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Registered number: 09085655
North Equipment Ltd
Unaudited Financial Statements
For The Year Ended 30 June 2024
Poolemead Accountants (Winchester) Ltd
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 09085655
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 7,650 19,624
7,650 19,624
CURRENT ASSETS
Stocks 5 349,168 366,160
Debtors 6 44,694 137,858
Cash at bank and in hand 44,637 44,559
438,499 548,577
Creditors: Amounts Falling Due Within One Year 7 (625,002 ) (698,801 )
NET CURRENT ASSETS (LIABILITIES) (186,503 ) (150,224 )
TOTAL ASSETS LESS CURRENT LIABILITIES (178,853 ) (130,600 )
Creditors: Amounts Falling Due After More Than One Year 8 (28,337 ) (52,204 )
NET LIABILITIES (207,190 ) (182,804 )
CAPITAL AND RESERVES
Called up share capital 9 1,250 1,250
Profit and Loss Account (208,440 ) (184,054 )
SHAREHOLDERS' FUNDS (207,190) (182,804)
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Page 2
For the year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his 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 Robin North
Director
09/09/2024
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
North Equipment Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 09085655 . The registered office is Tremain House 8 Maple Drive, Kings Worthy, Winchester, Hampshire, SO23 7NG.
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 33% Straight line
Motor Vehicles 25% Reducing balance
Fixtures & Fittings 20% 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.
2.5. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
3. Average Number of Employees
Average number of employees, including directors, during the year was as follows:
2024 2023
Office and administration 1 1
Sales, marketing and distribution 1 3
2 4
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4. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 July 2023 43,392 63,877 9,920 2,399 119,588
Disposals - (63,878 ) - - (63,878 )
As at 30 June 2024 43,392 (1 ) 9,920 2,399 55,710
Depreciation
As at 1 July 2023 28,109 63,875 6,886 1,094 99,964
Provided during the period 10,186 - 1,312 474 11,972
Disposals - (63,876 ) - - (63,876 )
As at 30 June 2024 38,295 (1 ) 8,198 1,568 48,060
Net Book Value
As at 30 June 2024 5,097 - 1,722 831 7,650
As at 1 July 2023 15,283 2 3,034 1,305 19,624
5. Stocks
2024 2023
£ £
Finished goods 349,168 366,160
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 21,630 108,649
Prepayments and accrued income - 29,209
Other debtors 19,132 -
VAT 3,932 -
44,694 137,858
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 53,445 135,143
Bank loans and overdrafts 25,008 25,008
Other taxes and social security 667 2,038
VAT - 10,739
Other creditors 403,266 403,000
Accruals and deferred income 68,200 68,200
Director's loan account 74,416 54,673
625,002 698,801
Included in Creditors is an amount of £100,000, lent to the company by New Lodge Veterinary Centre Limited, an associated company. The amount is lent interest free, with no fixed date of repayment. The loan is unsecured. 
Also included in Creditors is the amount of £283,000 (2023-£283,000) lent to the company by Soil Leasing Ltd, a company in which R North is both a director and shareholder. The funds are lent free of interest with no fixed date of repayment. The amount borrowed is unsecured.
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8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 28,337 52,204
In the course of the year the company borrowed £100,000 from Finding Circle under the terms of the Corona virus Business Interuption loan scheme (CBILS) The loan is interest free for 12 months with interest payable at 10.2% per annum thereafter. The loan is secured by the UK Government under the general terms of the CBILS loan scheme.
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 1,250 1,250
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