 2023-05-31 08068660 d:OfficeEquipment d:LeasedAssetsHeldAsLessee 2022-06-01 2023-05-31 08068660 d:OwnedOrFreeholdAssets 2022-06-01 2023-05-31 08068660 d:LeasedAssetsHeldAsLessee 2022-06-01 2023-05-31 08068660 d:CurrentFinancialInstruments 2023-05-31 08068660 d:CurrentFinancialInstruments 2022-05-31 08068660 d:CurrentFinancialInstruments d:WithinOneYear 2023-05-31 08068660 d:CurrentFinancialInstruments d:WithinOneYear 2022-05-31 08068660 d:Non-currentFinancialInstruments d:AfterOneYear 2023-05-31 08068660 d:Non-currentFinancialInstruments d:AfterOneYear 2022-05-31 08068660 d:ShareCapital 2023-05-31 08068660 d:ShareCapital 2022-05-31 08068660 d:RetainedEarningsAccumulatedLosses 2023-05-31 08068660 d:RetainedEarningsAccumulatedLosses 2022-05-31 08068660 c:OrdinaryShareClass1 2022-06-01 2023-05-31 08068660 c:OrdinaryShareClass1 2023-05-31 08068660 c:OrdinaryShareClass1 2022-05-31 08068660 c:FRS102 2022-06-01 2023-05-31 08068660 c:AuditExemptWithAccountantsReport 2022-06-01 2023-05-31 08068660 c:FullAccounts 2022-06-01 2023-05-31 08068660 c:PrivateLimitedCompanyLtd 2022-06-01 2023-05-31 08068660 d:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2022-06-01 2023-05-31 08068660 d:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2023-05-31 08068660 d:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2022-05-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 08068660










SOUTH NORFOLK TRADING LTD








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MAY 2023

 
SOUTH NORFOLK TRADING LTD
 

CONTENTS



Page
Accountants' report
 
 
1
Balance sheet
 
 
2 - 3
Notes to the financial statements
 
 
4 - 8


 
SOUTH NORFOLK TRADING LTD
 
 
  
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF SOUTH NORFOLK TRADING LTD
FOR THE YEAR ENDED 31 MAY 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of South Norfolk Trading Ltd for the year ended 31 May 2023 which comprise  the Balance sheet and the related notes 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 https://www.icaew.com /regulation.

This report is made solely to the Board of directors of South Norfolk Trading Ltd, as a body, in accordance with the terms of our engagement letter dated 9 November 2021Our work has been undertaken solely to prepare for your approval the financial statements of South Norfolk Trading Ltd  and state those matters that we have agreed to state to the Board of directors of South Norfolk Trading Ltd, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than South Norfolk Trading Ltd and its Board of directors, as a body, for our work or for this report. 

It is your duty to ensure that South Norfolk Trading Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of South Norfolk Trading Ltd. You consider that South Norfolk Trading Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of South Norfolk Trading Ltd. 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 financial statements.

  



MA Partners LLP
 
Chartered Accountants
  
7 The Close
Norwich
Norfolk
NR1 4DJ
3 November 2023
Page 1

 
SOUTH NORFOLK TRADING LTD
REGISTERED NUMBER: 08068660

BALANCE SHEET
AS AT 31 MAY 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
33,833
18,074

  
33,833
18,074

Current assets
  

Stocks
  
333,330
234,980

Debtors: amounts falling due within one year
 5 
543
245

Cash at bank and in hand
  
46,956
220,372

  
380,829
455,597

Creditors: amounts falling due within one year
 6 
(96,048)
(160,252)

Net current assets
  
 
 
284,781
 
 
295,345

Total assets less current liabilities
  
318,614
313,419

Creditors: amounts falling due after more than one year
  
(35,223)
(31,954)

Provisions for liabilities
  

Deferred tax
  
(2,419)
(1,903)

  
 
 
(2,419)
 
 
(1,903)

Net assets
  
280,972
279,562


Capital and reserves
  

Called up share capital 
 7 
100
100

Profit and loss account
  
280,872
279,462

  
280,972
279,562


Page 2

 
SOUTH NORFOLK TRADING LTD
REGISTERED NUMBER: 08068660
    
BALANCE SHEET (CONTINUED)
AS AT 31 MAY 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 3 November 2023.




................................................
Mr R Sturrock
................................................
Mrs A Sturrock
Director
Director

The notes on pages 4 to 8 form part of these financial statements.

Page 3

 
SOUTH NORFOLK TRADING LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

1.


General information

The Company is a private United Kingdom company limited by shares. It is both incorporated and domiciled in England and Wales. The address of its registered office is 7 The Close, Norwich, Norfolk, NR1 4DJ. The principle place of trade is Diss. 
The company's principal activity is that of selling and buying of motor vehicles. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Sale of goods

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.3

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of income and retained earnings in the same period as the related expenditure.

Page 4

 
SOUTH NORFOLK TRADING LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

2.Accounting policies (continued)

 
2.4

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. 
 
Deferred tax balances are recognised in respect of timing differences that have originated but 
not reversed by the balance sheet date. 
Current and deferred tax is determined using tax rates and laws that have been enacted or 
substantively enacted by the balance sheet date. 

 
2.5

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Property improvements
-
Not depreciated
Motor vehicles
-
25%
Reducing balance
Fixtures and fittings
-
15%
Reducing balance
Office equipment
-
15%
Reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.6

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell. Cost includes all costs of purchase and other costs incurred in bringing stock to its present location and condition. 

 
2.7

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares. 
Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. 

Page 5

 
SOUTH NORFOLK TRADING LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2022 - 2).


4.


Tangible fixed assets





Property improvements
Motor vehicles
Fixtures and fittings
Office equipment
Total

£
£
£
£
£



Cost or valuation


At 1 June 2022
8,048
22,995
2,597
2,959
36,599


Additions
-
64,277
-
-
64,277


Disposals
-
(40,287)
-
-
(40,287)



At 31 May 2023

8,048
46,985
2,597
2,959
60,589



Depreciation


At 1 June 2022
-
15,719
833
1,974
18,526


Charge for the year on owned assets
-
1,819
265
148
2,232


Charge for the year on financed assets
-
5,998
-
-
5,998



At 31 May 2023

-
23,536
1,098
2,122
26,756



Net book value



At 31 May 2023
8,048
23,449
1,499
837
33,833



At 31 May 2022
8,048
7,276
1,764
986
18,074

Page 6

 
SOUTH NORFOLK TRADING LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

5.


Debtors

2023
2022
£
£


Prepayments and accrued income
543
245

543
245



6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
9,960
9,713

Trade creditors
-
172

Other taxation and social security
21,647
68,732

Obligations under finance lease and hire purchase contracts
1,273
-

Other creditors
60,452
80,089

Accruals and deferred income
2,716
1,546

96,048
160,252


The finance lease and hire purchase contracts are secured on the assets.


7.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



100 (2022 - 100) Ordinary shares of £1.00 each
100
100



8.


Commitments, guarantees and contingencies

The company had total financial commitments, guarantees and contingencies which are not included in the balance sheet amounting to £29,750 (2022: £40.250).



Page 7

 
SOUTH NORFOLK TRADING LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

9.


Related party transactions

As at 31st May 2023, the company owed £59,186 (2022 - £79,001) to the directors. This loan is included in other creditors due within one year in note 6 to the financial statements. The loan is repayable on demand and no interest was charged.
The company rented the property during the year for £10,500 (2022: £10,500) which is owned by the directors' joint SIPP. The rent was paid at market value.

 
Page 8