Registered number
05866555
Admiral Trading (Norfolk) Ltd
Filleted Accounts
30 November 2023
Admiral Trading (Norfolk) Ltd
Registered number: 05866555
Balance Sheet
as at 30 November 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 2 472,247 479,828
Current assets
Debtors 3 59,708 57,199
Cash at bank and in hand 1,465 4,184
61,173 61,383
Creditors: amounts falling due within one year 4 (23,325) (22,600)
Net current assets 37,848 38,783
Total assets less current liabilities 510,095 518,611
Creditors: amounts falling due after more than one year 5 (441,830) (427,035)
Net assets 68,265 91,576
Capital and reserves
Called up share capital 1,000 1,000
Profit and loss account 67,265 90,576
Shareholders' funds 68,265 91,576
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 members have 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.
Alan Boughton
Director
Approved by the board on 5 August 2024
Admiral Trading (Norfolk) 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.
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:
Freehold buildings 2% straight line
Plant and machinery 15% reducing balance
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.
0 Employees 2023 2022
Number Number
Average number of persons employed by the company 0 0
2 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 December 2022 535,689 56,575 592,264
Additions - 887 887
At 30 November 2023 535,689 57,462 593,151
Depreciation
At 1 December 2022 66,676 45,760 112,436
Charge for the year 6,712 1,756 8,468
At 30 November 2023 73,388 47,516 120,904
Net book value
At 30 November 2023 462,301 9,946 472,247
At 30 November 2022 469,013 10,815 479,828
3 Debtors 2023 2022
£ £
Amounts owed by group undertakings and undertakings in which the company has a participating interest 57,106 -
Other debtors 2,602 57,199
59,708 57,199
4 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 16,500 16,500
Taxation and social security costs 2,602 2,602
Other creditors 4,223 3,498
23,325 22,600
5 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 238,385 240,360
Other creditors 203,445 186,675
441,830 427,035
6 Other information
Admiral Trading (Norfolk) Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Misty Meadow
Stubb Road
Hickling
Norfolk
NR12 0YR
7 Post balance sheet events
On 22nd July 2022 one of the the buildings suffered a devastating fire. All rental income ceased
on that day and none will be received until it has been rebuilt. This could take over a year.
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