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COMPANY REGISTRATION NUMBER: 01326456
NEWARK COPPER CYLINDER COMPANY LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 October 2024
NEWARK COPPER CYLINDER COMPANY LIMITED
STATEMENT OF FINANCIAL POSITION
31 October 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
5
334,748
275,978
Current assets
Stocks
204,962
203,042
Debtors
6
161,850
74,097
Cash at bank and in hand
6,608
1,076
----------
----------
373,420
278,215
Creditors: amounts falling due within one year
7
( 277,413)
( 174,261)
----------
----------
Net current assets
96,007
103,954
----------
----------
Total assets less current liabilities
430,755
379,932
Creditors: amounts falling due after more than one year
8
( 5,883)
( 23,124)
Provisions
( 27,761)
( 8,945)
----------
----------
Net assets
397,111
347,863
----------
----------
Capital and reserves
Called up share capital
5,102
5,102
Revaluation reserve
1,898
1,898
Profit and loss account
390,111
340,863
----------
----------
Shareholders funds
397,111
347,863
----------
----------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 October 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
NEWARK COPPER CYLINDER COMPANY LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
31 October 2024
These financial statements were approved by the board of directors and authorised for issue on 26 March 2025 , and are signed on behalf of the board by:
M A Smith
Director
Company registration number: 01326456
NEWARK COPPER CYLINDER COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 OCTOBER 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Brunel Drive, Northern Road Industrial Estate, Newark, Notts, NG24 2EG.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis and in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The actual outcome may diverge from these estimates if other assumptions are made, or other conditions arise. No significant judgements or estimates have been made by management in the process of applying the entity's accounting policies that would have a significant effect on the amounts recognised in the financial statements.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes the original purchase price, costs directly attributable to bringing the asset to its working condition for its intended use, dismantling and restoration costs and borrowing costs capitalised.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property
-
2% straight line
Plant and machinery
-
15% reducing balance
Fixtures and fittings
-
15% reducing balance
Motor vehicles
-
25% straight line
Equipment
-
15% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
The company only holds basic financial instruments as defined in FRS 102. The financial assets and financial liabilities of the company and their measurement basis are as follows: Financial assets - trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost. Prepayments are not financial instruments. Cash at bank is classified as a basic financial instrument and is measured at amortised cost. Financial liabilities - trade creditors, accruals and other creditors are financial instruments, and are measured at amortised cost. Taxation and social security are not included in the financial instruments disclosure definition.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 15 (2023: 14 ).
5. Tangible assets
Freehold property
Plant and machinery
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
£
Cost
At 1 Nov 2023
416,366
464,821
53,402
24,979
20,774
980,342
Additions
74,149
583
3,747
78,479
Disposals
( 4,298)
( 4,298)
----------
----------
---------
---------
---------
-------------
At 31 Oct 2024
416,366
534,672
53,985
24,979
24,521
1,054,523
----------
----------
---------
---------
---------
-------------
Depreciation
At 1 Nov 2023
185,614
424,704
51,068
24,979
17,999
704,364
Charge for the year
8,327
8,894
390
654
18,265
Disposals
( 2,854)
( 2,854)
----------
----------
---------
---------
---------
-------------
At 31 Oct 2024
193,941
430,744
51,458
24,979
18,653
719,775
----------
----------
---------
---------
---------
-------------
Carrying amount
At 31 Oct 2024
222,425
103,928
2,527
5,868
334,748
----------
----------
---------
---------
---------
-------------
At 31 Oct 2023
230,752
40,117
2,334
2,775
275,978
----------
----------
---------
---------
---------
-------------
6. Debtors
2024
2023
£
£
Trade debtors
161,850
73,564
Other debtors
533
----------
---------
161,850
74,097
----------
---------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
16,969
34,273
Trade creditors
174,917
72,441
Corporation tax
1,574
Social security and other taxes
37,753
31,114
Other creditors
46,200
36,433
----------
----------
277,413
174,261
----------
----------
Bank loans and overdrafts totalling £16,969 (2023 - £19,741) are secured by legal charges and debentures in favour of Lloyds Bank Plc.
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
5,883
23,124
-------
---------
Bank loans totalling £5,833 (2023 - £23,124) are secured by legal charges and debentures in favour of Lloyds Bank Plc.