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Registrar

Registration number: 07631448

Nesor Equipment Company Ltd

Annual Report and Unaudited Financial Statements

for the Period from 1 January 2022 to 30 June 2023

 

Nesor Equipment Company Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 10

 

Nesor Equipment Company Ltd

Company Information

Directors

C Knight

K Knight

Registered office

3 Warners Mill
Silks Way
Braintree
Essex
CM7 3GB

Bankers

Lloyds Bank Plc
2 - 4 Bank Street
Braintree
Essex
CM7 7UN

Accountants

Lambert Chapman LLP
Chartered Accountants
3 Warners Mill
Silks Way
Braintree
Essex
CM7 3GB

 

Nesor Equipment Company Ltd

(Registration number: 07631448)
Balance Sheet as at 30 June 2023

Note

2023
£

2021
£

Fixed assets

 

Tangible assets

5

987,575

931,526

Investments

6

200

200

 

987,775

931,726

Current assets

 

Stocks

7

12,500

59,582

Debtors

8

224,804

158,780

Cash at bank and in hand

 

84,419

844,740

 

321,723

1,063,102

Creditors: Amounts falling due within one year

9

(413,444)

(933,971)

Net current (liabilities)/assets

 

(91,721)

129,131

Total assets less current liabilities

 

896,054

1,060,857

Creditors: Amounts falling due after more than one year

9

(309,631)

(314,820)

Provisions for liabilities

(60,517)

(56,537)

Net assets

 

525,906

689,500

Capital and reserves

 

Called up share capital

10

100

100

Revaluation reserve

297,637

297,637

Retained earnings

228,169

391,763

Shareholders' funds

 

525,906

689,500

For the financial period ended 30 June 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 period 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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 31 January 2024 and signed on its behalf by:
 

 

Nesor Equipment Company Ltd

(Registration number: 07631448)
Balance Sheet as at 30 June 2023

C Knight
Director

K Knight
Director

 
     
 

Nesor Equipment Company Ltd

Notes to the Financial Statements for the Period from 1 January 2022 to 30 June 2023

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is: 3 Warners Mill, Silks Way, Braintree, Essex, CM7 3GB, United Kingdom.

The principal place of business is: Unit 7 Bellcroft, Eastways Industrial Estate, Witham, Essex, CM8 3YU.

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention.

These financial statements are presented in Sterling (£), which is the company's functional currency.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when:
- the amount of revenue can be reliably measured;
- it is probable that future economic benefits will flow to the entity;
- and specific criteria have been met for each of the company's activities.

Tax

Current Tax is recognised in the profit and loss account, 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 income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred income 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 income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Tangible assets

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

Freehold land and buildings are included at the revalued amount based on fair value at the balance sheet date.

 

Nesor Equipment Company Ltd

Notes to the Financial Statements for the Period from 1 January 2022 to 30 June 2023

Depreciation

Depreciation is charged so as to write off the cost or valuation of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

33% straight line

Motor vehicles

25% Reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

straight line over 3 years

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits.

Trade debtors

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

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

 

Nesor Equipment Company Ltd

Notes to the Financial Statements for the Period from 1 January 2022 to 30 June 2023

Share capital

Ordinary shares are classified as equity.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the period, was 15 (2021 - 14).

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 January 2022

250,000

250,000

At 30 June 2023

250,000

250,000

Amortisation

At 1 January 2022

250,000

250,000

At 30 June 2023

250,000

250,000

Carrying amount

At 30 June 2023

-

-

 

Nesor Equipment Company Ltd

Notes to the Financial Statements for the Period from 1 January 2022 to 30 June 2023

5

Tangible assets

Land and buildings
£

Office equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2022

900,000

3,631

103,970

1,007,601

Additions

-

-

90,495

90,495

At 30 June 2023

900,000

3,631

194,465

1,098,096

Depreciation

At 1 January 2022

-

3,631

72,444

76,075

Charge for the period

-

-

34,446

34,446

At 30 June 2023

-

3,631

106,890

110,521

Carrying amount

At 30 June 2023

900,000

-

87,575

987,575

At 31 December 2021

900,000

-

31,526

931,526

Land and Buildings (Freehold property) is 90% owned by company with 10% held by a SIPP.

Revaluation

The fair value of the company's Freehold property was revalued on 29 September 2022 by the directors. An independent valuer was not involved. . Had this class of asset been measured on a historical cost basis, the carrying amount would have been £592,613 (2021 - £592,613)

6

Investments

2023
£

2021
£

Investments in subsidiaries

200

200

Subsidiaries

£

Cost or valuation

At 1 January 2022

200

Provision

Carrying amount

At 30 June 2023

200

At 31 December 2021

200

 

Nesor Equipment Company Ltd

Notes to the Financial Statements for the Period from 1 January 2022 to 30 June 2023

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2023

2021

Subsidiary undertakings

SPS Dental Sales Limited

3 Warners Mill
Silks Way
Braintree
Essex
CM7 3GB

England

Ordinary £1 A and B shares

100%

100%

Subsidiary undertakings

SPS Dental Sales Limited

The principal activity of SPS Dental Sales Limited is the sale, installation and servicing of dental equipment and furniture..

7

Stocks

2023
£

2021
£

Stocks

12,500

59,582

8

Debtors

Note

2023
£

2021
£

Trade debtors

 

60,988

83,567

Amounts owed by group undertakings and undertakings

13

91,454

-

Directors loan

 

44,399

69,424

Other debtors

 

26,713

607

Prepayments and accrued income

 

1,250

5,182

Total current trade and other debtors

 

224,804

158,780

 

Nesor Equipment Company Ltd

Notes to the Financial Statements for the Period from 1 January 2022 to 30 June 2023

9

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2021
£

Due within one year

 

Trade creditors

 

234,006

301,404

Loans and borrowings

11

67,150

60,415

Amounts owed to group undertakings and undertakings in which the company has a participating interest

13

-

156,456

Other creditors

 

6,403

6,109

Taxation and social security

 

55,322

141,055

Accruals and deferred income

 

50,563

268,532

 

413,444

933,971

10

Share capital

Allotted, called up and fully paid shares

 

2023

2021

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

         

11

Loans and borrowings

2023
£

2021
£

Non-current loans and borrowings

Bank borrowings

244,332

314,820

Finance lease liabilities

65,299

-

309,631

314,820

2023
£

2021
£

Current loans and borrowings

Bank borrowings

59,276

60,415

Finance lease liabilities

7,874

-

67,150

60,415

 

Nesor Equipment Company Ltd

Notes to the Financial Statements for the Period from 1 January 2022 to 30 June 2023

12

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £48,971 (2021 - £81,280).

13

Related party transactions

Transactions with directors

2023

At 1 January 2022
£

Advances to director
£

Repayments by director
£

At 30 June 2023
£

Transactions with directors

69,424

336,829

(361,854)

44,399

         
       

 

2021

At 1 January 2021
£

Advances to director
£

Repayments by director
£

At 31 December 2021
£

Transactions with directors

(1,556)

251,281

(180,301)

69,424