2023-02-012024-01-312024-01-31false08959309NERG 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NERG LIMITED

Registered Number
08959309
(England and Wales)

Unaudited Financial Statements for the Year ended
31 January 2024

NERG LIMITED
Company Information
for the year from 1 February 2023 to 31 January 2024

Directors

Mrs J Robertson
Mr SC Robertson

Company Secretary

Mr SC Robertson

Registered Address

Willow Tree Farm Water Lane
Bassingham
Lincoln
LN5 9LA

Registered Number

08959309 (England and Wales)
NERG LIMITED
Balance Sheet as at
31 January 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets3184,234166,787
184,234166,787
Current assets
Stocks46,0006,000
Debtors51,290,6811,402,369
Cash at bank and on hand92,091224,622
1,388,7721,632,991
Creditors amounts falling due within one year6(460,346)(642,357)
Net current assets (liabilities)928,426990,634
Total assets less current liabilities1,112,6601,157,421
Provisions for liabilities7(83,856)(69,697)
Net assets1,028,8041,087,724
Capital and reserves
Called up share capital90,00090,000
Profit and loss account938,804997,724
Shareholders' funds1,028,8041,087,724
The financial statements were approved and authorised for issue by the Board of Directors on 17 October 2024, and are signed on its behalf by:
Mr SC Robertson
Director
Registered Company No. 08959309
NERG LIMITED
Notes to the Financial Statements
for the year ended 31 January 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover policy
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. 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.
Employee benefits
Short-term employee benefits are measured at the undiscounted amount expected to be paid in exchange for the employee's services to the company. Where employees have accrued short-term benefits which the entity has not paid by the balance sheet date, an accrual is recognised within creditors: amounts falling due within one year together with an associated expense in profit or loss. The liabilities are classified as current obligations in the statement of financial position because they are expected to be settled wholly within twelve months after the end of the period.
Defined contribution pension plan
The company operates a defined contribution pension plan for the benefit of its employees. Contributions are recognised as expenses as they become payable. Differences between contributions payable in the year and those actually paid are recognised as either prepayments or accruals in the balance sheet. The assets of the defined contribution pension scheme are held separately from those of the company in an independently administered fund.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Current taxation
Current tax is recognised in profit or loss, except for taxes related to revaluations of land and buildings which are recognised in other comprehensive income. Current tax represents the amount of tax payable (receivable) in respect of taxable profit (loss) for the current, or past, reporting periods. Current tax is measured at the amount expected to be paid (recovered) using the tax rates and laws which have been enacted, or substantively enacted, by the balance sheet date. Where payments to HM Revenue and Customs exceed liabilities owed, an asset is recognised to the extent of the amount of tax recoverable.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets and depreciation
All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:

Reducing balance (%)Straight line (years)
Plant and machinery15-
Vehicles20-
Office Equipment-3
Stocks and work in progress
Stock is valued at the lower of cost and estimated selling price less costs to complete and sell. The cost methodology employed by the entity is the first-in first-out method. Estimated selling price less costs to complete and sell are derived from the selling price which the goods would fetch in an open market transaction with established customers less the costs expected to be incurred to enable the sale to complete. Provision is made for slow-moving and obsolete items of stock. Such provisions are recognised in profit or loss. Work in progress is valued using the percentage of completion method and values are calculated using the lower of cost and estimated selling price less costs to complete and sell. When stocks are sold, the carrying amount of those stocks is recognised as an expense within cost of sales. This takes place in the same period that the associated revenue is recognised.
Trade and other debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less. Bank overdrafts are disclosed separately. For the purpose of the cash flow statement, bank overdrafts form an integral part of the company's cash management and are included as a component of cash and cash equivalents.
Trade and other creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Share capital
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.
2.Average number of employees

20242023
Average number of employees during the year2221
3.Tangible fixed assets

Plant & machinery

Vehicles

Office Equipment

Total

££££
Cost or valuation
At 01 February 23212,887136,7733,902353,562
Additions6,098129,4001,329136,827
Disposals(207,792)(51,370)(2,414)(261,576)
At 31 January 2411,193214,8032,817228,813
Depreciation and impairment
At 01 February 23144,53540,1962,044186,775
Charge for year1,29227,51455029,356
On disposals(144,008)(26,201)(1,343)(171,552)
At 31 January 241,81941,5091,25144,579
Net book value
At 31 January 249,374173,2941,566184,234
At 31 January 2368,35296,5771,858166,787
4.Stocks

2024

2023

££
Other stocks6,0006,000
Total6,0006,000
5.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables471,624493,834
Amounts owed by group undertakings729,553847,554
Other debtors14,33814,338
Prepayments and accrued income75,16646,643
Total1,290,6811,402,369
6.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables191,373372,478
Bank borrowings and overdrafts18-
Taxation and social security135,114194,112
Other creditors21,44621,194
Accrued liabilities and deferred income112,39554,573
Total460,346642,357
7.Provisions for liabilities

2024

2023

££
Net deferred tax liability (asset)55,85641,697
Other provisions28,00028,000
Total83,85669,697