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Registration number: 07953780

Nosco Management Solutions Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 January 2024

 

Nosco Management Solutions Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Nosco Management Solutions Ltd

Company Information

Directors

Mr Clive John Dann

Mr Malcolm Elwood

Registered office

5 High Street
Pontypridd
Mid Glamorgan
CF37 1QJ

Accountants

Smart Accountants (Small Business Centre) Limited
113-115 Belvoir Road
Coalville
Leicestershire
LE67 3PH

 

Nosco Management Solutions Ltd

(Registration number: 07953780)
Balance Sheet as at 31 January 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

307

683

Current assets

 

Debtors

6

105,618

81,308

Cash at bank and in hand

 

27,083

36,561

 

132,701

117,869

Creditors: Amounts falling due within one year

7

(95,637)

(95,647)

Net current assets

 

37,064

22,222

Total assets less current liabilities

 

37,371

22,905

Creditors: Amounts falling due after more than one year

7

(29,408)

(34,922)

Net assets/(liabilities)

 

7,963

(12,017)

Capital and reserves

 

Called up share capital

8

334,890

334,890

Share premium reserve

36

36

Retained earnings

(326,963)

(346,943)

Shareholders' funds/(deficit)

 

7,963

(12,017)

For the financial year ending 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their 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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 3 October 2024 and signed on its behalf by:
 

 

Nosco Management Solutions Ltd

(Registration number: 07953780)
Balance Sheet as at 31 January 2024

.........................................
Mr Malcolm Elwood
Director

 

Nosco Management Solutions Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

1

General information

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

The address of its registered office is:
5 High Street
Pontypridd
Mid Glamorgan
CF37 1QJ

These financial statements were authorised for issue by the Board on 3 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.

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.

 

Nosco Management Solutions Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

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

Fixtures and Fittings

25% on cost

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

straight line over 5 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.

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.

 

Nosco Management Solutions Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

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.

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 directors) during the year, was 4 (2023 - 5).

 

Nosco Management Solutions Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

4

Intangible assets

Internally generated software development costs
 £

Total
£

Cost or valuation

At 1 February 2023

8,600

8,600

At 31 January 2024

8,600

8,600

Amortisation

At 1 February 2023

8,600

8,600

At 31 January 2024

8,600

8,600

Carrying amount

At 31 January 2024

-

-

5

Tangible assets

Fixtures and fittings
£

Total
£

Cost or valuation

At 1 February 2023

5,203

5,203

At 31 January 2024

5,203

5,203

Depreciation

At 1 February 2023

4,520

4,520

Charge for the year

376

376

At 31 January 2024

4,896

4,896

Carrying amount

At 31 January 2024

307

307

At 31 January 2023

683

683

 

Nosco Management Solutions Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

6

Debtors

Current

2024
£

2023
£

Trade debtors

79,992

47,816

Prepayments

7,240

3,390

Other debtors

18,386

30,102

 

105,618

81,308

 

Nosco Management Solutions Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

5,514

5,514

Trade creditors

 

3,666

10,888

Taxation and social security

 

12,066

11,626

Other creditors

 

74,391

67,619

 

95,637

95,647

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

29,408

34,922

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

Ordinary B of £10 each

33,479

334,790

33,479

334,790

33,579

334,890

33,579

334,890

9

Reserves

The changes to each component of equity resulting from items of other comprehensive income for the prior year were as follows:

Retained earnings
£

Total
£

Inter-company loan Write Off

40,000

40,000

 

Nosco Management Solutions Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

10

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

29,408

34,922

Current loans and borrowings

2024
£

2023
£

Bank borrowings

5,514

5,514