Registered number
10868115
NORTHSTAR SPECIALIST VEHICLE CONVERSIONS LIMITED
Filleted Accounts
31 March 2023
NORTHSTAR SPECIALIST VEHICLE CONVERSIONS LIMITED
Registered number: 10868115
Balance Sheet
as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 16,393 21,231
Current assets
Stocks 151,200 100,250
Debtors 4 62,313 22,226
Cash at bank and in hand 415,960 365,053
629,473 487,529
Creditors: amounts falling due within one year 5 (157,363) (198,692)
Net current assets 472,110 288,837
Net assets 485,388 310,068
Capital and reserves
Called up share capital 100 100
Profit and loss account 485,288 309,968
Shareholders' funds 485,388 310,068
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
MR A COOMBE
Director
Approved by the board on 13 December 2023
NORTHSTAR SPECIALIST VEHICLE CONVERSIONS LIMITED
Notes to the Accounts
for the year ended 31 March 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 25% x Written down value
Motor Vehicles 25% x Written down value
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 27 19
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 April 2022 5,884 26,208 32,092
Additions 626 - 626
At 31 March 2023 6,510 26,208 32,718
Depreciation
At 1 April 2022 1,540 9,321 10,861
Charge for the year 1,242 4,222 5,464
At 31 March 2023 2,782 13,543 16,325
Net book value
At 31 March 2023 3,728 12,665 16,393
At 31 March 2022 4,344 16,887 21,231
4 Debtors 2023 2022
£ £
Trade debtors 30,372 -
Other debtors 31,941 22,226
62,313 22,226
5 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 23,060 7,943
Deposits rec'd in advance 43,112 106,086
Taxation and social security costs 72,582 72,183
Other creditors 18,609 12,480
157,363 198,692
6 Other information
NORTHSTAR SPECIALIST VEHICLE CONVERSIONS LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
THE MAIN BUILDING
PROSPECT ROAD
COWES
ISLE OF WIGHT
PO31 7AD
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