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Company No: 01215144 (England and Wales)

EASTERN CASH REGISTERS (NORWICH) LIMITED

Unaudited Financial Statements
For the financial year ended 31 October 2024
Pages for filing with the registrar

EASTERN CASH REGISTERS (NORWICH) LIMITED

Unaudited Financial Statements

For the financial year ended 31 October 2024

Contents

EASTERN CASH REGISTERS (NORWICH) LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 October 2024
EASTERN CASH REGISTERS (NORWICH) LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 October 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 62,101 69,369
62,101 69,369
Current assets
Stocks 68,231 66,519
Debtors 4 103,210 89,636
Cash at bank and in hand 1,055 12,583
172,496 168,738
Creditors: amounts falling due within one year 5 ( 96,771) ( 68,978)
Net current assets 75,725 99,760
Total assets less current liabilities 137,826 169,129
Creditors: amounts falling due after more than one year 6 ( 68,827) ( 68,280)
Provision for liabilities 7 ( 11,799) ( 17,342)
Net assets 57,200 83,507
Capital and reserves
Called-up share capital 25,000 25,000
Profit and loss account 32,200 58,507
Total shareholders' funds 57,200 83,507

For the financial 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 financial statements of Eastern Cash Registers (Norwich) Limited (registered number: 01215144) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

V M Keeley
Director
P B Austin
Director

11 June 2025

EASTERN CASH REGISTERS (NORWICH) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 October 2024
EASTERN CASH REGISTERS (NORWICH) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 October 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Eastern Cash Registers (Norwich) Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 123 Oak Street, Norwich, Norfolk, NR3 3BP, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

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

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Finance costs

Finance costs are charged to the Income Statement over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

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 fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Leasehold improvements not depreciated
Vehicles 4 years straight line
Fixtures and fittings 6.67 years straight line
Office equipment 3 years straight line
Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Income Statement over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) 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.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 8 8

3. Tangible assets

Leasehold improve-
ments
Vehicles Fixtures and fittings Office equipment Total
£ £ £ £ £
Cost
At 01 November 2023 7,000 103,561 20,652 69,263 200,476
Additions 0 18,900 0 0 18,900
At 31 October 2024 7,000 122,461 20,652 69,263 219,376
Accumulated depreciation
At 01 November 2023 7,000 34,761 20,083 69,263 131,107
Charge for the financial year 0 25,713 455 0 26,168
At 31 October 2024 7,000 60,474 20,538 69,263 157,275
Net book value
At 31 October 2024 0 61,987 114 0 62,101
At 31 October 2023 0 68,800 569 0 69,369

4. Debtors

2024 2023
£ £
Trade debtors 17,417 23,526
Prepayments 0 92
S455 13,793 0
Other debtors 72,000 66,018
103,210 89,636

5. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 10,000 10,000
Trade creditors 30,412 20,922
Accruals 10,663 8,938
Corporation tax 8,076 9,748
Other taxation and social security 13,111 7,698
Obligations under finance leases and hire purchase contracts 10,345 11,268
Other creditors 14,164 404
96,771 68,978

The obligations under finance leases and hire purchase contracts are secured against the assets to which they relate.

6. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 8,333 18,333
Obligations under finance leases and hire purchase contracts 60,494 49,947
68,827 68,280

The obligations under finance leases and hire purchase contracts are secured against the assets to which they relate.

7. Deferred tax

2024 2023
£ £
At the beginning of financial year ( 17,342) ( 9,853)
Credited/(charged) to the Income Statement 5,543 ( 7,489)
At the end of financial year ( 11,799) ( 17,342)

The deferred taxation balance is made up as follows:

2024 2023
£ £
Accelerated capital allowances ( 11,799) ( 17,342)

8. Financial commitments

Commitments

2024 2023
£ £
Total future minimum lease payments under non-cancellable operating lease 700 700

9. Related party transactions

At the year end , the directors owed the company £71,867 (2023: the directors owed the company £54,507). Interest was not charged on these loans in the year.