Company registration number: 13063148
Unaudited financial statements
for the year ended 31 December 2023
for
Nicholls And Barnes Limited
Pages for filing with the Registrar
Company registration number: 13063148
Nicholls And Barnes Limited
Balance sheet
as at 31 December 2023
31 Dec 23 31 Dec 22
Note £ £ £ £
Fixed assets
Intangible assets 4 3,954 4,518
Tangible assets 5 6,967 11,188
10,921 15,706
Current assets
Debtors 7,058 1,459
Cash at bank and in hand - 2,635
7,058 4,094
Creditors: amounts falling due within
one year
(124,296) (78,271)
Net current liabilities (117,238) (74,177)
Total assets less current liabilities (106,317) (58,471)
NET LIABILITIES (106,317) (58,471)
Capital and reserves
Called up share capital 100 100
Profit and loss account (106,417) (58,571)
TOTAL EQUITY (106,317) (58,471)
The company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies for the year ended 31 December 2023.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges their responsibilities to comply with the Companies Act 2006 in respect to accounting records and the preparation of financial statements.
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Company registration number: 13063148
Nicholls And Barnes Limited
Balance sheet - continued
as at 31 December 2023
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 Profit and loss account has not been delivered to the Registrar.
Signed by:
Mr M Mcveigh, Director
18 September 2024
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Nicholls And Barnes Limited
Notes to the financial statements
for the year ended 31 December 2023
1 Company information
The company is registered in England and Wales. Its registered number is 13063148. The company is limited by shares. Its registered office is 43 Hoghton Street, Southport, PR9 0PG.
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 historic cost convention.
Going concern
In preparing these financial statements, the director has assessed whether there are any material uncertainties related to events or conditions that cast significant doubt upon the company's ability to continue as a going concern. In making this assessment, the director takes into account all available information about the future which is at least 12 months from the date that the financial statements are authorised for issue.
The director considers that the company has adequate resources to continue in business for the foreseeable future and that it is appropriate to adopt the going concern basis in preparing the financial statements.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, Value Added Tax and other sales taxes.
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.
Amortisation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Goodwill - 10% straight line
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Land and buildings:
Short leasehold property - 15% reducing balance
Plant and machinery etc.:
Fixtures & fittings - 15% reducing balance
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Nicholls And Barnes Limited
Notes to the financial statements - continued
for the year ended 31 December 2023
2 Accounting policies - continued
Taxation
Taxation for the year comprises current and deferred taxation. Tax is recognised in the Profit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.
Current 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 taxation
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 been enacted or substantively enacted by the balance sheet date 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 probably that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit and loss in the period to which they relate.
3 Average number of employees
During the year the average number of employees was 4 (2022 - 4).
4 Intangible assets
Goodwill
£
Cost
At 1 January 2023 5,648
At 31 December 2023 5,648
Amortisation
At 1 January 2023 1,130
Charge for year 564
At 31 December 2023 1,694
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Nicholls And Barnes Limited
Notes to the financial statements - continued
for the year ended 31 December 2023
4 Intangible assets - continued
Net book value
At 31 December 2023 3,954
At 31 December 2022 4,518
5 Tangible fixed assets
Land and
buildings
Plant and
machinery
etc.
Totals
£ £ £
Cost
At 1 January 2023 3,320 10,443 13,763
Disposals (3,320) - (3,320)
At 31 December 2023 - 10,443 10,443
Depreciation
At 1 January 2023 328 2,247 2,575
Charge for year - 1,229 1,229
Eliminated on disposal (328) - (328)
At 31 December 2023 - 3,476 3,476
Net book value
At 31 December 2023 - 6,967 6,967
At 31 December 2022 2,992 8,196 11,188
6 Advances, credit and guarantees granted to the director
The following advances and credits to a director subsisted during the periods ended 31 December 2023 and 31 December 2022.
31 Dec 23 31 Dec 22
£ £
Mr Matthew Peter Mcveigh
Balance outstanding at start of year (16,106) (11,113)
Amounts advanced 19,201 8,927
Amounts repaid (16,069) (13,920)
Balance outstanding at end of year (12,974) (16,106)
7 Related party transactions
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Nicholls And Barnes Limited
Notes to the financial statements - continued
for the year ended 31 December 2023
7 Related party transactions - continued
At the balance sheet, the company has loans within 'other creditors' totalling £72,809 (2022 - £39,455) owed to connected companies by virtue of common directorships/shareholdings.
8 Going concern - continued
At the balance sheet date, the company had net liabilities of £106,317 (2022 - £58,471) and net current liabilities of £117,238 (2022 - £74,177). Included within net current liabilities is an amount of £72,809 (2022 - £39,455) owed to connected companies by virtue of common directorships/shareholdings, and £12,974 (2022 - £16,106) owed to the director of the company. The director has written confirmation that these liabilities will not be called upon in precedent of third-party liabilities. Thus, the director assess that the going concern assumption is appropriate.
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