2023-04-012024-03-312024-03-31false00735406NARLA ENGINEERING & IMPORTS 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NARLA ENGINEERING & IMPORTS LIMITED

Registered Number
00735406
(England and Wales)

Unaudited Financial Statements for the Year ended
31 March 2024

NARLA ENGINEERING & IMPORTS LIMITED
Company Information
for the year from 1 April 2023 to 31 March 2024

Director

LINDLEY, Paul Michael

Company Secretary

PALMER, Lisa Rachel

Registered Address

64 Danby Walk
Leeds
LS9 8JF

Registered Number

00735406 (England and Wales)
NARLA ENGINEERING & IMPORTS LIMITED
Statement of Financial Position
31 March 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets3635,362497,136
Investments4300300
635,662497,436
Current assets
Stocks576,08757,560
Debtors6819,786670,660
Cash at bank and on hand112,096164,473
1,007,969892,693
Creditors amounts falling due within one year7(554,300)(448,962)
Net current assets (liabilities)453,669443,731
Total assets less current liabilities1,089,331941,167
Creditors amounts falling due after one year8(108,112)(152,879)
Provisions for liabilities10(87,413)(41,785)
Net assets893,806746,503
Capital and reserves
Called up share capital12,00012,000
Profit and loss account881,806734,503
Shareholders' funds893,806746,503
The financial statements were approved and authorised for issue by the Director on 18 March 2025, and are signed on its behalf by:
LINDLEY, Paul Michael
Director
Registered Company No. 00735406
NARLA ENGINEERING & IMPORTS LIMITED
Notes to the Financial Statements
for the year ended 31 March 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Basis of preparation
The financial statements have been prepared under the historical cost convention on a going concern basis unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Turnover policy
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/or 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.
Employee benefits
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 obligation. Contributions to defined contribution plans are expensed in the period to which they relate. Amounts not paid are shown in accruals in the Statement of Financial Position. The assets of the plan are held separately from the company in independently administered funds.
Current taxation
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax
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.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. 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 disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement. Depreciation is provided on all tangible fixed assets as follows:

Reducing balance (%)Straight line (years)
Land and buildings-50
Plant and machinery10-
Fixtures and fittings10-
Vehicles25-
Office Equipment-5
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value where the difference between cost and fair value is material. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the Income Statement.
Finance leases and hire purchase contracts
Assets held under finance leases which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the Statement of Financial Position. They are depreciated over the shorter of their useful lives or the term of the lease. All other lease arrangements are classified as an operating lease Payments made under operating leases are charged to the Income Statement on a straight line basis over the lease term.
Stocks and work in progress
Stocks are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete). At each date of Statement of Financial Position, 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 the Income Statement. Work in progress is valued on the basis of direct costs plus attributable overheads based on normal level of activity. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of work in progress.
Financial instruments
The company enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
2.Average number of employees

20242023
Average number of employees during the year2926
3.Tangible fixed assets

Land & buildings

Plant & machinery

Vehicles

Fixtures & fittings

Office Equipment

Total

££££££
Cost or valuation
At 01 April 23453,224546,142162,39186,219131,9551,379,931
Additions14,264174,847--2,476191,587
At 31 March 24467,488720,989162,39186,219134,4311,571,518
Depreciation and impairment
At 01 April 23180,017386,439122,28972,699121,351882,795
Charge for year8,54823,43310,0251,35210,00353,361
At 31 March 24188,565409,872132,31474,051131,354936,156
Net book value
At 31 March 24278,923311,11730,07712,1683,077635,362
At 31 March 23273,207159,70340,10213,52010,604497,136
4.Fixed asset investments
The company owns 100% of the shares in Narla Limited.

Investments in groups1

Total

££
Cost or valuation
At 01 April 23300300
At 31 March 24300300
Net book value
At 31 March 24300300
At 31 March 23300300

Notes

1Investments in group undertakings and participating interests
5.Stocks
Stocks are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete). At each date of Statement of Financial Position, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete the sale. The impairment loss is recognised immediately in the Income Statement

2024

2023

££
Raw materials and consumables76,08757,560
Total76,08757,560
6.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables528,972407,218
Amounts owed by group undertakings255,073224,442
Other debtors21,62636,155
Prepayments and accrued income14,1152,845
Total819,786670,660
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.
7.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables98,61855,065
Bank borrowings and overdrafts170,484135,793
Amounts owed to related parties22,44629,709
Taxation and social security142,87485,132
Finance lease and HP contracts2,9632,963
Other creditors104,95563,822
Accrued liabilities and deferred income11,96076,478
Total554,300448,962
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. Bank loans and other creditors are secured by the company.
8.Creditors: amounts due after one year

2024

2023

££
Bank borrowings and overdrafts101,532142,351
Other creditors6,58010,528
Total108,112152,879
Bank loans and other creditors are secured by the company.
9.Obligations under finance leases

2024

2023

££
Finance lease and HP contracts6,58010,528
10.Provisions for liabilities

2024

2023

££
Net deferred tax liability (asset)87,41341,785
Total87,41341,785
11.Related party transactions
At 31 March 2024, Narla Engineering & Imports had balances outstanding with the following related parties, of which P Lindley is a director: Included in debtors at 31 March 2024 is a balance due from Narla Engineering Midlands Limited of £14,263 (2023: £14,381). Included in debtors at 31 March 2024 is a balance due from Narla Engineering Holdings Limited of £240,809 (2023: £210,061). Included in creditors at 31 March 2024 is the balance due to Narla Ireland Limited of £22,146 (2023: £29,409). Included in creditors at 31 March 2024 is a balance due from Narla Limited, a company in which Narla Engineering & Imports Limited has a 100% interest, of £300 (2023: £300). On 01 April 2023 the company owed the director £36,155. During the period the director repaid £41,904 and extracted a further £26,706. At 31 March 2024 the director owed the company £21,428. Interest was charged by the company on the overdrawn balance.