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No description of principal activity
2023-02-01
Sage Accounts Production Advanced 2023 - FRS102_2023
560,759
213,644
19,241
793,644
793,644
560,759
xbrli:pure
xbrli:shares
iso4217:GBP
13838829
2023-02-01
2024-01-31
13838829
2024-01-31
13838829
2023-01-31
13838829
2022-01-10
2023-01-31
13838829
2023-01-31
13838829
2022-01-09
13838829
bus:RegisteredOffice
2023-02-01
2024-01-31
13838829
bus:LeadAgentIfApplicable
2023-02-01
2024-01-31
13838829
bus:Director1
2023-02-01
2024-01-31
13838829
core:LandBuildings
core:OwnedOrFreeholdAssets
2023-02-01
2024-01-31
13838829
core:WithinOneYear
2024-01-31
13838829
core:WithinOneYear
2023-01-31
13838829
core:AfterOneYear
2024-01-31
13838829
core:AfterOneYear
2023-01-31
13838829
core:ShareCapital
2024-01-31
13838829
core:ShareCapital
2023-01-31
13838829
core:HedgingReserve
2024-01-31
13838829
core:RetainedEarningsAccumulatedLosses
2024-01-31
13838829
core:RetainedEarningsAccumulatedLosses
2023-01-31
13838829
core:LandBuildings
core:OwnedOrFreeholdAssets
2024-01-31
13838829
core:LandBuildings
core:OwnedOrFreeholdAssets
2023-01-31
13838829
core:LandBuildings
core:OwnedOrFreeholdAssets
2023-01-31
13838829
bus:SmallEntities
2023-02-01
2024-01-31
13838829
bus:AuditExemptWithAccountantsReport
2023-02-01
2024-01-31
13838829
bus:SmallCompaniesRegimeForAccounts
2023-02-01
2024-01-31
13838829
bus:PrivateLimitedCompanyLtd
2023-02-01
2024-01-31
13838829
bus:FullAccounts
2023-02-01
2024-01-31
COMPANY REGISTRATION NUMBER:
13838829
Filleted Unaudited Financial Statements |
|
Year ended 31 January 2024
Officers and professional advisers |
1 |
|
|
Accountants report to the director on the preparation of the unaudited statutory financial statements |
2 |
|
|
Statement of financial position |
3 |
|
|
Notes to the financial statements |
5 |
|
|
Officers and Professional Advisers |
|
Registered office |
Corby Enterprise Centre |
|
London Road |
|
Corby |
|
England |
|
NN17 5EU |
|
|
Accountants |
A Plus Accountants Limited |
|
Accountants |
|
10 Canberra House |
|
Corbygate Business Park |
|
Corby |
|
Northants |
|
NN17 5JG |
|
|
Accountants Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of
Naletale Limited |
|
Year ended 31 January 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Naletale Limited for the year ended 31 January 2024, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the director of Naletale Limited in accordance with the terms of our engagement letter dated 7 September 2023. Our work has been undertaken solely to prepare for your approval the financial statements of Naletale Limited and state those matters that we have agreed to state to you in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Naletale Limited and its director for our work or for this report.
It is your duty to ensure that Naletale Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Naletale Limited. You consider that Naletale Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of Naletale Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
A Plus Accountants Limited
Accountants
10 Canberra House
Corbygate Business Park
Corby
Northants
NN17 5JG
28 October 2024
Statement of Financial Position |
|
31 January 2024
Fixed assets
Tangible assets |
5 |
793,644 |
560,759 |
|
|
|
|
Current assets
Debtors |
6 |
8,619 |
79,619 |
Cash at bank and in hand |
3,025 |
6,748 |
|
-------- |
-------- |
|
11,644 |
86,367 |
|
|
|
|
Creditors: amounts falling due within one year |
7 |
254,238 |
250,237 |
|
--------- |
--------- |
Net current liabilities |
242,594 |
163,870 |
|
--------- |
--------- |
Total assets less current liabilities |
551,050 |
396,889 |
|
|
|
|
Creditors: amounts falling due after more than one year |
8 |
520,333 |
393,750 |
|
|
|
|
Provisions |
4,810 |
– |
|
--------- |
--------- |
Net assets |
25,907 |
3,139 |
|
--------- |
--------- |
|
|
|
Capital and reserves
Called up share capital |
100 |
100 |
Fair value reserve |
9 |
14,431 |
– |
Profit and loss account |
9 |
11,376 |
3,039 |
|
-------- |
------- |
Shareholders funds |
25,907 |
3,139 |
|
-------- |
------- |
|
|
|
|
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
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.
Director's responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
;
-
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
Statement of Financial Position (continued) |
|
31 January 2024
These financial statements were approved by the
board of directors
and authorised for issue on
28 October 2024
, and are signed on behalf of the board by:
Company registration number:
13838829
Notes to the Financial Statements |
|
Year ended 31 January 2024
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Corby Enterprise Centre, London Road, Corby, NN17 5EU, England.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Significant judgements and estimates
The preparation of financial statements requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the company accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements are disclosed within the individual accounting policies below.
Financial instruments
Cash and cash equivalents in the balance sheet comprise cash at banks and in hand and short term deposits with an original maturity date of three months or less. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the statement of comprehensive income under administrative expenses. 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. 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.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
1
(2023:
1
).
5.
Tangible assets
|
Investment property |
|
£ |
Cost or valuation |
|
At 1 February 2023 |
560,759 |
Additions |
213,644 |
Revaluations |
19,241 |
|
--------- |
At 31 January 2024 |
793,644 |
|
--------- |
Depreciation |
|
At 1 February 2023 and 31 January 2024 |
– |
|
--------- |
Carrying amount |
|
At 31 January 2024 |
793,644 |
|
--------- |
At 31 January 2023 |
560,759 |
|
--------- |
|
|
During the year, the director has revalued the freehold premises known as 166 Barton Road. The director is of the opinion that the valuation of £580,000 was on an open market basis. The freehold property known as 32 Dorset Road was purchased in February 2023. The director is of the opinion there has been no material change in the value of the property since that time and therefore has not arranged for a revaluation.
6.
Debtors
|
2024 |
2023 |
|
£ |
£ |
Other debtors |
8,619 |
79,619 |
|
------- |
-------- |
|
|
|
7.
Creditors:
amounts falling due within one year
|
2024 |
2023 |
|
£ |
£ |
Bank loans and overdrafts |
7,000 |
– |
Corporation tax |
2,044 |
712 |
Other creditors |
245,194 |
249,525 |
|
--------- |
--------- |
|
254,238 |
250,237 |
|
--------- |
--------- |
|
|
|
HSBC UK Bank Plc. has registered a fixed and floating charge over the property known as 32 Dorset Road, Northampton, NN2 7PU and the undertaking of the company in recognition of the present and future obligations owed to HSBC UK Bank Plc. There is a personal guarantee in place between HSBC UK Bank Plc. and director
Mr E Kamhara
in relation to the outstanding loan balance included within bank loans and overdrafts.
8.
Creditors:
amounts falling due after more than one year
|
2024 |
2023 |
|
£ |
£ |
Bank loans and overdrafts |
520,333 |
393,750 |
|
--------- |
--------- |
|
|
|
Together Commercial Finance Limited has registered a fixed and floating charge over the property known as 166 Barton Road, Kettering, NN15 6RY and the undertaking of the company in recognition of the present and future obligations owed to Together Commercial Finance Limited. There is a personal guarantee in place between Together Commercial Finance Limited and director
Mr E Kamhara
in relation to the outstanding loan balance included within bank loans and overdrafts.
HSBC UK Bank Plc. has registered a fixed and floating charge over the property known as 32 Dorset Road, Northampton, NN2 7PU and the undertaking of the company in recognition of the present and future obligations owed to HSBC UK Bank Plc. There is a personal guarantee in place between HSBC UK Bank Plc. and director Mr E Kamhara in relation to the outstanding loan balance included within bank loans and overdrafts.
Included within creditors: amounts falling due after more than one year is an amount of £492,333 (2023: £393,750) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
9.
Reserves
Fair value reserve - This reserve records the value of asset revaluations and fair value movements on assets recognised in other comprehensive income. Profit and loss account - This reserve records retained earnings and accumulated losses.
10.
Related party transactions
During the period E Kamhara was also a director of Bluefront Care Limited. During the period Bluefront Care Limited lent the Company £3,066 (2023: £248,925). Amounts repaid in the period, were £7,637. As at the year end the balance outstanding included within other creditors amounted to £244,354 (2023: £248,925). The amount outstanding is interest free and repayable on demand.