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REGISTERED NUMBER: 05093861 (England and Wales)















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: P C Norris
Mrs C M Norris-Smith



SECRETARY: Mrs C M Norris-Smith



REGISTERED OFFICE: Unit 7
Staunton Industrial
Staunton in the Vale
Newark
Nottinghamshire
NG13 9QB



REGISTERED NUMBER: 05093861 (England and Wales)



ACCOUNTANTS: Duncan & Toplis Limited
3 Castlegate
Grantham
Lincolnshire
NG31 6SF



BANKERS: Lloyds Bank plc
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 4 786,611 599,747

CURRENT ASSETS
Stocks 31,000 137,000
Debtors 5 1,327,194 1,481,824
Cash at bank 238,468 35,734
1,596,662 1,654,558
CREDITORS
Amounts falling due within one year 6 364,625 196,405
NET CURRENT ASSETS 1,232,037 1,458,153
TOTAL ASSETS LESS CURRENT LIABILITIES 2,018,648 2,057,900

CREDITORS
Amounts falling due after more than one year 7 (12,500 ) (22,500 )

PROVISIONS FOR LIABILITIES (62,046 ) (64,946 )
NET ASSETS 1,944,102 1,970,454

CAPITAL AND RESERVES
Called up share capital 8 5,051 5,051
Share premium 477,483 477,483
Retained earnings 1,461,568 1,487,920
SHAREHOLDERS' FUNDS 1,944,102 1,970,454

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2024 in accordance with Section 476 of the Companies Act 2006.

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 have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 8 January 2025 and were signed on its behalf by:





Mrs C M Norris-Smith - Director


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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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 4 (2023 - 4 ) .

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 595,966 328,751 924,717
Additions 40,022 309,070 349,092
Disposals - (90,330 ) (90,330 )
At 30 June 2024 635,988 547,491 1,183,479
DEPRECIATION
At 1 July 2023 197,245 127,725 324,970
Charge for year 24,876 67,293 92,169
Eliminated on disposal - (20,271 ) (20,271 )
At 30 June 2024 222,121 174,747 396,868
NET BOOK VALUE
At 30 June 2024 413,867 372,744 786,611
At 30 June 2023 398,721 201,026 599,747

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 221,163 158,606
Other debtors 237,653 384,095
Director's loan account 655,865 728,858
Prepayments and accrued income 212,513 210,265
1,327,194 1,481,824

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans 10,000 10,000
Trade creditors 55,495 43,470
Taxation - 126,034
Other taxes and social security 22,259 11,201
Other creditors 270,000 -
Accrued expenses 6,871 5,700
364,625 196,405

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans 12,500 22,500

8. CALLED UP SHARE CAPITAL

Allotted and issued:
Number: Class: Nominal 2024 2023
value: £    £   
5,051 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:
20242023
££
Within one year93,70195,316
Between one and five years62,702158,332
More than five years--
156,403253,648

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

20242023
£ £
Balance outstanding at start of year728,859450,014
Amounts advanced304,670444,203
Amounts repaid(378,120)(165,358)
Balance outstanding at end of year655,409728,859
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.