Registered number
01941690
N.E. FASTENERS LIMITED
Accounts
For the year ended 30 June 2024
N.E. FASTENERS LIMITED
Registered number: 01941690
Balance Sheet
as at 30 June 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 221,767 187,105
Current assets
Stocks 361,290 344,260
Debtors 4 497,936 470,481
Cash at bank and in hand 191,411 111,581
1,050,637 926,322
Creditors: amounts falling due within one year 5 (495,440) (476,065)
Net current assets 555,197 450,257
Total assets less current liabilities 776,964 637,362
Creditors: amounts falling due after more than one year 6 (37,586) (43,230)
Provisions for liabilities (17,282) (8,577)
Net assets 722,096 585,555
Capital and reserves
Called up share capital 101 101
Profit and loss account 721,995 585,454
Shareholders' funds 722,096 585,555
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
M P Elliott
Director
Approved by the board on 19 March 2025
N.E. FASTENERS LIMITED
Notes to the Accounts
for the year ended 30 June 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added tax. Turnover includes revenue earned from the sale of goods and services.
Tangible fixed assets
Depreciation has been provided at the following annual rates in order to write off the assets over their estimated useful lives.
Leasehold property Straight line basis over the term of the lease
Fixtures, fittings and equipment 20% reducing balance basis
Motor vehicles 25% reducing balance basis
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. 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.
Leased assets
Assets held under finance leases and hire purchase contracts, which are those where substantially all the risks and rewards of ownership have passed to the company, are capitalised in the balance sheet and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability.
The interest element of the rental obligation is charged to the profit and loss account over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding.
Rentals paid under operating leases are charged to income on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees and Directors 2024 2023
Number Number
Average number of persons employed by the company 18 16
3 Tangible fixed assets
Leasehold property Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £
Cost
At 1 July 2023 154,210 72,070 29,748 256,028
Additions - - 62,755 62,755
Disposals - - (19,800) (19,800)
At 30 June 2024 154,210 72,070 72,703 298,983
Depreciation
At 1 July 2023 1,414 51,488 16,021 68,923
Charge for the year 157 4,116 17,554 21,827
On disposals - - (13,534) (13,534)
At 30 June 2024 1,571 55,604 20,041 77,216
Net book value
At 30 June 2024 152,639 16,466 52,662 221,767
At 30 June 2023 152,796 20,582 13,727 187,105
4 Debtors 2024 2023
£ £
Trade debtors 478,548 449,798
Other debtors 19,388 20,683
497,936 470,481
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loan (secured) 8,352 30,194
Trade creditors 292,007 306,912
Other taxes and social security costs 145,166 90,613
Other creditors 49,915 48,346
495,440 476,065
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loan (secured) 37,586 43,230
A bank loan outstanding at the year end includes instalments due after more than 5 years of £4176 (2023 : £8334). The loan is secured by a fixed and floating charge over the assets of the company.
7 Other information
N.E. FASTENERS LIMITED is a private company limited by shares and incorporated in England and Wales. Its registered office is:
Portway House
Stream Road
Kingswinford
West Midlands
DY6 9NT
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