| REGISTERED NUMBER: |
| Unaudited Financial Statements for the Year Ended 30 September 2024 |
| for |
| Narstate Limited |
| REGISTERED NUMBER: |
| 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 |
| Tangible assets | 6 |
| Investments | 7 |
| Current assets |
| Stocks |
| Debtors | 8 |
| Cash at bank |
| Creditors |
| Amounts falling due within one year | 9 | ( |
) | ( |
) |
| Net current assets |
| Total assets less current liabilities |
| Creditors |
| Amounts falling due after more than one year |
10 |
( |
) |
| Provisions for liabilities | ( |
) | ( |
) |
| Net assets |
| 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 |
| Retained earnings |
| 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 were approved by the director and authorised for issue on |
| Narstate Limited (Registered number: 01445099) |
| Notes to the Financial Statements |
| for the Year Ended 30 September 2024 |
| 1. | Statutory information |
| Narstate Limited is a |
| Registered number: |
| Registered office: |
| 2. | Statement of compliance |
| 3. | Accounting policies |
| Basis of preparing the financial statements |
| 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. |
| Tangible fixed assets |
| Grainstore | - |
| Woodland | - |
| Improve to leasehold prop | - |
| Plant and machinery | - |
| Irrigation equipment | - |
| Motor vehicles | - |
| 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 |
| 5. | Intangible fixed assets |
| Basic |
| scheme |
| entitlements |
| £ |
| Cost |
| At 1 October 2023 |
| and 30 September 2024 |
| Amortisation |
| At 1 October 2023 |
| Amortisation for year |
| At 30 September 2024 |
| Net book value |
| At 30 September 2024 |
| At 30 September 2023 |
| 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 |
| Additions |
| At 30 September 2024 |
| Depreciation |
| At 1 October 2023 |
| Charge for year |
| At 30 September 2024 |
| Net book value |
| At 30 September 2024 |
| At 30 September 2023 |
| Plant and | Irrigation | Motor |
| machinery | equipment | vehicles | Totals |
| £ | £ | £ | £ |
| Cost |
| At 1 October 2023 |
| Additions |
| At 30 September 2024 |
| Depreciation |
| At 1 October 2023 |
| Charge for year |
| At 30 September 2024 |
| Net book value |
| At 30 September 2024 |
| At 30 September 2023 |
| 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 |
| Other debtors |
| VAT |
| Prepayments and accrued income |
| 9. | Creditors: amounts falling due within one year |
| 30.9.24 | 30.9.23 |
| £ | £ |
| Trade creditors |
| Tax |
| Other creditors |
| Accrued expenses |
| Deferred government grants |
| 10. | Creditors: amounts falling due after more than one year |
| 30.9.24 | 30.9.23 |
| £ | £ |
| Deferred government grants |
| 11. | Leasing agreements |
| Minimum lease payments under non-cancellable operating leases fall due as follows: |
| 30.9.24 | 30.9.23 |
| £ | £ |
| Within one year |