Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31The tax expense for the year comprises current and deferred tax. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that: The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.377332313072truedirectors2023-01-01falseContracting23trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 04600145 2023-01-01 2023-12-31 04600145 2022-01-01 2022-12-31 04600145 2023-12-31 04600145 2022-12-31 04600145 c:CompanySecretary1 2023-01-01 2023-12-31 04600145 c:Director1 2023-01-01 2023-12-31 04600145 c:Director2 2023-01-01 2023-12-31 04600145 c:RegisteredOffice 2023-01-01 2023-12-31 04600145 d:Buildings 2023-01-01 2023-12-31 04600145 d:Buildings 2023-12-31 04600145 d:Buildings 2022-12-31 04600145 d:Buildings d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 04600145 d:PlantMachinery 2023-01-01 2023-12-31 04600145 d:PlantMachinery 2023-12-31 04600145 d:PlantMachinery 2022-12-31 04600145 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 04600145 d:MotorVehicles 2023-01-01 2023-12-31 04600145 d:MotorVehicles 2023-12-31 04600145 d:MotorVehicles 2022-12-31 04600145 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 04600145 d:OfficeEquipment 2023-01-01 2023-12-31 04600145 d:OfficeEquipment 2023-12-31 04600145 d:OfficeEquipment 2022-12-31 04600145 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 04600145 d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 04600145 d:CurrentFinancialInstruments 2023-12-31 04600145 d:CurrentFinancialInstruments 2022-12-31 04600145 d:Non-currentFinancialInstruments 2023-12-31 04600145 d:Non-currentFinancialInstruments 2022-12-31 04600145 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 04600145 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 04600145 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-31 04600145 d:Non-currentFinancialInstruments d:AfterOneYear 2022-12-31 04600145 d:ShareCapital 2023-12-31 04600145 d:ShareCapital 2022-12-31 04600145 d:RetainedEarningsAccumulatedLosses 2023-12-31 04600145 d:RetainedEarningsAccumulatedLosses 2022-12-31 04600145 c:OrdinaryShareClass1 2023-01-01 2023-12-31 04600145 c:OrdinaryShareClass1 2023-12-31 04600145 c:OrdinaryShareClass2 2023-01-01 2023-12-31 04600145 c:OrdinaryShareClass2 2023-12-31 04600145 c:OrdinaryShareClass3 2023-01-01 2023-12-31 04600145 c:OrdinaryShareClass3 2023-12-31 04600145 c:OrdinaryShareClass4 2023-01-01 2023-12-31 04600145 c:OrdinaryShareClass4 2023-12-31 04600145 c:FRS102 2023-01-01 2023-12-31 04600145 c:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 04600145 c:FullAccounts 2023-01-01 2023-12-31 04600145 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 04600145 d:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2023-01-01 2023-12-31 04600145 d:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2023-12-31 04600145 d:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2022-12-31 04600145 2 2023-01-01 2023-12-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 04600145










NMD LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
NMD LIMITED
 
 
COMPANY INFORMATION


Directors
N McDonald-Doig 
T McDonald-Doig 




Company secretary
Mrs J McDonald-Doig



Registered number
04600145



Registered office
Overy Farm House
Quidenham

Norwich

Norfolk

NR16 2JS




Accountants
MA Partners LLP
Chartered Accountants

7 The Close

Norwich

Norfolk

NR1 4DJ





 
NMD LIMITED
 

CONTENTS



Page
Accountants' report
 
 
1
Balance sheet
 
 
2 - 3
Notes to the financial statements
 
 
4 - 9


 
NMD LIMITED
 
 
  
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF NMD LIMITED
FOR THE YEAR ENDED 31 DECEMBER 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of NMD Limited for the year ended 31 December 2023 which comprise the Balance sheet and the related notes from the Company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW)we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.

This report is made solely to the Board of directors of NMD Limited, as a body, in accordance with the terms of our engagement letter dated 22 January 2024Our work has been undertaken solely to prepare for your approval the financial statements of NMD Limited  and state those matters that we have agreed to state to the Board of directors of NMD Limited, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than NMD Limited and its Board of directors, as a body, for our work or for this report. 

It is your duty to ensure that NMD Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of NMD Limited. You consider that NMD Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of NMD Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

  



MA Partners LLP
 
Chartered Accountants
  
7 The Close
Norwich
Norfolk
NR1 4DJ
7 March 2024
Page 1

 
NMD LIMITED
REGISTERED NUMBER: 04600145

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
874,828
852,981

  
874,828
852,981

Current assets
  

Stocks
  
4,607
32,574

Debtors: amounts falling due within one year
 5 
44,571
42,251

Cash at bank and in hand
  
159,109
104,353

  
208,287
179,178

Creditors: amounts falling due within one year
 6 
(104,308)
(123,143)

Net current assets
  
 
 
103,979
 
 
56,035

Total assets less current liabilities
  
978,807
909,016

Creditors: amounts falling due after more than one year
 7 
(344,140)
(285,861)

Provisions for liabilities
  

Deferred tax
  
(217,583)
(202,681)

Net assets
  
417,084
420,474


Capital and reserves
  

Called up share capital 
 8 
100
100

Profit and loss account
  
416,984
420,374

  
417,084
420,474


Page 2

 
NMD LIMITED
REGISTERED NUMBER: 04600145
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 5 March 2024.




N McDonald-Doig
Director

The notes on pages 4 to 9 form part of these financial statements.

Page 3

 
NMD LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

The company is a United Kingdom company limited by shares. It is both incorporated and domiciled in England and Wales. The registered office address and principal place of business of the company is Overy Farm House, Quidenham, Norfolk NR16 2JS.
The continuing activity of the company is that of farming contractors.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Turnover

Turnover comprises revenue recognised by the company in respect of crop sales and rents and arable subsidies received, exclusive of Value Added Tax.

Revenue is recognised in the following manner:

Crops sold - on physical delivery to the customer;
Income from work done - on completion of assignment;
Subsidy income - in the year when the qualifying conditions entitling payment are met.

 
2.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.5

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 4

 
NMD LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.6

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. 
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

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

 
2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on both a straight line, and reducing balance method.

Depreciation is provided on the following basis:

Property improvements
-
4% straight line
Plant and equipment
-
15 - 20% reducing balance
Motor vehicles
-
25% reducing balance
Office equipment
-
25% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.8

Stocks

Stocks and closing valuation for cultivations (work in progress) are valued at the lower of cost and net realisable value. Costs have been determined from cost of production calculations. Net realisable value represents estimated selling price for produce in store with values reduced in accordance with guidance within H M Revenue & Customs help sheet HS232. Consumable stocks are values at cost.

Page 5

 
NMD LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.9

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.11

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.12

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

 
2.13

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2022 - 3).

Page 6

 
NMD LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Tangible fixed assets





Property & improve.
Plant & machinery
Motor vehicles
Office equipment
Total

£
£
£
£
£



Cost or valuation


At 1 January 2023
38,671
1,368,716
47,769
2,384
1,457,540


Additions
-
352,700
-
-
352,700


Disposals
(24,375)
(306,220)
-
-
(330,595)



At 31 December 2023

14,296
1,415,196
47,769
2,384
1,479,645



Depreciation


At 1 January 2023
33,068
530,486
39,623
1,382
604,559


Charge for the year on owned assets
1,108
116,997
2,037
150
120,292


Disposals
(24,375)
(95,659)
-
-
(120,034)



At 31 December 2023

9,801
551,824
41,660
1,532
604,817



Net book value



At 31 December 2023
4,495
863,372
6,109
852
874,828



At 31 December 2022
5,603
838,230
8,146
1,002
852,981

Page 7

 
NMD LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Debtors

2023
2022
£
£


Trade debtors
19,571
33,494

Other debtors
25,000
8,757

44,571
42,251



6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
2,470
2,160

Other taxation and social security
11,476
-

Obligations under finance lease and hire purchase contracts
-
43,897

Other creditors
50,672
43,285

Accruals and deferred income
39,690
33,801

104,308
123,143



7.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Other creditors
344,140
285,861

344,140
285,861



8.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



45 "A" Ordinary shares of £1.00 each
45
45
45 "B" Ordinary shares of £1.00 each
45
45
5 "C" Ordinary shares of £1.00 each
5
5
5 "D" Ordinary shares of £1.00 each
5
5

100

100


Page 8

 
NMD LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.


Related party transactions

At the year end the company owed one of the directors £344,140 (2022 - £285,861) in respect of loans made. The loan is included within other creditors amounts falling due after more than 1 year, in note 7 to the financial statements. Interest is payable by the company on this loan. 
At the year end the company owed one of the directors 
£33,192 (2022 - £27,211) in respect of loans made. The loan is included within other creditors amounts falling due within 1 year, in note 6 to the financial statements. This loan is interest free and repayable on demand.

Page 9