Company registration number 03289533 (England and Wales)
NORTHERN DISTRIBUTION LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
NORTHERN DISTRIBUTION LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
NORTHERN DISTRIBUTION LTD
BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
107,394
184,982
Current assets
Stocks
2,209
6,215
Debtors
4
129,984
159,113
Cash at bank and in hand
55,819
87,034
188,012
252,362
Creditors: amounts falling due within one year
5
(73,555)
(114,955)
Net current assets
114,457
137,407
Total assets less current liabilities
221,851
322,389
Creditors: amounts falling due after more than one year
6
(54,643)
(90,068)
Provisions for liabilities
(17,595)
(26,839)
Net assets
149,613
205,482
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
149,513
205,382
Total equity
149,613
205,482
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 year ended 31 December 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 year 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.
NORTHERN DISTRIBUTION LTD
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023
31 December 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 28 February 2024 and are signed on its behalf by:
T M Willans
Director
Company registration number 03289533 (England and Wales)
NORTHERN DISTRIBUTION LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information
Northern Distribution Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Henson Road, Yarm Road Business Park, Darlington, Co Durham, DL1 4QD.
1.1
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. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover comprises haulage and storage services provided in the normal course of business. 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.
1.3
Tangible fixed assets
Tangible fixed assets are measured at cost and subsequently measured at cost net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Plant and machinery
18.75% straight line
Motor vehicles
18.75% straight line
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.
1.4
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).
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to sell.
1.6
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.
NORTHERN DISTRIBUTION LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. 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 equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.8
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.10
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease.
NORTHERN DISTRIBUTION LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
10
10
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2023
270,965
Additions
603
Disposals
(71,413)
At 31 December 2023
200,155
Depreciation and impairment
At 1 January 2023
85,983
Depreciation charged in the year
46,349
Eliminated in respect of disposals
(39,571)
At 31 December 2023
92,761
Carrying amount
At 31 December 2023
107,394
At 31 December 2022
184,982
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
113,733
122,113
Other debtors
16,251
37,000
129,984
159,113
NORTHERN DISTRIBUTION LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
9,788
10,000
Trade creditors
4,397
17,418
Taxation and social security
29,063
32,766
Other creditors
30,307
54,771
73,555
114,955
Included in other creditors is £25,849 (2022 - £48,627) due on hire purchase contracts and finance leases which are secured on the assets concerned.
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
19,310
28,886
Other creditors
35,333
61,182
54,643
90,068
Notes
Included in other creditors, falling after one year, is £35,333 (2022 - £61,182) due on hire purchase contracts and finance leases which are secured on the assets concerned.