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Registration number: 08298857

Naomi Paul Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Naomi Paul Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Naomi Paul Limited

Company Information

Director

Mrs N Rochowski

Registered office

Unit 25
Fairways Business Park
Lammas Road
London
E10 7QB

 

Naomi Paul Limited

(Registration number: 08298857)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

17,060

7,898

Current assets

 

Stocks

6

6,865

4,943

Debtors

7

53,638

21,243

Cash at bank and in hand

 

249,698

184,026

 

310,201

210,212

Creditors: Amounts falling due within one year

8

(57,226)

(26,816)

Net current assets

 

252,975

183,396

Total assets less current liabilities

 

270,035

191,294

Creditors: Amounts falling due after more than one year

8

(32,632)

(37,607)

Provisions for liabilities

(4,144)

(1,723)

Net assets

 

233,259

151,964

Capital and reserves

 

Called up share capital

100

100

Retained earnings

233,159

151,864

Shareholders' funds

 

233,259

151,964

For the financial 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.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

 

Naomi Paul Limited

(Registration number: 08298857)
Balance Sheet as at 31 March 2024

Approved and authorised by the director on 25 November 2024
 

.........................................

Mrs N Rochowski
Director

 

Naomi Paul Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
Unit 25
Fairways Business Park
Lammas Road
London
E10 7QB

These financial statements were authorised for issue by the director on 25 November 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

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.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Naomi Paul Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and Machinery

25% Straight line

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Naomi Paul Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Naomi Paul Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2023 - 1).

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 April 2023

10,000

10,000

At 31 March 2024

10,000

10,000

Amortisation

At 1 April 2023

10,000

10,000

At 31 March 2024

10,000

10,000

Carrying amount

At 31 March 2024

-

-

5

Tangible assets

Other tangible assets
£

Total
£

Cost or valuation

At 1 April 2023

23,100

23,100

Additions

13,793

13,793

Disposals

(14,182)

(14,182)

At 31 March 2024

22,711

22,711

Depreciation

At 1 April 2023

15,202

15,202

Charge for the year

4,224

4,224

Eliminated on disposal

(13,775)

(13,775)

At 31 March 2024

5,651

5,651

Carrying amount

At 31 March 2024

17,060

17,060

At 31 March 2023

7,898

7,898

 

Naomi Paul Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

6

Stocks

2024
£

2023
£

Other inventories

6,865

4,943

7

Debtors

Current

2024
£

2023
£

Trade debtors

50,306

13,205

Prepayments

-

1,215

Other debtors

3,332

6,823

 

53,638

21,243

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

5,472

4,896

Trade creditors

 

3,679

764

Taxation and social security

 

43,020

12,676

Other creditors

 

2,807

6,410

Accruals

 

2,248

2,070

 

57,226

26,816

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

32,632

37,607

-

-

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

32,632

37,607

 

Naomi Paul Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

2024
£

2023
£

Current loans and borrowings

Bank borrowings

5,466

4,856

Directors loan account

6

40

5,472

4,896

Bank borrowings

Bank borrowings of £38,098 (£5,466 due within 1 year and £32,632 due after 1 year) at 31st March 2024 represents an unsecured "bounce-back" loan from HSBC, with an interest rate of 2.5% per annum.

10

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

         

11

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

22,350

21,750

Later than one year and not later than five years

24,867

47,217

47,217

68,967

12

Related party transactions

Summary of transactions with other related parties


Nick Rochowski Photography Limited

Nick Rochowski Photography Limited is owned by Mr N Rochowski, husband of Mrs N Rochowski, the owner and director of the Company.

 During the year, the Company invoiced £8,925 (2023: £8,925) of rental and rates costs to Nick Rochowski Photography Limited. During the same period, Nick Rochowski Photography Limited provided services to the company totalling £6,810 (2023: Nil).

 

Naomi Paul Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

13

Control

The controlling party is Mrs N Rochowski.

The ultimate controlling party is Mrs N Rochowski.