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Registration number: 05932057

Norwich Coving & Ceilings Limited

Unaudited Filleted Financial Statements

for the Period from 1 November 2022 to 31 March 2024

 

Norwich Coving & Ceilings Limited

Contents


 

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

Norwich Coving & Ceilings Limited

Registration number: 05932057

Balance Sheet as at 31 March 2024

Note

2024
£

2022
£

Fixed assets

 

Tangible assets

5

-

6,206

Current assets

 

Debtors

6

901

2,900

Cash at bank and in hand

 

15,008

26,623

 

15,909

29,523

Creditors: Amounts falling due within one year

7

(9,126)

(11,272)

Net current assets

 

6,783

18,251

Total assets less current liabilities

 

6,783

24,457

Provisions for liabilities

-

(1,179)

Net assets

 

6,783

23,278

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

6,683

23,178

Shareholders' funds

 

6,783

23,278



The director's statements required by sections 475 (2) and (3) are shown on the following page which forms part of this Balance Sheet.

 

Norwich Coving & Ceilings Limited

Registration number: 05932057

Balance Sheet as at 31 March 2024 (continued)

For the financial period ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the period in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 3 September 2024
 

C A Aldous
Director

   
     

 

Norwich Coving & Ceilings Limited

Notes to the Unaudited Financial Statements for the Period from 1 November 2022 to 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Willow Bank
30 The Street
Taverham
Norwich
Norfolk
NR8 6TE

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

Disclosure of long or short period

The accounting period has been extended from 12 months to 17 months.

Going concern

The company ceased trading on the 31st March 2024. It is the director's intention that all the company's assets be liquidated into cash and that as soon as all the company's liabilities have been settled, the remaining reserves will be distributed to the company's shareholders.

 

Norwich Coving & Ceilings Limited

Notes to the Unaudited Financial Statements for the Period from 1 November 2022 to 31 March 2024 (continued)

2

Accounting policies (continued)

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Government grants

Government grants in relation to expenditure are credited to the profit and loss account in the period in which the related expenditure is charged.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

 

Norwich Coving & Ceilings Limited

Notes to the Unaudited Financial Statements for the Period from 1 November 2022 to 31 March 2024 (continued)

2

Accounting policies (continued)

Asset class

Depreciation method and rate

Plant and machinery

25% Reducing balance method

Fixtures, fittings and equipment

25% Reducing balance method

Motor vehicles

25% Reducing balance method

Goodwill

Goodwill arising on business combinations is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful life. Under FRS102 the period for writing off goodwill with no definitive useful life is 10 years and this will be adopted from 1st November 2016. this is a change from 20 years previously used under FRS 10. No retrospective adjustment has been made in respect of this change to accounting estimate. Provision is made for any impairment.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10% Straight line method

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Norwich Coving & Ceilings Limited

Notes to the Unaudited Financial Statements for the Period from 1 November 2022 to 31 March 2024 (continued)

2

Accounting policies (continued)

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

3

Staff numbers

The average number of persons employed by the company (including the director) during the period, was 2 (2022 - 2).

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 November 2022

30,000

30,000

Disposals

(30,000)

(30,000)

At 31 March 2024

-

-

Amortisation

At 1 November 2022

30,000

30,000

Amortisation eliminated on disposals

(30,000)

(30,000)

At 31 March 2024

-

-

Carrying amount

At 31 March 2024

-

-

 

Norwich Coving & Ceilings Limited

Notes to the Unaudited Financial Statements for the Period from 1 November 2022 to 31 March 2024 (continued)

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other property, plant and equipment
 £

Total
£

Cost or valuation

At 1 November 2022

8,255

18,774

200

27,229

Additions

208

-

-

208

Disposals

(8,463)

(18,774)

(200)

(27,437)

At 31 March 2024

-

-

-

-

Depreciation

At 1 November 2022

6,560

14,320

143

21,023

Charge for the year

422

1,114

14

1,550

Eliminated on disposal

(6,982)

(15,434)

(157)

(22,573)

At 31 March 2024

-

-

-

-

Carrying amount

At 31 March 2024

-

-

-

-

At 31 October 2022

1,695

4,454

57

6,206

6

Debtors

Current

Note

2024
£

2022
£

Trade debtors

 

421

765

Amounts owed by related parties

-

1,655

Other debtors

 

480

480

   

901

2,900

 

Norwich Coving & Ceilings Limited

Notes to the Unaudited Financial Statements for the Period from 1 November 2022 to 31 March 2024 (continued)

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2022
£

Due within one year

 

Bank loans and overdrafts

-

1,633

Trade creditors

 

1,362

1,470

Director's loan account

13

-

Taxation and social security

 

4,326

4,772

Other creditors

 

3,425

3,397

 

9,126

11,272

8

Share capital

Allotted, called up and fully paid shares

2024

2022

No.

£

No.

£

Ordinary A Shares of £1 each

90

90

90

90

Ordinary B Shares of £1 each

10

10

10

10

100

100

100

100