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Registered number: 02550669









N.C.S. (COUNTER SALES) LIMITED







UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2023

 
N.C.S. (COUNTER SALES) LIMITED
REGISTERED NUMBER: 02550669

BALANCE SHEET
AS AT 31 OCTOBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
18,390
23,075

Current assets
  

Stocks
  
78,305
78,786

Debtors: amounts falling due within one year
 5 
240,409
240,631

Cash at bank and in hand
  
113,994
131,629

  
432,708
451,046

Creditors: amounts falling due within one year
 6 
(230,125)
(245,075)

Net current assets
  
 
 
202,583
 
 
205,971

Total assets less current liabilities
  
220,973
229,046

Creditors: amounts falling due after more than one year
  
(16,601)
(26,667)

Provisions for liabilities
  

Deferred tax
  
(4,598)
(1,539)

Net assets
  
199,774
200,840


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
199,674
200,740

  
199,774
200,840


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 statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

Page 1

 
N.C.S. (COUNTER SALES) LIMITED
REGISTERED NUMBER: 02550669
    
BALANCE SHEET (CONTINUED)
AS AT 31 OCTOBER 2023

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 31 July 2024.




N C Stahl
Director

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
N.C.S. (COUNTER SALES) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

1.


General information

N.C.S. (Counter Sales) Limited ("the Company") is a private company limited by shares, incorporated in England and Wales. The registered office address is 440 Larkshall Road, Chingford, London, E4 9HH.

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

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 nor 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.

 
2.3

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.

 
2.4

Interest income

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

 
2.5

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.

 
2.6

Borrowing costs

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

Page 3

 
N.C.S. (COUNTER SALES) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

2.Accounting policies (continued)

 
2.7

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.

 
2.8

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss 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.

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.

 
2.9

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.

Page 4

 
N.C.S. (COUNTER SALES) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

2.Accounting policies (continued)


2.9
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line and reducing balance methods.

Depreciation is provided on the following basis:

Freehold property
-
1%
straight-line
Plant and machinery
-
15%
reducing balance
Fixtures and fittings
-
15%
reducing balance

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.

 
2.10

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.

 
2.11

Debtors

Short-term debtors are measured at transaction price, less any impairment. 

 
2.12

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. 

 
2.13

Creditors

Short-term creditors are measured at the transaction price.

 
2.14

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 5 (2022 - 4).

Page 5

 
N.C.S. (COUNTER SALES) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

4.


Tangible fixed assets





Freehold property
Plant and machinery
Fixtures and fittings
Total

£
£
£
£



Cost or valuation


At 1 November 2022
12,950
8,217
98,582
119,749


Additions
-
-
1,940
1,940


Disposals
-
(5,270)
(91,676)
(96,946)



At 31 October 2023

12,950
2,947
8,846
24,743



Depreciation


At 1 November 2022
1,683
5,903
89,088
96,674


Charge for the year on owned assets
129
357
2,628
3,114


Disposals
-
(4,796)
(88,639)
(93,435)



At 31 October 2023

1,812
1,464
3,077
6,353



Net book value



At 31 October 2023
11,138
1,483
5,769
18,390



At 31 October 2022
11,267
2,314
9,494
23,075


5.


Debtors

2023
2022
£
£


Trade debtors
179,275
157,548

Other debtors
59,256
81,121

Prepayments and accrued income
1,878
1,962

240,409
240,631


Page 6

 
N.C.S. (COUNTER SALES) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
10,000
10,000

Trade creditors
102,520
141,453

Corporation tax
13,306
13,020

Other taxation and social security
17,654
17,755

Other creditors
29,096
2,002

Accruals and deferred income
57,549
60,845

230,125
245,075



7.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
16,601
26,667



8.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
10,000
10,000

Amounts falling due 1-2 years

Bank loans
16,601
20,000

Amounts falling due 2-5 years

Bank loans
-
6,667


26,601
36,667


Page 7

 
N.C.S. (COUNTER SALES) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

9.


Deferred taxation




2023


£






At beginning of year
(1,539)


Charged to profit or loss
(3,059)



At end of year
(4,598)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
4,598
1,539


10.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company  to the fund and amounted to £3,630 (2022 - £4,162). Contributions totalling £Nil (2022 - £Nil) were payable to the fund at the balance sheet date and are included in creditors.


11.


Commitments under operating leases

At 31 October 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
13,586
8,887

Later than 1 year and not later than 5 years
26,516
24,439

40,102
33,326


12.


Related party transactions

Within other debtors is an amount of £55,434 (2022 - £74,121) due from companies under common control. 
Within other creditors is an amount of £28,000 
(2022 - £7,000 owed from) owed to key management personnel. 

Page 8

 
N.C.S. (COUNTER SALES) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

13.


Controlling party

The ultimate controlling party is deemed to be Mr N C Stahl.

 
Page 9