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01/01/2023
31/12/2023
2023-12-31
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No description of principal activities is disclosed
2023-01-01
Sage Accounts Production 23.0 - FRS102_2023
xbrli:pure
xbrli:shares
iso4217:GBP
5602350
2023-01-01
2023-12-31
5602350
2023-12-31
5602350
2022-12-31
5602350
2022-01-01
2022-12-31
5602350
2022-12-31
5602350
2021-12-31
5602350
core:LandBuildings
core:LongLeaseholdAssets
2023-01-01
2023-12-31
5602350
core:PlantMachinery
2023-01-01
2023-12-31
5602350
core:FurnitureFittingsToolsEquipment
2023-01-01
2023-12-31
5602350
core:MotorVehicles
2023-01-01
2023-12-31
5602350
core:OnerousContractsExcludingVacantProperties
2023-01-01
2023-12-31
5602350
core:NetGoodwill
2023-01-01
2023-12-31
5602350
bus:RegisteredOffice
2023-01-01
2023-12-31
5602350
bus:LeadAgentIfApplicable
2023-01-01
2023-12-31
5602350
bus:Director2
2023-01-01
2023-12-31
5602350
bus:Director3
2023-01-01
2023-12-31
5602350
core:NetGoodwill
2023-12-31
5602350
core:LandBuildings
core:LongLeaseholdAssets
2022-12-31
5602350
core:PlantMachinery
2022-12-31
5602350
core:FurnitureFittingsToolsEquipment
2022-12-31
5602350
core:MotorVehicles
2022-12-31
5602350
core:LandBuildings
core:LongLeaseholdAssets
2023-12-31
5602350
core:PlantMachinery
2023-12-31
5602350
core:FurnitureFittingsToolsEquipment
2023-12-31
5602350
core:MotorVehicles
2023-12-31
5602350
core:WithinOneYear
2023-12-31
5602350
core:WithinOneYear
2022-12-31
5602350
core:AfterOneYear
2023-12-31
5602350
core:AfterOneYear
2022-12-31
5602350
core:ShareCapital
2023-12-31
5602350
core:ShareCapital
2022-12-31
5602350
core:RetainedEarningsAccumulatedLosses
2023-12-31
5602350
core:RetainedEarningsAccumulatedLosses
2022-12-31
5602350
core:NetGoodwill
2022-12-31
5602350
core:LandBuildings
core:LongLeaseholdAssets
2022-12-31
5602350
core:PlantMachinery
2022-12-31
5602350
core:FurnitureFittingsToolsEquipment
2022-12-31
5602350
core:MotorVehicles
2022-12-31
5602350
bus:SmallEntities
2023-01-01
2023-12-31
5602350
bus:Audited
2023-01-01
2023-12-31
5602350
bus:SmallCompaniesRegimeForAccounts
2023-01-01
2023-12-31
5602350
bus:PrivateLimitedCompanyLtd
2023-01-01
2023-12-31
5602350
bus:FullAccounts
2023-01-01
2023-12-31
Company registration number:
5602350
Nufast Limited
Filleted financial statements
31 December 2023
Nufast Limited
Contents
Directors and other information
Directors responsibilities statement
Statement of financial position
Notes to the financial statements
Nufast Limited
Directors and other information
|
|
|
|
Directors |
|
|
|
Mr Goh Tee Ai |
|
|
Mr Craig Lawson |
|
|
|
|
|
|
|
Company number |
5602350 |
|
|
|
|
|
|
|
Registered office |
8 Attwood Road |
|
|
Zone 1 Burntwood Business Park |
|
|
Burntwood |
|
|
Staffordshire |
|
|
WS7 3GJ |
|
|
|
|
|
|
|
Business address |
8 Attwood Road |
|
|
Zone 1 Burntwood Business Park |
|
|
Burntwood |
|
|
Staffordshire |
|
|
WS7 3GJ |
|
|
|
|
|
|
|
Auditor |
Lindley & Co |
|
|
Suite 4 Europa House |
|
|
Europa Way |
|
|
Lichfield |
|
|
Staffs |
|
|
WS14 9TZ |
|
|
|
|
|
|
|
|
|
|
|
|
|
Bankers |
HSBC Bank Plc |
|
|
The Bridge |
|
|
Walsall |
|
|
West Midlands |
|
|
WS1 1LN |
|
|
|
Nufast Limited
Directors responsibilities statement
Year ended 31 December 2023
The directors are responsible for preparing the directors report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period.
In preparing these financial statements, the directors are required to:
-
select suitable accounting policies and then apply them consistently;
-
make judgments and accounting estimates that are reasonable and prudent; and
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Nufast Limited
Statement of financial position
31 December 2023
|
|
|
2023 |
|
|
|
2022 |
|
|
|
|
Note |
£ |
|
£ |
|
£ |
|
£ |
|
|
|
|
|
|
|
|
|
|
Fixed assets |
|
|
|
|
|
|
|
|
|
Intangible assets |
|
5 |
4 |
|
|
|
4 |
|
|
Tangible assets |
|
6 |
98,332 |
|
|
|
32,673 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
98,336 |
|
|
|
32,677 |
|
|
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
|
|
Stocks |
|
|
1,340,718 |
|
|
|
1,396,821 |
|
|
Debtors |
|
7 |
193,106 |
|
|
|
244,328 |
|
|
Cash at bank and in hand |
|
|
33,812 |
|
|
|
17,305 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
1,567,636 |
|
|
|
1,658,454 |
|
|
Creditors: amounts falling due |
|
|
|
|
|
|
|
|
|
within one year |
|
8 |
(
1,568,200) |
|
|
|
(
1,603,477) |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
Net current (liabilities)/assets |
|
|
|
|
(
564) |
|
|
|
54,977 |
|
|
|
|
|
_______ |
|
|
|
_______ |
Total assets less current liabilities |
|
|
|
|
97,772 |
|
|
|
87,654 |
|
|
|
|
|
|
|
|
|
|
Creditors: amounts falling due |
|
|
|
|
|
|
|
|
|
after more than one year |
|
9 |
|
|
(
500,000) |
|
|
|
(
500,000) |
|
|
|
|
|
_______ |
|
|
|
_______ |
Net liabilities |
|
|
|
|
(
402,228) |
|
|
|
(
412,346) |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
|
|
|
Capital and reserves |
|
|
|
|
|
|
|
|
|
Called up share capital |
|
|
|
|
1 |
|
|
|
1 |
Profit and loss account |
|
|
|
|
(
402,229) |
|
|
|
(
412,347) |
|
|
|
|
|
_______ |
|
|
|
_______ |
Shareholders deficit |
|
|
|
|
(
402,228) |
|
|
|
(
412,346) |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
|
|
|
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the
board of directors
and authorised for issue on
16 September 2024
, and are signed on behalf of the board by:
Mr Craig Lawson
Director
Company registration number:
5602350
Nufast Limited
Notes to the financial statements
Year ended 31 December 2023
1.
General information
The company is a private company limited by shares, registered in England. The address of the registered office is 8 Attwood Road, Zone 1 Burntwood Business Park, Burntwood, Staffordshire, WS7 3GJ.
2.
Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The accounts have been prepared on a going concern basis assuming the continued support of the company's directors, loan creditor and main supplier.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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 measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
|
|
|
|
|
Long leasehold property |
- |
5 % |
straight line |
|
Plant and machinery |
- |
20 % |
straight line |
|
Fittings fixtures and equipment |
- |
15 % |
straight line |
|
Motor vehicles |
- |
25 % |
straight line |
|
Computer equipment |
- |
33 % |
straight line |
|
|
|
|
|
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
4
(2022:
4
).
5.
Intangible assets
|
|
Goodwill |
Total |
|
|
|
|
|
|
£ |
£ |
|
|
|
|
|
Cost |
|
|
|
|
|
|
|
At 1 January 2023 and 31 December 2023 |
4 |
4 |
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
Amortisation |
|
|
|
|
|
|
|
At 1 January 2023 and 31 December 2023 |
- |
- |
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
Carrying amount |
|
|
|
|
|
|
|
At 31 December 2023 |
4 |
4 |
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
At 31 December 2022 |
4 |
4 |
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
|
|
6.
Tangible assets
|
|
Long leasehold property |
Plant and machinery |
Fixtures, fittings and equipment |
Motor vehicles |
Computer equipment |
Total |
|
|
|
£ |
£ |
£ |
£ |
£ |
£ |
|
|
Cost |
|
|
|
|
|
|
|
|
At 1 January 2023 |
18,590 |
168,536 |
11,379 |
64,445 |
66,936 |
329,886 |
|
|
Additions |
- |
77,963 |
- |
- |
- |
77,963 |
|
|
Disposals |
- |
- |
- |
(
27,855) |
- |
(
27,855) |
|
|
|
_______ |
_______ |
_______ |
_______ |
_______ |
_______ |
|
|
At 31 December 2023 |
18,590 |
246,499 |
11,379 |
36,590 |
66,936 |
379,994 |
|
|
|
_______ |
_______ |
_______ |
_______ |
_______ |
_______ |
|
|
Depreciation |
|
|
|
|
|
|
|
|
At 1 January 2023 |
6,220 |
152,433 |
10,368 |
64,442 |
63,750 |
297,213 |
|
|
Charge for the year |
996 |
9,352 |
1,008 |
- |
948 |
12,304 |
|
|
Disposals |
- |
- |
- |
(
27,855) |
- |
(
27,855) |
|
|
|
_______ |
_______ |
_______ |
_______ |
_______ |
_______ |
|
|
At 31 December 2023 |
7,216 |
161,785 |
11,376 |
36,587 |
64,698 |
281,662 |
|
|
|
_______ |
_______ |
_______ |
_______ |
_______ |
_______ |
|
|
Carrying amount |
|
|
|
|
|
|
|
|
At 31 December 2023 |
11,374 |
84,714 |
3 |
3 |
2,238 |
98,332 |
|
|
|
_______ |
_______ |
_______ |
_______ |
_______ |
_______ |
|
|
At 31 December 2022 |
12,370 |
16,103 |
1,011 |
3 |
3,186 |
32,673 |
|
|
|
_______ |
_______ |
_______ |
_______ |
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
7.
Debtors
|
|
|
2023 |
2022 |
|
|
|
£ |
£ |
|
Trade debtors |
|
193,105 |
244,327 |
|
Other debtors |
|
1 |
1 |
|
|
|
_______ |
_______ |
|
|
|
193,106 |
244,328 |
|
|
|
_______ |
_______ |
|
|
|
|
|
8.
Creditors: amounts falling due within one year
|
|
|
2023 |
2022 |
|
|
|
£ |
£ |
|
Trade creditors |
|
1,521,469 |
1,566,276 |
|
Social security and other taxes |
|
36,803 |
27,273 |
|
Other creditors |
|
9,928 |
9,928 |
|
|
|
_______ |
_______ |
|
|
|
1,568,200 |
1,603,477 |
|
|
|
_______ |
_______ |
|
|
|
|
|
9.
Creditors: amounts falling due after more than one year
|
|
|
2023 |
2022 |
|
|
|
£ |
£ |
|
Other creditors |
|
500,000 |
500,000 |
|
|
|
_______ |
_______ |
|
|
|
|
|
The loan is unsecured, has no fixed terms for repayment and carries interest at 3% pa.
10.
Summary audit opinion
The auditor's report dated
16 September 2024
was unqualified.
The senior statutory auditor was
Sandra Kay Lindley FCA
for and on behalf of
Lindley & Co
11.
Related party transactions
Goh Tee Ai has a 100% interest in M and G Global Corp. At the balance sheet date there was a loan of £500,000 (2022 £500,000) due to this company. The loan which has no fixed term for repayment is unsecured and carries interest at 3% pa. He also has a 50% interest in Unistong Industrial Co Limited. There was an amount included in trade creditors of £1,492,075 (2022 £1,525,332) due to Unistrong Industrial Co. Ltd as a result of purchases of £367,138 made at arms length under normal terms of business.Goh Tee Ai also has a controlling interest in M & G Global UK Limited. During the year the company paid rent of £54,000 to this company. There was a balance of £24,156 (2022 £24,156) due to M & G Global UK Limited at the balance sheet date.
12.
Ethical standards
In common with many other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements.
13.
Controlling party
The company is a 100% subsidiary of Unicapital Holdings Limited, a company registered in the British Virgin Islands.
14.
Going concern
The accounts have been prepared on a going concern basis assuming the continued support of the company's directors, loan creditors and main supplier. The directors have prepared and continually review the company's forecasts and projections in particular taking into account the impact of the global supply shortage of micro chips affecting the company's main customer base, the automobile industry, and the resultant deferrals in sales orders. The directors have a reasonable expectation that these orders will be fulfilled once this situation is resolved. In the meantime, with the committed support and extended credit terms areed with the company's main supplier Unistrong Industrial Co Limited and loan creditor M & G Global Corp, controlled by Goh Tee Ai, the directors are confident that the company has adequate resources to continue in operational existence for at least the next 12 months. The directors believe that there is no reason to believe it is not appropriate for the company to continue to adopt the going concern basis in preparing it's financial statements.