2022-07-01 10379189 2023-06-30 10379189 2022-07-01 2023-06-30 10379189 2022-06-30 10379189 2021-07-01 2022-06-30 10379189 uk-core:WithinOneYear 2022-06-30 10379189 uk-core:WithinOneYear 2023-06-30 10379189 uk-core:AfterOneYear 2022-06-30 10379189 uk-core:AfterOneYear 2023-06-30 10379189 uk-core:ShareCapital 2023-06-30 10379189 uk-core:ShareCapital 2022-06-30 10379189 uk-core:RetainedEarningsAccumulatedLosses 2023-06-30 10379189 uk-core:RetainedEarningsAccumulatedLosses 2022-06-30 10379189 uk-bus:Director1 2022-07-01 2023-06-30 10379189 uk-core:PlantMachinery 2022-07-01 2023-06-30 10379189 uk-core:OfficeEquipment 2022-07-01 2023-06-30 10379189 uk-core:OfficeEquipment 2022-06-30 10379189 uk-core:PlantMachinery 2022-06-30 10379189 uk-core:PlantMachinery 2023-06-30 10379189 uk-core:OfficeEquipment 2023-06-30 10379189 uk-core:WithinOneYear 2023-06-30 10379189 uk-core:WithinOneYear 2022-06-30 10379189 uk-core:AfterOneYear uk-core:Secured 2023-06-30 10379189 uk-core:AfterOneYear uk-core:Secured 2022-06-30 10379189 uk-core:MoreThanFiveYears 2023-06-30 10379189 uk-core:MoreThanFiveYears 2022-06-30 iso4217:GBP xbrli:pure 10379189 uk-bus:AuditExemptWithAccountantsReport 2022-07-01 2023-06-30 10379189 uk-bus:FRS102 2022-07-01 2023-06-30 10379189 uk-bus:FilletedAccounts 2022-07-01 2023-06-30 10379189 uk-bus:PrivateLimitedCompanyLtd 2022-07-01 2023-06-30
Norace Limited
Registered Number:10379189
For the year ended 30 June 2023
England and Wales
Unaudited Financial Statements
2
For the year ended 30 June 2023
Norace Limited
Contents Page
1
Statement of Financial Position
2 to 5
Notes to the Financial Statements
3
Registered Number :
10379189
As at 30 June 2023
Norace Limited
Statement of Financial Position
£
£
2022
2023
Notes
Fixed assets
Property, plant and equipment
36,072
12,700
2
36,072
12,700
Current assets
Trade and other receivables
27,191
16,495
3
764,551
Cash and cash equivalents
966,124
982,619
791,742
Trade and other payables: amounts falling due within one year
(134,212)
(219,808)
4
657,530
762,811
Net current assets
Total assets less current liabilities
798,883
670,230
Trade and other payables: amounts falling due after more than one
year
(155,995)
(138,547)
5
(9,080)
(3,137)
Provisions for liabilities
651,256
Net assets
511,098
Capital and reserves
Called up share capital
1
1
Retained earnings
651,255
511,097
651,256
511,098
Shareholders' funds
For the year ended 30 June 2023 the company was entitled to exemption from audit under Section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2023 in accordance with Section 476 of the Companies Act 2006
The director acknowledges his responsibilities for:a) ensuring that the company keeps proper accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
b) preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each
financial year and of its profit or loss for each financial year in accordance with the requirements of Section 394 and 395
and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as
applicable to the company.
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.
The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
Simone Palomba Director
These financial statements were approved and authorised for issue by the Board on 09 April 2024 and were signed by:
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4
Registered Number :
10379189
For the year ended 30 June 2023
Norace Limited
Statement of Financial Position Continued
The notes form part of these financial statements
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5
For the year ended 30 June 2023
Norace Limited
Notes to the Financial Statements
Statutory Information
Norace Limited is a private limited company, limited by shares, domiciled in England and Wales, registration number
10379189.
Principal place of business:
59 Park Street
Bristol
BS1 5NU
Registered address:
Bear Cottage
6a Bear Street
Wotton-Under-Edge
Gloucestershire
GL12 7DF
The presentation currency is £ sterling.
1. Accounting policies
Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of Section 1A of Financial Reporting
Standard 102 ''The Financial Reporting Standard applicable in the UK and Republic of Ireland'' and the Companies Act
2006. The financial statements have been prepared under the historical costs convention as modified by the revaluation
of certain assets.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax or other similar sales taxes.
Property, plant and equipment
Property, plant and equipment, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Plant and Machinery
25% Reducing balance
25% Reducing balance
Computer Equipment
Government grants
Government grants received are credited to deferred income. Grants towards capital expenditure are released to the profit and loss account over the expected useful life of the assets. Grants received towards revenue expenditure are released to the profit and loss account as the related expenditure is incurred.
Inventories
Inventories are value at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.
Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straightline basis over the period of the lease.
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6
For the year ended 30 June 2023
Norace Limited
Notes to the Financial Statements Continued
2. Property, plant and equipment
Total
Computer
Equipment
Plant and
Machinery
£
£
£
Cost or valuation
At 01 July 2022
16,933
1,293
15,640
35,396
-
35,396
Additions
At 30 June 2023
51,036
1,293
52,329
Provision for depreciation and impairment
At 01 July 2022
4,233
323
3,910
Charge for year
12,024
243
11,781
At 30 June 2023
16,257
566
15,691
At 30 June 2023
Net book value
35,345
727
36,072
At 30 June 2022
11,730
970
12,700
3. Trade and other receivables
2022
2023
£
£
Trade debtors
5,097
11,716
Other debtors
11,398
15,475
27,191
16,495
4. Trade and other payables: amounts falling due within one year
2022
2023
£
£
Bank loans and overdraft
11,152
11,152
Trade creditors
599
855
Taxation and social security
83,357
120,199
Other creditors
124,700
2,006
219,808
134,212
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7
For the year ended 30 June 2023
Norace Limited
Notes to the Financial Statements Continued
5. Trade and other payables: amounts falling due after more than one year
2022
2023
£
£
Bank loans and overdraft
20,430
30,475
Other creditors
118,117
125,520
138,547
155,995
6. Guarantees and other financial commitments
Lease commitments
At 30 June 2023 the company had annual commitments under non-cancellable operating leases as set out below:
2022
£
2023
£
Operating leases which expire:
After more than 5 years
37,800
37,800
37,800
37,800
7. Average number of persons employed
During the year the average number of employees was 14 (2022 : 13)
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