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Registration number: 06460351

N P Masters Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 29 February 2024

 

N P Masters Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

N P Masters Limited

(Registration number: 06460351)
Balance Sheet as at 29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

5

73,701

92,126

Tangible assets

6

77,116

78,905

 

150,817

171,031

Current assets

 

Stocks

7

73,495

64,781

Debtors

8

56,526

8,578

Cash at bank and in hand

 

278,117

247,403

 

408,138

320,762

Creditors: Amounts falling due within one year

9

(239,756)

(195,154)

Net current assets

 

168,382

125,608

Total assets less current liabilities

 

319,199

296,639

Creditors: Amounts falling due after more than one year

9

(17,487)

(17,487)

Provisions for liabilities

(7,581)

(7,921)

Net assets

 

294,131

271,231

Capital and reserves

 

Called up share capital

10

100

100

Retained earnings

294,031

271,131

Shareholders' funds

 

294,131

271,231

 

N P Masters Limited

(Registration number: 06460351)
Balance Sheet as at 29 February 2024

For the financial year ending 29 February 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 year 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.

Approved and authorised by the director on 8 October 2024
 

.........................................
Mr N Masters
Director

 

N P Masters Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

1

General information

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

The address of its registered office is:
103 Thwaites Road
Oswaldtwistle
Accrington
Lancashire
BB5 4QG

These financial statements were authorised for issue by the director on 8 October 2024.

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.

Going concern

The financial statements have been prepared on a going concern basis.

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.

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.

 

N P Masters Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

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:

Asset class

Depreciation method and rate

Plant and machinery

20% on cost

Motor vehicles

25% on cost

Office equipment

33% on cost

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2007, is being amortised evenly over its estimated useful life of twenty years.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

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 inventories 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.

 

N P Masters Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest 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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 24 (2023 - 24).

 

N P Masters Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

4

Profit before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

22,033

27,858

Amortisation expense

18,425

18,425

5

Intangible assets

Goodwill
 £

Total
£

Cost

At 1 March 2023

368,500

368,500

At 29 February 2024

368,500

368,500

Amortisation

At 1 March 2023

276,374

276,374

Amortisation charge

18,425

18,425

At 29 February 2024

294,799

294,799

Net book value

At 29 February 2024

73,701

73,701

At 28 February 2023

92,126

92,126

 

N P Masters Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

6

Tangible assets

Land and buildings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost

At 1 March 2023

37,217

231,523

933

45,159

314,832

Additions

-

20,244

-

-

20,244

At 29 February 2024

37,217

251,767

933

45,159

335,076

Depreciation

At 1 March 2023

-

195,480

933

39,514

235,927

Charge for the year

-

16,388

-

5,645

22,033

At 29 February 2024

-

211,868

933

45,159

257,960

Net book value

At 29 February 2024

37,217

39,899

-

-

77,116

At 28 February 2023

37,217

36,043

-

5,645

78,905

Included within the net book value of land and buildings above is £37,217 (2023 - £37,217) in respect of freehold land and buildings.
 

7

Stocks

2024
£

2023
£

Other inventories

73,495

64,781

8

Debtors

2024
£

2023
£

Other debtors

55,709

7,871

Prepayments

817

707

56,526

8,578

 

N P Masters Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

9

Creditors

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8,424

9,524

Trade creditors

 

93,009

89,897

Taxation and social security

 

54,774

39,178

Accruals and deferred income

 

26,185

14,242

Other creditors

 

57,364

42,313

 

239,756

195,154

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

17,487

17,487

10

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

100

100

100

100