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Company No: 05748855 (England and Wales)

NFSE LIMITED

Unaudited Financial Statements
For the financial year ended 30 September 2023
Pages for filing with the registrar

NFSE LIMITED

Unaudited Financial Statements

For the financial year ended 30 September 2023

Contents

NFSE LIMITED

COMPANY INFORMATION

For the financial year ended 30 September 2023
NFSE LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 30 September 2023
DIRECTOR Michelle Louise Rodger
REGISTERED OFFICE Clip Bush Farm
Field Lane
Hempnall
Norwich
NR15 2PA
United Kingdom
COMPANY NUMBER 05748855 (England and Wales)
CHARTERED ACCOUNTANTS Gascoynes
Gascoyne House
Moseleys Farm Business Centre
Fornham All Saints
Bury St Edmunds
Suffolk
IP28 6JY
NFSE LIMITED

BALANCE SHEET

As at 30 September 2023
NFSE LIMITED

BALANCE SHEET (continued)

As at 30 September 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 500,567 511,337
500,567 511,337
Current assets
Stocks 5,000 5,000
Debtors 4 28,358 53,373
Cash at bank and in hand 0 364
33,358 58,737
Creditors: amounts falling due within one year 5 ( 36,080) ( 68,226)
Net current liabilities (2,722) (9,489)
Total assets less current liabilities 497,845 501,848
Net assets 497,845 501,848
Capital and reserves
Called-up share capital 6 840 840
Revaluation reserve 605,000 605,000
Profit and loss account ( 107,995 ) ( 103,992 )
Total shareholder's funds 497,845 501,848

For the financial year ending 30 September 2023 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 NFSE Limited (registered number: 05748855) were approved and authorised for issue by the Director on 06 November 2024. They were signed on its behalf by:

Michelle Louise Rodger
Director
NFSE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 September 2023
NFSE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 September 2023
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

NFSE 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 Clip Bush Farm, Field Lane, Hempnall, Norwich, NR15 2PA, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and 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 Balance Sheet and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due 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 recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

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 Balance Sheet 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.

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:

Land and buildings not depreciated
Plant and machinery 20 % reducing balance
Vehicles 20 % reducing balance
Computer equipment 15 % 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.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

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.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including the director 2 2

3. Tangible assets

Land and buildings Plant and machinery Vehicles Computer equipment Total
£ £ £ £ £
Cost
At 01 October 2022 455,871 164,218 24,235 19,497 663,821
Additions 0 133 0 0 133
At 30 September 2023 455,871 164,351 24,235 19,497 663,954
Accumulated depreciation
At 01 October 2022 0 123,368 13,516 15,600 152,484
Charge for the financial year 0 8,174 2,145 584 10,903
At 30 September 2023 0 131,542 15,661 16,184 163,387
Net book value
At 30 September 2023 455,871 32,809 8,574 3,313 500,567
At 30 September 2022 455,871 40,850 10,719 3,897 511,337

4. Debtors

2023 2022
£ £
Trade debtors 21,349 44,296
Deferred tax asset 7,009 9,077
28,358 53,373

5. Creditors: amounts falling due within one year

2023 2022
£ £
Bank overdrafts 17,536 0
Trade creditors 2,117 2,651
Other taxation and social security ( 18,947) ( 18,669)
Other creditors 35,374 84,244
36,080 68,226

6. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
840 Ordinary shares of £ 1.00 each 840 840