Registered number
06817984
Noble's Promotions Limited
Unaudited Filleted Accounts
30 April 2024
Noble's Promotions Limited
Registered number: 06817984
Balance Sheet
as at 30 April 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 4 100,201 120,567
Tangible assets 5 407,052 413,458
507,253 534,025
Current assets
Debtors 6 1,266 175
Cash at bank and in hand 62,960 93,984
64,226 94,159
Creditors: amounts falling due within one year 7 (215,929) (283,729)
Net current liabilities (151,703) (189,570)
Total assets less current liabilities 355,550 344,455
Creditors: amounts falling due after more than one year 8 (14,823) (56,689)
Provisions for liabilities (4,847) (539)
Net assets 335,880 287,227
Capital and reserves
Called up share capital 2 2
Profit and loss account 335,878 287,225
Shareholders' funds 335,880 287,227
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.
Mr John Noble
Director
Approved by the board on 27 January 2025
Noble's Promotions Limited
Notes to the Accounts
for the year ended 30 April 2024
1 Accounting policies
Basis of preparation
These financial statements have been prepared in accordance with FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" ("FRS 102") and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements if section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
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).
2 Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
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 land and buildings not depreciated
Plant and equipment 20% reducing balance
Fixtures and fittings 20% reducing balance
Computers 33% reducing balance
Motor vehicles 25% reducing balance
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
3 Employees 2024 2023
Number Number
Average number of persons employed by the company 5 5
4 Intangible fixed assets £
Goodwill:
Cost
At 1 May 2023 407,310
At 30 April 2024 407,310
Amortisation
At 1 May 2023 286,743
Provided during the year 20,366
At 30 April 2024 307,109
Net book value
At 30 April 2024 100,201
At 30 April 2023 120,567
Goodwill is being written off in equal annual instalments over its estimated economic life of 20 years.
5 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 May 2023 387,665 8,789 50,059 446,513
At 30 April 2024 387,665 8,789 50,059 446,513
Depreciation
At 1 May 2023 - 7,549 25,506 33,055
Charge for the year - 268 6,138 6,406
At 30 April 2024 - 7,817 31,644 39,461
Net book value
At 30 April 2024 387,665 972 18,415 407,052
At 30 April 2023 387,665 1,240 24,553 413,458
6 Debtors 2024 2023
£ £
Other debtors 1,266 175
7 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 31,597 46,771
Obligations under finance lease and hire purchase contracts 8,436 8,436
Trade creditors 3,395 9,019
Taxation and social security costs 57,499 56,477
Other creditors 115,002 163,026
215,929 283,729
8 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 10,027 43,457
Obligations under finance lease and hire purchase contracts 4,796 13,232
14,823 56,689
9 Loans 2024 2023
£ £
Creditors include:
Secured hire purchase loans 13,232 21,668
The loans are secured on the assets to which they relate.
10 Controlling party
In the opinion of the directors there is no controlling party.
11 Other information
Noble's Promotions Limited is a private company limited by shares and incorporated in England. Its registered office is:
Exmoor Suite, The Courtyard
Front Street
Langley Park
Durham
DH7 9XE
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