Company No:
Contents
| Note | 2024 | 2023 | ||
| £ | £ | |||
| Restated - note 2 | ||||
| Fixed assets | ||||
| Intangible assets | 4 |
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| Tangible assets | 5 |
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| 292,905 | 246,696 | |||
| Current assets | ||||
| Stocks |
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| Debtors | 6 |
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| Cash at bank and in hand |
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| 119,233 | 253,822 | |||
| Creditors: amounts falling due within one year | 7 | (
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| Net current assets | 15,409 | 58,900 | ||
| Total assets less current liabilities | 308,314 | 305,596 | ||
| Creditors: amounts falling due after more than one year | 8 | (
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| Provision for liabilities | (
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| Net liabilities | (
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| Capital and reserves | ||||
| Called-up share capital |
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| Other reserves |
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| Profit and loss account | (
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| Total shareholders' deficit | (
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Directors' responsibilities:
The financial statements of Natural Building Systems Limited (registered number:
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Miss C Donovan
Director |
Mr D Nicholson
Director |
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.
Natural Building Systems 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 Unit 6 Forge Business Centre, Upper Rose Lane, Palgrave, IP22 1AP, 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 £.
The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors note that the business has net liabilities of £1,034,695. The Company is supported through loans from the directors. The directors have confirmed that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and the directors will continue to support the Company. Given the current position, the directors believe that any foreseeable debts can be met for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
Where material errors or omissions are identified in prior period financial statements, the company corrects these retrospectively in accordance with Section 10 of FRS 102 Accounting Policies, Estimates and Errors. This involves restating the comparative figures for the prior period and adjusting the opening balances of assets, liabilities, and equity for the earliest period presented.
The nature of the prior year adjustment, the amount of the correction for each financial statement line item affected, and the impact are disclosed in the notes to the financial statements
Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.
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 Balance Sheet date.
| Development costs |
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| Trademarks, patents and licences |
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| Fixtures and fittings |
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The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
All other borrowing costs are recognised in profit or loss in the period in which they are incurred.
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 Profit and Loss Account 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.
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.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet 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.
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
During the current financial year, errors in the prior year’s financial statements relating to the classification of creditors, work in progress, and treatment of development costs were identified. These errors have been corrected retrospectively.
| As previously reported | Adjustment | As restated | ||||
| Year ended 30 November 2023 | £ | £ | £ | |||
| Creditors: Amounts falling due after more than one year | 1,231,332 | (120,000) | 1,111,332 | |||
| Other reserves | 0 | 120,000 | 120,000 | |||
| Intangible assets | 37,133 | 126,975 | 164,108 | |||
| Work in progress | 26,050 | 26,000 | 52,050 | |||
| Profit and loss account | (1,080,210) | 152,975 | (927,235) |
| 2024 | 2023 | ||
| Number | Number | ||
| Monthly average number of persons employed by the Company during the year, including directors |
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| Development costs | Trademarks, patents and licences |
Total | |||
| £ | £ | £ | |||
| Cost | |||||
| At 01 December 2023 |
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| Additions |
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| At 30 November 2024 |
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| Accumulated amortisation | |||||
| At 01 December 2023 |
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| Charge for the financial year |
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| At 30 November 2024 |
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| Net book value | |||||
| At 30 November 2024 |
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| At 30 November 2023 |
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| Fixtures and fittings | Total | ||
| £ | £ | ||
| Cost | |||
| At 01 December 2023 |
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| Additions |
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| Disposals | (
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| At 30 November 2024 |
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| Accumulated depreciation | |||
| At 01 December 2023 |
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| Charge for the financial year |
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| Disposals | (
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| At 30 November 2024 |
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| Net book value | |||
| At 30 November 2024 | 70,026 | 70,026 | |
| At 30 November 2023 | 82,588 | 82,588 |
| 2024 | 2023 | ||
| £ | £ | ||
| Trade debtors |
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| Corporation tax |
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| Other debtors |
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| 2024 | 2023 | ||
| £ | £ | ||
| Trade creditors |
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| Amounts owed to associates |
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| Other taxation and social security |
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| Obligations under finance leases and hire purchase contracts |
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| Other creditors |
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| 2024 | 2023 | ||
| £ | £ | ||
| Other loans |
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| Obligations under finance leases and hire purchase contracts |
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Commitments
Total future minimum lease payments under non-cancellable operating leases are as follows:
| 2024 | 2023 | ||
| £ | £ | ||
| within one year |
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