Company registration number 09583145 (England and Wales)
NARBUTAS LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
NARBUTAS LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
NARBUTAS LTD
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
39,050
27,275
Current assets
Debtors
4
252,953
310,495
Cash at bank and in hand
123,003
72,096
375,956
382,591
Creditors: amounts falling due within one year
Taxation and social security
24,849
13,613
Other creditors
5
37,784
85,637
62,633
99,250
Net current assets
313,323
283,341
Net assets
352,373
310,616
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
352,372
310,615
Total equity
352,373
310,616
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
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 by the board of directors and authorised for issue on 5 April 2024 and are signed on its behalf by:
Mr G E Bolton
Director
Company Registration No. 09583145
NARBUTAS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information
Narbutas Ltd is a private company limited by shares incorporated in England and Wales. The registered office is c/o Azets, Bulman House, Regent Centre, Gosforth, Newcastle upon Tyne, United Kingdom, NE3 3LS.
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. The principal accounting policies adopted are set out below.
Narbutas Ltd is a wholly owned subsidiary of Narbutas Marketing UAB and the results of Narbutas Ltd are included in the consolidated financial statements of Narbutas Marketing UAB which are available from Odminių g. 3 – 23, 01122 Vilnius, Lithuania.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration receivable for services provided in the normal course of business, and is shown net of VAT.
1.4
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:
Fixtures and fittings
50% straight line
Computers
3 year straight line
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.
1.5
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
NARBUTAS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
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.
1.7
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.8
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.9
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.10
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
10
8
NARBUTAS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
3
Tangible fixed assets
Fixtures and fittings
Computers
Total
£
£
£
Cost
At 1 January 2023
50,278
5,164
55,442
Additions
47,253
2,468
49,721
Disposals
(41,734)
(41,734)
At 31 December 2023
55,797
7,632
63,429
Depreciation and impairment
At 1 January 2023
27,242
925
28,167
Depreciation charged in the year
35,147
2,158
37,305
Eliminated in respect of disposals
(41,093)
(41,093)
At 31 December 2023
21,296
3,083
24,379
Carrying amount
At 31 December 2023
34,501
4,549
39,050
At 31 December 2022
23,036
4,239
27,275
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
90,162
147,083
Other debtors
20,087
28,996
Prepayments and accrued income
137,687
133,766
247,936
309,845
Deferred tax asset (note )
5,017
650
252,953
310,495
5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
4,356
13,712
Corporation tax
24,849
13,613
Other creditors
2,420
2,110
Accruals and deferred income
31,008
69,815
62,633
99,250
NARBUTAS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
6
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Joanne Regan FCA
Statutory Auditor:
Azets Audit Services
7
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2023
2022
£
£
49,699
241,052
8
Parent company
The parent company of Narbutas Ltd is Narbutas Marketing, UAB and its registered office is Odminių g. 3 – 23, 01122 Vilnius, Lithuania.