Nord Trading Limited 12723934 false 2022-08-01 2023-07-31 2023-07-31 The principal activity of the company is internet sales of food and confectionery Digita Accounts Production Advanced 6.30.9574.0 true true 12723934 2022-08-01 2023-07-31 12723934 2023-07-31 12723934 core:CurrentFinancialInstruments 2023-07-31 12723934 core:CurrentFinancialInstruments core:WithinOneYear 2023-07-31 12723934 core:Non-currentFinancialInstruments core:AfterOneYear 2023-07-31 12723934 core:PlantMachinery 2023-07-31 12723934 1 2023-07-31 12723934 bus:SmallEntities 2022-08-01 2023-07-31 12723934 bus:AuditExemptWithAccountantsReport 2022-08-01 2023-07-31 12723934 bus:FilletedAccounts 2022-08-01 2023-07-31 12723934 bus:SmallCompaniesRegimeForAccounts 2022-08-01 2023-07-31 12723934 bus:RegisteredOffice 2022-08-01 2023-07-31 12723934 bus:Director1 2022-08-01 2023-07-31 12723934 bus:PrivateLimitedCompanyLtd 2022-08-01 2023-07-31 12723934 core:PlantMachinery 2022-08-01 2023-07-31 12723934 countries:UnitedKingdom 2022-08-01 2023-07-31 12723934 1 2022-08-01 2023-07-31 12723934 2022-07-31 12723934 core:PlantMachinery 2022-07-31 12723934 1 2022-07-31 12723934 2021-07-06 2022-07-31 12723934 2022-07-31 12723934 core:CurrentFinancialInstruments 2022-07-31 12723934 core:CurrentFinancialInstruments core:WithinOneYear 2022-07-31 12723934 core:Non-currentFinancialInstruments core:AfterOneYear 2022-07-31 12723934 core:PlantMachinery 2022-07-31 12723934 1 2022-07-31 12723934 1 2021-07-06 2022-07-31 12723934 1 2021-07-05 iso4217:GBP xbrli:pure

Registration number: 12723934

Nord Trading Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 July 2023

 

Nord Trading Limited

Contents

Statement of Financial Position

1

Notes to the Unaudited Financial Statements

2 to 6

 

Nord Trading Limited

(Registration number: 12723934)
Statement of Financial Position as at 31 July 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

-

237

Current assets

 

Stocks

5

50,000

11,000

Debtors

6

10,155

2,596

Cash at bank and in hand

 

11,878

15,786

 

72,033

29,382

Creditors: Amounts falling due within one year

7

(58,188)

(4,536)

Net current assets

 

13,845

24,846

Total assets less current liabilities

 

13,845

25,083

Creditors: Amounts falling due after more than one year

7

(1,442)

(1,442)

Provisions for liabilities

(45)

(45)

Net assets

 

12,358

23,596

Capital and reserves

 

Called up share capital

2

2

Profit and loss account

12,356

23,594

Shareholders' funds

 

12,358

23,596

For the financial year ending 31 July 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 year 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 Statement of Comprehensive Income.

Approved and authorised by the Board on 30 April 2024 and signed on its behalf by:
 


Mr D J North
Director

 

Nord Trading Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

1

General information

The company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
38 Chiltern Road
St Albans
Herts
AL4 9TB

Principal activity

The principal activity of the company is internet sales of food and confectionery

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 except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling which is the functional currency of the entity.

Going concern

The financial statements have been prepared on a going concern basis.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

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

The tax expense for the period comprises tax. Tax is recognised in profit or loss, 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.

 

Nord Trading Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023 (continued)

2

Accounting policies (continued)

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.

Tangible assets

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

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

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

Asset class

Depreciation method and rate

Plant & Machinery

50% Straight line

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Costs include all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition. .

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the statement of comprehensive income over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Nord Trading Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023 (continued)

2

Accounting policies (continued)

Leases

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 statement of financial position as a finance lease obligation.

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

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

 

Nord Trading Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023 (continued)

4

Tangible assets

Plant and machinery
£

Total
£

Cost or valuation

At 1 August 2022

1,390

1,390

At 31 July 2023

1,390

1,390

Depreciation

At 1 August 2022

1,153

1,153

Charge for the year

237

237

At 31 July 2023

1,390

1,390

Carrying amount

At 31 July 2023

-

-

At 31 July 2022

237

237

5

Stocks

2023
£

2022
£

Finished goods and goods for resale

50,000

11,000

6

Debtors

2023
£

2022
£

Other debtors

10,155

2,596

10,155

2,596

 

Nord Trading Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023 (continued)

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

321

321

Taxation and social security

 

138

4,215

Other creditors

 

57,729

-

 

58,188

4,536

Creditors: amounts falling due after more than one year

2023
£

2022
£

Due after one year

Other non-current financial liabilities

1,442

1,442

8

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.

9

Related party transactions

Transactions with directors

2023

At 1 August 2022
£

Advances to director
£

At 31 July 2023
£

Directors

753

1,589

2,342

       
     

 


 

2022

At 6 July 2021
£

Advances to director
£

At 31 July 2022
£

Directors

-

753

753