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Registered number: 02461070
Nortels Limited
Unaudited Financial Statements
For The Year Ended 30 November 2023
Hargreaves & Co
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 02461070
2023 2022
as restated
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 144,149 131,095
Investments 5 100,000 100,000
244,149 231,095
CURRENT ASSETS
Stocks 6 6,750 6,500
Debtors 7 208,817 187,206
Cash at bank and in hand 22,348 47,139
237,915 240,845
Creditors: Amounts Falling Due Within One Year 8 (26,989 ) (36,742 )
NET CURRENT ASSETS (LIABILITIES) 210,926 204,103
TOTAL ASSETS LESS CURRENT LIABILITIES 455,075 435,198
Creditors: Amounts Falling Due After More Than One Year 9 (417,160 ) (327,550 )
NET ASSETS 37,915 107,648
CAPITAL AND RESERVES
Called up share capital 10 77,662 77,662
Profit and Loss Account (39,747 ) 29,986
SHAREHOLDERS' FUNDS 37,915 107,648
Page 1
Page 2
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.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Robert Anglaret
Director
26 August 2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Nortels Limited is a private company, limited by shares, incorporated in England & Wales, registered number 02461070 . The registered office is The Woodlands Lodge Hotel, Bartley Road Woodlands, Southampton, Hampshire, SO40 7GN.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 25% Reducing balance
Motor Vehicles 25% Reducing balance
Fixtures & Fittings 25% Reducing balance
Computer Equipment 25% Reducing balance
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2022: 2)
2 2
4. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 December 2022 291,804 40,056 335,552 44,861 712,273
Additions - - 50,176 - 50,176
As at 30 November 2023 291,804 40,056 385,728 44,861 762,449
Depreciation
As at 1 December 2022 257,409 10,014 271,466 42,289 581,178
Provided during the period 8,599 7,511 20,369 643 37,122
As at 30 November 2023 266,008 17,525 291,835 42,932 618,300
...CONTINUED
Page 3
Page 4
Net Book Value
As at 30 November 2023 25,796 22,531 93,893 1,929 144,149
As at 1 December 2022 34,395 30,042 64,086 2,572 131,095
5. Investments
Listed
£
Cost
As at 1 December 2022 100,000
As at 30 November 2023 100,000
Provision
As at 1 December 2022 -
As at 30 November 2023 -
Net Book Value
As at 30 November 2023 100,000
As at 1 December 2022 100,000
6. Stocks
2023 2022
as restated
£ £
Materials 6,750 6,500
7. Debtors
2023 2022
as restated
£ £
Due within one year
Intercompany 182,888 169,867
Other taxes and social security 22,124 17,339
Directors' loan accounts 3,805 -
208,817 187,206
8. Creditors: Amounts Falling Due Within One Year
2023 2022
as restated
£ £
Corporation tax - (1,876 )
VAT 19,552 35,558
Accruals and deferred income 3,451 3,060
Directors' loan accounts 3,986 -
26,989 36,742
Page 4
Page 5
9. Creditors: Amounts Falling Due After More Than One Year
2023 2022
as restated
£ £
Directors loan account 417,160 327,550
10. Share Capital
2023 2022
as restated
£ £
Allotted, Called up and fully paid 77,662 77,662
Page 5