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Registration number: 02749568

Nerak-Wiese Limited

Annual Report and

Unaudited Financial Statements


for the Year Ended 30 November 2023

 

Nerak-Wiese Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

Nerak-Wiese Limited

Company Information

Directors

Mr J E Oakley

Mr M S Amber

Mrs S A Watkins

Mr S G Musgrave

Company secretary

Mr P M Francis

Registered office



32 Ffrwdgrech Industrial Estate
Brecon
Powys
LD3 8LA

 

Bankers

Barclays Bank plc
9 The Bulwark
Brecon
Powys
LD3 7AF

Accountants



W J James & Co
Chartered Accountants
Bishop House
10 Wheat Street
Brecon
Powys
LD3 7DG

 

Nerak-Wiese Limited

(Registration number: 02749568)

Balance Sheet
as at 30 November 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

689,210

695,129

Current assets

 

Stocks

355,569

364,653

Debtors

5

589,264

563,204

Cash at bank and in hand

 

1,729,387

1,448,771

 

2,674,220

2,376,628

Creditors: Amounts falling due within one year

6

(1,142,325)

(938,460)

Net current assets

 

1,531,895

1,438,168

Total assets less current liabilities

 

2,221,105

2,133,297

Creditors: Amounts falling due after more than one year

6

(88,022)

(119,886)

Provisions for liabilities

(139,307)

(140,979)

Net assets

 

1,993,776

1,872,432

Capital and reserves

 

Called up share capital

7

50,000

50,000

Retained earnings

1,943,776

1,822,432

Shareholders' funds

 

1,993,776

1,872,432

For the financial year ending 30 November 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

 

Nerak-Wiese Limited

(Registration number: 02749568)

Balance Sheet
as at 30 November 2023

Approved and authorised by the Board on 5 April 2024 and signed on its behalf by:
 

.........................................
Mr J E Oakley
Director

 

Nerak-Wiese Limited

Notes to the Unaudited Financial Statements
for the Year Ended 30 November 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales within the United Kingdom.

The address of its registered office is:
32 Ffrwdgrech Industrial Estate
Brecon
Powys
LD3 8LA

These financial statements were authorised for issue by the Board on 5 April 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover represents net invoiced sales of goods and services, excluding Value Added Tax. Turnover is recognised when the goods and services are physically delivered to the customer. Turnover for amounts recoverable on contracts is recognised based on an assessment of the fair value of the services provided at the balance sheet date as a proportion of the total value of the contract.

Government grants

Grants in respect of capital expenditure are treated as deferred credits, a proportion of which is transferred to revenue annually over the estimated useful life of the related assets.

Revenue grants have been received under the Coronavirus Job Retention Scheme. These are accounted in accordance with the pay periods to which the grants relate.

 

Nerak-Wiese Limited

Notes to the Unaudited Financial Statements
for the Year Ended 30 November 2023

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current tax charge is calculated on the basis of United Kingdom tax rates and laws that have been enacted or substantively enacted by the reporting date.

Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using United Kingdom tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold property

2% on cost

Plant and machinery

20% on cost

Fixtures and fittings

15% on cost

Motor vehicles

25% on cost

Computer equipment

33% on cost & 20% on cost

 

Nerak-Wiese Limited

Notes to the Unaudited Financial Statements
for the Year Ended 30 November 2023

Trade debtors

Trade debtors are amounts due from customers for goods sold or services performed in the ordinary course of business.

Trade debtors are recognised at the transaction price except that a provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stock is valued as the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised at the transaction price.

Provisions

Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

Hire purchase and leasing

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

Assets held under finance leases, which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital elements of future obligations under the leases are included as liabilities in the balance sheet. The interest element of the rental obligation is charged to the profit and loss account over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash received.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Nerak-Wiese Limited

Notes to the Unaudited Financial Statements
for the Year Ended 30 November 2023

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 23 (2022 - 25).

 

Nerak-Wiese Limited

Notes to the Unaudited Financial Statements
for the Year Ended 30 November 2023

4

Tangible assets

Land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Cost or valuation

At 1 December 2022

370,303

-

1,021,307

324,043

546,529

Additions

21,950

138,694

2,531

64,711

97,876

Disposals

-

12,515

-

-

(2,125)

At 30 November 2023

392,253

151,209

1,023,838

388,754

642,280

Depreciation

At 1 December 2022

195,502

101,122

952,925

230,384

225,994

Charge for the year

7,935

17,806

23,354

47,604

108,623

Eliminated on disposal

-

-

-

-

(2,125)

At 30 November 2023

203,437

118,928

976,279

277,988

332,492

Carrying amount

At 30 November 2023

188,816

32,281

47,559

110,766

309,788

At 30 November 2022

174,801

37,572

68,562

93,659

320,535

Total
£

Cost or valuation

At 1 December 2022

2,262,182

Additions

325,762

Disposals

10,390

At 30 November 2023

2,598,334

Depreciation

At 1 December 2022

1,705,927

Charge for the year

205,322

Eliminated on disposal

(2,125)

At 30 November 2023

1,909,124

Carrying amount

At 30 November 2023

689,210

At 30 November 2022

695,129

 

Nerak-Wiese Limited

Notes to the Unaudited Financial Statements
for the Year Ended 30 November 2023


 

5

Debtors

Current

2023
£

2022
£

Trade debtors

419,692

334,959

Prepayments

169,572

228,245

 

589,264

563,204

 

Nerak-Wiese Limited

Notes to the Unaudited Financial Statements
for the Year Ended 30 November 2023

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

51,330

42,582

Trade creditors

 

157,641

185,344

Taxation and social security

 

200,766

190,098

Accruals and deferred income

 

667,322

520,436

Corporation tax

 

65,266

-

 

1,142,325

938,460

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

76,542

99,573

Deferred income

 

11,480

20,313

 

88,022

119,886

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

50,000

50,000

50,000

50,000

         
 

Nerak-Wiese Limited

Notes to the Unaudited Financial Statements
for the Year Ended 30 November 2023

8

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Finance lease liabilities

76,542

99,573

2023
£

2022
£

Current loans and borrowings

Finance lease liabilities

51,330

42,582