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Company No: 04637613 (England and Wales)

NAMESAKES GLOBAL LIMITED

Unaudited Financial Statements
For the financial year ended 31 December 2023
Pages for filing with the registrar

NAMESAKES GLOBAL LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2023

Contents

NAMESAKES GLOBAL LIMITED

COMPANY INFORMATION

For the financial year ended 31 December 2023
NAMESAKES GLOBAL LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 December 2023
DIRECTOR Mr J F Bromley
SECRETARY Mrs R M Bromley
REGISTERED OFFICE Unit 4 Yalberton Tor Industrial Estate
Alders Way
Paignton
TQ4 7QN
England
United Kingdom
COMPANY NUMBER 04637613 (England and Wales)
CHARTERED ACCOUNTANTS Francis Clark LLP
Sigma House
Oak View Close
Edginswell Park
Torquay
TQ2 7FF
NAMESAKES GLOBAL LIMITED

BALANCE SHEET

As at 31 December 2023
NAMESAKES GLOBAL LIMITED

BALANCE SHEET (continued)

As at 31 December 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 4 37,275 9,316
37,275 9,316
Current assets
Stocks 5 162,578 159,316
Debtors 6 253,925 214,259
Cash at bank and in hand 238 93,781
416,741 467,356
Creditors: amounts falling due within one year 7 ( 81,718) ( 136,423)
Net current assets 335,023 330,933
Total assets less current liabilities 372,298 340,249
Creditors: amounts falling due after more than one year 8 ( 14,810) ( 24,951)
Provision for liabilities ( 7,018) ( 2,329)
Net assets 350,470 312,969
Capital and reserves
Called-up share capital 9 200 200
Profit and loss account 350,270 312,769
Total shareholders' funds 350,470 312,969

For the financial 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.

Director's responsibilities:

The financial statements of Namesakes Global Limited (registered number: 04637613) were approved and authorised for issue by the Director on 25 September 2024. They were signed on its behalf by:

Mr J F Bromley
Director
NAMESAKES GLOBAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
NAMESAKES GLOBAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Namesakes Global Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Unit 4 Yalberton Tor Industrial Estate, Alders Way, Paignton, TQ4 7QN, England, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

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

Going concern

The director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

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 value added tax.

The company recognises revenue when the value of goods and services provided to date can be reliably measured.

Employee benefits

Defined contribution schemes
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 20 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Land and buildings 10 years straight line
Plant and machinery 4 years straight line
Fixtures and fittings 4 years straight line
Office equipment 4 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including the director 4 4

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 January 2023 50,000 50,000
At 31 December 2023 50,000 50,000
Accumulated amortisation
At 01 January 2023 50,000 50,000
At 31 December 2023 50,000 50,000
Net book value
At 31 December 2023 0 0
At 31 December 2022 0 0

4. Tangible assets

Land and buildings Plant and machinery Fixtures and fittings Office equipment Total
£ £ £ £ £
Cost
At 01 January 2023 17,205 30,814 3,216 23,950 75,185
Additions 336 39,933 0 0 40,269
At 31 December 2023 17,541 70,747 3,216 23,950 115,454
Accumulated depreciation
At 01 January 2023 10,120 30,451 3,216 22,082 65,869
Charge for the financial year 1,394 10,106 0 810 12,310
At 31 December 2023 11,514 40,557 3,216 22,892 78,179
Net book value
At 31 December 2023 6,027 30,190 0 1,058 37,275
At 31 December 2022 7,085 363 0 1,868 9,316

5. Stocks

2023 2022
£ £
Stocks 162,578 159,316

6. Debtors

2023 2022
£ £
Trade debtors 84,326 115,563
Other debtors 169,599 98,696
253,925 214,259

7. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans and overdrafts 10,786 9,890
Trade creditors 41,333 47,214
Corporation tax 3,948 14,358
Other taxation and social security 22,143 43,240
Other creditors 3,508 21,721
81,718 136,423

8. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans 14,810 24,951

9. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100
100 Ordinary A shares of £ 1.00 each 100 100
200 200