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Registration number: 02749568

Nerak-Wiese Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 November 2024

 

Nerak-Wiese Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 8

 

Nerak-Wiese Limited

Company Information

Directors

Mr J E Oakley

Mr M S Amber

Mrs S A Watkins

Mr P M Francis

Mr S G Musgrave

Company secretary

Mr P M Francis

Registered office

32 Ffrwdgrech Industrial Estate
Brecon
Powys
LD3 8LA

Bankers

Barclays Bank plc
Gateway Centre
Monk Street
Abergavenny
NP7 5ND

Accountants

W J James & Co
Chartered AccountantsBishop House
10 Wheat Street
Brecon
Powys
LD3 7DG

 

Nerak-Wiese Limited

(Registration number: 02749568)
Balance Sheet as at 30 November 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

761,501

689,210

Current assets

 

Stocks

412,232

355,569

Debtors

5

611,849

589,264

Cash at bank and in hand

 

1,048,500

1,729,387

 

2,072,581

2,674,220

Creditors: Amounts falling due within one year

6

(458,238)

(1,142,325)

Net current assets

 

1,614,343

1,531,895

Total assets less current liabilities

 

2,375,844

2,221,105

Creditors: Amounts falling due after more than one year

6

(169,526)

(88,022)

Provisions for liabilities

(141,479)

(139,307)

Net assets

 

2,064,839

1,993,776

Capital and reserves

 

Called up share capital

50,000

50,000

Retained earnings

2,014,839

1,943,776

Shareholders' funds

 

2,064,839

1,993,776

For the financial year ending 30 November 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 12 May 2025 and signed on its behalf by:
 

.........................................
Mr M S Amber
Director

 

Nerak-Wiese Limited

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

1

General information

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

The address of its registered office is:
32 Ffrwdgrech Industrial Estate
Brecon
Powys
LD3 8LA

These financial statements were authorised for issue by the Board on 12 May 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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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.

The financial statements are presented in pounds sterling, which is the functional currency of the company, and rounded to the nearest £1.

Revenue recognition

Turnover represents net invoiced sales of goods and services, excluding Value Added Tax. Turnover is recognised when the goods and services are physically delivered to the customer. Turnover for amounts recoverable on contracts is recognised based on an assessment of the fair value of the services provided at the balance sheet date as a proportion of the total value of the contract.

Government grants

Grants in respect of capital expenditure are treated as deferred credits, a proportion of which is transferred to revenue annually over the estimated useful life of the related assets.

Revenue grants have been received under the Coronavirus Job Retention Scheme. These are accounted in accordance with the pay periods to which the grants relate.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

Nerak-Wiese Limited

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

Tax

The tax expense for the period comprises current 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 tax charge is calculated on the basis of United Kingdom tax rates and laws that have been enacted or substantively enacted by the reporting date.

Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using United Kingdom tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation.

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 over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold property

2% on cost

Plant and machinery

20% on cost

Fixtures and fittings

15% on cost

Motor vehicles

25% on cost

Computer equipment

33% on cost & 20% on cost

Investments

Fixed asset investments are stated at cost less provision for any permanent diminution in value.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits.

Trade debtors

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

Trade debtors are recognised at the transaction price except that 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

Stock is valued as the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

 

Nerak-Wiese Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 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 at the transaction price.

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.

Provisions

Provisions are recognised when the company has an obligation at the reporting date 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.

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 received.

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.

 

Nerak-Wiese Limited

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

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 24 (2023 - 23).

 

Nerak-Wiese Limited

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

4

Tangible assets

Land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Cost or valuation

At 1 December 2023

392,253

151,209

1,023,838

388,754

Additions

-

5,350

259,970

14,069

Disposals

-

-

-

-

At 30 November 2024

392,253

156,559

1,283,808

402,823

Depreciation

At 1 December 2023

203,437

118,928

976,279

277,988

Charge for the year

7,972

15,470

27,699

60,737

Eliminated on disposal

-

-

-

-

At 30 November 2024

211,409

134,398

1,003,978

338,725

Carrying amount

At 30 November 2024

180,844

22,161

279,830

64,098

At 30 November 2023

188,816

32,281

47,559

110,766

Motor vehicles
 £

Total
£

Cost or valuation

At 1 December 2023

642,280

2,598,334

Additions

56,595

335,984

Disposals

(34,790)

(34,790)

At 30 November 2024

664,085

2,899,528

Depreciation

At 1 December 2023

332,492

1,909,124

Charge for the year

130,796

242,674

Eliminated on disposal

(13,771)

(13,771)

At 30 November 2024

449,517

2,138,027

Carrying amount

At 30 November 2024

214,568

761,501

At 30 November 2023

309,788

689,210

 

Nerak-Wiese Limited

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

5

Debtors

Current

2024
£

2023
£

Trade debtors

452,626

419,692

Prepayments

159,223

169,572

 

611,849

589,264

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

7

92,297

51,330

Trade creditors

 

138,215

157,641

Taxation and social security

 

135,619

266,032

Accruals and deferred income

 

92,107

667,322

 

458,238

1,142,325

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

7

160,706

76,542

Deferred income

 

8,820

11,480

 

169,526

88,022

7

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Hire purchase contracts

160,706

76,542

Current loans and borrowings

2024
£

2023
£

Hire purchase contracts

92,297

51,330