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Registration number: 04644336

Northern Tubs Limited

Filleted Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2023

 

Northern Tubs Limited

Contents

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3 to 7

 

Northern Tubs Limited

Company Information

Directors

P H Scott

J R Scott

Registered office

22 Lady Park
Gateshead
Tyne & Wear
NE11 0HD

Accountants

Azets
Bulman House
Regent Centre
Gosforth
Newcastle upon Tyne
NE3 3LS

 

Northern Tubs Limited

(Registration number: 04644336)
Statement of Financial Position as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

2,132

2,675

Current assets

 

Stocks

6

20,621

21,445

Debtors

7

530,578

512,218

Cash at bank and in hand

 

36,017

65,830

 

587,216

599,493

Creditors: Amounts falling due within one year

8

(31,937)

(41,753)

Net current assets

 

555,279

557,740

Total assets less current liabilities

 

557,411

560,415

Provisions for liabilities

(522)

(657)

Net assets

 

556,889

559,758

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

556,789

559,658

Total equity

 

556,889

559,758

For the financial year ending 31 March 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; and

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 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 Income Statement.

Approved and authorised for issue by the Board on 8 March 2024 and signed on its behalf by:
 

.........................................
J R Scott
Director

   
     
 

Northern Tubs Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is 22 Lady Park, Gateshead, Tyne & Wear, NE11 0HD.

2

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 prepared in sterling which is the functional currency of the entity.

Going concern

The financial statements have been prepared on a going concern basis. The company meets its day to day working capital requirements through cash generated from operations and shareholder funding. The company’s forecasts and projections for the next twelve months show that the company should be able to continue in operational existence for that period, taking into account reasonable possible changes in trading performance.

Based on the factors set out above the directors believe that it remains appropriate to prepare the financial statements on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods 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

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Northern Tubs Limited

Notes to the Financial Statements for the Year Ended 31 March 2023 (continued)

2

Accounting policies (continued)

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 tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements. Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

 

Asset class

Depreciation method and rate

 

Porta Cabin

25% reducing balance

 

Plant and machinery

25% reducing balance

 

Equipment

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 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

20% straight line

Trade debtors

Trade debtors are amounts due from customers for merchandise sold in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Northern Tubs Limited

Notes to the Financial Statements for the Year Ended 31 March 2023 (continued)

2

Accounting policies (continued)

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.

At each reporting date, stocks are assessed for impairment. If stocks are 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.

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.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

 

Northern Tubs Limited

Notes to the Financial Statements for the Year Ended 31 March 2023 (continued)

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 April 2022 and 31 March 2022

61,600

61,600

Amortisation

At 1 April 2022 and 31 March 2022

61,600

61,600

Carrying amount

At 31 March 2021 and 31 March 2023

-

-

5

Tangible assets

Porta Cabin
£

Plant and machinery
£

Equipment
£

Total
£

Cost or valuation

At 1 April 2022

4,667

15,895

4,821

25,383

Additions

-

184

114

298

At 31 March 2023

4,667

16,079

4,935

25,681

Depreciation

At 1 April 2022

4,621

13,722

4,365

22,708

Charge for the year

12

614

215

841

At 31 March 2023

4,633

14,336

4,580

23,549

Carrying amount

At 31 March 2023

34

1,743

355

2,132

At 31 March 2022

46

2,173

456

2,675

6

Stocks

2023
£

2022
£

Raw materials and consumables

20,621

21,445

 

Northern Tubs Limited

Notes to the Financial Statements for the Year Ended 31 March 2023 (continued)

7

Debtors

2023
£

2022
£

Trade debtors

7,019

6,126

Prepayments

638

995

Other debtors

522,921

505,097

530,578

512,218

8

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

16,398

26,038

Taxation and social security

1,276

1,752

Accruals and deferred income

3,752

4,127

Other creditors

796

1,916

Corporation tax liability

9,715

7,920

31,937

41,753