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Registered number: 10396945
North East Bifolds Ltd
Financial Statements
For The Year Ended 31 January 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 10396945
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 408,045 470,440
408,045 470,440
CURRENT ASSETS
Stocks 5 30,000 30,000
Debtors 6 136,729 150,725
Cash at bank and in hand 876,080 479,040
1,042,809 659,765
Creditors: Amounts Falling Due Within One Year 7 (552,494 ) (463,825 )
NET CURRENT ASSETS (LIABILITIES) 490,315 195,940
TOTAL ASSETS LESS CURRENT LIABILITIES 898,360 666,380
Creditors: Amounts Falling Due After More Than One Year 8 (14,242 ) (25,132 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (20,180 ) (25,181 )
NET ASSETS 863,938 616,067
CAPITAL AND RESERVES
Called up share capital 9 120 120
Profit and Loss Account 863,818 615,947
SHAREHOLDERS' FUNDS 863,938 616,067
Page 1
Page 2
For the 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.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Antony Meah
Director
Mr Christopher Craggs
Director
15/10/2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
North East Bifolds Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 10396945 . The registered office is North East Bifolds Ltd North Crescent, Cold Hesledon Ind Estate, Seaham, SR7 8RD.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold Nil
Leasehold Nil
Plant & Machinery 25% Straight Line Method
Motor Vehicles 25% Straight Line Method
Fixtures & Fittings 25% Straight Line Method
Computer Equipment 33% Reducing Balance Method
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
...CONTINUED
Page 3
Page 4
2.5. Taxation - continued
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 15 (2023: 15)
15 15
4. Tangible Assets
Land & Property
Freehold Plant & Machinery Motor Vehicles Fixtures & Fittings
£ £ £ £
Cost
As at 1 February 2023 300,443 237,737 75,441 30,296
Additions - 7,036 - 3,290
Disposals - - (14,300 ) -
As at 31 January 2024 300,443 244,773 61,141 33,586
Depreciation
As at 1 February 2023 - 129,594 33,294 11,849
Provided during the period - 43,583 14,659 7,710
Disposals - - (7,950 ) -
As at 31 January 2024 - 173,177 40,003 19,559
Net Book Value
As at 31 January 2024 300,443 71,596 21,138 14,027
As at 1 February 2023 300,443 108,143 42,147 18,447
Computer Equipment Total
£ £
Cost
As at 1 February 2023 2,565 646,482
Additions - 10,326
Disposals - (14,300 )
As at 31 January 2024 2,565 642,508
Depreciation
As at 1 February 2023 1,305 176,042
Provided during the period 419 66,371
Disposals - (7,950 )
As at 31 January 2024 1,724 234,463
...CONTINUED
Page 4
Page 5
Net Book Value
As at 31 January 2024 841 408,045
As at 1 February 2023 1,260 470,440
5. Stocks
2024 2023
£ £
Materials 30,000 30,000
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 136,729 51,154
Directors' loan accounts - 99,571
136,729 150,725
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 130,347 97,599
Bank loans and overdrafts 10,648 9,635
Corporation tax 137,615 86,819
PAYE 7,310 8,741
VAT 10,931 2,346
Warranty Provision 254,491 260,506
Pension liability (1,247 ) 1,050
Accruals 2,000 2,000
CIS Liability - (4,871 )
Directors' loan accounts 399 -
552,494 463,825
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 14,242 25,132
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 120 120
Page 5