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Registration number: 9335295

Norfabs Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 April 2024

 

Norfabs Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Norfabs Limited

Company Information

Director

Mr MHR Brown

Registered office

Eckington Business Park Rotherside Road
Eckington
Sheffield
S21 4HL

Accountants

Seals King & Co. Limited
Chartered Certified Accountants
17 Brunts Street
Mansfield
Nottinghamshire
NG18 1AX

 

Norfabs Limited

(Registration number: 9335295)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

725

966

Current assets

 

Stocks

6

275,251

65,000

Debtors

7

28,316

22,169

Cash at bank and in hand

 

4

4

 

303,571

87,173

Creditors: Amounts falling due within one year

8

(534,910)

(293,050)

Net current liabilities

 

(231,339)

(205,877)

Total assets less current liabilities

 

(230,614)

(204,911)

Creditors: Amounts falling due after more than one year

8

(33,334)

(27,083)

Net liabilities

 

(263,948)

(231,994)

Capital and reserves

 

Called up share capital

9

100

100

Retained earnings

(264,048)

(232,094)

Shareholders' deficit

 

(263,948)

(231,994)

For the financial year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

 

Norfabs Limited

(Registration number: 9335295)
Balance Sheet as at 30 April 2024

Approved and authorised by the director on 4 March 2025
 

.........................................

Mr MHR Brown

Director

 

Norfabs Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Eckington Business Park Rotherside Road
Eckington
Sheffield
S21 4HL
United Kingdom

These financial statements were authorised for issue by the director on 4 March 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Norfabs Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

25% on reducing value

Furniture and fittings

25% on reducing value

Motor vehicles

25% on reducing value

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Debtors do not carry any interest and are stated at their nominal value. Appropriate allowances for estimated irrecoverable amounts are recognised in the Profit and Loss account when there is objective evidence that the asset is impaired.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

Trade creditors

Trade creditors are not interest bearing and are stated at their nominal value.

Borrowings

Loans are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Norfabs Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 11 (2023 - 8).

 

Norfabs Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

4

Loss before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

241

322

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 May 2023

7,000

1,500

8,500

At 30 April 2024

7,000

1,500

8,500

Depreciation

At 1 May 2023

6,168

1,366

7,534

Charge for the year

208

33

241

At 30 April 2024

6,376

1,399

7,775

Carrying amount

At 30 April 2024

624

101

725

At 30 April 2023

832

134

966

6

Stocks

2024
£

2023
£

Work in progress

240,251

30,000

Other inventories

35,000

35,000

275,251

65,000

7

Debtors

Current

2024
£

2023
£

Trade debtors

28,216

22,069

Other debtors

100

100

 

28,316

22,169

 

Norfabs Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

177,542

74,976

Trade creditors

 

83,921

63,336

Taxation and social security

 

152,973

56,732

Accruals and deferred income

 

6,403

4,914

Other creditors

 

114,071

93,092

 

534,910

293,050

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

       
 

Norfabs Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

10

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

33,334

27,083

Current loans and borrowings

2024
£

2023
£

Bank borrowings

50,000

25,000

Bank overdrafts

127,542

49,976

177,542

74,976