Acorah Software Products - Accounts Production 15.0.600 false true 28 February 2023 1 March 2022 false 1 March 2023 28 February 2024 28 February 2024 03936148 Mr Steven Baddeley Mr Michael Baddeley Mrs Sandra Baddeley NVL (2016) Limited Alexandra Business Partk, Gresty Road, Crewe. true iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 03936148 2023-02-28 03936148 2024-02-28 03936148 2023-03-01 2024-02-28 03936148 frs-core:Non-currentFinancialInstruments 2024-02-28 03936148 frs-core:BetweenOneFiveYears 2024-02-28 03936148 frs-core:FurnitureFittings 2023-03-01 2024-02-28 03936148 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets 2023-03-01 2024-02-28 03936148 frs-core:MotorVehicles 2023-03-01 2024-02-28 03936148 frs-core:PlantMachinery 2023-03-01 2024-02-28 03936148 frs-core:WithinOneYear 2024-02-28 03936148 frs-core:ShareCapital 2024-02-28 03936148 frs-core:RetainedEarningsAccumulatedLosses 2024-02-28 03936148 frs-bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-28 03936148 frs-bus:AbridgedAccounts 2023-03-01 2024-02-28 03936148 frs-bus:SmallEntities 2023-03-01 2024-02-28 03936148 frs-bus:AuditExempt-NoAccountantsReport 2023-03-01 2024-02-28 03936148 frs-bus:SmallCompaniesRegimeForAccounts 2023-03-01 2024-02-28 03936148 frs-bus:OrdinaryShareClass2 2023-03-01 2024-02-28 03936148 frs-bus:OrdinaryShareClass2 2024-02-28 03936148 frs-bus:OrdinaryShareClass3 2023-03-01 2024-02-28 03936148 frs-bus:OrdinaryShareClass3 2024-02-28 03936148 frs-bus:OrdinaryShareClass4 2023-03-01 2024-02-28 03936148 frs-bus:OrdinaryShareClass4 2024-02-28 03936148 frs-bus:OrdinaryShareClass5 2023-03-01 2024-02-28 03936148 frs-bus:OrdinaryShareClass5 2024-02-28 03936148 1 2023-03-01 2024-02-28 03936148 frs-bus:Director1 2023-03-01 2024-02-28 03936148 frs-bus:Director2 2023-03-01 2024-02-28 03936148 frs-bus:CompanySecretary1 2023-03-01 2024-02-28 03936148 frs-countries:EnglandWales 2023-03-01 2024-02-28 03936148 2022-02-28 03936148 2023-02-28 03936148 2022-03-01 2023-02-28 03936148 frs-core:Non-currentFinancialInstruments 2023-02-28 03936148 frs-core:BetweenOneFiveYears 2023-02-28 03936148 frs-core:MotorVehicles 2022-03-01 2023-02-28 03936148 frs-core:PlantMachinery 2022-03-01 2023-02-28 03936148 frs-core:WithinOneYear 2023-02-28 03936148 frs-core:ShareCapital 2023-02-28 03936148 frs-core:RetainedEarningsAccumulatedLosses 2023-02-28 03936148 frs-bus:OrdinaryShareClass2 2022-03-01 2023-02-28 03936148 frs-bus:OrdinaryShareClass3 2022-03-01 2023-02-28 03936148 frs-bus:OrdinaryShareClass4 2022-03-01 2023-02-28 03936148 frs-bus:OrdinaryShareClass5 2022-03-01 2023-02-28
Registered number: 03936148
Nantwich Veneers Limited
Unaudited ABRIDGED Financial Statements
For The Year Ended 28 February 2024
AGM Financial Ltd
Chartered Accountants
Contents
Page
Abridged Balance Sheet 1—2
Notes to the Abridged Financial Statements 3—5
Page 1
Abridged Balance Sheet
Registered number: 03936148
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 809,069 686,826
809,069 686,826
CURRENT ASSETS
Stocks 351,373 241,821
Debtors 249,930 370,167
Cash at bank and in hand 34,622 130,258
635,925 742,246
Creditors: Amounts Falling Due Within One Year (589,904 ) (529,272 )
NET CURRENT ASSETS (LIABILITIES) 46,021 212,974
TOTAL ASSETS LESS CURRENT LIABILITIES 855,090 899,800
Creditors: Amounts Falling Due After More Than One Year (363,342 ) (338,986 )
PROVISIONS FOR LIABILITIES
Deferred Taxation 7 (19,507 ) (13,040 )
NET ASSETS 472,241 547,774
CAPITAL AND RESERVES
Called up share capital 8 1,000 1,000
Profit and Loss Account 471,241 546,774
SHAREHOLDERS' FUNDS 472,241 547,774
Page 1
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For the year ending 28 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their 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.
All of the company's members have consented to the preparation of an Abridged Profit and Loss Account and an Abridged Balance Sheet for the year end 28 February 2024 in accordance with section 444(2A) of the Companies Act 2006.
On behalf of the board
Mr Michael Baddeley
Director
6 September 2024
The notes on pages 3 to 5 form part of these financial statements.
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Page 3
Notes to the Abridged Financial Statements
1. General Information
Nantwich Veneers Limited is a private company, limited by shares, incorporated in England & Wales, registered number 03936148 . The registered office is Alexandra Business Park, Gresty Lane, Shavington, Crewe, Cheshire, CW2 5DD.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
2.2. Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are stated at cost less depreciation. 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:
Freehold 2% Straight line
Plant & Machinery 15% Reducing balance
Motor Vehicles 25% Reducing balance
Fixtures & Fittings 20% Reducing balance
2.4. Leasing and Hire Purchase Contracts
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.5. 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.
2.6. 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.
2.7. Taxation
The charge for taxation takes into account taxation deferred as a result of timing differences between the treatment of certain items for taxation and accounting purposes. In general, deferred taxation is recognised in respect of timing differences that have originated but not reversed at the balance sheet date. However, deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred taxation is measured on a non-discounted basis at the tax rates that are expected to apply in periods in which the timing differences reverse, based on tax rates and the law enacted or substantively enacted at the balance sheet date.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 16 (2023: 16)
16 16
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4. Tangible Assets
Total
£
Cost
As at 1 March 2023 999,945
Additions 142,767
As at 28 February 2024 1,142,712
Depreciation
As at 1 March 2023 313,119
Provided during the period 20,524
As at 28 February 2024 333,643
Net Book Value
As at 28 February 2024 809,069
As at 1 March 2023 686,826
Included above are assets held under finance leases or hire purchase contracts with a net book value as follows:
2024 2023
£ £
Plant & Machinery 11,647 14,459
Motor Vehicles 8,963 11,951
20,610 26,410
5. Secured Creditors
Of the creditors the following amounts are secured.
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 13,150 23,046
Bank loans and overdrafts 581,430 365,312
6. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year 11,879 9,897
Later than one year and not later than five years 1,271 13,149
13,150 23,046
13,150 23,046
7. Deferred Taxation
The provision for deferred tax is made up as follows:
2024 2023
£ £
Other timing differences 19,507 13,040
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8. Share Capital
2024 2023
Allotted, called up and fully paid £ £
238 Ordinary A shares of £ 1 each 238 238
238 Ordinary B shares of £ 1 each 238 238
237 Ordinary C shares of £ 1 each 237 237
237 Ordinary D shares of £ 1 each 237 237
50 Ordinary E shares of £ 1 each 50 50
1,000 1,000
9. Ultimate Parent Undertaking and Controlling Party
The company's immediate and ultimate parent undertaking is NVL (2016) Limited . NVL (2016) Limited was incorporated in England & Wales. Copies of the group accounts may be obtained from the secretary, Alexandra Business Partk, Gresty Road, Crewe. . The ultimate controlling party is NVL (2016) Limited who controls 100% of the shares of Nantwich Veneers Limited .
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