Registered number
10726874
Next Level Plastering Limited
Filleted Accounts
30 March 2024
Next Level Plastering Limited
Registered number: 10726874
Balance Sheet
as at 30 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 139,974 62,358
Current assets
Stocks 5,000 12,000
Debtors 4 200,717 220,645
205,717 232,645
Creditors: amounts falling due within one year 5 (169,924) (203,563)
Net current assets 35,793 29,082
Total assets less current liabilities 175,767 91,440
Creditors: amounts falling due after more than one year 6 (66,185) (64,234)
Net assets 109,582 27,206
Capital and reserves
Called up share capital 200 200
Profit and loss account 109,382 27,006
Shareholders' funds 109,582 27,206
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.
K Brown
Director
Approved by the board on 31 December 2024
Next Level Plastering Limited
Notes to the Accounts
for the period from 1 April 2023 to 30 March 2024
1 Accounting policies
Basis of preparation
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).
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.
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:
Plant and machinery over 5 years
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.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 5 5
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 April 2023 564 93,156 93,720
Additions - 101,540 101,540
Disposals (252) - (252)
At 30 March 2024 312 194,696 195,008
Depreciation
At 1 April 2023 252 31,110 31,362
Charge for the period - 23,672 23,672
At 30 March 2024 252 54,782 55,034
Net book value
At 30 March 2024 60 139,914 139,974
At 31 March 2023 312 62,046 62,358
4 Debtors 2024 2023
£ £
Other debtors 200,717 220,645
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 117,137 87,406
Obligations under finance lease and hire purchase contracts 5,500 5,500
Trade creditors 46,287 82,961
Corporation tax - 966
Other taxes and social security costs - 254
Other creditors 1,000 26,476
169,924 203,563
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 19,644 17,890
Obligations under finance lease and hire purchase contracts 46,541 46,344
66,185 64,234
7 Other information
Next Level Plastering Limited is a private company limited by shares and incorporated in England. Its registered office is:
Beechwood Laneside
Morley
Leeds
LS27 7PB
6 Ultimate controlling party
The company is controlled by the directors Mr and Mrs K Brown
At the balance sheet date Mr and Mrs K Brown were owed £14,922 by the company
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