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Company No: 09984013 (England and Wales)

NORFOLK CEMENT & BUILDING SUPPLIES LIMITED

Unaudited Financial Statements
For the financial year ended 31 March 2024
Pages for filing with the registrar

NORFOLK CEMENT & BUILDING SUPPLIES LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

NORFOLK CEMENT & BUILDING SUPPLIES LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 March 2024
NORFOLK CEMENT & BUILDING SUPPLIES LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 March 2024
Note 2024 2023
£ £
Fixed assets
Intangible assets 3 4,600 6,900
Tangible assets 4 24,568 30,887
29,168 37,787
Current assets
Stocks 40,064 37,796
Debtors 5 36,677 57,416
Cash at bank and in hand 286 281
77,027 95,493
Creditors: amounts falling due within one year 6 ( 103,272) ( 115,469)
Net current liabilities (26,245) (19,976)
Total assets less current liabilities 2,923 17,811
Creditors: amounts falling due after more than one year 7 ( 7,057) ( 12,011)
Provision for liabilities 8, 9 ( 4,509) ( 7,722)
Net liabilities ( 8,643) ( 1,922)
Capital and reserves
Called-up share capital 100 100
Profit and loss account ( 8,743 ) ( 2,022 )
Total shareholder's deficit ( 8,643) ( 1,922)

For the financial year ending 31 March 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 financial statements of Norfolk Cement & Building Supplies Limited (registered number: 09984013) were approved and authorised for issue by the Director. They were signed on its behalf by:

N R Willimott
Director

16 October 2024

NORFOLK CEMENT & BUILDING SUPPLIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
NORFOLK CEMENT & BUILDING SUPPLIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
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

Norfolk Cement & Building Supplies 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 C/O Larking Gowen 1st Floor Prospect House, Rouen Road, Norwich, NR1 1RE, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include 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 Statement of Financial Position and likely future cash flows at the date of approving these financial statements. As part of their assessment, they have taken into consideration a number of possible trading performance, profitability and cash flow scenarios. The director notes that the business has net liabilities of £26,245. The Company is supported through loans from the director. The director has confirmed that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and the director will continue to support the Company. Given the current position, the director believes that any foreseeable debts can be met 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 is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.

Interest income

Interest is recognised in the profit or loss using the effective interest method.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Income Statement in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.

Finance costs

Finance costs are charged to the Income Statement over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

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 Statement of Financial Position 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 current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

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 10 years straight line
Goodwill

Goodwill arises on business combination and represents any excess of consideration given over the fair value of the identifiable assets and liabilities acquired. Goodwill is initially recognised as an intangible asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis over its useful economic life, which is 10 years.

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 or reducing balance basis over its expected useful life, as follows:

Plant and machinery 15 % reducing balance
Vehicles 25 % reducing balance
Fixtures and fittings 25 % reducing balance

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.

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.

Borrowing costs

All other borrowing costs are recognised in profit or loss in the period in which they are incurred.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Income Statement over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

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 creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

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 Statement of Financial Position 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

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 4 5

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 April 2023 23,000 23,000
At 31 March 2024 23,000 23,000
Accumulated amortisation
At 01 April 2023 16,100 16,100
Charge for the financial year 2,300 2,300
At 31 March 2024 18,400 18,400
Net book value
At 31 March 2024 4,600 4,600
At 31 March 2023 6,900 6,900

4. Tangible assets

Plant and machinery Vehicles Fixtures and fittings Total
£ £ £ £
Cost
At 01 April 2023 19,537 62,369 1,689 83,595
At 31 March 2024 19,537 62,369 1,689 83,595
Accumulated depreciation
At 01 April 2023 5,505 45,912 1,291 52,708
Charge for the financial year 2,105 4,114 100 6,319
At 31 March 2024 7,610 50,026 1,391 59,027
Net book value
At 31 March 2024 11,927 12,343 298 24,568
At 31 March 2023 14,032 16,457 398 30,887
Leased assets included above:
Net book value
At 31 March 2024 0 10,071 0 10,071
At 31 March 2023 0 0 0 0

5. Debtors

2024 2023
£ £
Trade debtors 35,996 53,476
Prepayments 681 1,598
Other debtors 0 2,342
36,677 57,416

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank overdrafts 5,239 220
Trade creditors 74,077 84,210
Other loans 5,000 5,000
Accruals 4,096 4,255
Other taxation and social security 5,257 4,184
Obligations under finance leases and hire purchase contracts 0 7,606
Other creditors 9,603 9,994
103,272 115,469

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

2024 2023
£ £
Bank loans 7,057 12,011

There are no amounts included above in respect of which any security has been given by the company.

8. Provision for liabilities

2024 2023
£ £
Deferred tax 4,509 7,722

9. Deferred tax

2024 2023
£ £
At the beginning of financial year ( 7,722) ( 7,407)
Credited/(charged) to the Income Statement 3,213 ( 315)
At the end of financial year ( 4,509) ( 7,722)

The deferred taxation balance is made up as follows:

2024 2023
£ £
Accelerated capital allowances ( 4,509) ( 7,722)

10. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

2024 2023
£ £
within one year 10,740 10,740
between one and five years 48,330 53,700
after five years 0 5,370
59,070 69,810

Pensions

The Company operates a defined contribution pension scheme for the director and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund.

2024 2023
£ £
Other pensions commitments not shown in the Balance Sheet 765 881