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REGISTERED NUMBER: 07237916 (England and Wales)











UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

NORTECH PARTNERS LTD

NORTECH PARTNERS LTD (REGISTERED NUMBER: 07237916)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023










Page

Balance sheet 1

Notes to the financial statements 3


NORTECH PARTNERS LTD (REGISTERED NUMBER: 07237916)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
Fixed assets
Intangible assets 4 67,000 77,000
Tangible assets 5 71,006 26,014
138,006 103,014

Current assets
Stocks 13,452 38,604
Debtors 6 27,839 11,241
Cash at bank 9,188 40,346
50,479 90,191
Creditors
Amounts falling due within one year 7 74,749 92,607
Net current liabilities (24,270 ) (2,416 )
Total assets less current liabilities 113,736 100,598

Creditors
Amounts falling due after more than one year 8 (54,853 ) (30,349 )

Provisions for liabilities 11 (7,820 ) (1,056 )
Net assets 51,063 69,193

Capital and reserves
Called up share capital 12 100 100
Retained earnings 50,963 69,093
Shareholders' funds 51,063 69,193

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

NORTECH PARTNERS LTD (REGISTERED NUMBER: 07237916)

BALANCE SHEET - continued
31 DECEMBER 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of comprehensive income has not been delivered.

The financial statements were approved by the director and authorised for issue on 4 September 2024 and were signed by:





Dr D Norton - Director


NORTECH PARTNERS LTD (REGISTERED NUMBER: 07237916)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023


1. Statutory information

Nortech Partners Ltd is a private company, limited by shares, registered in England and Wales. The company's registered number is 07237916. The registered office is 7 & 8 Church Street, Wimborne, Dorset, BH21 1JH and business address is Unit 5, Riverside Park, Wimborne, Dorset, BH21 1QU.

2. Accounting policies

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover represents amounts receivable for the manufacture and distribution of jump ropes, net of VAT and trade discounts.

Goodwill
Acquired goodwill is written off in equal annual instalments over its estimated useful life. This is deemed to be 20 years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that that have been enacted or substantively enacted by the balance sheet date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

NORTECH PARTNERS LTD (REGISTERED NUMBER: 07237916)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


2. Accounting policies - continued

Financial instruments
Basic financial instruments are initially recognised at transaction price and accounted for according to the substance of the contractual arrangement, as either financial assets, liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company, after deducting all liabilities.

At each balance sheet date, financial instruments are measured at amortised cost using the effective interest method. Any losses arising from impairment are recognised in the profit and loss account in the period to which they relate.

Taxation
At the end of the year the company had trading losses of £10,620 to carry forward.

3. Employees and directors

The average number of employees during the year was 4 (2022 - 4 ) .

4. Intangible fixed assets
Goodwill
£   
Cost
At 1 January 2023
and 31 December 2023 200,000
Amortisation
At 1 January 2023 123,000
Charge for year 10,000
At 31 December 2023 133,000
Net book value
At 31 December 2023 67,000
At 31 December 2022 77,000

5. Tangible fixed assets
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
Cost
At 1 January 2023 7,856 11,368 32,409 51,633
Additions - - 86,890 86,890
Disposals - - (32,409 ) (32,409 )
At 31 December 2023 7,856 11,368 86,890 106,114
Depreciation
At 1 January 2023 3,364 8,076 14,179 25,619
Charge for year 1,123 823 21,722 23,668
Eliminated on disposal - - (14,179 ) (14,179 )
At 31 December 2023 4,487 8,899 21,722 35,108
Net book value
At 31 December 2023 3,369 2,469 65,168 71,006
At 31 December 2022 4,492 3,292 18,230 26,014

NORTECH PARTNERS LTD (REGISTERED NUMBER: 07237916)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


5. Tangible fixed assets - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
Cost
At 1 January 2023 32,409
Additions 86,890
Disposals (32,409 )
At 31 December 2023 86,890
Depreciation
At 1 January 2023 14,179
Charge for year 21,722
Eliminated on disposal (14,179 )
At 31 December 2023 21,722
Net book value
At 31 December 2023 65,168
At 31 December 2022 18,230

6. Debtors: amounts falling due within one year
2023 2022
£    £   
Trade debtors 9,758 2,099
Other debtors - 56
Tax 5,805 -
VAT 12,151 5,355
Prepayments 125 3,731
27,839 11,241

7. Creditors: amounts falling due within one year
2023 2022
£    £   
Bank loans and overdrafts 8,000 8,000
Hire purchase contracts (see note 9) 11,280 7,305
Trade creditors 13,985 22,003
Tax - 5,411
Social security and other taxes 679 762
Wages creditor 550 50
Other creditors 170 756
Directors' current accounts 37,015 45,535
Accruals and deferred income 3,070 2,785
74,749 92,607

NORTECH PARTNERS LTD (REGISTERED NUMBER: 07237916)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


8. Creditors: amounts falling due after more than one year
2023 2022
£    £   
Bank loans - 1-2 years 8,000 8,000
Bank loans - 2-5 years 4,000 12,000
Hire purchase contracts (see note 9) 42,853 10,349
54,853 30,349

9. Leasing agreements

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 11,280 7,305
Between one and five years 42,853 10,349
54,133 17,654

Non-cancellable operating leases
2023 2022
£    £   
Within one year 8,250 -
Between one and five years 44,000 -
In more than five years 2,750 -
55,000 -

10. Secured debts

The following secured debts are included within creditors:

2023 2022
£    £   
Hire purchase contracts 54,134 17,654

Amounts owed under hire purchase are secured against the asset to which they relate.

11. Provisions for liabilities
2023 2022
£    £   
Deferred tax 7,820 1,056

Deferred
tax
£   
Balance at 1 January 2023 1,056
Provided during year 6,764
Balance at 31 December 2023 7,820

NORTECH PARTNERS LTD (REGISTERED NUMBER: 07237916)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


12. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
100 Ordinary £1.00 100 100

13. Ultimate controlling party

The company is controlled by the sole director, Dr D Norton, who owns 100% of the voting share capital.