Registered number
04189309
Nortaq Limited
Unaudited Filleted Accounts
31 March 2023
Nortaq Limited
Registered number: 04189309
Balance Sheet
as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 70,197 110,827
Current assets
Debtors 4 451,454 522,022
Investments held as current assets 5 30,227 30,227
Cash at bank and in hand 1,511,456 1,281,558
1,993,137 1,833,807
Creditors: amounts falling due within one year 6 (735,034) (661,390)
Net current assets 1,258,103 1,172,417
Total assets less current liabilities 1,328,300 1,283,244
Creditors: amounts falling due after more than one year 7 (21,667) (31,667)
Provisions for liabilities (2,585) (6,100)
Net assets 1,304,048 1,245,477
Capital and reserves
Called up share capital 40,000 40,000
Profit and loss account 1,264,048 1,205,477
Shareholders' funds 1,304,048 1,245,477
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
S Hunter
Director
Approved by the board on 11 March 2024
Nortaq Limited
Notes to the Accounts
for the year ended 31 March 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Leasehold improvements over the lease term
Plant and machinery over 3 years
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 3 3
3 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 April 2022 92,661 480,397 573,058
Additions - 24,056 24,056
At 31 March 2023 92,661 504,453 597,114
Depreciation
At 1 April 2022 24,189 438,042 462,231
Charge for the year 21,513 43,173 64,686
At 31 March 2023 45,702 481,215 526,917
Net book value
At 31 March 2023 46,959 23,238 70,197
At 31 March 2022 68,472 42,355 110,827
4 Debtors 2023 2022
£ £
Trade debtors 381,969 444,594
Other debtors 69,485 77,428
451,454 522,022
5 Investments held as current assets 2023 2022
£ £
Fair value
Unlisted investments 30,227 30,227
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 10,000 10,000
Trade creditors 498,477 422,195
Taxation and social security costs 59,471 97,607
Other creditors 167,086 131,588
735,034 661,390
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 21,667 31,667
8 Other financial commitments 2023 2022
£ £
Total future minimum payments under non-cancellable operating leases 314,083 438,683
9 Mortgages and charges
A debenture dated 24 January 2011, created by the company for securing all monies due or to become due to HSBC Bank plc on any account whatsoever, was registered at Companies House on 25 January 2011.
10 Related party transactions
During the year, the company invoiced £23,602 in respect of rent to Budget Travel Limited, another company in which the director, S Hunter, is a director and controlling shareholder. At 31 March 2023, the company owed £4,178 (2022: £12,500) to Budget Travel Limited.
11 Controlling party
The ultimate controlling party is S Hunter, the director and owner of a majority of the issued share capital of the company.
12 Other information
Nortaq Limited is a private company limited by shares and incorporated in England. Its registered office is:
38 Hertford Street
London
W1J 7SG
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