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Registrar

Registration number: 01827319

Nantmor Blinds Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 28 February 2023

 

Nantmor Blinds Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 11

 

Nantmor Blinds Limited

Company Information

Director

A J Finch

Registered office

3 Warners Mill
Silks Way
Braintree
Essex
CM7 3GB

Solicitors

Tees Solicitors
Parkview House
Chelmsford
Essex
CM1 1NG

Bankers

HSBC Bank Plc
47 Station Road
Clacton On Sea
Essex
CO15 1RR

Accountants

Lambert Chapman LLP
Chartered Accountants
3 Warners Mill
Silks Way
Braintree
Essex
CM7 3GB

 

Nantmor Blinds Limited

(Registration number: 01827319)
Balance Sheet as at 28 February 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

37,419

51,414

Tangible assets

5

320,587

287,209

Investments

6

100

100

 

358,106

338,723

Current assets

 

Stocks

7

175,891

112,887

Debtors

8

712,882

547,623

Cash at bank and in hand

 

817,822

1,070,488

 

1,706,595

1,730,998

Creditors: Amounts falling due within one year

9

(648,627)

(596,965)

Net current assets

 

1,057,968

1,134,033

Total assets less current liabilities

 

1,416,074

1,472,756

Creditors: Amounts falling due after more than one year

9

(132,840)

(205,763)

Provisions for liabilities

(64,909)

(41,562)

Net assets

 

1,218,325

1,225,431

Capital and reserves

 

Called up share capital

10

10,000

10,000

Retained earnings

1,208,325

1,215,431

Shareholders' funds

 

1,218,325

1,225,431

For the financial year ended 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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.

 

Nantmor Blinds Limited

(Registration number: 01827319)
Balance Sheet as at 28 February 2023

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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 21 November 2023
 

A J Finch
Director

 

Nantmor Blinds Limited

Notes to the Financial Statements for the Year Ended 28 February 2023

1

General information

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

The address of its registered office is: 3 Warners Mill, Silks Way, Braintree, Essex, CM7 3GB.

The principal place of business is: 1 Brindley Road, Gorse Lane Industrial Estate, Clacton-on-Sea, Essex, CO15 4XL.

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.

These financial statements are presented in Sterling (£), which is the company's functional currency.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the manufacturing, installing and supplying window blinds and related products in the ordinary course of the company’s activities. Turnover is shown net of value added tax.

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.

Government grants

Government grants are recognised using the accrual model and are shown within other operating income.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in the Profit and loss account, 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.

 

Nantmor Blinds Limited

Notes to the Financial Statements for the Year Ended 28 February 2023

Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation.

Depreciation

Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Leasehold improvements

5% straight line

Computer equipment

25% straight line

Plant and machinery

15% reducing balance

Motor vehicles

25% reducing balance

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

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 amortised over its useful life, which shall not exceed twenty 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 over their useful lives, as follows:

Asset class

Amortisation method and rate

Goodwill

5% straight line

Investments

Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits.

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, 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.

 

Nantmor Blinds Limited

Notes to the Financial Statements for the Year Ended 28 February 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. Trade creditors 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.

Borrowings

Interest-bearing borrowings are initially recorded at fair 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 fair value at inception of the lease. These assets are depreciated on a straight-line basis over the useful life of the asset. 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.

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 the director) during the year, was 22 (2022 - 23).

 

Nantmor Blinds Limited

Notes to the Financial Statements for the Year Ended 28 February 2023

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 March 2022

279,892

279,892

At 28 February 2023

279,892

279,892

Amortisation

At 1 March 2022

228,478

228,478

Amortisation charge

13,995

13,995

At 28 February 2023

242,473

242,473

Carrying amount

At 28 February 2023

37,419

37,419

At 28 February 2022

51,414

51,414

 

Nantmor Blinds Limited

Notes to the Financial Statements for the Year Ended 28 February 2023

5

Tangible assets

Leasehold improvements
£

Computer equipment
 £

Motor vehicles
 £

Plant and machinery
 £

Total
£

Cost or valuation

At 1 March 2022

151,970

87,634

171,504

408,953

820,061

Additions

-

1,832

-

89,111

90,943

At 28 February 2023

151,970

89,466

171,504

498,064

911,004

Depreciation

At 1 March 2022

105,896

78,025

79,077

269,854

532,852

Charge for the year

7,598

5,583

23,107

21,277

57,565

At 28 February 2023

113,494

83,608

102,184

291,131

590,417

Carrying amount

At 28 February 2023

38,476

5,858

69,320

206,933

320,587

At 28 February 2022

46,074

9,609

92,427

139,099

287,209

 

Nantmor Blinds Limited

Notes to the Financial Statements for the Year Ended 28 February 2023

6

Investments

2023
£

2022
£

Investments in subsidiaries

100

100

Subsidiaries

£

Cost or valuation

At 1 March 2022

100

Carrying amount

At 28 February 2023

100

At 28 February 2022

100

7

Stocks

2023
£

2022
£

Stocks

175,891

112,887

8

Debtors

2023
£

2022
£

Trade debtors

140,462

103,265

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

551,710

426,124

Other debtors

11,475

9,035

Prepayments

9,235

9,199

712,882

547,623

 

Nantmor Blinds Limited

Notes to the Financial Statements for the Year Ended 28 February 2023

9

Creditors

Creditors: amounts falling due within one year

Note

2023
 £

2022
 £

Due within one year

 

Trade creditors

 

176,543

100,344

Loans and borrowing

11

72,923

92,554

Taxation and social security

 

85,138

95,634

Other creditors

 

92,286

91,936

Payments on account

 

150,189

121,417

Corporation tax

 

55,820

75,758

Accrued expenses and deferred income

 

15,728

19,322

 

648,627

596,965

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £72,923 (2022 - £92,554).

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

11

132,840

205,763

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £132,840 (2022 - £205,763).

10

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

10,000

10,000

10,000

10,000

         

11

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

120,833

170,833

Hire purchase contracts

12,007

34,930

132,840

205,763

 

Nantmor Blinds Limited

Notes to the Financial Statements for the Year Ended 28 February 2023

2023
£

2022
£

Current loans and borrowings

Bank borrowings

50,000

65,987

Hire purchase contracts

22,923

26,567

72,923

92,554

12

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, in respect of operating leases is £14,736 (2022 - £33,828).