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REGISTERED NUMBER: 04955227 (England and Wales)















NOVOCASTRIAN RINGS LIMITED

Unaudited Financial Statements For The Year Ended 31 January 2024






NOVOCASTRIAN RINGS LIMITED (REGISTERED NUMBER: 04955227)






Contents of the Financial Statements
For The Year Ended 31 January 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Report of the Accountants 8

NOVOCASTRIAN RINGS LIMITED

Company Information
For The Year Ended 31 January 2024







DIRECTORS: J Richardson
Mrs J K Richardson





SECRETARY: Mrs J K Richardson





REGISTERED OFFICE: 23 Middle Street
Consett
Co. Durham
DH8 5QP





REGISTERED NUMBER: 04955227 (England and Wales)





ACCOUNTANTS: Sadler Joyce Ltd
Chartered Certified Accountant
18 Norham Road
Whitley Bay
Tyne and Wear
NE26 2SD

NOVOCASTRIAN RINGS LIMITED (REGISTERED NUMBER: 04955227)

Balance Sheet
31 January 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 191,350 196,940
191,350 196,940

CURRENT ASSETS
Stocks 105,989 119,715
Debtors 6 7,669 12,312
Cash at bank and in hand 436,517 327,415
550,175 459,442
CREDITORS
Amounts falling due within one year 7 308,443 315,397
NET CURRENT ASSETS 241,732 144,045
TOTAL ASSETS LESS CURRENT
LIABILITIES

433,082

340,985

CREDITORS
Amounts falling due after more than one
year

8

64,888

73,825
NET ASSETS 368,194 267,160

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings 368,192 267,158
SHAREHOLDERS' FUNDS 368,194 267,160

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

NOVOCASTRIAN RINGS LIMITED (REGISTERED NUMBER: 04955227)

Balance Sheet - continued
31 January 2024


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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 2 September 2024 and were signed on its behalf by:





J Richardson - Director


NOVOCASTRIAN RINGS LIMITED (REGISTERED NUMBER: 04955227)

Notes to the Financial Statements
For The Year Ended 31 January 2024

1. STATUTORY INFORMATION

Novocastrian Rings Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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.

Significant judgements
There were no judgements made that were significant enough to warrant disclosure.

Turnover
Turnover is stated net of value added tax and represents the total receivable by the company. The revenue is recognised on receipt of cash for shop sales and on despatch for workshop sales.

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.
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 20% on reducing balance
Computer equipment - 33% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for the market valuation of precious metals and slow-moving items.

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 have been enacted or substantively enacted by the balance sheet date.

Deferred tax
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.

NOVOCASTRIAN RINGS LIMITED (REGISTERED NUMBER: 04955227)

Notes to the Financial Statements - continued
For The Year Ended 31 January 2024

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Significant estimates
Freehold premises that were purchased in December 2017 are, in the opinion of the Directors, valued at the purchase price and this is an accurate approximation to the fair value at the year end.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 (2023 - 11 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 February 2023
and 31 January 2024 65,000
AMORTISATION
At 1 February 2023
and 31 January 2024 65,000
NET BOOK VALUE
At 31 January 2024 -
At 31 January 2023 -

5. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and
property machinery fittings
£    £    £   
COST
At 1 February 2023 164,818 47,381 35,269
Additions - 100 -
At 31 January 2024 164,818 47,481 35,269
DEPRECIATION
At 1 February 2023 - 37,019 30,500
Charge for year - 1,569 715
At 31 January 2024 - 38,588 31,215
NET BOOK VALUE
At 31 January 2024 164,818 8,893 4,054
At 31 January 2023 164,818 10,362 4,769

NOVOCASTRIAN RINGS LIMITED (REGISTERED NUMBER: 04955227)

Notes to the Financial Statements - continued
For The Year Ended 31 January 2024

5. TANGIBLE FIXED ASSETS - continued

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 February 2023 54,616 3,105 305,189
Additions - - 100
At 31 January 2024 54,616 3,105 305,289
DEPRECIATION
At 1 February 2023 37,686 3,044 108,249
Charge for year 3,386 20 5,690
At 31 January 2024 41,072 3,064 113,939
NET BOOK VALUE
At 31 January 2024 13,544 41 191,350
At 31 January 2023 16,930 61 196,940

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 5,748 8,818
Other debtors 1,921 3,494
7,669 12,312

Other debtors relate solely to prepayments.

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 10,455 15,367
Taxation and social security 36,312 24,593
Other creditors 261,676 275,437
308,443 315,397

Included in other creditors are amounts owed to the Directors of £231,704 (£246,536 - 2023).

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Other creditors 64,888 73,825

A mortgage is included in other creditors, this year the company owed £42,843 (£51,779 - 2023)

9. FINANCIAL INSTRUMENTS

Debtors are shown at their impaired value (i.e. less doubtful debts) and trade creditors are at their carrying value.

NOVOCASTRIAN RINGS LIMITED (REGISTERED NUMBER: 04955227)

Notes to the Financial Statements - continued
For The Year Ended 31 January 2024

10. RELATED PARTY DISCLOSURES

No transactions with related parties were undertaken that required disclosure under FRS 102 section 1A small entities.

NOVOCASTRIAN RINGS LIMITED

Report of the Accountants to the Directors of
Novocastrian Rings Limited

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

As described on the Balance Sheet you are responsible for the preparation of the financial statements for the year ended 31 January 2024 set out on pages three to twelve and you consider that the company is exempt from an audit.

In accordance with your instructions, we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and information and explanations supplied to us.






Sadler Joyce Ltd
Chartered Certified Accountant
18 Norham Road
Whitley Bay
Tyne and Wear
NE26 2SD


4 September 2024