Registered Number:10379189 |
For the year ended 30 June 2024
England and Wales
Unaudited Financial Statements
For the year ended 30 June 2024
Norace Limited
Contents Page
1
Statement of Financial Position
2 to 5
Notes to the Financial Statements
Norace Limited
Statement of Financial Position
2023
2024
Property, plant and equipment |
28,523
36,072
2
28,523
36,072
Trade and other receivables |
16,495
35,507
3
966,124
Cash and cash equivalents |
1,134,354
1,169,861
982,619
Trade and other payables: amounts falling due within one year |
(219,808)
(255,844)
4
762,811
914,017
Net current assets
Total assets less current liabilities |
942,540
798,883
Trade and other payables: amounts falling due after more than one |
year |
(138,547)
(119,142)
5
(9,018)
(9,080)
Provisions for liabilities |
814,380
Net assets
651,256
1
1
814,379
651,255
814,380
651,256
Shareholders' funds
For the year ended 30 June 2024 the company was entitled to exemption from audit under Section 477 of the Companies Act 2006 relating to small companies. |
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 proper 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 Section 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. |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. |
These financial statements were approved and authorised for issue by the Board on 27 February 2025 and were signed by: |
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For the year ended 30 June 2024
Norace Limited
Statement of Financial Position Continued
The notes form part of these financial statements |
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For the year ended 30 June 2024
Norace Limited
Notes to the Financial Statements
Statutory Information
Norace Limited is a private limited company, limited by shares, domiciled in England and Wales, registration number |
10379189. |
Principal place of business: |
59 Park Street
Bristol
BS1 5NU
Bear Cottage
6a Bear Street
Wotton-Under-Edge
Gloucestershire
GL12 7DF
The presentation currency is £ sterling. |
Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of Section 1A of Financial Reporting |
Standard 102 ''The Financial Reporting Standard applicable in the UK and Republic of Ireland'' and the Companies Act |
2006. The financial statements have been prepared under the historical costs convention as modified by the revaluation |
of certain assets. |
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax or other similar sales taxes. |
Property, plant and equipment
Property, plant and equipment, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis: |
Plant and Machinery
Computer Equipment
Inventories
Inventories are value at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
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. |
Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straightline basis over the period of the lease.
Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme for the benefit of its directors/and employees. Contributions payable are charged to the profit and loss account in the period in which they are payable. |
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For the year ended 30 June 2024
Norace Limited
Notes to the Financial Statements Continued
2. Property, plant and equipment |
52,329
1,293
51,036
1,958
1,958
-
51,036
3,251
54,287
Provision for depreciation and impairment |
16,257
566
15,691
Charge for year
9,507
671
8,836
25,764
1,237
24,527
26,509
2,014
28,523
35,345
727
36,072
3. Trade and other receivables |
2023
2024
24,109
5,097
11,398
11,398
16,495
35,507
4. Trade and other payables: amounts falling due within one year |
2023
2024
11,152
11,152
617
599
Taxation and social security |
118,478
83,357
125,597
124,700
255,844
219,808
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For the year ended 30 June 2024
Norace Limited
Notes to the Financial Statements Continued
5. Trade and other payables: amounts falling due after more than one year |
2023
2024
10,280
20,430
108,862
118,117
119,142
138,547
6. Guarantees and other financial commitments |
At 30 June 2024 the company had annual commitments under non-cancellable operating leases as set out below: |
2023
2024
Operating leases which expire: |
37,800
37,800
37,800
37,800
7. Average number of persons employed |
During the year the average number of employees was 17 (2023 : 14)
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