Company registration number 01907166 (England and Wales)
NSG LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
PAGES FOR FILING WITH REGISTRAR
NSG LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
NSG LIMITED
BALANCE SHEET
AS AT
30 SEPTEMBER 2023
30 September 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
111,382
192,733
Current assets
Debtors
5
1,174,517
1,082,355
Investments
6
6,381
5,462
Cash at bank and in hand
815,957
417,549
1,996,855
1,505,366
Creditors: amounts falling due within one year
7
(1,637,245)
(1,584,775)
Net current assets/(liabilities)
359,610
(79,409)
Total assets less current liabilities
470,992
113,324
Creditors: amounts falling due after more than one year
8
(60,000)
(335,000)
Net assets/(liabilities)
410,992
(221,676)
Capital and reserves
Called up share capital
9
9
Capital redemption reserve
16
16
Profit and loss reserves
410,967
(221,701)
Total equity
410,992
(221,676)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 September 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
NSG LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 SEPTEMBER 2023
30 September 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 25 July 2024 and are signed on its behalf by:
H E T Irvine
Director
Company registration number 01907166 (England and Wales)
NSG LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 3 -
1
Accounting policies
Company information
NSG Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unity House, Dudley Road, Darlington, Co Durham.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover represents amounts receivable for membership levies, management fees and vehicle salvage sales net of VAT and trade discounts.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Land and buildings Freehold
10 years
Computer equipment
25% Straight line
Office furniture and equipment
15% Reducing balance
Motor vehicles
25% Reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Cash at bank and in hand
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.6
Short-term debtors and creditors
Short term debtors and creditors with no stated interest rate are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account.
NSG LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.7
Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.8
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
25
25
3
Intangible fixed assets
Other
£
Cost
At 1 October 2022 and 30 September 2023
47,130
Amortisation and impairment
At 1 October 2022 and 30 September 2023
47,130
Carrying amount
At 30 September 2023
At 30 September 2022
NSG LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 5 -
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 October 2022
67,212
527,375
594,587
Additions
20,901
20,901
Disposals
(48,563)
(81,209)
(129,772)
At 30 September 2023
18,649
467,067
485,716
Depreciation and impairment
At 1 October 2022
22,877
378,977
401,854
Depreciation charged in the year
6,721
93,747
100,468
Eliminated in respect of disposals
(48,563)
(79,425)
(127,988)
At 30 September 2023
(18,965)
393,299
374,334
Carrying amount
At 30 September 2023
37,614
73,768
111,382
At 30 September 2022
44,335
148,398
192,733
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
956,869
861,632
Other debtors
217,648
220,723
1,174,517
1,082,355
6
Current asset investments
2023
2022
£
£
Other investments
6,381
5,462
NSG LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 6 -
7
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
66,997
66,997
Trade creditors
1,239,131
995,915
Corporation tax
159
159
Other taxation and social security
114,818
112,663
Other creditors
216,140
409,041
1,637,245
1,584,775
8
Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
60,000
335,000