2023-07-01 10379189 2024-06-30 10379189 2023-07-01 2024-06-30 10379189 2023-06-30 10379189 2022-07-01 2023-06-30 10379189 uk-core:WithinOneYear 2023-06-30 10379189 uk-core:WithinOneYear 2024-06-30 10379189 uk-core:AfterOneYear 2023-06-30 10379189 uk-core:AfterOneYear 2024-06-30 10379189 uk-core:ShareCapital 2024-06-30 10379189 uk-core:ShareCapital 2023-06-30 10379189 uk-core:RetainedEarningsAccumulatedLosses 2024-06-30 10379189 uk-core:RetainedEarningsAccumulatedLosses 2023-06-30 10379189 uk-bus:Director1 2023-07-01 2024-06-30 10379189 uk-core:PlantMachinery 2023-07-01 2024-06-30 10379189 uk-core:OfficeEquipment 2023-07-01 2024-06-30 10379189 uk-core:OfficeEquipment 2023-06-30 10379189 uk-core:PlantMachinery 2023-06-30 10379189 uk-core:PlantMachinery 2024-06-30 10379189 uk-core:OfficeEquipment 2024-06-30 10379189 uk-core:WithinOneYear 2024-06-30 10379189 uk-core:WithinOneYear 2023-06-30 10379189 uk-core:AfterOneYear uk-core:Secured 2024-06-30 10379189 uk-core:AfterOneYear uk-core:Secured 2023-06-30 10379189 uk-core:MoreThanFiveYears 2024-06-30 10379189 uk-core:MoreThanFiveYears 2023-06-30 iso4217:GBP xbrli:pure 10379189 uk-bus:AuditExemptWithAccountantsReport 2023-07-01 2024-06-30 10379189 uk-bus:FRS102 2023-07-01 2024-06-30 10379189 uk-bus:FilletedAccounts 2023-07-01 2024-06-30 10379189 uk-bus:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30
Norace Limited
Registered Number:10379189
For the year ended 30 June 2024
England and Wales
Unaudited Financial Statements
2
For the year ended 30 June 2024
Norace Limited
Contents Page
1
Statement of Financial Position
2 to 5
Notes to the Financial Statements
3
Registered Number :
10379189
As at 30 June 2024
Norace Limited
Statement of Financial Position
£
£
2023
2024
Notes
Fixed assets
Property, plant and equipment
28,523
36,072
2
28,523
36,072
Current assets
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
Capital and reserves
Called up share capital
1
1
Retained earnings
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.
Simone Palomba Director
These financial statements were approved and authorised for issue by the Board on 27 February 2025 and were signed by:
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4
Registered Number :
10379189
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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5
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
Registered address:
Bear Cottage
6a Bear Street
Wotton-Under-Edge
Gloucestershire
GL12 7DF
The presentation currency is £ sterling.
1. Accounting policies
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
25% Reducing balance
25% Reducing balance
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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6
For the year ended 30 June 2024
Norace Limited
Notes to the Financial Statements Continued
2. Property, plant and equipment
Total
Computer
Equipment
Plant and
Machinery
£
£
£
Cost or valuation
At 01 July 2023
52,329
1,293
51,036
1,958
1,958
-
Additions
At 30 June 2024
51,036
3,251
54,287
Provision for depreciation and impairment
At 01 July 2023
16,257
566
15,691
Charge for year
9,507
671
8,836
At 30 June 2024
25,764
1,237
24,527
At 30 June 2024
Net book value
26,509
2,014
28,523
At 30 June 2023
35,345
727
36,072
3. Trade and other receivables
2023
2024
£
£
Trade debtors
24,109
5,097
Other debtors
11,398
11,398
16,495
35,507
4. Trade and other payables: amounts falling due within one year
2023
2024
£
£
Bank loans and overdraft
11,152
11,152
Trade creditors
617
599
Taxation and social security
118,478
83,357
Other creditors
125,597
124,700
255,844
219,808
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7
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
£
£
Bank loans and overdraft
10,280
20,430
Other creditors
108,862
118,117
119,142
138,547
6. Guarantees and other financial commitments
Lease 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:
After more than 5 years
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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