Company registration number 01653281 (England and Wales)
NELSON (H.C.C.) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 10 AUGUST 2023
PAGES FOR FILING WITH REGISTRAR
NELSON (H.C.C.) LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 8
NELSON (H.C.C.) LIMITED
BALANCE SHEET
AS AT
10 AUGUST 2023
10 August 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
4
1
1
Tangible assets
5
1,486
2,199
1,487
2,200
Current assets
Stocks
64,799
90,964
Debtors
6
80,796
194,896
Cash at bank and in hand
111,688
147,697
257,283
433,557
Creditors: amounts falling due within one year
7
(257,447)
(323,633)
Net current (liabilities)/assets
(164)
109,924
Net assets
1,323
112,124
Capital and reserves
Called up share capital
8
237
237
Share premium account
120,000
120,000
Profit and loss reserves
(118,914)
(8,113)
Total equity
1,323
112,124

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial Period ended 10 August 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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 members have not required the company to obtain an audit of its financial statements for the Period in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 22 February 2024 and are signed on its behalf by:
Mr AA Fazal
Director
Company registration number 01653281 (England and Wales)
NELSON (H.C.C.) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 10 AUGUST 2023
- 2 -
1
Accounting policies
Company information

Nelson (H.C.C.) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Yarnspinners Primary Care Centre, Yarnspinners Wharf, Carr Road, Nelson, United Kingdom, BB9 7SR.

1.1
Reporting period

The financial statements are presented for a period longer than one year. The accounting period has been extended from 30 April 2023 to 10 August 2023 due to a change in ownership. Due to the extension, the comparative amounts detailed in the financial statements are not entirely comparable.

1.2
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.4
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life.

NELSON (H.C.C.) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 10 AUGUST 2023
1
Accounting policies
(Continued)
- 3 -
1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
20% straight line basis
Fixtures and fittings
10% straight line basis

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.7
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

NELSON (H.C.C.) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 10 AUGUST 2023
1
Accounting policies
(Continued)
- 4 -
1.8
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.9
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.10
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.11
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

NELSON (H.C.C.) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 10 AUGUST 2023
1
Accounting policies
(Continued)
- 5 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised 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 calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to reserves, in which case the deferred tax is also dealt with in reserves.

1.12
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

1.13
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.14
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

NELSON (H.C.C.) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 10 AUGUST 2023
- 6 -
3
Employees

The average monthly number of persons (including directors) employed by the company during the Period was:

2023
2022
Number
Number
Total
18
18
4
Intangible fixed assets
Goodwill
£
Cost
At 1 May 2022 and 10 August 2023
25,500
Amortisation and impairment
At 1 May 2022 and 10 August 2023
25,499
Carrying amount
At 10 August 2023
1
At 30 April 2022
1
5
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Total
£
£
£
Cost
At 1 May 2022 and 10 August 2023
67,127
125,658
192,785
Depreciation and impairment
At 1 May 2022
65,777
124,809
190,586
Depreciation charged in the Period
623
90
713
At 10 August 2023
66,400
124,899
191,299
Carrying amount
At 10 August 2023
727
759
1,486
At 30 April 2022
1,350
849
2,199
NELSON (H.C.C.) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 10 AUGUST 2023
- 7 -
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
31,269
112,094
Corporation tax recoverable
4,482
1,646
Other debtors
32,247
62,315
Prepayments and accrued income
12,798
18,841
80,796
194,896
7
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
187,581
203,503
Taxation and social security
954
1,665
Other creditors
68,912
118,465
257,447
323,633
8
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
'A' ordinary shares of 1p each
611
611
6
6
'B' ordinary shares of 1p each
23,073
23,073
231
231
23,684
23,684
237
237
9
Directors' transactions

Advances or credits have been granted by the company to its directors as follows:

Dividends totalling £0 (2022 - £0) were paid in the Period in respect of shares held by the company's directors.

Description
% Rate
Opening balance
Closing balance
£
£
Loan
-
1,688
1,688
Loan
-
1,688
1,688
Loan
-
1,688
1,688
5,064
5,064
NELSON (H.C.C.) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 10 AUGUST 2023
- 8 -
10
Parent company

The ultimate parent is Nelson Heath Holdings Limited, incorporation in England.

11
Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension charge represents contributions payable by the Company to the fund and amounted to £3,063 (2022: £1,990). Contributions totalling £517 (2022: £438) were payable to the fund at the balance sheet date and are included within creditors.

2023-08-102022-05-01false23 February 2024CCH SoftwareCCH Accounts Production 2023.300No description of principal activityMr R M LeeMr M K HardySykes Chemists LimitedMr A A FazalMr A H JawidMr S B Mirzafalse016532812022-05-012023-08-10016532812023-08-10016532812022-04-3001653281core:NetGoodwill2023-08-1001653281core:NetGoodwill2022-04-3001653281core:PlantMachinery2023-08-1001653281core:FurnitureFittings2023-08-1001653281core:PlantMachinery2022-04-3001653281core:FurnitureFittings2022-04-3001653281core:CurrentFinancialInstrumentscore:WithinOneYear2023-08-1001653281core:CurrentFinancialInstrumentscore:WithinOneYear2022-04-3001653281core:CurrentFinancialInstruments2023-08-1001653281core:CurrentFinancialInstruments2022-04-3001653281core:ShareCapital2023-08-1001653281core:ShareCapital2022-04-3001653281core:SharePremium2023-08-1001653281core:SharePremium2022-04-3001653281core:RetainedEarningsAccumulatedLosses2023-08-1001653281core:RetainedEarningsAccumulatedLosses2022-04-3001653281core:ShareCapitalOrdinaryShares2023-08-1001653281core:ShareCapitalOrdinaryShares2022-04-3001653281bus:Director42022-05-012023-08-1001653281core:Goodwill2022-05-012023-08-1001653281core:PlantMachinery2022-05-012023-08-1001653281core:FurnitureFittings2022-05-012023-08-10016532812021-05-012022-04-3001653281core:NetGoodwill2022-04-3001653281core:PlantMachinery2022-04-3001653281core:FurnitureFittings2022-04-30016532812022-04-3001653281bus:PrivateLimitedCompanyLtd2022-05-012023-08-1001653281bus:SmallCompaniesRegimeForAccounts2022-05-012023-08-1001653281bus:FRS1022022-05-012023-08-1001653281bus:AuditExemptWithAccountantsReport2022-05-012023-08-1001653281bus:Director12022-05-012023-08-1001653281bus:Director22022-05-012023-08-1001653281bus:Director32022-05-012023-08-1001653281bus:Director52022-05-012023-08-1001653281bus:Director62022-05-012023-08-1001653281bus:FullAccounts2022-05-012023-08-10xbrli:purexbrli:sharesiso4217:GBP