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REGISTERED NUMBER: 12128680 (England and Wales)















Nowco Limited

Unaudited Financial Statements for the Year Ended 31 March 2023






Nowco Limited (Registered number: 12128680)






Contents of the Financial Statements
for the Year Ended 31 March 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


Nowco Limited

Company Information
for the Year Ended 31 March 2023







Directors: P Woodcock
Mrs N Woodcock





Registered office: 7c Hurricane Way
Hellesdon
Norwich
Norfolk
NR6 6EZ





Registered number: 12128680 (England and Wales)





Accountants: Fairhead Bradford
5 Queen Street
Great Yarmouth
Norfolk
NR30 2QP

Nowco Limited (Registered number: 12128680)

Statement of Financial Position
31 March 2023

31/3/23 31/3/22
Notes £    £    £    £   
Fixed assets
Tangible assets 4 81,994 1,290

Current assets
Stocks 40,000 30,000
Debtors 5 18,479 29,586
Cash at bank and in hand 9,083 23,106
67,562 82,692
Creditors
Amounts falling due within one year 6 56,203 42,313
Net current assets 11,359 40,379
Total assets less current liabilities 93,353 41,669

Creditors
Amounts falling due after more than one
year

7

(92,408

)

(45,370

)

Provisions for liabilities (12,601 ) (245 )
Net liabilities (11,656 ) (3,946 )

Capital and reserves
Called up share capital 100 100
Retained earnings (11,756 ) (4,046 )
(11,656 ) (3,946 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Nowco Limited (Registered number: 12128680)

Statement of Financial Position - continued
31 March 2023


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 20 November 2023 and were signed on its behalf by:





P Woodcock - Director


Nowco Limited (Registered number: 12128680)

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

1. Statutory information

Nowco Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. Accounting policies

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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 readily 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 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.

Rendering of services
Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
- the amount of revenue can be measured reliably;
- it is probable that the Company will receive the consideration due under the contract;
- the stage of completion of the contract at the end of the reporting period can be measured reliably; and
- the costs incurred and the costs to complete the contract can be measured reliably.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% on reducing balance
Motor vehicles - 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
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. Debt instruments are subsequently measured at amortised cost.


Nowco Limited (Registered number: 12128680)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

2. Accounting policies - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Going concern
The directors have considered the company's position at the time of the signing the financial statements and plans for the future. Based on this, the directors have concluded that they have a reasonable expectation that the company will have adequate resources to continue in operational existence for at least twelve months from the date of signing these financial statements, they therefore continue to adopt the going concern basis of accounting in preparing these financial statements.

3. Employees and directors

The average number of employees during the year was 3 (2022 - 3 ) .

Nowco Limited (Registered number: 12128680)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

4. Tangible fixed assets
Plant and Motor
machinery vehicles Totals
£    £    £   
Cost
At 1 April 2022 1,793 500 2,293
Additions 4,690 103,346 108,036
At 31 March 2023 6,483 103,846 110,329
Depreciation
At 1 April 2022 784 219 1,003
Charge for year 1,425 25,907 27,332
At 31 March 2023 2,209 26,126 28,335
Net book value
At 31 March 2023 4,274 77,720 81,994
At 31 March 2022 1,009 281 1,290

5. Debtors: amounts falling due within one year
31/3/23 31/3/22
£    £   
Trade debtors 1,875 16,483
Other debtors 16,604 13,103
18,479 29,586

6. Creditors: amounts falling due within one year
31/3/23 31/3/22
£    £   
Bank loans and overdrafts 5,000 -
Hire purchase contracts 5,552 -
Trade creditors 14,989 12,547
Taxation and social security 24,307 27,581
Other creditors 6,355 2,185
56,203 42,313

7. Creditors: amounts falling due after more than one year
31/3/23 31/3/22
£    £   
Bank loans 34,815 45,370
Hire purchase contracts 57,593 -
92,408 45,370