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REGISTERED NUMBER: 01445099 (England and Wales)















Unaudited Financial Statements for the Year Ended 30 September 2024

for

Narstate Limited

Narstate Limited (Registered number: 01445099)

Contents of the Financial Statements
for the Year Ended 30 September 2024










Page

Balance Sheet 1

Notes to the Financial Statements 3


Narstate Limited (Registered number: 01445099)

Balance Sheet
30 September 2024

30.9.24 30.9.23
Notes £ £
Fixed assets
Intangible assets 5 - 94
Tangible assets 6 296,726 128,115
Investments 7 9,101 9,101
305,827 137,310

Current assets
Stocks 369,722 428,572
Debtors 8 347,373 363,159
Cash at bank 1,197,396 1,437,794
1,914,491 2,229,525
Creditors
Amounts falling due within one year 9 (468,075 ) (452,605 )
Net current assets 1,446,416 1,776,920
Total assets less current liabilities 1,752,243 1,914,230

Creditors
Amounts falling due after more than one
year

10

(190,219

)

-

Provisions for liabilities (8,387 ) (8,619 )
Net assets 1,553,637 1,905,611

Narstate Limited (Registered number: 01445099)

Balance Sheet - continued
30 September 2024

30.9.24 30.9.23
Notes £ £
Capital and reserves
Called up share capital 200 200
Retained earnings 1,553,437 1,905,411
1,553,637 1,905,611

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 27 May 2025 and were signed by:





Mr N D P Dodds - Director


Narstate Limited (Registered number: 01445099)

Notes to the Financial Statements
for the Year Ended 30 September 2024


1. Statutory information

Narstate Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 01445099

Registered office: 22-26 King Street
Kings Lynn
Norfolk
PE30 1HJ

2. Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. Accounting policies

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Basic scheme entitlements is being amortised evenly over its estimated useful life of five years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Grainstore - Straight line over 15 years
Woodland - Woodland not depreciated and Fencing straight line over 15 years
Improve to leasehold prop - Straight line over 10 years
Plant and machinery - 15% p.a. reducing balance
Irrigation equipment - Straight line over 10 years
Motor vehicles - 25% p.a. reducing balance

Narstate Limited (Registered number: 01445099)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024


3. Accounting policies - continued

Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.

Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
The company classifies its financial instruments in the following categories: measured at amortised cost; and measured at fair value through profit and loss. The classification is determined at initial recognition and depends on the purpose for which the financial instruments are required.

Measured at amortised cost includes non-derivative financial assets and liabilities with fixed or determinable payments that are not quoted in an active market. Financial assets are included in current assets, except where the maturity date is more than 12 months after the end of the reporting period. They are initially recorded at fair value and subsequently recorded at amortised cost. Financial liabilities are included in current liabilities, except where the maturity date is more than 12 months after the end of the reporting period. They are initially measured at original cost, less amortisation or provisions raised.

Measured at fair value through profit and loss includes financial assets and liabilities. They are classified according to maturity date, within current and non-current assets and liabilities respectively.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


Narstate Limited (Registered number: 01445099)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024


3. Accounting policies - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

4. Employees and directors

The average number of employees during the year was 1 (2023 - 1 ) .

5. Intangible fixed assets
Basic
scheme
entitlements
£
Cost
At 1 October 2023
and 30 September 2024 1,216
Amortisation
At 1 October 2023 1,122
Amortisation for year 94
At 30 September 2024 1,216
Net book value
At 30 September 2024 -
At 30 September 2023 94

Narstate Limited (Registered number: 01445099)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024


6. Tangible fixed assets
Improve to
leasehold
Grainstore Woodland prop
£ £ £
Cost
At 1 October 2023 321,294 - 32,715
Additions - 196,409 -
At 30 September 2024 321,294 196,409 32,715
Depreciation
At 1 October 2023 260,035 - 14,216
Charge for year 18,470 1,891 1,636
At 30 September 2024 278,505 1,891 15,852
Net book value
At 30 September 2024 42,789 194,518 16,863
At 30 September 2023 61,259 - 18,499

Plant and Irrigation Motor
machinery equipment vehicles Totals
£ £ £ £
Cost
At 1 October 2023 28,238 61,441 19,995 463,683
Additions - - - 196,409
At 30 September 2024 28,238 61,441 19,995 660,092
Depreciation
At 1 October 2023 26,500 29,818 4,999 335,568
Charge for year 261 1,791 3,749 27,798
At 30 September 2024 26,761 31,609 8,748 363,366
Net book value
At 30 September 2024 1,477 29,832 11,247 296,726
At 30 September 2023 1,738 31,623 14,996 128,115

7. Fixed asset investments

Investments (neither listed nor unlisted) were as follows:
30.9.24 30.9.23
£ £
Investments b/fwd 9,101 9,101

Narstate Limited (Registered number: 01445099)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024


8. Debtors: amounts falling due within one year
30.9.24 30.9.23
£ £
Trade debtors 276,267 315,082
Other debtors 46,840 45,170
VAT 23,423 1,377
Prepayments and accrued income 843 1,530
347,373 363,159

9. Creditors: amounts falling due within one year
30.9.24 30.9.23
£ £
Trade creditors 404,042 353,263
Tax 19,793 80,744
Other creditors 3,299 3,299
Accrued expenses 27,065 15,299
Deferred government grants 13,876 -
468,075 452,605

10. Creditors: amounts falling due after more than one year
30.9.24 30.9.23
£ £
Deferred government grants 190,219 -

11. Leasing agreements

Minimum lease payments under non-cancellable operating leases fall due as follows:
30.9.24 30.9.23
£ £
Within one year 175,000 175,000