Company registration number 10616584 (England and Wales)
NOTWICS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
NOTWICS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
Notes to the financial statements
3 - 7
NOTWICS LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
55,962
73,206
Investments
5
-
0
17,682
55,962
90,888
Current assets
Debtors
7
58,594
18,906
Cash at bank and in hand
1,520
16,920
60,114
35,826
Creditors: amounts falling due within one year
8
(44,742)
(35,698)
Net current assets
15,372
128
Total assets less current liabilities
71,334
91,016
Creditors: amounts falling due after more than one year
9
(58,492)
(70,446)
Provisions for liabilities
(12,283)
(13,185)
Net assets
559
7,385
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
558
7,384
Total equity
559
7,385

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The member has 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.

NOTWICS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 17 August 2024
Mr Christopher Lowe
Director
Company Registration No. 10616584
NOTWICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information

Notwics Limited is a private company limited by shares incorporated in England and Wales. The registered office is 66 Temple Sheen Road, London, UK, SW14 7QG.

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 freehold properties and to include investment properties and certain financial instruments at fair value

1.2
Going concern

At the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. For this reason the director continues to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

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:

Plant and equipment
25% straight line
Fixtures and fittings
20% straight line
Computers
33% straight line
Motor vehicles
20% straight line

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
Fixed asset investments

Investments in shares are included at fair value.

1.6
Cash and cash equivalents

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.

NOTWICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.9
Taxation
Current tax
NOTWICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 5 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.10
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
1
1
NOTWICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2023 and 31 March 2024
89,458
Depreciation and impairment
At 1 April 2023
16,252
Depreciation charged in the year
17,244
At 31 March 2024
33,496
Carrying amount
At 31 March 2024
55,962
At 31 March 2023
73,206
5
Fixed asset investments
2024
2023
£
£
Other investments other than loans
-
0
17,682
Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 April 2023 & 31 March 2024
17,682
Carrying amount
At 31 March 2024
17,682
At 31 March 2023
17,682
Error! Does not agree to TB:
-
Difference
17,682
6
Financial instruments
2024
2023
£
£
Carrying amount of financial assets
Instruments measured at fair value through profit or loss
-
17,682
NOTWICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
7
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
7,370
3,323
Other debtors
51,224
15,583
58,594
18,906
8
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
4,588
4,588
Trade creditors
-
0
5,923
Corporation tax
23,993
7,685
Other taxation and social security
5,976
8,450
Other creditors
10,185
9,052
44,742
35,698
9
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
23,706
28,294
Other creditors
34,786
42,152
58,492
70,446
2024-03-312023-04-01false17 August 2024CCH SoftwareCCH Accounts Production 2024.200No description of principal activityMr Christopher Lowefalsefalse106165842023-04-012024-03-31106165842024-03-31106165842023-03-3110616584core:OtherPropertyPlantEquipment2024-03-3110616584core:OtherPropertyPlantEquipment2023-03-3110616584core:CurrentFinancialInstrumentscore:WithinOneYear2024-03-3110616584core:CurrentFinancialInstrumentscore:WithinOneYear2023-03-3110616584core:Non-currentFinancialInstrumentscore:AfterOneYear2024-03-3110616584core:Non-currentFinancialInstrumentscore:AfterOneYear2023-03-3110616584core:CurrentFinancialInstruments2024-03-3110616584core:CurrentFinancialInstruments2023-03-3110616584core:Non-currentFinancialInstruments2024-03-3110616584core:Non-currentFinancialInstruments2023-03-3110616584core:ShareCapital2024-03-3110616584core:ShareCapital2023-03-3110616584core:RetainedEarningsAccumulatedLosses2024-03-3110616584core:RetainedEarningsAccumulatedLosses2023-03-3110616584bus:Director12023-04-012024-03-3110616584core:PlantMachinery2023-04-012024-03-3110616584core:FurnitureFittings2023-04-012024-03-3110616584core:ComputerEquipment2023-04-012024-03-3110616584core:MotorVehicles2023-04-012024-03-31106165842022-04-012023-03-3110616584core:OtherPropertyPlantEquipment2023-03-3110616584core:OtherPropertyPlantEquipment2023-04-012024-03-3110616584core:WithinOneYear2024-03-3110616584core:WithinOneYear2023-03-3110616584bus:PrivateLimitedCompanyLtd2023-04-012024-03-3110616584bus:SmallCompaniesRegimeForAccounts2023-04-012024-03-3110616584bus:FRS1022023-04-012024-03-3110616584bus:AuditExemptWithAccountantsReport2023-04-012024-03-3110616584bus:FullAccounts2023-04-012024-03-31xbrli:purexbrli:sharesiso4217:GBP