Caseware UK (AP4) 2022.0.179 2022.0.179 2023-04-302023-04-302022-05-01falseNo description of principal activity89falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 11970097 2022-05-01 2023-04-30 11970097 2021-05-01 2022-04-30 11970097 2023-04-30 11970097 2022-04-30 11970097 c:Director1 2022-05-01 2023-04-30 11970097 c:Director3 2022-05-01 2023-04-30 11970097 c:Director5 2022-05-01 2023-04-30 11970097 c:RegisteredOffice 2022-05-01 2023-04-30 11970097 d:PlantMachinery 2022-05-01 2023-04-30 11970097 d:PlantMachinery 2023-04-30 11970097 d:PlantMachinery 2022-04-30 11970097 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-05-01 2023-04-30 11970097 d:FurnitureFittings 2022-05-01 2023-04-30 11970097 d:FurnitureFittings 2023-04-30 11970097 d:FurnitureFittings 2022-04-30 11970097 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-05-01 2023-04-30 11970097 d:OfficeEquipment 2022-05-01 2023-04-30 11970097 d:OfficeEquipment 2023-04-30 11970097 d:OfficeEquipment 2022-04-30 11970097 d:OfficeEquipment d:OwnedOrFreeholdAssets 2022-05-01 2023-04-30 11970097 d:OwnedOrFreeholdAssets 2022-05-01 2023-04-30 11970097 d:CurrentFinancialInstruments 2023-04-30 11970097 d:CurrentFinancialInstruments 2022-04-30 11970097 d:Non-currentFinancialInstruments 2023-04-30 11970097 d:Non-currentFinancialInstruments 2022-04-30 11970097 d:CurrentFinancialInstruments d:WithinOneYear 2023-04-30 11970097 d:CurrentFinancialInstruments d:WithinOneYear 2022-04-30 11970097 d:Non-currentFinancialInstruments d:AfterOneYear 2023-04-30 11970097 d:Non-currentFinancialInstruments d:AfterOneYear 2022-04-30 11970097 d:ShareCapital 2023-04-30 11970097 d:ShareCapital 2022-04-30 11970097 d:RetainedEarningsAccumulatedLosses 2023-04-30 11970097 d:RetainedEarningsAccumulatedLosses 2022-04-30 11970097 c:OrdinaryShareClass1 2022-05-01 2023-04-30 11970097 c:OrdinaryShareClass1 2023-04-30 11970097 c:OrdinaryShareClass1 2022-04-30 11970097 c:FRS102 2022-05-01 2023-04-30 11970097 c:AuditExemptWithAccountantsReport 2022-05-01 2023-04-30 11970097 c:FullAccounts 2022-05-01 2023-04-30 11970097 c:PrivateLimitedCompanyLtd 2022-05-01 2023-04-30 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 11970097










THE NORFOLK SEWING COMPANY LTD








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 APRIL 2023

 
THE NORFOLK SEWING COMPANY LTD
 
 
COMPANY INFORMATION


Directors
R S Jeans 
J Mcnicol 
J K Mcnicol 




Registered number
11970097



Registered office
Unit 3 Vulcan Road

Norwich

Norfolk

NR6 6AQ




Accountants
MA Partners LLP
Chartered Accountants

7 The Close

Norwich

Norfolk

NR1 4DJ





 
THE NORFOLK SEWING COMPANY LTD
 

CONTENTS



Page
Accountants' report
 
 
1
Balance sheet
 
 
2 - 3
Notes to the financial statements
 
 
4 - 9


 
THE NORFOLK SEWING COMPANY LTD
 
 
  
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF THE NORFOLK SEWING COMPANY LTD
FOR THE YEAR ENDED 30 APRIL 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 The Norfolk Sewing Company Ltd for the year ended 30 April 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 The Norfolk Sewing Company Ltd, as a body, in accordance with the terms of our engagement letter dated 13 August 2019Our work has been undertaken solely to prepare for your approval the financial statements of The Norfolk Sewing Company Ltd  and state those matters that we have agreed to state to the Board of directors of The Norfolk Sewing Company 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 The Norfolk Sewing Company Ltd and its Board of directors, as a body, for our work or for this report. 

It is your duty to ensure that The Norfolk Sewing Company 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 loss of The Norfolk Sewing Company Ltd. You consider that The Norfolk Sewing Company 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 The Norfolk Sewing Company 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
5 February 2024
Page 1

 
THE NORFOLK SEWING COMPANY LTD
REGISTERED NUMBER: 11970097

BALANCE SHEET
AS AT 30 APRIL 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
10,437
12,846

Current assets
  

Stocks
 5 
8,070
9,500

Debtors: amounts falling due within one year
 6 
3,905
2,703

Cash at bank and in hand
  
3,642
12,661

  
15,617
24,864

Creditors: amounts falling due within one year
 7 
(54,443)
(40,845)

Net current liabilities
  
 
 
(38,826)
 
 
(15,981)

Total assets less current liabilities
  
(28,389)
(3,135)

Creditors: amounts falling due after more than one year
 8 
(17,174)
(22,104)

  

Net liabilities
  
(45,563)
(25,239)


Capital and reserves
  

Called up share capital 
 9 
100
100

Profit and loss account
  
(45,663)
(25,339)

  
(45,563)
(25,239)


Page 2

 
THE NORFOLK SEWING COMPANY LTD
REGISTERED NUMBER: 11970097
    
BALANCE SHEET (CONTINUED)
AS AT 30 APRIL 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 Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

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 profit and loss account 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 5 February 2024.




J Mcnicol
Director

The notes on pages 4 to 9 form part of these financial statements.

Page 3

 
THE NORFOLK SEWING COMPANY LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

1.


General information

The Norfolk Sewing Company Ltd is a private company limited by shares, incorporated and domiciled in England and Wales. The registered office is Unit 3 Vulcan Road North, Norwich, England, NR6 6AQ.
The Company's principal place of business is Norfolk. The Company's principal activity is the manufacture of textiles.

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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Going concern

The Company had net liabilities at the balance sheet date. The directors have confirmed they will continue to provide support for the forseeable future, and the business will continue to trade for a period of at least 12 months from the date of signing the balance sheet. 

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Profit and loss account within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 4

 
THE NORFOLK SEWING COMPANY LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue 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 revenue is recognised:

Sale of goods

Revenue 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 revenue 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.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.7

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.8

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Page 5

 
THE NORFOLK SEWING COMPANY LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

2.Accounting policies (continued)

 
2.9

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 the following basis.


Plant and machinery
-
20%
Reducing balance
Fixtures and fittings
-
15%
Reducing balance
Office equipment
-
25%
Straight line

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.

 
2.10

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.11

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.12

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.13

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 6

 
THE NORFOLK SEWING COMPANY LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

2.Accounting policies (continued)

 
2.14

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.


3.


Employees

The average monthly number of employees, including the directors, during the year was as follows:


        2023
        2022
            No.
            No.







Directors
3
3



Employees
5
6

8
9

Page 7

 
THE NORFOLK SEWING COMPANY LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

4.


Tangible fixed assets





Plant and machinery
Fixtures and fittings
Office equipment
Total

£
£
£
£



Cost or valuation


At 1 May 2022
20,625
1,515
465
22,605



At 30 April 2023

20,625
1,515
465
22,605



Depreciation


At 1 May 2022
8,941
585
232
9,758


Charge for the year on owned assets
2,154
140
116
2,410



At 30 April 2023

11,095
725
348
12,168



Net book value



At 30 April 2023
9,530
790
117
10,437



At 30 April 2022
11,684
930
232
12,846


5.


Stocks

2023
2022
£
£

Raw materials and consumables
6,700
7,500

Work in progress
870
1,100

Finished goods
500
900

8,070
9,500



6.


Debtors

2023
2022
£
£


Trade debtors
3,871
2,669

Called up share capital not paid
34
34

3,905
2,703


Page 8

 
THE NORFOLK SEWING COMPANY LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
5,427
5,306

Trade creditors
5,968
5,507

Other taxation and social security
1,895
1,640

Other creditors
39,000
26,755

Accruals and deferred income
2,153
1,637

54,443
40,845



8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
17,174
22,104

17,174
22,104



9.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



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



10.


Related party transactions

As at 30 April 2023, the balance owed to one of the directors by the Company was £5,952 (2022: £6,000). The loan is interest free, repayable on demand and is included within other creditors in note 7 to the financial statements.        

During the year the Company paid net rents to a company under common control totalling £7,200 (2022: £5,300). As at 30 April 2023 a balance of £32,982 (2022: £20,755) was owed to the company under                                                                                               common control. The loan is interest free, repayable on demand and included within other creditors in note 7 to the financial statements. 

 
Page 9