Nick Bodyworks Limited |
Notes to the Accounts |
for the year ended 30 September 2024 |
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1 |
Accounting policies |
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Basis of preparation |
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The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
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Turnover |
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Turnover is measured at the fair value of the consideration received or receivable, net of discounts. Turnover includes revenue earned from the sale of goods and from the rendering of services. |
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Tangible fixed assets |
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Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
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Plant and machinery |
18% reducing balance |
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Stocks |
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Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised. |
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Creditors |
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Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
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Taxation |
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A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. |
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Provisions |
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Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. |
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2 |
Employees |
2024 |
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2023 |
Number |
Number |
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Average number of persons employed by the company |
1 |
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2 |
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3 |
Tangible fixed assets |
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Plant and machinery etc |
£ |
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Cost |
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At 1 October 2023 |
2,842 |
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At 30 September 2024 |
2,842 |
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Depreciation |
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At 1 October 2023 |
2,841 |
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At 30 September 2024 |
2,841 |
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Net book value |
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At 30 September 2024 |
1 |
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At 30 September 2023 |
1 |
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4 |
Debtors |
2024 |
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2023 |
£ |
£ |
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Other debtors |
4,210 |
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- |
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5 |
Creditors: amounts falling due within one year |
2024 |
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2023 |
£ |
£ |
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Corporation tax |
10,847 |
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6,275 |
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Other taxes and social security costs |
2,065 |
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2,499 |
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Other creditors |
21,390 |
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15,921 |
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34,302 |
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24,695 |
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6 |
Other information |
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Nick Bodyworks Limited is a private company limited by shares and incorporated in England. Its registered office is: |
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42 |
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Cornfield Road |
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Bushey |
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Hertfordshire |
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WD23 3TD |