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COMPANY REGISTRATION NUMBER: 13755334
NORTH SOUTH VINTAGE LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 November 2023
NORTH SOUTH VINTAGE LIMITED
STATEMENT OF FINANCIAL POSITION
30 November 2023
2023
2022
Note
£
£
£
£
FIXED ASSETS
Tangible assets
5
53,211
56,814
CURRENT ASSETS
Stocks
47,998
27,480
Cash at bank and in hand
29,993
35,607
--------
--------
77,991
63,087
CREDITORS: amounts falling due within one year
6
( 126,119)
( 114,263)
---------
---------
NET CURRENT LIABILITIES
( 48,128)
( 51,176)
--------
--------
TOTAL ASSETS LESS CURRENT LIABILITIES
5,083
5,638
PROVISIONS
( 4,811)
( 5,202)
-------
-------
NET ASSETS
272
436
-------
-------
CAPITAL AND RESERVES
Called up share capital
100
100
Profit and loss account
172
336
----
----
SHAREHOLDERS FUNDS
272
436
----
----
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- 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 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
NORTH SOUTH VINTAGE LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
30 November 2023
These financial statements were approved by the board of directors and authorised for issue on 13 August 2024 , and are signed on behalf of the board by:
H Manton
J Jeffery
Director
Director
Company registration number: 13755334
NORTH SOUTH VINTAGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 30 NOVEMBER 2023
1. GENERAL INFORMATION
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 8-10 Headingley Lane, Leeds, LS6 2AS.
2. STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Disclosure exemptions
The entity satisfies the criteria of being a qualifying entity as defined in FRS 102.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover comprises revenue recognised by the company in respect of goods and services supplied, exclusive of Value Added Tax.
Income tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.
Operating leases
Lease income is recognised in profit or loss on a straight line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis. Costs, including depreciation, incurred in earning the lease income are recognised as an expense. Any initial direct costs incurred in negotiating and arranging the operating lease are added to the carrying amount of the lease and recognised as an expense over the lease term on the same basis as the lease income.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Long leasehold property
-
5% straight line
Fixtures and fittings
-
25% reducing balance
Equipment
-
33% straight line
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit and loss. Derivative financial instruments are initially recorded at transaction price and thereafter at fair value with changes recognised in profit and loss. The company holds the following financial assets and liabilities: Cash, Short-term trade and other debtors, and creditors. Cash in the balance sheet comprises cash at banks and in hand and short term deposits with an original maturity date of three months or less. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account before operating profit.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to 6 (2022: 5 ).
5. TANGIBLE ASSETS
Long leasehold property
Fixtures and fittings
Equipment
Total
£
£
£
£
Cost
At 1 December 2022
30,987
32,578
4,414
67,979
Additions
3,625
3,625
--------
--------
-------
--------
At 30 November 2023
30,987
36,203
4,414
71,604
--------
--------
-------
--------
Depreciation
At 1 December 2022
1,550
8,144
1,471
11,165
Charge for the year
1,549
4,208
1,471
7,228
--------
--------
-------
--------
At 30 November 2023
3,099
12,352
2,942
18,393
--------
--------
-------
--------
Carrying amount
At 30 November 2023
27,888
23,851
1,472
53,211
--------
--------
-------
--------
At 30 November 2022
29,437
24,434
2,943
56,814
--------
--------
-------
--------
6. CREDITORS: amounts falling due within one year
2023
2022
£
£
Trade creditors
2,234
9,295
Amounts owed to group undertakings and undertakings in which the company has a participating interest
68,250
57,250
Corporation tax
10,160
1,546
Social security and other taxes
9,538
12,843
Other creditors
33,500
30,798
Other creditors
2,437
2,531
---------
---------
126,119
114,263
---------
---------