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Registered number: 06725236
NORTHERN TRADERS (LEEDS) LTD
Unaudited Financial Statements
For The Year Ended 31 October 2023
19 Fountain Street
Leeds
LS27 9AE
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 06725236
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 99,561 108,725
99,561 108,725
CURRENT ASSETS
Stocks 5 6,950 6,150
Debtors 6 151,076 98,116
Cash at bank and in hand 289,770 223,469
447,796 327,735
Creditors: Amounts Falling Due Within One Year 7 (173,892 ) (139,109 )
NET CURRENT ASSETS (LIABILITIES) 273,904 188,626
TOTAL ASSETS LESS CURRENT LIABILITIES 373,465 297,351
Creditors: Amounts Falling Due After More Than One Year 8 (37,194 ) (40,239 )
NET ASSETS 336,271 257,112
CAPITAL AND RESERVES
Called up share capital 10 99 99
Profit and Loss Account 336,172 257,013
SHAREHOLDERS' FUNDS 336,271 257,112
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For the year ending 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Simon Bedford
Director
03/05/2024
The notes on pages 3 to 5 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
NORTHERN TRADERS (LEEDS) LTD is a private company, limited by shares, incorporated in England & Wales, registered number 06725236 . The registered office is Unit 4, Chartist Way, Morley, Leeds, West Yorkshire, LS27 9ET.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 25%
Motor Vehicles 25%
Fixtures & Fittings 25%
Computer Equipment 25%
2.4. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
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2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 8 (2022: 8)
8 8
4. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 November 2022 95,993 140,396 8,938 8,679 254,006
Additions 28,990 - - - 28,990
Disposals (16,947 ) - - - (16,947 )
As at 31 October 2023 108,036 140,396 8,938 8,679 266,049
Depreciation
As at 1 November 2022 56,266 77,921 4,410 6,684 145,281
Provided during the period 15,939 15,621 1,131 498 33,189
Disposals (11,982 ) - - - (11,982 )
As at 31 October 2023 60,223 93,542 5,541 7,182 166,488
Net Book Value
As at 31 October 2023 47,813 46,854 3,397 1,497 99,561
As at 1 November 2022 39,727 62,475 4,528 1,995 108,725
5. Stocks
2023 2022
£ £
Stock 6,950 6,150
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6. Debtors
2023 2022
£ £
Due within one year
Trade debtors 150,799 97,661
Prepayments and accrued income 242 242
Pensions 35 213
151,076 98,116
7. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 60,097 54,936
Bank loans and overdrafts 16,763 17,810
Corporation tax 29,043 10,658
Other taxes and social security 3,468 3,339
VAT 38,971 50,016
Accruals and deferred income 1,645 1,645
Director's loan account 23,905 705
173,892 139,109
8. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Net obligations under finance lease and hire purchase contracts 37,194 40,239
9. Obligations Under Finance Leases and Hire Purchase
2023 2022
£ £
The future minimum finance lease payments are as follows:
Later than one year and not later than five years 13,467 11,349
Later than five years 23,727 28,890
37,194 40,239
37,194 40,239
10. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 99 99
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