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Registered Number: 06501557
England and Wales

 

 

 

DAVID NUGENT & CO LIMITED


Abridged Accounts
 


Period of accounts

Start date: 01 June 2022

End date: 31 May 2023
 
 
Notes
 
2023
£
  2022
£
Fixed assets      
Intangible fixed assets 3 58,568    48,353 
Tangible fixed assets 4 77,123    6,655 
135,691    55,008 
Current assets      
Debtors 24,523    16,443 
Cash at bank and in hand 11,410    34,516 
35,933    50,959 
Creditors: amount falling due within one year (45,252)   (54,666)
Net current liabilities (9,319)   (3,707)
 
Total assets less current liabilities 126,372    51,301 
Creditors: amount falling due after more than one year (67,179)   (19,301)
Net assets 59,193    32,000 
 

Capital and reserves
     
Called up share capital 1    1 
Profit and loss account 59,192    31,999 
Shareholder's funds 59,193    32,000 
 


For the year ended 31 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The director acknowledges their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
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 to the Registrar of Companies.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with section 444(2A).
The financial statements were approved by the director on 22 February 2024 and were signed by:


-------------------------------
David Nugent
Director
1
General Information
David Nugent & Co Limited is a private company, limited by shares, registered in England and Wales, registration number 06501557, registration address The Counting House, 4A Moss Lane, Swinton, Manchester, M27 9SA.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 102 – The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in sterling which is the functional currency of the company.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Intangible assets
Intangible assets (including purchased goodwill and patents) are amortised at rates calculated to write off the assets on a straight line basis over their estimated useful economic lives. Impairment of intangible assets is only reviewed where circumstances indicate that the carrying value of an asset may not be fully recoverable.
Goodwill
Acquired goodwill is stated at cost less amortisation. Amortisation is calculated on a straight line basis over the estimated expected useful economic life of the goodwill of 10 years.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Motor Vehicles 25% Straight Line
Fixtures and Fittings 15% Reducing Balance
Computer Equipment 25% Reducing Balance
Assets on finance lease and hire purchase
Assets held under finance lease or hire purchase contracts i.e. those contracts where substantially all the risks and rewards of ownership have passed to the company, are included in the appropriate category of tangible fixed assets and depreciated over the shorter of the lease term and their estimated expected useful lives.
Future obligations under such contracts are included in creditors net of the finance charge allocated to future periods.
2.

Average number of employees

Average number of employees during the year was 7 (2022 : 7).
3.

Intangible fixed assets

Cost Goodwill   Total
  £   £
At 01 June 2022 168,149    168,149 
Additions 17,811    17,811 
Disposals  
At 31 May 2023 185,960    185,960 
Amortisation
At 01 June 2022 119,796    119,796 
Charge for year 7,596    7,596 
On disposals  
At 31 May 2023 127,392    127,392 
Net book values
At 31 May 2023 58,568    58,568 
At 31 May 2022 48,353    48,353 


4.

Tangible fixed assets

Cost or valuation Fixtures and Fittings   Computer Equipment   Motor Vehicles   Total
  £   £   £   £
At 01 June 2022 1,811    19,913      21,724 
Additions   1,335    71,050    72,385 
Disposals      
At 31 May 2023 1,811    21,248    71,050    94,109 
Depreciation
At 01 June 2022 1,008    14,061      15,069 
Charge for year 120    1,797      1,917 
On disposals      
At 31 May 2023 1,128    15,858      16,986 
Net book values
Closing balance as at 31 May 2023 683    5,390    71,050    77,123 
Opening balance as at 01 June 2022 803    5,852      6,655 

The net book value of Motor Vehicles includes £ 71,050 in respect of assets leased under finance leases or hire purchase contracts.

2