Registered number
08306610
Noble-Asco Limited
Filleted Accounts
30 November 2023
Noble-Asco Limited
Registered number: 08306610
Balance Sheet
as at 30 November 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 72,138 82,524
Current assets
Debtors 4 524,745 487,122
Cash at bank and in hand 130,832 95,529
655,577 582,651
Creditors: amounts falling due within one year 5 (241,227) (208,283)
Net current assets 414,350 374,368
Total assets less current liabilities 486,488 456,892
Creditors: amounts falling due after more than one year 6 (12,613) (23,372)
Provisions for liabilities (13,709) (17,487)
Net assets 460,166 416,033
Capital and reserves
Called up share capital 100 100
Profit and loss account 460,066 415,933
Shareholder's funds 460,166 416,033
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his 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.
S P Barker
Director
Approved by the board on 25 July 2024
Noble-Asco Limited
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.
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 7 years
Fixtures, fittings, tools and equipment over 7 years
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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 12 12
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 December 2022 168,368
Additions 5,077
At 30 November 2023 173,445
Depreciation
At 1 December 2022 85,844
Charge for the year 15,463
At 30 November 2023 101,307
Net book value
At 30 November 2023 72,138
At 30 November 2022 82,524
4 Debtors 2023 2022
£ £
Trade debtors 512,461 487,122
Other debtors 12,284 -
524,745 487,122
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 122,906 132,467
Obligations under finance lease and hire purchase contracts - 4,695
Trade creditors 101,079 53,857
Taxation and social security costs 17,242 16,888
Other creditors - 376
241,227 208,283
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 12,613 23,372
7 Loans 2023 2022
£ £
Creditors include:
Secured bank loans 112,906 122,467
The bank loan is secured by a first legal charge over the assets of the Company.
8 Other information
Noble-Asco Limited is a private company limited by shares and incorporated in England. Its registered office is:
Greenhey Place
Gillibrands
Skelmersdale
Lancashire
WN8 9SA
Noble-Asco Limited 08306610 false 2022-12-01 2023-11-30 2023-11-30 VT Final Accounts April 2024 S P Barker No description of principal activity 08306610 2021-12-01 2022-11-30 08306610 core:WithinOneYear 2022-11-30 08306610 core:AfterOneYear 2022-11-30 08306610 core:ShareCapital 2022-11-30 08306610 core:RetainedEarningsAccumulatedLosses 2022-11-30 08306610 2022-12-01 2023-11-30 08306610 bus:PrivateLimitedCompanyLtd 2022-12-01 2023-11-30 08306610 bus:AuditExemptWithAccountantsReport 2022-12-01 2023-11-30 08306610 bus:Director40 2022-12-01 2023-11-30 08306610 1 2022-12-01 2023-11-30 08306610 2 2022-12-01 2023-11-30 08306610 core:PlantMachinery 2022-12-01 2023-11-30 08306610 countries:England 2022-12-01 2023-11-30 08306610 bus:FRS102 2022-12-01 2023-11-30 08306610 bus:FilletedAccounts 2022-12-01 2023-11-30 08306610 2023-11-30 08306610 core:WithinOneYear 2023-11-30 08306610 core:AfterOneYear 2023-11-30 08306610 core:ShareCapital 2023-11-30 08306610 core:RetainedEarningsAccumulatedLosses 2023-11-30 08306610 core:PlantMachinery 2023-11-30 08306610 2022-11-30 08306610 core:PlantMachinery 2022-11-30 iso4217:GBP xbrli:pure