Company registration number 06588882 (England and Wales)
N C HOLDINGS (WELSHPOOL) LIMITED
Unaudited Financial Statements
for the Year Ended 31 December 2023
N C HOLDINGS (WELSHPOOL) LIMITED
Contents
Page
Company information
1
Balance sheet
2
Notes to the financial statements
3 - 6
N C HOLDINGS (WELSHPOOL) LIMITED
Company Information
- 1 -
Director
Mrs N C Jones
Company number
06588882
Registered office
Kenton Jones Limited
Henfaes Lane
Welshpool
SY21 7BE
Accountants
RCH Accountants Limited
Wellfield House
Temple Street
Llandrindod Wells
Powys
LD1 5HG
N C HOLDINGS (WELSHPOOL) LIMITED
Balance Sheet
As at 31 December 2023
- 2 -
31 December 2023
30 November 2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
108,747
151,310
Investments
5
2
2
108,749
151,312
Current assets
Cash at bank and in hand
8,835
7,822
Creditors: amounts falling due within one year
6
(113,657)
(156,229)
Net current liabilities
(104,822)
(148,407)
Total assets less current liabilities
3,927
2,905
Provisions for liabilities
(11,434)
(13,731)
Net liabilities
(7,507)
(10,826)
Capital and reserves
Called up share capital
102
102
Profit and loss reserves
(7,609)
(10,928)
Total equity
(7,507)
(10,826)

The director of the company has 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 director acknowledges her 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.

The financial statements were approved and signed by the director and authorised for issue on 4 April 2024
Mrs N C Jones
Director
Company registration number 06588882 (England and Wales)
N C HOLDINGS (WELSHPOOL) LIMITED
Notes to the Financial Statements
For the Year Ended 31 December 2023
- 3 -
1
Accounting policies
Company information

N C Holdings (Welshpool) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Kenton Jones Limited, Henfaes Lane, Welshpool, SY21 7BE.

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, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Going concern

At the balance sheet date the company had net current liabilities of £true104,822 (2022 - £148,407) and net liabilities of £7,507 (2023 - £10,826). However, included in creditors is a balance due to the subsidiary company of £104,344 (2022 - £132,116) and a balance due to the director of £1,449 (2022 - £15,949). With the continued support of the subsidiary company and the director, the director has prepared the accounts on a going concern basis.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
10% on cost
Fixtures and fittings
33% on reducing balance
Motor vehicles
25% on reducing balance

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
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

N C HOLDINGS (WELSHPOOL) LIMITED
Notes to the Financial Statements
For the Year Ended 31 December 2023
1
Accounting policies
- 4 -

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible 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). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are recognised at transaction price.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised at transaction price.

N C HOLDINGS (WELSHPOOL) LIMITED
Notes to the Financial Statements
For the Year Ended 31 December 2023
1
Accounting policies
- 5 -
1.8
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.

1.9
Leases

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
1
1
N C HOLDINGS (WELSHPOOL) LIMITED
Notes to the Financial Statements
For the Year Ended 31 December 2023
- 6 -
4
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 January 2023
418,941
21,927
42,740
483,608
Additions
7,012
330
-
0
7,342
Disposals
(44,000)
-
0
-
0
(44,000)
At 31 December 2023
381,953
22,257
42,740
446,950
Depreciation and impairment
At 1 January 2023
285,870
19,745
26,683
332,298
Depreciation charged in the year
21,316
740
4,016
26,072
Eliminated in respect of disposals
(20,167)
-
0
-
0
(20,167)
At 31 December 2023
287,019
20,485
30,699
338,203
Carrying amount
At 31 December 2023
94,934
1,772
12,041
108,747
At 31 December 2022
133,071
2,182
16,057
151,310
5
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
2
2
6
Creditors: amounts falling due within one year
2023
2022
£
£
Amounts owed to group undertakings
104,344
132,116
Other creditors
8,113
22,613
Accruals and deferred income
1,200
1,500
113,657
156,229
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