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REGISTERED NUMBER: 06800063 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 December 2023

for

Norfolk Lavender Trading Limited

Norfolk Lavender Trading Limited (Registered number: 06800063)

Contents of the Financial Statements
for the Year Ended 31 December 2023










Page

Balance Sheet 1

Notes to the Financial Statements 3


Norfolk Lavender Trading Limited (Registered number: 06800063)

Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £ £
Fixed assets
Intangible assets 5 2 2
Tangible assets 6 196,363 200,363
196,365 200,365

Current assets
Stocks 367,695 423,256
Debtors 7 47,823 37,332
Cash at bank and in hand 163,078 233,726
578,596 694,314
Creditors
Amounts falling due within one year 8 (708,084 ) (682,986 )
Net current (liabilities)/assets (129,488 ) 11,328
Total assets less current liabilities 66,877 211,693

Provisions for liabilities (6,315 ) (18,552 )
Net assets 60,562 193,141

Capital and reserves
Called up share capital 100 100
Retained earnings 60,462 193,041
60,562 193,141

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Norfolk Lavender Trading Limited (Registered number: 06800063)

Balance Sheet - continued
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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 26 September 2024 and were signed on its behalf by:





Mr N J Williamson - Director


Norfolk Lavender Trading Limited (Registered number: 06800063)

Notes to the Financial Statements
for the Year Ended 31 December 2023


1. Statutory information

Norfolk Lavender Trading Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 06800063

Registered office: 22-26 King Street
King's Lynn
Norfolk
PE30 1HJ

The presentation currency of the financial statements is the Pound Sterling (£).


2. Statement of compliance

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.

3. Accounting policies

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Critical accounting judgements and key sources of estimation uncertainty
The preparation of the financial statements in conformity with IFRS 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.

Given the straightforward operations and financial position of the company, there are not considered to be any key sources of judgement or estimation uncertainty within these 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.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 0, is being amortised evenly over its estimated useful life of nil years.

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.

Patents and licences are being amortised evenly over their estimated useful life of nil years.

Norfolk Lavender Trading Limited (Registered number: 06800063)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023


3. Accounting policies - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Plant and machinery - 15% p.a. reducing balance
Fixtures and fittings - 15% p.a. reducing balance
Motor vehicles - 25% p.a. reducing balance
Computer equipment - Straight line over 3 years

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised. 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 entity after deducting all of its financial liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.


Norfolk Lavender Trading Limited (Registered number: 06800063)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023


3. Accounting policies - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred 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 tax
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 have been enacted or substantively enacted by the year end 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 probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Assets held under finance leases and hire purchase contracts are recognised in the balance sheet as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset.

Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

4. Employees and directors

The average number of employees during the year was 43 (2022 - 44 ) .

Norfolk Lavender Trading Limited (Registered number: 06800063)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023


5. Intangible fixed assets
Patents and
Goodwill licences Totals
£ £ £
Cost
At 1 January 2023
and 31 December 2023 1 1 2
Net book value
At 31 December 2023 1 1 2
At 31 December 2022 1 1 2

6. Tangible fixed assets
Fixtures
Long Plant and and
leasehold machinery fittings
£ £ £
Cost
At 1 January 2023 262,871 85,181 76,036
Additions - 1,871 23,136
At 31 December 2023 262,871 87,052 99,172
Depreciation
At 1 January 2023 134,752 35,203 63,862
Charge for year 10,515 7,778 5,297
At 31 December 2023 145,267 42,981 69,159
Net book value
At 31 December 2023 117,604 44,071 30,013
At 31 December 2022 128,119 49,978 12,174

Norfolk Lavender Trading Limited (Registered number: 06800063)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023


6. Tangible fixed assets - continued

Motor Computer
vehicles equipment Totals
£ £ £
Cost
At 1 January 2023 2,000 27,383 453,471
Additions - - 25,007
At 31 December 2023 2,000 27,383 478,478
Depreciation
At 1 January 2023 1,968 17,323 253,108
Charge for year 9 5,408 29,007
At 31 December 2023 1,977 22,731 282,115
Net book value
At 31 December 2023 23 4,652 196,363
At 31 December 2022 32 10,060 200,363

7. Debtors: amounts falling due within one year
31.12.23 31.12.22
£ £
Trade debtors 26,967 12,506
Other debtors 20,856 24,826
47,823 37,332

8. Creditors: amounts falling due within one year
31.12.23 31.12.22
£ £
Trade creditors 88,598 48,196
Taxation and social security 9,315 8,611
Other creditors 610,171 626,179
708,084 682,986