Registered number
04969405
Northern Geological Supplies Ltd
Filleted Accounts
30 November 2023
Northern Geological Supplies Ltd
Registered number: 04969405
Balance Sheet
as at 30 November 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 4 289,532 289,532
Current assets
Stocks 96,926 83,926
Debtors 5 27,708 104,440
Cash at bank and in hand 35,560 31,635
160,194 220,001
Creditors: amounts falling due within one year 6 (77,936) (153,359)
Net current assets 82,258 66,642
Total assets less current liabilities 371,790 356,174
Creditors: amounts falling due after more than one year 7 (141,917) (153,583)
Net assets 229,873 202,591
Capital and reserves
Called up share capital 12 12
Profit and loss account 229,861 202,579
Shareholders' funds 229,873 202,591
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
B Roberts
Director
Approved by the board on 2 August 2024
Northern Geological Supplies Ltd
Notes to the Accounts
for the year ended 30 November 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 3 4
3 Intangible fixed assets £
Goodwill:
Cost
At 1 December 2022 60,000
At 30 November 2023 60,000
Amortisation
At 1 December 2022 60,000
At 30 November 2023 60,000
Net book value
At 30 November 2023 -
Goodwill is being written off in equal annual instalments over its estimated economic life of 10 years.
4 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 December 2022 289,532 1,090 290,622
At 30 November 2023 289,532 1,090 290,622
Depreciation
At 1 December 2022 - 1,090 1,090
At 30 November 2023 - 1,090 1,090
Net book value
At 30 November 2023 289,532 - 289,532
At 30 November 2022 289,532 - 289,532
Land and buildings with a cost of £289,532 were valued at £430,000 for purposes of securing a loan from Nat West bank plc. The property was valued by Ryder & Dutton Chartered Surveyors of Royton,
5 Debtors 2023 2022
£ £
Trade debtors 27,708 104,440
6 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 23,202 41,066
Taxation and social security costs 36,605 22,591
Other creditors 18,129 89,702
77,936 153,359
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 141,917 153,583
8 Loans 2023 2022
£ £
Creditors include:
Secured bank loans 141,917 153,583
The bank loans from National Westminster Bank plc are secured by a charge over the company premises at 66 Gas St Bolton. The charge was created in December 2019.
9 Other information
Northern Geological Supplies Ltd is a private company limited by shares and incorporated in England. Its registered office is:
66 Gas St
Bolton
BL1 4TG
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