Registration number: 06460351

N P Masters Limited

Contents

Balance Sheet	1 to 2
Notes to the Unaudited Financial Statements	3 to 9

N P Masters Limited

(Registration number: 06460351)
Balance Sheet as at 28 February 2025

	Note	2025 £	2024 £
Fixed assets
Intangible assets	5	55,276	73,701
Tangible assets	6	69,567	77,116
		124,843	150,817
Current assets
Stocks	7	77,637	73,495
Debtors	8	118,987	56,526
Cash at bank and in hand		308,697	278,117
		505,321	408,138
Creditors: Amounts falling due within one year	9	(269,882)	(239,756)
Net current assets		235,439	168,382
Total assets less current liabilities		360,282	319,199
Creditors: Amounts falling due after more than one year	9	(12,487)	(17,487)
Provisions for liabilities		(6,146)	(7,581)
Net assets		341,649	294,131
Capital and reserves
Called up share capital	10	100	100
Retained earnings		341,549	294,031
Shareholders' funds		341,649	294,131

N P Masters Limited

(Registration number: 06460351)
Balance Sheet as at 28 February 2025

For the financial year ending 28 February 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.

Approved and authorised by the director on 2 September 2025
 

......................................... Mr N Masters Director

N P Masters Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2025

1	General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
103 Thwaites Road
Oswaldtwistle
Accrington
Lancashire
BB5 4QG

These financial statements were authorised for issue by the director on 2 September 2025.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

N P Masters Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2025

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

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

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Plant and machinery	20% on cost
Motor vehicles	25% on cost
Office equipment	33% on cost

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2007, is being amortised evenly over its estimated useful life of twenty years.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

N P Masters Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2025

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

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.

3	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 24 (2024 - 24).

N P Masters Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2025

4	Profit before tax

Arrived at after charging/(crediting)

	2025 £	2024 £
Depreciation expense	18,598	22,033
Amortisation expense	18,425	18,425

5	Intangible assets

	Goodwill  £	Total £
Cost
At 1 March 2024	368,500	368,500
At 28 February 2025	368,500	368,500
Amortisation
At 1 March 2024	294,799	294,799
Amortisation charge	18,425	18,425
At 28 February 2025	313,224	313,224
Net book value
At 28 February 2025	55,276	55,276
At 29 February 2024	73,701	73,701

N P Masters Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2025

6	Tangible assets

	Land and buildings £	Plant and machinery £	Office equipment £	Motor vehicles  £	Total £
Cost
At 1 March 2024	37,217	251,767	933	45,159	335,076
Additions	-	11,049	-	-	11,049
At 28 February 2025	37,217	262,816	933	45,159	346,125
Depreciation
At 1 March 2024	-	211,868	933	45,159	257,960
Charge for the year	-	18,598	-	-	18,598
At 28 February 2025	-	230,466	933	45,159	276,558
Net book value
At 28 February 2025	37,217	32,350	-	-	69,567
At 29 February 2024	37,217	39,899	-	-	77,116

Included within the net book value of land and buildings above is £37,217 (2024 - £37,217) in respect of freehold land and buildings.
 

7

Stocks

	2025 £	2024 £
Other inventories	77,637	73,495

8

Debtors

	2025 £	2024 £
Other debtors	117,487	55,709
Prepayments	1,500	817
	118,987	56,526

N P Masters Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2025

9

Creditors

	Note	2025 £	2024 £
Due within one year
Loans and borrowings		8,424	8,424
Trade creditors		91,814	93,009
Taxation and social security		71,951	54,774
Accruals and deferred income		27,017	26,185
Other creditors		70,676	57,364
		269,882	239,756

	Note	2025 £	2024 £
Due after one year
Loans and borrowings		12,487	17,487

10	Share capital

Allotted, called up and fully paid shares

	2025		2024
	No.	£	No.	£
Ordinary of £1 each	100	100	100	100

11	Related party transactions

Summary of transactions with key management

Transactions with the director

2025	At 1 March 2024 £	Advances to director £	Repayments by director £	At 28 February 2025 £
Mr N Masters
	47,837	134,434	(72,000)	110,271
	-	-	-	-
	47,837	134,434	(72,000)	110,271

N P Masters Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2025

2024	At 1 March 2023 £	Advances to director £	Repayments by director £	At 29 February 2024 £
Mr N Masters
	(1,100)	120,937	(72,000)	47,837
	-	-	-	-
	(1,100)	120,937	(72,000)	47,837