Registered number
08351154
NSW Commercial Limited
Filleted Accounts
31 January 2024
NSW Commercial Limited
Registered number: 08351154
Balance Sheet
as at 31 January 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 2 676
Current assets
Debtors 4 77,486 42,754
Cash at bank and in hand 60,722 81,639
138,208 124,393
Creditors: amounts falling due within one year 5 (27,716) (20,113)
Net current assets 110,492 104,280
Net assets 110,494 104,956
Capital and reserves
Called up share capital 400 400
Profit and loss account 110,094 104,556
Shareholders' funds 110,494 104,956
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Michael Warnock
Director
Approved by the board on 9 October 2024
NSW Commercial Limited
Notes to the Accounts
for the year ended 31 January 2024
1 Accounting policies
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
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. 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.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 February 2023 5,790
At 31 January 2024 5,790
Depreciation
At 1 February 2023 5,114
Charge for the year 674
At 31 January 2024 5,788
Net book value
At 31 January 2024 2
At 31 January 2023 676
4 Debtors 2024 2023
£ £
Trade debtors 2,766 22,129
Other debtors 74,720 20,625
77,486 42,754
5 Creditors: amounts falling due within one year 2024 2023
£ £
Corporation tax 5,982 12,393
Other taxes and social security costs - 2,292
Other creditors 21,734 5,428
27,716 20,113
6 Other information
NSW Commercial Limited is a private company limited by shares and incorporated in England. Its registered office is:
Office 1B, Church House
Church Street
Ormskirk
Lancashire
L39 3AE
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