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Registered number: 11970097










THE NORFOLK SEWING COMPANY LTD








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 APRIL 2024

 
THE NORFOLK SEWING COMPANY LTD
 
 
COMPANY INFORMATION


Directors
R S Jeans 
J Mcnicol 
J K Mcnicol 




Registered number
11970097



Registered office
Unit 3 Vulcan Road

Norwich

Norfolk

NR6 6AQ




Accountants
MA Partners LLP
Chartered Accountants

7 The Close

Norwich

Norfolk

NR1 4DJ





 
THE NORFOLK SEWING COMPANY LTD
 

CONTENTS



Page
Accountants' report
 
 
1
Balance sheet
 
 
2 - 3
Notes to the financial statements
 
 
4 - 8


 
THE NORFOLK SEWING COMPANY LTD
 
 
  
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF THE NORFOLK SEWING COMPANY LTD
FOR THE YEAR ENDED 30 APRIL 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of The Norfolk Sewing Company Ltd for the year ended 30 April 2024 which comprise  the Balance sheet and the related notes from the Company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW)we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.

This report is made solely to the Board of directors of The Norfolk Sewing Company Ltd, as a body, in accordance with the terms of our engagement letter dated 13 August 2019Our work has been undertaken solely to prepare for your approval the financial statements of The Norfolk Sewing Company Ltd and state those matters that we have agreed to state to the Board of directors of The Norfolk Sewing Company Ltd, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than The Norfolk Sewing Company Ltd and its Board of directors, as a body, for our work or for this report. 

It is your duty to ensure that The Norfolk Sewing Company Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of The Norfolk Sewing Company Ltd. You consider that The Norfolk Sewing Company Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of The Norfolk Sewing Company Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

  



MA Partners LLP
 
Chartered Accountants
  
7 The Close
Norwich
Norfolk
NR1 4DJ
31 January 2025
Page 1

 
THE NORFOLK SEWING COMPANY LTD
REGISTERED NUMBER: 11970097

BALANCE SHEET
AS AT 30 APRIL 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
8,296
10,437

Current assets
  

Stocks
 5 
9,609
8,070

Debtors: amounts falling due within one year
 6 
2,715
3,905

Cash at bank and in hand
  
8,273
3,642

  
20,597
15,617

Creditors: amounts falling due within one year
 7 
(74,873)
(54,443)

Net current liabilities
  
 
 
(54,276)
 
 
(38,826)

Total assets less current liabilities
  
(45,980)
(28,389)

Creditors: amounts falling due after more than one year
 8 
(11,104)
(17,174)

  

Net liabilities
  
(57,084)
(45,563)


Capital and reserves
  

Called up share capital 
 9 
100
100

Profit and loss account
  
(57,184)
(45,663)

  
(57,084)
(45,563)


Page 2

 
THE NORFOLK SEWING COMPANY LTD
REGISTERED NUMBER: 11970097
    
BALANCE SHEET (CONTINUED)
AS AT 30 APRIL 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 31 January 2025.




J Mcnicol
Director

The notes on pages 4 to 8 form part of these financial statements.

Page 3

 
THE NORFOLK SEWING COMPANY LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1.


General information

The Norfolk Sewing Company Ltd is a private company limited by shares, incorporated and domiciled in England and Wales. The registered office is Unit 3 Vulcan Road North, Norwich, England, NR6 6AQ.
The Company's principal place of business is Norfolk. The Company's principal activity is the manufacture of textiles.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Going concern

The Company had net liabilities at the balance sheet date. The directors have confirmed they will continue to provide support for the forseeable future, and the business will continue to trade for a period of at least 12 months from the date of signing the balance sheet. 

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 4

 
THE NORFOLK SEWING COMPANY LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.5

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.6

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on the following basis.


Plant and machinery
-
20%
Reducing balance
Fixtures and fittings
-
15%
Reducing balance
Office equipment
-
25%
Straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.8

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is 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.

Page 5

 
THE NORFOLK SEWING COMPANY LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.9

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.11

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.


3.


Employees

The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Directors
3
3



Employees
3
5

6
8

Page 6

 
THE NORFOLK SEWING COMPANY LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

4.


Tangible fixed assets





Plant and machinery
Fixtures and fittings
Office equipment
Total

£
£
£
£



Cost or valuation


At 1 May 2023
20,625
1,515
465
22,605



At 30 April 2024

20,625
1,515
465
22,605



Depreciation


At 1 May 2023
11,094
725
349
12,168


Charge for the year on owned assets
1,906
119
116
2,141



At 30 April 2024

13,000
844
465
14,309



Net book value



At 30 April 2024
7,625
671
-
8,296



At 30 April 2023
9,531
790
116
10,437


5.


Stocks

2024
2023
£
£

Raw materials and consumables
6,365
6,700

Work in progress
2,744
870

Finished goods
500
500

9,609
8,070



6.


Debtors

2024
2023
£
£


Trade debtors
2,681
3,871

Called up share capital not paid
34
34

2,715
3,905


Page 7

 
THE NORFOLK SEWING COMPANY LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
5,577
5,427

Trade creditors
7,131
5,968

Other taxation and social security
888
1,895

Other creditors
59,439
39,000

Accruals and deferred income
1,838
2,153

74,873
54,443



8.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
11,104
17,174

11,104
17,174



9.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



100 (2023 - 100) Ordinary shares shares of £1.00 each
100
100



10.


Related party transactions

As at 30 April 2024, the balance owed to one of the directors by the Company was £5,952 (2023: £5,952). The loan is interest free, repayable on demand and is included within other creditors in note 7 to the financial statements.        

During the year the Company paid net rents to a company under common control totalling £6,600 (2023: £7,200). As at 30 April 2024 a balance of £53,412 (2023: £32,982) was owed to the company under                                                                                               common control. The loan is interest free, repayable on demand and included within other creditors in note 7 to the financial statements. 

 
Page 8