1 June 2022 v2024.4.1 limited_company_frs_102_section_1a_v1_1_1 companies_houseSoftwarefalsetruetruetrueNo description of principal activityfalsetruexbrli:purexbrli:sharesiso4217:GBP039671002022-06-012023-05-31039671002023-05-31039671002022-05-3103967100core:WithinOneYear2023-05-3103967100core:WithinOneYear2022-05-3103967100core:AfterOneYear2023-05-3103967100core:AfterOneYear2022-05-3103967100core:ShareCapital2023-05-3103967100core:ShareCapital2022-05-3103967100core:RetainedEarningsAccumulatedLosses2023-05-3103967100core:RetainedEarningsAccumulatedLosses2022-05-3103967100bus:Director12022-06-012023-05-3103967100bus:RegisteredOffice2022-06-012023-05-3103967100core:LandBuildings2022-06-012023-05-3103967100core:PlantMachinery2022-06-012023-05-31039671002021-06-012022-05-3103967100core:LandBuildings2022-06-0103967100core:PlantMachinery2022-06-01039671002022-06-0103967100core:LandBuildings2023-05-3103967100core:PlantMachinery2023-05-3103967100core:PlantMachinery2022-05-310396710012022-06-012023-05-3103967100countries:EnglandWales2022-06-012023-05-3103967100bus:AuditExemptWithAccountantsReport2022-06-012023-05-3103967100bus:PrivateLimitedCompanyLtd2022-06-012023-05-3103967100bus:SmallEntities2022-06-012023-05-3103967100bus:FullAccounts2022-06-012023-05-31
Company registration number:
03967100
North Eastern Composites Limited
Unaudited Filleted Financial Statements for the year ended
31 May 2023
North Eastern Composites Limited
Report to the board of directors on the preparation of the unaudited statutory financial statements of North Eastern Composites Limited
Year ended
31 May 2023
As described on the statement of financial position, the Board of Directors of
North Eastern Composites Limited
are responsible for the preparation of the
financial statements
for the year ended
31 May 2023
, which comprise the income statement, statement of financial position and related notes.
You consider that the company is exempt from an audit under the Companies Act 2006.
In accordance with your instructions I have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to me.
Kellys Accounting & Bookkeeping Services
83 Agricola Gardens
Hadrian Park
Wallsend
Tyne & Wear
NE28 9RX
United Kingdom
Date:
7 February 2024
North Eastern Composites Limited
Statement of Financial Position
31 May 2023
20232022
Note££
Fixed assets    
Tangible assets 5
104,746
 
69,886
 
Current assets    
Stocks
304,739
 
317,528
 
Debtors 6
898,561
 
978,397
 
Cash at bank and in hand
9,159
 
19,153
 
1,212,459
 
1,315,078
 
Creditors: amounts falling due within one year 7
(1,149,556
)
(1,255,047
)
Net current assets
62,903
 
60,031
 
Total assets less current liabilities 167,649   129,917  
Creditors: amounts falling due after more than one year 8
(432,594
)
(478,825
)
Provisions for liabilities
(10,764
)
(13,278
)
Net liabilities
(275,709
)
(362,186
)
Capital and reserves    
Called up share capital
1,160
 
1,160
 
Profit and loss account
(276,869
)
(363,346
)
Shareholders deficit
(275,709
)
(362,186
)
For the year ending
31 May 2023
, the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
  • The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
  • The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These
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.
These
financial statements
were approved by the board of directors and authorised for issue on
7 February 2024
, and are signed on behalf of the board by:
Mr M Todd
Director
Company registration number:
03967100
North Eastern Composites Limited
Notes to the Financial Statements
Year ended
31 May 2023

1 General information

The company is a private company limited by shares and is registered in England and Wales. The address of the registered office is
Unit 3 South Nelson Road
,
South Nelson Industrial Estate
,
Cramlington
,
Northumberland
,
NE23 1WF
, England.

2 Statement of compliance

These
financial statements
have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable to the UK and Republic of Ireland'.

3 Accounting policies

Basis of preparation

The
financial statements
have been prepared on the historical cost basis, as modified by the revaluation of certain assets.
The
financial statements
are prepared in sterling, which is the functional currency of the company.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Current tax

Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Tangible assets

Tangible assets are initially measured at cost, and are subsequently measured at cost less any accumulated depreciation and accumulated impairment losses or at a revalued amount. Any tangible assets carried at a revalued amount are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation is recognised in other comprehensive income and accumulated in capital and reserves. However, the increase is recognised in profit or loss to the extent that it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves. If a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess is recognised in profit or loss.
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Land and buildings
10% on cost
Plant and machinery
25% straight line

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.

Finance leases and hire purchase contracts

Assets held under finance leases are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset.
Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is more likely than not that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured on an undiscounted basis at the tax rates that would apply in the periods in which timing differences are expected to reverse, based on tax rates and laws enacted at the statement of financial position date.

Defined contribution pension plan

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

Contingent Liabilities

Due to the fact the company entered into a CVA in May 2019, there is a contingent liability as failure to adhere to the terms of the CVA would result in the whole of the original debts becoming payable on demand.

4 Average number of employees

The average number of persons employed by the company during the year was
40
(2022:
40
).

5 Tangible assets

Land and buildingsPlant and machinery etc.Total
£££
Cost      
At
1 June 2022
2,594
 
195,188
 
197,782
 
Additions -  
86,260
 
86,260
 
Disposals -  
(68,405
)
(68,405
)
At
31 May 2023
2,594
 
213,043
 
215,637
 
Depreciation      
At
1 June 2022
2,594
 
125,302
 
127,896
 
Charge -  
46,420
 
46,420
 
Disposals -  
(63,425
)
(63,425
)
At
31 May 2023
2,594
 
108,297
 
110,891
 
Carrying amount      
At
31 May 2023
-  
104,746
 
104,746
 
At 31 May 2022 -  
69,886
 
69,886
 

6 Debtors

20232022
££
Trade debtors
746,378
 
907,873
 
Amounts owed by group undertakings and undertakings in which the company has a participating interest
103,372
  -  
Other debtors
48,811
 
70,524
 
898,561
 
978,397
 

7 Creditors: amounts falling due within one year

20232022
££
Bank loans and overdrafts
494,596
 
667,245
 
Trade creditors
372,547
 
301,003
 
Taxation and social security
118,357
 
199,119
 
Other creditors
164,056
 
87,680
 
1,149,556
 
1,255,047
 

8 Creditors: amounts falling due after more than one year

20232022
££
Other creditors
432,594
 
478,825