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COMPANY REGISTRATION NUMBER: 3422996
N B D Developments Limited
Unaudited Financial Statements
31 December 2023
N B D Developments Limited
Financial Statements
Year ended 31 December 2023
Contents
Pages
Officers and professional advisers
1
Directors' report
2
Chartered accountants report to the board of directors on the preparation of the unaudited statutory financial statements
3
Statement of income and retained earnings
4
Statement of financial position
5
Notes to the financial statements
6 to 8
N B D Developments Limited
Officers and Professional Advisers
The board of directors
Mr NM Evans
Mrs RI Evans
Company secretary
Mr NM Evans
Registered office
12 Victoria Place
Haverfordwest
Pembrokeshire
SA61 2LP
Accountants
Evens & Co Ltd
Chartered Accountants
Hamilton House
Hamilton Terrace
Milford Haven
Pembrokeshire
SA73 3JP
N B D Developments Limited
Directors' Report
Year ended 31 December 2023
The directors present their report and the unaudited financial statements of the company for the year ended 31 December 2023 .
Directors
The directors who served the company during the year were as follows:
Mr NM Evans
Mrs RI Evans
Directors responsibilities
The directors are responsible for preparing the Directors' Report and the financial statements in accordance with the applicable law and regulations and in accordance with United Kingdom Generally Accepted Accounting Practice.
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 (Financial Reporting Standard 102). 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 of the profit or loss of the company for that year.
In preparing these financial statements, the directors are required to:
* select suitable accounting policies and then apply them consistently;
* make judgements and estimates that are reasonable and prudent;
* 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.
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 17 September 2024 and signed on behalf of the board by:
Mr NM Evans
Director
N B D Developments Limited
Chartered Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of N B D Developments Limited
Year ended 31 December 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of N B D Developments Limited for the year ended 31 December 2023, which comprise the statement of income and retained earnings, statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the Board of Directors of N B D Developments Limited, as a body, in accordance with the terms of our engagement letter dated 17 September 2024. Our work has been undertaken solely to prepare for your approval the financial statements of N B D Developments Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than N B D Developments Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that N B D Developments Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of N B D Developments Limited. You consider that N B D Developments Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of N B D Developments Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Evens & Co Ltd Chartered Accountants
Hamilton House Hamilton Terrace Milford Haven Pembrokeshire SA73 3JP
17 September 2024
N B D Developments Limited
Statement of Income and Retained Earnings
Year ended 31 December 2023
2023
2022
Note
£
£
Turnover
120,809
406,508
Cost of sales
( 12,128)
( 115,247)
---------
---------
Gross profit
108,681
291,261
Administrative expenses
( 15,709)
( 20,563)
---------
---------
Operating profit
92,972
270,698
Other interest receivable and similar income
4
14
Interest payable and similar expenses
5
( 4,872)
---------
---------
Profit before taxation
92,986
265,826
Tax on profit
6
( 21,871)
( 50,507)
--------
---------
Profit for the financial year and total comprehensive income
71,115
215,319
--------
---------
Retained earnings at the start of the year
1,216,248
1,000,929
------------
------------
Retained earnings at the end of the year
1,287,363
1,216,248
------------
------------
All the activities of the company are from continuing operations.
N B D Developments Limited
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
Current assets
Stocks
718,556
718,556
Debtors
7
499,092
670,370
Cash at bank and in hand
249,587
29,241
------------
------------
1,467,235
1,418,167
Creditors: amounts falling due within one year
8
( 179,782)
( 201,829)
------------
------------
Net current assets
1,287,453
1,216,338
------------
------------
Total assets less current liabilities
1,287,453
1,216,338
------------
------------
Capital and reserves
Called up share capital
9
90
90
Profit and loss account
1,287,363
1,216,248
------------
------------
Shareholders funds
1,287,453
1,216,338
------------
------------
These financial statements have been prepared 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'.
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 17 September 2024 , and are signed on behalf of the board by:
Mr NM Evans
Director
Company registration number: 3422996
N B D Developments 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 and Wales. The address of the registered office is 12 Victoria Place, Haverfordwest, Pembrokeshire, SA61 2LP.
2. Statement of compliance
These financial statements have been prepared in accordance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the Companies Act 2006.
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 directors have a reasonable expectation that the company has adequate resources to continue operational existence for the foreseeable future. For this reason, the directors continue to adopt the going concern basis of accounting in preparing the annual financial statements.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
The turnover shown in the profit and loss account represents amounts invoiced during the year.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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.
Stock and work in progress
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 stock to its present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the entity 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.
4. Other interest receivable and similar income
2023
2022
£
£
HMRC interest
14
----
----
5. Interest payable and similar expenses
2023
2022
£
£
Interest on banks loans and overdrafts
4,872
----
-------
6. Tax on profit
Major components of tax expense
2023
2022
£
£
Current tax:
UK current tax expense
21,871
50,507
--------
--------
Tax on profit
21,871
50,507
--------
--------
7. Debtors
2023
2022
£
£
Other debtors
499,092
670,370
---------
---------
Other debtors include an amount of £Nil (2022 - £Nil) falling due after more than one year.
8. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
7,324
Corporation tax
21,857
50,508
Other creditors
150,601
151,321
---------
---------
179,782
201,829
---------
---------
9. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
90
90
90
90
----
----
----
----