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COMPANY REGISTRATION NUMBER: 1255101
Nalestar Limited
Filleted Unaudited Financial Statements
30 April 2023
Nalestar Limited
Statement of Financial Position
30 April 2023
2023
2022
Note
£
£
£
£
Fixed assets
Tangible assets
6
265,000
265,000
Current assets
Stocks
206,647
229,812
Debtors
7
742,374
716,309
Cash at bank and in hand
8,712
10,531
---------
---------
957,733
956,652
Creditors: amounts falling due within one year
8
512,563
346,503
---------
---------
Net current assets
445,170
610,149
---------
---------
Total assets less current liabilities
710,170
875,149
Creditors: amounts falling due after more than one year
9
159,722
201,389
---------
---------
Net assets
550,448
673,760
---------
---------
Capital and reserves
Called up share capital
10
50,000
50,000
Revaluation reserve
140,665
140,665
Profit and loss account
359,783
483,095
---------
---------
Shareholders funds
550,448
673,760
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 30 April 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 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Nalestar Limited
Statement of Financial Position (continued)
30 April 2023
These financial statements were approved by the board of directors and authorised for issue on 12 March 2024 , and are signed on behalf of the board by:
Mr M Soma
Director
Company registration number: 1255101
Nalestar Limited
Notes to the Financial Statements
Year ended 30 April 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Melton House, Melton Place, Leyland, Preston, Lancashire, PR25 4XU.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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 measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
25% reducing balance
Fixtures and fittings
-
25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 20 (2022: 33 ).
5. Tax on (loss)/profit
Major components of tax (income)/expense
2023
2022
£
£
Current tax:
UK current tax (income)/expense
( 20,242)
20,242
--------
--------
Tax on (loss)/profit
( 20,242)
20,242
--------
--------
6. Tangible assets
Freehold property
Plant and machinery
Fixtures and fittings
Total
£
£
£
£
Cost
At 1 May 2022 and 30 April 2023
265,000
212,745
58,910
536,655
---------
---------
--------
---------
Depreciation
At 1 May 2022 and 30 April 2023
212,745
58,910
271,655
---------
---------
--------
---------
Carrying amount
At 30 April 2023
265,000
265,000
---------
---------
--------
---------
At 30 April 2022
265,000
265,000
---------
---------
--------
---------
7. Debtors
2023
2022
£
£
Trade debtors
182,088
157,567
Amounts owed by group undertakings
547,700
547,700
Prepayments and accrued income
12,586
11,042
---------
---------
742,374
716,309
---------
---------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
41,667
41,667
Trade creditors
90,168
63,370
Accruals and deferred income
2,905
11,561
Corporation tax
20,242
Social security and other taxes
146,165
63,324
Other creditors
84,947
Factoring account
146,711
146,339
---------
---------
512,563
346,503
---------
---------
9. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
159,722
201,389
---------
---------
10. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
50,000
50,000
50,000
50,000
--------
--------
--------
--------
11. Directors' advances, credits and guarantees
During the year there were no director's advances, credits and guarantees.
12. Controlling party
The ultimate parent undertaking of the Company is Nalestar Holdings Ltd. The registered office and principal place of business of Nalestar Holdings Ltd is Unit 2 Mill Hill Industrial Estate, Quarry Lane, Leicester, Leicestershire, LE19 4AU. The Company is the subsidiary undertaking of a small group and as such is not required by the Companies Act 2006 to prepare group accounts.