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Registered Number: 06949791
England and Wales

 

 

 


Unaudited Financial Statements


for the year ended 31 August 2024

for

NORTHERN RUNNER LIMITED

 
 
Notes
 
2024
£
  2023
£
Fixed assets      
Tangible fixed assets 4 3,870    3,340 
3,870    3,340 
Current assets      
Stocks 5 1,051,926    867,862 
Debtors 6 94,062    84,667 
Cash at bank and in hand 422,741    155,982 
1,568,729    1,108,511 
Creditors: amount falling due within one year 7 (387,389)   (208,065)
Net current assets 1,181,340    900,446 
 
Total assets less current liabilities 1,185,210    903,786 
Creditors: amount falling due after more than one year 8 (10,000)   (20,000)
Provisions for liabilities 9 (18,208)   (19,810)
Net assets 1,157,002    863,976 
 

Capital and reserves
     
Called up share capital 100    100 
Profit and loss account 1,156,902    863,876 
Shareholders' funds 1,157,002    863,976 
 


For the year ended 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. 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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. In accordance with Section 444 of the Companies Act 2006, the profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the board of directors on 12 May 2025 and were signed on its behalf by:


-------------------------------
Mr C R E Stead
Director
1
General Information
Northern Runner Limited is a private company, limited by shares, registered in England and Wales, registration number 06949791, registration address 4 Friars Court, 52 Low Friar Street, Newcastle Upon Tyne, NE1 5UE.
1.

Accounting policies

Accounting convention
These financial statements have been prepared in accordance with FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Operating lease rentals
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
Foreign currencies
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
Taxation
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred taxation
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
Intangible assets
Intangible assets (including purchased goodwill and patents) are amortised at rates calculated to write off the assets on a straight line basis over their estimated useful economic lives. Impairment of intangible assets is only reviewed where circumstances indicate that the carrying value of an asset may not be fully recoverable.
Goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is ten years.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets  over their expected useful lives on the following basis:
Plant and machinery etc 25% RB
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell on a FIFO basis. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
Provisions
Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of
the discount is recognised as a finance cost in profit or loss in the period in which it arises.

Financial instruments
The company has elected to apply the provisions of Section 11 Basic Financial Instruments and Section 12 Other Financial Instruments Issues of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.


Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.


Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.


Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
2.

Average number of employees

Average number of employees during the year was 6 (2023 : 6).
3.

Intangible fixed assets

Cost Goodwill   Total
  £   £
At 01 September 2023 18,180    18,180 
Additions  
Disposals  
At 31 August 2024 18,180    18,180 
Amortisation
At 01 September 2023 18,180    18,180 
Charge for year  
On disposals  
At 31 August 2024 18,180    18,180 
Net book values
At 31 August 2024  
At 31 August 2023  


4.

Tangible fixed assets

Cost or valuation Plant and machinery etc   Total
  £   £
At 01 September 2023 22,057    22,057 
Additions 1,667    1,667 
Disposals (1,735)   (1,735)
At 31 August 2024 21,989    21,989 
Depreciation
At 01 September 2023 18,717    18,717 
Charge for year 990    990 
On disposals (1,588)   (1,588)
At 31 August 2024 18,119    18,119 
Net book values
Closing balance as at 31 August 2024 3,870    3,870 
Opening balance as at 01 September 2023 3,340    3,340 


5.

Stocks

2024
£
  2023
£
Stock 1,051,926    867,862 
1,051,926    867,862 

6.

Debtors: amounts falling due within one year

2024
£
  2023
£
Trade Debtors 3,983    1,175 
Other Debtors 90,079    83,492 
94,062    84,667 

7.

Creditors: amount falling due within one year

2024
£
  2023
£
Trade Creditors 207,047    95,205 
Bank Loans & Overdrafts 10,000    10,000 
Taxation and Social Security 148,310    83,662 
Other Creditors 22,032    19,198 
387,389    208,065 

8.

Creditors: amount falling due after more than one year

2024
£
  2023
£
Bank Loans & Overdrafts 10,000    20,000 
10,000    20,000 

9.

Provisions for liabilities

2024
£
  2023
£
Provisions for liabilities 18,208    19,810 
18,208    19,810 

10.

Directors' transactions

Included in other debtors is a loan to the directors of £49,447 (2023 - £48,910). Advances in the year amounted to £48,524 (2023 - £48,081) with repayments amounting to £49,312 (2023 - £48,713). Interest is charged at HMRC's approved rate of 2.25% (2023 - 2.25%), and amounted to £1,325 (2023 - £1,213) in the year. The loan is unsecured and repayable on demand.
2