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Company Registration No. 02091066 (England and Wales)
Northvale Korting Limited Unaudited accounts for the year ended 31 December 2022
Northvale Korting Limited Unaudited accounts Contents
Page
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Northvale Korting Limited Statement of financial position as at 31 December 2022
2022 
2021 
Notes
£ 
£ 
Fixed assets
Tangible assets
93,825 
8,332 
Current assets
Inventories
576,360 
568,687 
Debtors
87,628 
220,031 
Cash at bank and in hand
8,143 
7,880 
672,131 
796,598 
Creditors: amounts falling due within one year
(644,495)
(582,300)
Net current assets
27,636 
214,298 
Total assets less current liabilities
121,461 
222,630 
Creditors: amounts falling due after more than one year
(286,996)
(41,417)
Provisions for liabilities
Deferred tax
- 
(1,583)
Net (liabilities)/assets
(165,535)
179,630 
Capital and reserves
Called up share capital
150,000 
150,000 
Capital redemption reserve
200,000 
200,000 
Profit and loss account
(515,535)
(170,370)
Shareholders' funds
(165,535)
179,630 
For the year ending 31 December 2022 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 in accordance with section 476 of the Companies Act 2006.
The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 30 January 2024 and were signed on its behalf by
Sarah-Jane Moore Director Company Registration No. 02091066
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Northvale Korting Limited Notes to the Accounts for the year ended 31 December 2022
1
Statutory information
Northvale Korting Limited is a private company, limited by shares, registered in England and Wales, registration number 02091066. The registered office is Unit 3, Canalside Business Park, Tramway Road, Banbury, Oxfordshire, OX16 5FA.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Land & buildings
2% straight line
Plant & machinery
20% straight line
Motor vehicles
25% reducing balance
Computer equipment
33% straight line
Financial instruments
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.
Inventories
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Going concern
The accounts have been drawn up on a going concern basis. The company is dependent on the support of the director who has introduced funds to support the company. This support is expected to continue. If the going concern basis was not appropriate, adjustments would have to be made to reduce assets to their recoverable amounts, to provide for additional liabilities that might arise and to reclassify fixed assets as current assets.
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Northvale Korting Limited Notes to the Accounts for the year ended 31 December 2022
4
Tangible fixed assets
Land & buildings 
Plant & machinery 
Motor vehicles 
Computer equipment 
Total 
£ 
£ 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At cost 
At cost 
At 1 January 2022
2,186 
402,866 
12,435 
214,596 
632,083 
Additions
5,284 
11,145 
85,630 
12,927 
114,986 
At 31 December 2022
7,470 
414,011 
98,065 
227,523 
747,069 
Depreciation
At 1 January 2022
5 
399,931 
12,090 
211,725 
623,751 
Charge for the year
97 
9,558 
15,173 
4,665 
29,493 
At 31 December 2022
102 
409,489 
27,263 
216,390 
653,244 
Net book value
At 31 December 2022
7,368 
4,522 
70,802 
11,133 
93,825 
At 31 December 2021
2,181 
2,935 
345 
2,871 
8,332 
5
Debtors
2022 
2021 
£ 
£ 
Amounts falling due within one year
Trade debtors
28,725 
55,510 
Accrued income and prepayments
45,703 
9,765 
Other debtors
13,200 
129,208 
87,628 
194,483 
Amounts falling due after more than one year
Other debtors
- 
25,548 
6
Creditors: amounts falling due within one year
2022 
2021 
£ 
£ 
Bank loans and overdrafts
5,000 
5,000 
VAT
64,573 
89,120 
Obligations under finance leases and hire purchase contracts
65,503 
- 
Trade creditors
104,509 
74,548 
Taxes and social security
83,417 
197,435 
Other creditors
14,797 
101,922 
Loans from directors
203,294 
- 
Accruals
103,402 
114,275 
644,495 
582,300 
7
Creditors: amounts falling due after more than one year
2022 
2021 
£ 
£ 
Bank loans
36,996 
41,417 
Other creditors
250,000 
- 
286,996 
41,417 
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Northvale Korting Limited Notes to the Accounts for the year ended 31 December 2022
8
Average number of employees
During the year the average number of employees was 11 (2021: 9).
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