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Registration number: 03949998

Nortech Garage Doors Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 April 2024

 

Nortech Garage Doors Limited

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 9

 

Nortech Garage Doors Limited

(Registration number: 03949998)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

6,088

12,925

Current assets

 

Stocks

5

52,060

52,849

Debtors

6

308,450

349,248

 

360,510

402,097

Creditors: Amounts falling due within one year

7

(253,829)

(213,877)

Net current assets

 

106,681

188,220

Total assets less current liabilities

 

112,769

201,145

Creditors: Amounts falling due after more than one year

7

(16,333)

(30,333)

Provisions for liabilities

-

(1,896)

Net assets

 

96,436

168,916

Capital and reserves

 

Called up share capital

8

200

200

Retained earnings

96,236

168,716

Shareholders' funds

 

96,436

168,916

For the financial year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 15 April 2025 and signed on its behalf by:
 

.........................................
Mr P Bate
Director

 

Nortech Garage Doors Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Borough Hall
Wellway
Morpeth
Northumberland
NE61 1BN

The principal place of business is:
Unit 74
Colbourne Avenue
Nelson Park
Cramlington
Northumberland
NE23 1WD

These financial statements were authorised for issue by the Board on 15 April 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Government grants

The entity adopted the accrual model for recognising government grants.

 

Nortech Garage Doors Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures and Fittings

25% reducing balance

Motor Vehicles

25% reducing balance

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Nortech Garage Doors Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Nortech Garage Doors Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 11 (2023 - 12).

 

Nortech Garage Doors Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 May 2023

44,588

11,110

55,698

Disposals

-

(11,110)

(11,110)

At 30 April 2024

44,588

-

44,588

Depreciation

At 1 May 2023

36,481

6,292

42,773

Charge for the year

2,019

301

2,320

Eliminated on disposal

-

(6,593)

(6,593)

At 30 April 2024

38,500

-

38,500

Carrying amount

At 30 April 2024

6,088

-

6,088

At 30 April 2023

8,107

4,818

12,925

5

Stocks

2024
£

2023
£

Other inventories

52,060

52,849

6

Debtors

Current

2024
£

2023
£

Trade debtors

43,599

45,373

Prepayments

2,995

2,860

Other debtors

261,856

301,015

 

308,450

349,248

 

Nortech Garage Doors Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

54,385

53,286

Trade creditors

 

63,074

76,996

Taxation and social security

 

73,362

63,776

Accruals and deferred income

 

10,139

10,138

Other creditors

 

52,869

9,681

 

253,829

213,877

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

16,333

30,333

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary A of £1 each

104

104

104

104

Ordinary B of £1 each

48

48

48

48

Ordinary C of £1 each

48

48

48

48

200

200

200

200

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

16,333

30,333

 

Nortech Garage Doors Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Current loans and borrowings

2024
£

2023
£

Bank borrowings

14,000

14,000

Bank overdrafts

40,385

38,624

Finance lease liabilities

-

662

54,385

53,286

Bank borrowings

Bounce Back Loan is denominated in with a nominal interest rate of 0% for first 12 months, then 2.5% per year after the first 12 months%, and the final instalment is due on 30 June 2026. The carrying amount at year end is £30,333 (2023 - £44,333).

10

Dividends

2024

2023

£

£

Interim dividend of £105.12 (2023 - £105.12) per ordinary share

21,024

21,024

 

 

11

Related party transactions

Transactions with directors

2024

At 1 May 2023
£

Repayments by director
£

At 30 April 2024
£

Mr P Bate

Amounts advanced and repaid in the period

72,883

(66,167)

6,716

2023

At 1 May 2022
£

Advances to director
£

At 30 April 2023
£

Mr P Bate

Amounts advanced and repaid in the period

70,206

2,677

72,883

 

Nortech Garage Doors Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

34,000

29,450

Contributions paid to money purchase schemes

930

643

34,930

30,093

Summary of transactions with other related parties

At the year end there was a balance of £193,913 (2023 - £166,507) due from The Portal Co (NE) Limited, a company in which Mr P Bate is a shareholder. This arose due to expenses paid, which were recharged at no profit or loss.

At the year end there was a balance of £33,254 (2023 - £33,654) due from Portalway LLP, a company in which Mr S Bate and Mr P Bate are members. This arose due to expenses paid, which were recharged at no profit or loss. Also, within Trade Creditors at the year end there is a balance of £2,516 held with Portalway LLP.

At the year end there was a balance of £6,336 (2023 - £3,168) due from VC & B Investments Limited, a company in which Mr P Bate is a shareholder. This arose due to expenses paid, which were recharged at no profit or loss.