Company registration number 03686741 (England and Wales)
ARI D NORMAN LIMITED
Unaudited financial statements
For the year ended 31 December 2023
Pages for filing with registrar
ARI D NORMAN LIMITED
CONTENTS
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 7
ARI D NORMAN LIMITED
STATEMENT OF FINANCIAL POSITION
As at 31 December 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Non-current assets
Property, plant and equipment
3
828,705
851,290
Investments
4
107,564
169,188
936,269
1,020,478
Current assets
Inventories
298,000
287,000
Trade and other receivables
5
9,740
12,402
Cash and cash equivalents
86,659
80,652
394,399
380,054
Current liabilities
6
(1,201,676)
(1,240,615)
Net current liabilities
(807,277)
(860,561)
Total assets less current liabilities
128,992
159,917
Provisions for liabilities
7
(3,877)
(5,959)
Net assets
125,115
153,958
Equity
Called up share capital
8
100,000
100,000
Retained earnings
25,115
53,958
Total equity
125,115
153,958
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 31 December 2023 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 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.
ARI D NORMAN LIMITED
STATEMENT OF FINANCIAL POSITION (CONTINUED)
As at 31 December 2023
31 December 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on
11 September 2024
11 September 2024
and are signed on its behalf by:
A L D Norman
Director
Company registration number 03686741 (England and Wales)
ARI D NORMAN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 December 2023
- 3 -
1
Accounting policies
Company information
Ari D Norman Limited is a private company limited by shares incorporated in England and Wales. The registered office is Connect House, 133-137 Alexandra Road, London, SW19 7JY.
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 certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Revenue
Revenue 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.
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.
1.3
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are normally recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Website development costs are intangible assets and are not capitalised by the company. Website development costs are expensed direct to the income statement in the year in which it is incurred. The directors are of the opinion that the website development costs do not need to be capitalised as the amounts are not material and they have a short useful life, as the website will need to be constantly updated and maintained.
1.4
Property, plant and equipment
Property, plant and equipment are initially measured at cost and subsequently measured at cost less depreciation and less 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:
Land and buildings Freehold
Over 50 years
Fixtures, fittings & equipment
20% reducing balance per annum
IT equipment
3 years straight line per annum
1.5
Non-current investments
Listed investments are initially measured at purchase cost, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in the income statement.
ARI D NORMAN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 December 2023
1
Accounting policies
(Continued)
- 4 -
1.6
Inventories
Inventories are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition..
1.7
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.
1.8
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 statement of financial position 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 trade and other receivables 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 trade and other payables 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.
1.9
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 income statement 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.
ARI D NORMAN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 December 2023
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.
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 income statement, 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
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.11
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
1.12
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
5
5
ARI D NORMAN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 December 2023
- 6 -
3
Property, plant and equipment
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 January 2023
856,934
70,046
926,980
Additions
95
95
At 31 December 2023
856,934
70,141
927,075
Depreciation and impairment
At 1 January 2023
37,493
38,197
75,690
Depreciation charged in the year
11,539
11,141
22,680
At 31 December 2023
49,032
49,338
98,370
Carrying amount
At 31 December 2023
807,902
20,803
828,705
At 31 December 2022
819,441
31,849
851,290
4
Fixed asset investments
2023
2022
£
£
Other investments other than loans
107,564
169,188
Movements in non-current investments
Investments
£
Cost or valuation
At 1 January 2023
169,188
Valuation changes
(62,274)
Foreign exchange adjustments
650
At 31 December 2023
107,564
Carrying amount
At 31 December 2023
107,564
At 31 December 2022
169,188
ARI D NORMAN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 December 2023
- 7 -
5
Trade and other receivables
2023
2022
Amounts falling due within one year:
£
£
Trade receivables
3,467
10,779
Other receivables
6,273
1,623
9,740
12,402
6
Current liabilities
2023
2022
£
£
Trade payables
31,330
20,283
Taxation and social security
747
437
Other payables
1,169,599
1,219,895
1,201,676
1,240,615
7
Provisions for liabilities
2023
2022
£
£
Deferred tax liabilities
3,877
5,959
8
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100,000
100,000
100,000
100,000