Registrar
Registration number:
for the Period from 1 January 2022 to
Nesor Equipment Company Ltd
Contents
Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
Nesor Equipment Company Ltd
Company Information
Directors |
C Knight K Knight |
Registered office |
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Bankers |
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Accountants |
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Nesor Equipment Company Ltd
(Registration number: 07631448)
Balance Sheet as at 30 June 2023
Note |
2023 |
2021 |
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Fixed assets |
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Tangible assets |
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Investments |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current (liabilities)/assets |
( |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
100 |
100 |
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Revaluation reserve |
297,637 |
297,637 |
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Retained earnings |
228,169 |
391,763 |
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Shareholders' funds |
525,906 |
689,500 |
For the financial period ended 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their 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.
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 directors have not delivered to the registrar a copy of the Profit and Loss Account.
Approved and authorised by the
Nesor Equipment Company Ltd
(Registration number: 07631448)
Balance Sheet as at 30 June 2023
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Nesor Equipment Company Ltd
Notes to the Financial Statements for the Period from 1 January 2022 to 30 June 2023
General information |
The company is a private company limited by share capital, incorporated in England & Wales.
The address of its registered office is:
The principal place of business is: Unit 7 Bellcroft, Eastways Industrial Estate, Witham, Essex, CM8 3YU.
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 sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.
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.
Tax
Current 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.
Deferred income 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 income 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.
Freehold land and buildings are included at the revalued amount based on fair value at the balance sheet date.
Nesor Equipment Company Ltd
Notes to the Financial Statements for the Period from 1 January 2022 to 30 June 2023
Depreciation
Depreciation is charged so as to write off the cost or valuation of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Office equipment |
33% straight line |
Motor vehicles |
25% Reducing balance |
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 held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten 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, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Goodwill |
straight line over 3 years |
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.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable 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.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
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 the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. 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.
Nesor Equipment Company Ltd
Notes to the Financial Statements for the Period from 1 January 2022 to 30 June 2023
Share capital
Ordinary shares are classified as equity.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
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.
Staff numbers |
The average number of persons employed by the company (including directors) during the period, was
Intangible assets |
Goodwill |
Total |
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Cost or valuation |
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At 1 January 2022 |
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At 30 June 2023 |
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Amortisation |
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At 1 January 2022 |
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At 30 June 2023 |
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Carrying amount |
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At 30 June 2023 |
- |
- |
Nesor Equipment Company Ltd
Notes to the Financial Statements for the Period from 1 January 2022 to 30 June 2023
Tangible assets |
Land and buildings |
Office equipment |
Motor vehicles |
Total |
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Cost or valuation |
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At 1 January 2022 |
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Additions |
- |
- |
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At 30 June 2023 |
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Depreciation |
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At 1 January 2022 |
- |
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Charge for the period |
- |
- |
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At 30 June 2023 |
- |
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Carrying amount |
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At 30 June 2023 |
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- |
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At 31 December 2021 |
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- |
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Land and Buildings (Freehold property) is 90% owned by company with 10% held by a SIPP.
Revaluation
The fair value of the company's Freehold property was revalued on 29 September 2022 by the directors. An independent valuer was not involved. . Had this class of asset been measured on a historical cost basis, the carrying amount would have been £
Investments |
2023 |
2021 |
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Investments in subsidiaries |
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Subsidiaries |
£ |
Cost or valuation |
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At 1 January 2022 |
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Provision |
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Carrying amount |
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At 30 June 2023 |
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At 31 December 2021 |
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Nesor Equipment Company Ltd
Notes to the Financial Statements for the Period from 1 January 2022 to 30 June 2023
Details of undertakings
Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
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2023 |
2021 |
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Subsidiary undertakings |
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3 Warners Mill
England |
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Subsidiary undertakings |
SPS Dental Sales Limited The principal activity of SPS Dental Sales Limited is |
Stocks |
2023 |
2021 |
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Stocks |
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59,582 |
Debtors |
Note |
2023 |
2021 |
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Trade debtors |
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Amounts owed by group undertakings and undertakings |
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- |
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Directors loan |
44,399 |
69,424 |
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Other debtors |
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Prepayments and accrued income |
1,250 |
5,182 |
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Total current trade and other debtors |
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Nesor Equipment Company Ltd
Notes to the Financial Statements for the Period from 1 January 2022 to 30 June 2023
Creditors |
Creditors: amounts falling due within one year
Note |
2023 |
2021 |
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Due within one year |
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Trade creditors |
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Loans and borrowings |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
- |
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Other creditors |
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Taxation and social security |
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Accruals and deferred income |
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Share capital |
Allotted, called up and fully paid shares
2023 |
2021 |
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No. |
£ |
No. |
£ |
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100 |
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100 |
Loans and borrowings |
2023 |
2021 |
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Non-current loans and borrowings |
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Bank borrowings |
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Finance lease liabilities |
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- |
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2023 |
2021 |
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Current loans and borrowings |
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Bank borrowings |
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Finance lease liabilities |
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- |
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Nesor Equipment Company Ltd
Notes to the Financial Statements for the Period from 1 January 2022 to 30 June 2023
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 is £
Related party transactions |
Transactions with directors |
2023 |
At 1 January 2022 |
Advances to director |
Repayments by director |
At 30 June 2023 |
Transactions with directors |
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( |
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2021 |
At 1 January 2021 |
Advances to director |
Repayments by director |
At 31 December 2021 |
Transactions with directors |
( |
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( |
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