Company registration number 13906849 (England and Wales)
NORTON HAMMOND & TAUTZ LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
NORTON HAMMOND & TAUTZ LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
NORTON HAMMOND & TAUTZ LTD
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
1,420
1,870
Tangible assets
4
39,837
24,494
41,257
26,364
Current assets
Debtors
5
32,614
69,570
Cash at bank and in hand
40,453
14,017
73,067
83,587
Creditors: amounts falling due within one year
6
(30,087)
(16,820)
Net current assets
42,980
66,767
Total assets less current liabilities
84,237
93,131
Creditors: amounts falling due after more than one year
7
(77,219)
(77,219)
Provisions for liabilities
(6,523)
(6,124)
Net assets
495
9,788
Capital and reserves
Called up share capital
8
1,000
1,000
Share premium account
2,912
2,912
Profit and loss reserves
(3,417)
5,876
Total equity
495
9,788
NORTON HAMMOND & TAUTZ LTD
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2023
31 December 2023
- 2 -
For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 25 September 2024 and are signed on its behalf by:
P J Grant
Director
Company registration number 13906849 (England and Wales)
NORTON HAMMOND & TAUTZ LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information
Norton Hammond & Tautz Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Mentor House, Ainsworth Street, Blackburn, Lancashire, BB1 6AY.
1.1
Reporting period
These financial statements cover the twelve month period from 1 January 2023 to 31 December 2023. The comparative amounts presented in the financial statements, including any notes, are not entirely comparable as they are for the eleven month period ended 31 December 2022.
1.2
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.3
Going concern
The company is reliant upon the financial support of its directorstrue and shareholders. The directors are not aware of any reason why this support will not be maintained for the foreseeable future. As a result, the directors have continued to adopt the going concern basis in preparing the financial statements.
1.4
Turnover
Turnover represents the amounts receivable for goods and services net of VAT.
1.5
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 5 years.
1.6
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
15% Reducing balance
Fixtures and fittings
15% Straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
NORTON HAMMOND & TAUTZ LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.7
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
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.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
NORTON HAMMOND & TAUTZ LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
2
2
3
Intangible fixed assets
Goodwill
£
Cost
At 1 January 2023 and 31 December 2023
2,248
Amortisation and impairment
At 1 January 2023
378
Amortisation charged for the year
450
At 31 December 2023
828
Carrying amount
At 31 December 2023
1,420
At 31 December 2022
1,870
NORTON HAMMOND & TAUTZ LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2023
28,030
Additions
19,065
At 31 December 2023
47,095
Depreciation and impairment
At 1 January 2023
3,536
Depreciation charged in the year
3,722
At 31 December 2023
7,258
Carrying amount
At 31 December 2023
39,837
At 31 December 2022
24,494
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
443
190
Other debtors
32,171
69,380
32,614
69,570
Other debtors includes an amount of £23,556 (2022 - £65,639) due from connected companies.
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
20,118
Taxation and social security
5,001
Other creditors
9,969
11,819
30,087
16,820
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
77,219
77,219
NORTON HAMMOND & TAUTZ LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
7
Creditors: amounts falling due after more than one year
(Continued)
- 7 -
Other creditors consists amounts owed to the shareholders.
8
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of £1 each
600
600
600
600
Ordinary B shares of £1 each
150
150
150
150
Ordinary C shares of £1 each
150
150
150
150
Ordinary D shares of £1 each
50
50
50
50
Ordinary E shares of £1 each
30
30
30
30
Ordinary F shares of £1 each
10
10
10
10
Ordinary G shares of £1 each
10
10
10
10
1,000
1,000
1,000
1,000