REGISTERED NUMBER: |
Nori Financial Limited |
Unaudited Financial Statements for the Year Ended 31 May 2024 |
REGISTERED NUMBER: |
Nori Financial Limited |
Unaudited Financial Statements for the Year Ended 31 May 2024 |
Nori Financial Limited (Registered number: 10174812) |
Contents of the Financial Statements |
for the Year Ended 31 May 2024 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 4 |
Nori Financial Limited |
Company Information |
for the Year Ended 31 May 2024 |
Directors: |
Registered office: |
Registered number: |
Accountants: |
Craven House |
32 Lee Lane |
Horwich |
Bolton |
BL6 7BY |
Nori Financial Limited (Registered number: 10174812) |
Statement of Financial Position |
31 May 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
Fixed assets |
Intangible assets | 4 |
Tangible assets | 5 |
Investments | 6 |
Current assets |
Debtors | 7 |
Cash at bank |
Creditors |
Amounts falling due within one year | 8 |
Net current assets |
Total assets less current liabilities |
Creditors |
Amounts falling due after more than one year |
9 |
( |
) |
( |
) |
Provisions for liabilities | 10 | ( |
) | ( |
) |
Net assets |
Nori Financial Limited (Registered number: 10174812) |
Statement of Financial Position - continued |
31 May 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
Capital and reserves |
Called up share capital | 11 |
Revaluation reserve |
Retained earnings |
Shareholders' funds |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Nori Financial Limited (Registered number: 10174812) |
Notes to the Financial Statements |
for the Year Ended 31 May 2024 |
1. | Statutory information |
Nori Financial Limited is a |
2. | Accounting policies |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable for pension planning and investment management services rendered. |
Goodwill |
Amortisation of goodwill has not been provided for by the company as in the opinion of the director it has an indefinite useful economic life. This accounting policy departs from the usual requirements of FRS 102 to amortise goodwill over a finite period. The effect of the departure is that amortisation as required by the requirements of FRS 102 has not been accounted for. If amortisation had been accounted for the charge for the year would have amounted to £36,270 and the profit for the year reduced accordingly. |
Tangible fixed assets |
Fixtures and fittings | - |
Motor vehicles | - |
Computer equipment | - |
Tangible assets are initially recorded at cost and are subsequently stated at cost less any accumulated depreciation and impairment losses. |
Financial instruments |
The company only enters into basic financial instruments that result in the recognition of the financial assets and liabilities such as trade and other debtors and creditors. These are measured at amortised cost and assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the statement of income and retained earnings. |
Taxation |
The taxation expense represents the aggregate amount of current tax recognised in the reporting year . Tax is recognised in the statement of income and retained earnings. Current tax is recognised on taxable profit for the current year. |
Current tax is measured at the amounts of tax expected to be paid using the tax rates and laws that have been enacted or substantively enacted at the reporting date. |
Nori Financial Limited (Registered number: 10174812) |
Notes to the Financial Statements - continued |
for the Year Ended 31 May 2024 |
2. | Accounting policies - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Fixed asset investments |
Quoted shares are valued at the quoted market price on the London Stock Exchange. |
3. | Employees and directors |
The average number of employees during the year was |
4. | Intangible fixed assets |
Goodwill |
£ |
Cost |
At 1 June 2023 |
Disposals | ( |
) |
At 31 May 2024 |
Amortisation |
At 1 June 2023 |
Charge written back | (14,436 | ) |
At 31 May 2024 |
Net book value |
At 31 May 2024 |
At 31 May 2023 |
Nori Financial Limited (Registered number: 10174812) |
Notes to the Financial Statements - continued |
for the Year Ended 31 May 2024 |
5. | Tangible fixed assets |
Fixtures |
and | Motor | Computer |
fittings | vehicles | equipment | Totals |
£ | £ | £ | £ |
Cost |
At 1 June 2023 |
and 31 May 2024 |
Depreciation |
At 1 June 2023 |
Charge for year |
At 31 May 2024 |
Net book value |
At 31 May 2024 |
At 31 May 2023 |
6. | Fixed asset investments |
Other |
investments |
£ |
Cost or valuation |
At 1 June 2023 |
Additions |
At 31 May 2024 |
Net book value |
At 31 May 2024 |
At 31 May 2023 |
Cost or valuation at 31 May 2024 is represented by: |
Other |
investments |
£ |
Valuation in 2022 | 207,098 |
Valuation in 2023 | 55,442 |
Valuation in 2023 | 687 |
Valuation in 2024 | 186,908 |
450,135 |
Nori Financial Limited (Registered number: 10174812) |
Notes to the Financial Statements - continued |
for the Year Ended 31 May 2024 |
7. | Debtors: amounts falling due within one year |
2024 | 2023 |
£ | £ |
Trade debtors |
Other debtors |
8. | Creditors: amounts falling due within one year |
2024 | 2023 |
£ | £ |
Hire purchase contracts |
Trade creditors |
Taxation and social security |
Other creditors |
9. | Creditors: amounts falling due after more than one year |
2024 | 2023 |
£ | £ |
Hire purchase contracts |
Other creditors |
Included within creditors: amount falling due after more than one year is an amount of £20038 in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date. |
10. | Provisions for liabilities |
2024 | 2023 |
£ | £ |
Deferred tax | 19,163 | 25,500 |
Deferred |
tax |
£ |
Balance at 1 June 2023 |
Credit to Statement of Income and Retained Earnings during year | ( |
) |
Balance at 31 May 2024 |
Nori Financial Limited (Registered number: 10174812) |
Notes to the Financial Statements - continued |
for the Year Ended 31 May 2024 |
11. | Called up share capital |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | 1 | 100 | 100 |
12. | Directors' advances, credits and guarantees |
The following advances and credits to directors subsisted during the years ended 31 May 2024 and 31 May 2023: |
2024 | 2023 |
£ | £ |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |