Caseware UK (AP4) 2022.0.179 2022.0.179 true2022-07-01falseNo description of principal activity44trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 04027064 2022-07-01 2023-06-30 04027064 2021-07-01 2022-06-30 04027064 2023-06-30 04027064 2022-06-30 04027064 c:CompanySecretary1 2022-07-01 2023-06-30 04027064 c:Director1 2022-07-01 2023-06-30 04027064 c:RegisteredOffice 2022-07-01 2023-06-30 04027064 d:MotorVehicles 2022-07-01 2023-06-30 04027064 d:MotorVehicles 2023-06-30 04027064 d:MotorVehicles 2022-06-30 04027064 d:MotorVehicles d:OwnedOrFreeholdAssets 2022-07-01 2023-06-30 04027064 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2022-07-01 2023-06-30 04027064 d:FurnitureFittings 2022-07-01 2023-06-30 04027064 d:FurnitureFittings 2023-06-30 04027064 d:FurnitureFittings 2022-06-30 04027064 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-07-01 2023-06-30 04027064 d:FurnitureFittings d:LeasedAssetsHeldAsLessee 2022-07-01 2023-06-30 04027064 d:OfficeEquipment 2022-07-01 2023-06-30 04027064 d:OfficeEquipment 2023-06-30 04027064 d:OfficeEquipment 2022-06-30 04027064 d:OfficeEquipment d:OwnedOrFreeholdAssets 2022-07-01 2023-06-30 04027064 d:OfficeEquipment d:LeasedAssetsHeldAsLessee 2022-07-01 2023-06-30 04027064 d:OwnedOrFreeholdAssets 2022-07-01 2023-06-30 04027064 d:LeasedAssetsHeldAsLessee 2022-07-01 2023-06-30 04027064 d:CurrentFinancialInstruments d:WithinOneYear 2023-06-30 04027064 d:CurrentFinancialInstruments d:WithinOneYear 2022-06-30 04027064 d:Non-currentFinancialInstruments d:AfterOneYear 2023-06-30 04027064 d:Non-currentFinancialInstruments d:AfterOneYear 2022-06-30 04027064 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-06-30 04027064 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2022-06-30 04027064 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-06-30 04027064 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-06-30 04027064 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2023-06-30 04027064 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2022-06-30 04027064 d:ShareCapital 2023-06-30 04027064 d:ShareCapital 2022-06-30 04027064 d:RetainedEarningsAccumulatedLosses 2023-06-30 04027064 d:RetainedEarningsAccumulatedLosses 2022-06-30 04027064 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-06-30 04027064 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2022-06-30 04027064 c:OrdinaryShareClass1 2022-07-01 2023-06-30 04027064 c:OrdinaryShareClass1 2023-06-30 04027064 c:OrdinaryShareClass1 2022-06-30 04027064 c:OrdinaryShareClass2 2022-07-01 2023-06-30 04027064 c:OrdinaryShareClass2 2023-06-30 04027064 c:OrdinaryShareClass2 2022-06-30 04027064 c:FRS102 2022-07-01 2023-06-30 04027064 c:AuditExempt-NoAccountantsReport 2022-07-01 2023-06-30 04027064 c:AbridgedAccounts 2022-07-01 2023-06-30 04027064 c:PrivateLimitedCompanyLtd 2022-07-01 2023-06-30 04027064 2 2022-07-01 2023-06-30 04027064 d:AcceleratedTaxDepreciationDeferredTax 2023-06-30 04027064 d:AcceleratedTaxDepreciationDeferredTax 2022-06-30 xbrli:shares iso4217:GBP xbrli:pure
Registered number: 04027064










NURITE INDUSTRIAL SUPPLIES LIMITED

Unaudited
Financial statements
Information for filing with the registrar
For the year ended 30 June 2023

 
NURITE INDUSTRIAL SUPPLIES LIMITED
 

Company Information


Director
P Rissbrook 




Company secretary
Mrs E Rissbrook



Registered number
04027064



Registered office
24 Standall Close
Dronfield Woodhouse

Sheffield

Derbyshire

S18 8AB





 
NURITE INDUSTRIAL SUPPLIES LIMITED
Registered number: 04027064

Balance sheet
As at 30 June 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 5 
64,501
46,949

  
64,501
46,949

Current assets
  

Stocks
  
11,265
10,740

Debtors
  
219,166
177,999

Cash at bank and in hand
  
793
1,030

  
231,224
189,769

Creditors: amounts falling due within one year
  
(238,827)
(165,419)

Net current (liabilities)/assets
  
 
 
(7,603)
 
 
24,350

Total assets less current liabilities
  
56,898
71,299

Creditors: amounts falling due after more than one year
  
(34,560)
(40,463)

Provisions for liabilities
  
(12,255)
(8,920)

Net assets
  
10,083
21,916


Capital and reserves
  

Called up share capital 
 11 
2
2

Profit and loss account
  
10,081
21,914

  
10,083
21,916


The director considers 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 director acknowledges his 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 statement of income and retained earnings 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 14 February 2024.




Page 1

 
NURITE INDUSTRIAL SUPPLIES LIMITED
Registered number: 04027064

Balance sheet (continued)
As at 30 June 2023

P Rissbrook
Director

The notes on pages 3 to 10 form part of these financial statements.

Page 2

 
NURITE INDUSTRIAL SUPPLIES LIMITED
 

 
Notes to the financial statements
For the year ended 30 June 2023

1.


General information

Nurite Industrial Supplies Limited is a company limited by shares incorporated in England within the United Kingdom. The address of the registered office is given in the company information page of these financial statements.
The financial statements are presented in sterling which is the functional currency of the company.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

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 members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A) of the Companies Act 2006.

 
2.2

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of income and retained earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 3

 
NURITE INDUSTRIAL SUPPLIES LIMITED
 

 
Notes to the financial statements
For the year ended 30 June 2023

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Sale of goods
Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
     - the Company has transferred the significant risks and rewards of ownership to the buyer;
     - the Company retains neither continuing managerial involvement to the degree usually associated with ownership no
       effective control over the goods sold;
     - the amount of revenue can be measured reliably;
     - it is probable that the Company will receive the consideration due under the transaction; and
     - the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.4

Operating leases: the Company as lessee

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

 
2.5

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of income and retained earnings in the same period as the related expenditure.

 
2.6

Interest income

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

 
2.7

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.

 
2.8

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 4

 
NURITE INDUSTRIAL SUPPLIES LIMITED
 

 
Notes to the financial statements
For the year ended 30 June 2023

2.Accounting policies (continued)

 
2.9

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.

 
2.10

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of income and retained earnings, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
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.
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Company can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.11

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.

Depreciation is provided on the following basis:

Motor vehicles
-
25%  reducing balance
Fixtures and fittings
-
15%  reducing balance
Computer equipment
-
25%  straight line

Page 5

 
NURITE INDUSTRIAL SUPPLIES LIMITED
 

 
Notes to the financial statements
For the year ended 30 June 2023

2.Accounting policies (continued)

 
2.12

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.13

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.

 
2.14

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.

 
2.15

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.

 
2.16

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance sheet.

 
2.17

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries,
Page 6

 
NURITE INDUSTRIAL SUPPLIES LIMITED
 

 
Notes to the financial statements
For the year ended 30 June 2023

2.Accounting policies (continued)


2.17
Financial instruments (continued)

associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

 
2.18

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 4 (2022 -4).


4.


Dividends

2023
2022
£
£


Ordinary Dividends
60,000
64,000

60,000
64,000

Page 7

 
NURITE INDUSTRIAL SUPPLIES LIMITED
 

 
Notes to the financial statements
For the year ended 30 June 2023

5.


Tangible fixed assets





Motor vehicles
Fixtures and fittings
Computer equipment
Total

£
£
£
£



Cost or valuation


At 1 July 2022
57,093
29,105
2,931
89,129


Additions
36,990
-
417
37,407



At 30 June 2023

94,083
29,105
3,348
126,536



Depreciation


At 1 July 2022
25,072
15,391
1,717
42,180


Charge for the year on owned assets
3,236
2,057
723
6,016


Charge for the year on financed assets
13,839
-
-
13,839



At 30 June 2023

42,147
17,448
2,440
62,035



Net book value



At 30 June 2023
51,936
11,657
908
64,501



At 30 June 2022
32,021
13,714
1,214
46,949


6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
793
1,030

Less: bank overdrafts
(53,514)
(15,055)

(52,721)
(14,025)


Page 8

 
NURITE INDUSTRIAL SUPPLIES LIMITED
 

 
Notes to the financial statements
For the year ended 30 June 2023

7.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
14,197
15,144


14,197
15,144

Amounts falling due 1-2 years

Bank loans
10,217
14,197


10,217
14,197

Amounts falling due 2-5 years

Bank loans
10,475
21,919


10,475
21,919

Amounts falling due after more than 5 years

Bank loans
1,227
-

1,227
-

36,116
51,260



8.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2023
2022
£
£


Within one year
15,023
8,560

Between 1-5 years
12,641
4,348

27,664
12,908

Page 9

 
NURITE INDUSTRIAL SUPPLIES LIMITED
 

 
Notes to the financial statements
For the year ended 30 June 2023

9.


Financial instruments

2023
2022
£
£

Financial assets


Financial assets measured at fair value through profit or loss
793
1,030




10.


Deferred taxation




2023


£






At 1 July 2022
8,920


Charged to profit or loss
3,335



At 30 June 2023
12,255

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
12,255
8,920

12,255
8,920


11.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



1 (2022 -1) Ordinary share of £1.00
1
1
1 (2022 -1) A Ordinary share of £1.00
1
1

2

2



12.


Related party transactions

The company operates a directors current account for the director. The balance owed by the director at the financial year end was £17,835  (2022 : £358).


Page 10