REGISTERED NUMBER: |
PETE NORRIS LIMITED |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2024 |
REGISTERED NUMBER: |
PETE NORRIS LIMITED |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2024 |
PETE NORRIS LIMITED (REGISTERED NUMBER: 05093861) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2024 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 3 | to | 5 |
PETE NORRIS LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 30 JUNE 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
3 Castlegate |
Grantham |
Lincolnshire |
NG31 6SF |
BANKERS: |
70 High Street |
Lincoln |
Lincolnshire |
LN5 8AD |
PETE NORRIS LIMITED (REGISTERED NUMBER: 05093861) |
STATEMENT OF FINANCIAL POSITION |
30 JUNE 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 7 | ( |
) | ( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 8 |
Share premium |
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 |
PETE NORRIS LIMITED (REGISTERED NUMBER: 05093861) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2024 |
1. | STATUTORY INFORMATION |
Pete Norris Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover represents the fair value of consideration received for net invoiced sales of livestock, consultancy, haulage and rental income, excluding value added tax. Sales of livestock are recognised upon delivery to the customer or upon collection by the customer. Haulage and consultancy income is recognised in the period in which services are rendered. Rental income is recognised in the period receivable. |
Tangible fixed assets |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
Land and buildings | - Straight line over 10 years |
Plant and machinery etc | - 15% - 25% on reducing balance |
Tangible fixed assets are held at cost less accumulated depreciation. No depreciation has been provided for on freehold land and certain freehold buildings. The directors consider that the lives of such buildings and their residual value are such that their depreciation is not significant. |
Stocks |
Stocks are valued at the lower of cost and fair value less cost to sell, after making due allowance for obsolete and slow-moving items. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date. |
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. |
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. |
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. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
PETE NORRIS LIMITED (REGISTERED NUMBER: 05093861) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
4. | TANGIBLE FIXED ASSETS |
Land and | Plant and |
buildings | machinery | Totals |
£ | £ | £ |
COST |
At 1 July 2023 |
Additions |
Disposals | ( |
) | ( |
) |
At 30 June 2024 |
DEPRECIATION |
At 1 July 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 30 June 2024 |
NET BOOK VALUE |
At 30 June 2024 |
At 30 June 2023 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Other debtors |
Director's loan account | 655,865 | 728,858 |
Prepayments and accrued income |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans |
Trade creditors |
Taxation |
Other taxes and social security |
Other creditors |
Accrued expenses |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans |
8. | CALLED UP SHARE CAPITAL |
Allotted and issued: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | £1 | 5,051 | 5,051 |
PETE NORRIS LIMITED (REGISTERED NUMBER: 05093861) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
9. | OTHER FINANCIAL COMMITMENTS |
At the year end the company had commitments due as follows: |
2024 | 2023 |
£ | £ |
Within one year | 93,701 | 95,316 |
Between one and five years | 62,702 | 158,332 |
More than five years | - | - |
156,403 | 253,648 |
10. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
2024 | 2023 |
£ | £ |
Balance outstanding at start of year | 728,859 | 450,014 |
Amounts advanced | 304,670 | 444,203 |
Amounts repaid | (378,120 | ) | (165,358 | ) |
Balance outstanding at end of year | 655,409 | 728,859 |
The loan made is unsecured, interest-free and repayable on demand. |
11. | RELATED PARTY DISCLOSURES |
The loan from Cheap Feeds Limited is unsecured, interest free and repayable on demand. |