Company Registration No. 08016853 (England and Wales)
N&C POLYTUNNEL INSTALLERS LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
PAGES FOR FILING WITH REGISTRAR
N&C POLYTUNNEL INSTALLERS LTD
COMPANY INFORMATION
Directors
Mr N M Saunders
Mrs C M Saunders
Company number
08016853
Registered office
7 Rogers Close
Tiverton
Devon
EX16 6UW
Accountants
Apsleys Chartered Accountants
21 Bampton Street
Tiverton
Devon
EX16 6AA
N&C POLYTUNNEL INSTALLERS LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
N&C POLYTUNNEL INSTALLERS LTD
BALANCE SHEET
AS AT
30 APRIL 2024
30 April 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
28,897
37,866
Current assets
Stocks
-
2,400
Debtors
5
13,804
10,158
Cash at bank and in hand
103,244
106,556
117,048
119,114
Creditors: amounts falling due within one year
6
(46,884)
(50,219)
Net current assets
70,164
68,895
Total assets less current liabilities
99,061
106,761
Creditors: amounts falling due after more than one year
7
(17,276)
(24,506)
Provisions for liabilities
(5,490)
Net assets
76,295
82,255
Capital and reserves
Called up share capital
8
2
2
Profit and loss reserves
76,293
82,253
Total equity
76,295
82,255
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
N&C POLYTUNNEL INSTALLERS LTD
BALANCE SHEET (CONTINUED)
AS AT
30 APRIL 2024
30 April 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 20 August 2024 and are signed on its behalf by:
Mr N M Saunders
Director
Company Registration No. 08016853
N&C POLYTUNNEL INSTALLERS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 3 -
1
Accounting policies
Company information
N&C Polytunnel Installers Ltd is a private company limited by shares incorporated in England and Wales within the United Kingdom.
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. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
1.2
Turnover
Turnover represents amounts receivable for goods and services net of VAT.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Plant and equipment
15% reducing balance
Fixtures and fittings
25% reducing balance
Motor vehicles
25% reducing balance
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.
1.4
Stocks
Stocks and work in progress are stated at the lower of cost and net realisable value.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
N&C POLYTUNNEL INSTALLERS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 4 -
1.5
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.
1.6
Financial instruments
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 in other administrative expenses.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred taxation is provided on the liability method to take account of timing differences between the treatment of certain items for accounts purposes and their treatment for tax purposes.
1.8
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 2 (2023 - 2).
N&C POLYTUNNEL INSTALLERS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 5 -
3
Intangible fixed assets
Goodwill
£
Cost
At 1 May 2023 and 30 April 2024
10,000
Amortisation and impairment
At 1 May 2023 and 30 April 2024
10,000
Carrying amount
At 30 April 2024
At 30 April 2023
4
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 May 2023
7,437
2,880
36,672
46,989
Additions
313
313
At 30 April 2024
7,750
2,880
36,672
47,302
Depreciation and impairment
At 1 May 2023
5,106
2,489
1,528
9,123
Depreciation charged in the year
398
98
8,786
9,282
At 30 April 2024
5,504
2,587
10,314
18,405
Carrying amount
At 30 April 2024
2,246
293
26,358
28,897
At 30 April 2023
2,331
391
35,144
37,866
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
9,073
9,169
Prepayments and accrued income
4,731
989
13,804
10,158
N&C POLYTUNNEL INSTALLERS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 6 -
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
5,923
Trade creditors
675
Corporation tax
25,064
13,467
Other taxation and social security
11,076
3,533
Other creditors
2,746
31,819
Accruals and deferred income
1,400
1,400
46,884
50,219
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
17,276
24,506
8
Called up share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
2 Ordinary of £1 each
2
2