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REGISTERED NUMBER: 09703047 (England and Wales)















FRANK NUTT SEWING MACHINES LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2023






FRANK NUTT SEWING MACHINES LIMITED (REGISTERED NUMBER: 09703047)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023










Page

Company Information 1

Statement of Financial Position 2 to 3

Notes to the Financial Statements 4 to 6


FRANK NUTT SEWING MACHINES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 JULY 2023







DIRECTORS: F L Nutt
J F Nutt





REGISTERED OFFICE: The Old Stables
17-23 Poplar Road
Kings Heath
Birmingham
West Midlands
B14 7AA





REGISTERED NUMBER: 09703047 (England and Wales)





ACCOUNTANTS: Inspired Accountants Limited
Chartered Certified Accountants
4 Parkside Court
Greenhough Road
Lichfield
Staffordshire
WS13 7FE

FRANK NUTT SEWING MACHINES LIMITED (REGISTERED NUMBER: 09703047)

STATEMENT OF FINANCIAL POSITION
31 JULY 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 3 20,765 31,869

CURRENT ASSETS
Stocks 320,949 323,991
Debtors 4 32,189 83,150
Cash at bank and in hand 226,241 245,950
579,379 653,091
CREDITORS
Amounts falling due within one year 5 145,096 180,326
NET CURRENT ASSETS 434,283 472,765
TOTAL ASSETS LESS CURRENT LIABILITIES 455,048 504,634

CREDITORS
Amounts falling due after more than one year 6 20,581 24,877
NET ASSETS 434,467 479,757

CAPITAL AND RESERVES
Called up share capital 103 103
Retained earnings 434,364 479,654
SHAREHOLDERS' FUNDS 434,467 479,757

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps 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 Sections 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.

FRANK NUTT SEWING MACHINES LIMITED (REGISTERED NUMBER: 09703047)

STATEMENT OF FINANCIAL POSITION - continued
31 JULY 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 31 January 2024 and were signed on its behalf by:





F L Nutt - Director


FRANK NUTT SEWING MACHINES LIMITED (REGISTERED NUMBER: 09703047)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023


1. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery etc - 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

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.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

2. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2022 - 7 ) .

FRANK NUTT SEWING MACHINES LIMITED (REGISTERED NUMBER: 09703047)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2023


3. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 August 2022 64,804
Additions 1,499
At 31 July 2023 66,303
DEPRECIATION
At 1 August 2022 32,935
Charge for year 12,603
At 31 July 2023 45,538
NET BOOK VALUE
At 31 July 2023 20,765
At 31 July 2022 31,869

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
At 1 August 2022
and 31 July 2023 35,444
DEPRECIATION
At 1 August 2022 17,722
Charge for year 8,861
At 31 July 2023 26,583
NET BOOK VALUE
At 31 July 2023 8,861
At 31 July 2022 17,722

4. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 17,030 38,198
Amounts owed by group undertakings 12,300 12,300
Other debtors 2,859 32,652
32,189 83,150

FRANK NUTT SEWING MACHINES LIMITED (REGISTERED NUMBER: 09703047)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2023


5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Hire purchase contracts 3,966 3,966
Trade creditors 68,814 86,277
Taxation and social security 65,018 87,576
Other creditors 7,298 2,507
145,096 180,326

6. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Hire purchase contracts 20,581 24,877

7. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 July 2023 and 31 July 2022:

2023 2022
£    £   
F L Nutt
Balance outstanding at start of year 15,404 50,728
Amounts advanced 154,727 209,276
Amounts repaid (175,000 ) (244,600 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (4,869 ) 15,404

J F Nutt
Balance outstanding at start of year 3,100 -
Amounts advanced 1,050 3,100
Amounts repaid (4,150 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - 3,100