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Registered number: 09620685
Nottingham Stamp Centre Limited
Financial Statements
For The Year Ended 30 June 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 09620685
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 9,000 18,000
Tangible Assets 5 1,122 1,006
10,122 19,006
CURRENT ASSETS
Stocks 6 118,281 77,000
Debtors 7 12,388 17,403
Cash at bank and in hand 2,789 10,031
133,458 104,434
Creditors: Amounts Falling Due Within One Year 8 (120,436 ) (83,991 )
NET CURRENT ASSETS (LIABILITIES) 13,022 20,443
TOTAL ASSETS LESS CURRENT LIABILITIES 23,144 39,449
Creditors: Amounts Falling Due After More Than One Year 9 (7,416 ) (13,376 )
NET ASSETS 15,728 26,073
CAPITAL AND RESERVES
Called up share capital 10 100 100
Profit and Loss Account 15,628 25,973
SHAREHOLDERS' FUNDS 15,728 26,073
Page 1
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For the year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr D K Hardy
Director
27 March 2025
The notes on pages 3 to 5 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Nottingham Stamp Centre Limited is a private company, limited by shares, incorporated in England & Wales, registered number 09620685 . The registered office is 3 Wollaton Street, Nottingham, NG1 5FW.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
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 from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of .... years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Fixtures & Fittings 25% reducing balance
Computer Equipment 25% reducing balance
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. The carrying amount of deferred tax assets is reviewed at the end of each reporting period.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 1 (2023: 1)
1 1
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4. Intangible Assets
Goodwill
£
Cost
As at 1 July 2023 90,000
As at 30 June 2024 90,000
Amortisation
As at 1 July 2023 72,000
Provided during the period 9,000
As at 30 June 2024 81,000
Net Book Value
As at 30 June 2024 9,000
As at 1 July 2023 18,000
5. Tangible Assets
Fixtures & Fittings Computer Equipment Total
£ £ £
Cost
As at 1 July 2023 5,322 1,998 7,320
Additions - 491 491
As at 30 June 2024 5,322 2,489 7,811
Depreciation
As at 1 July 2023 4,734 1,580 6,314
Provided during the period 148 227 375
As at 30 June 2024 4,882 1,807 6,689
Net Book Value
As at 30 June 2024 440 682 1,122
As at 1 July 2023 588 418 1,006
6. Stocks
2024 2023
£ £
Stock 118,281 77,000
7. Debtors
2024 2023
£ £
Due within one year
Trade debtors 951 466
Prepayments and accrued income 3,081 3,117
Deferred tax current asset 2,181 1,863
VAT 6,175 11,957
12,388 17,403
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8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 17,112 6,283
Bank loans and overdrafts 6,049 6,049
Corporation tax - (560 )
Accruals and deferred income 233 233
Director's loan account 97,042 71,986
120,436 83,991
9. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 7,416 13,376
10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
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