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Registered number: 09515775
Noronha Ltd
Unaudited Financial Statements
For The Year Ended 31 March 2024
R Athauda & Co
International Accountants
306 Staines Road
Twickenham
TW2 5AS
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 09515775
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 2,000 4,000
Tangible Assets 5 77,186 81,015
79,186 85,015
CURRENT ASSETS
Stocks 6 3,350 3,600
Debtors 7 8,854 9,096
Cash at bank and in hand 53,414 29,340
65,618 42,036
Creditors: Amounts Falling Due Within One Year 8 (25,062 ) (25,884 )
NET CURRENT ASSETS (LIABILITIES) 40,556 16,152
TOTAL ASSETS LESS CURRENT LIABILITIES 119,742 101,167
NET ASSETS 119,742 101,167
CAPITAL AND RESERVES
Called up share capital 9 100 100
Profit and Loss Account 119,642 101,067
SHAREHOLDERS' FUNDS 119,742 101,167
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For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his 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 Donaldo Norohna
Director
04/11/2024
The notes on pages 3 to 6 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Noronha Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 09515775 . The registered office is 8 South Ealing Road, London, W5 4QA.
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. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of .... years.
2.4. 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:
Leasehold 15
Fixtures & Fittings 15
2.5. 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.
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2.6. 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.
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: 8 (2023: 8)
8 8
4. Intangible Assets
Goodwill
£
Cost
As at 1 April 2023 20,000
As at 31 March 2024 20,000
Amortisation
As at 1 April 2023 16,000
Provided during the period 2,000
As at 31 March 2024 18,000
Net Book Value
As at 31 March 2024 2,000
As at 1 April 2023 4,000
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5. Tangible Assets
Land & Property
Leasehold Fixtures & Fittings Total
£ £ £
Cost
As at 1 April 2023 115,784 14,555 130,339
Additions - 2,077 2,077
As at 31 March 2024 115,784 16,632 132,416
Depreciation
As at 1 April 2023 41,330 7,994 49,324
Provided during the period 3,723 2,183 5,906
As at 31 March 2024 45,053 10,177 55,230
Net Book Value
As at 31 March 2024 70,731 6,455 77,186
As at 1 April 2023 74,454 6,561 81,015
6. Stocks
2024 2023
£ £
Stock - Closing stock Balance Sheet 3,350 3,600
7. Debtors
2024 2023
£ £
Due within one year
Rent Deposit Other debtors (Debtors < 1 year) 6,550 6,550
Corporation tax Refund due - 2,546
Director's loan account 2,304 -
8,854 9,096
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8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors (2 ) 1
Corporation tax 5,479 (1 )
PAYE taxes and social security 1,002 3,839
VAT Control 11,906 13,314
Smart Pensionr creditors (Current liabilities - creditors < 1 year) 262 381
PURCHASE CONTROL ACCOUNT 4,945 6,765
Accruals -Accountancy & Book Keeper 1,470 1,585
25,062 25,884
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
10. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 April 2023 Amounts advanced Amounts repaid Amounts written off As at 31 March 2024
£ £ £ £ £
Mr Donaldo Norohna - 2,304 - - 2,304
The above loan is unsecured, interest free and repayable on demand.
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