REGISTERED NUMBER: 04955227 (England and Wales)

NOVOCASTRIAN RINGS LIMITED

Unaudited Financial Statements For The Year Ended 31 January 2025

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Report of the Accountants

8

DIRECTORS:

J Richardson

Mrs J K Richardson

SECRETARY:

Mrs J K Richardson

REGISTERED OFFICE:

23 Middle Street

Consett

Co. Durham

DH8 5QP

REGISTERED NUMBER:

04955227 (England and Wales)

ACCOUNTANTS:

Sadler Joyce Ltd

Chartered Certified Accountant

18 Norham Road

Whitley Bay

Tyne and Wear

NE26 2SD

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

178,114

191,350

178,114

191,350

CURRENT ASSETS

Stocks

116,590

105,989

Debtors

6

15,854

7,669

Cash at bank and in hand

562,380

436,517

694,824

550,175

CREDITORS

Amounts falling due within one year

7

431,559

308,443

NET CURRENT ASSETS

263,265

241,732

TOTAL ASSETS LESS CURRENT LIABILITIES

441,379

433,082

CREDITORS

Amounts falling due after more than one year

8

55,353

64,888

NET ASSETS

386,026

368,194

CAPITAL AND RESERVES

Called up share capital

2

2

Retained earnings

386,024

368,192

SHAREHOLDERS' FUNDS

386,026

368,194

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 28 May 2025 and were signed on its behalf by:

J Richardson - Director

1.	STATUTORY INFORMATION

Novocastrian Rings Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Significant judgements

There were no judgements made that were significant enough to warrant disclosure.

Turnover

Turnover is stated net of value added tax and represents the total receivable by the company. The revenue is recognised on receipt of cash for shop sales and on despatch for workshop sales.

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

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

15% on reducing balance

Fixtures and fittings

-

15% on reducing balance

Motor vehicles

-

20% on reducing balance

Computer equipment

-

33% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for the market valuation of precious metals and slow-moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Significant estimates

Freehold premises that were purchased in December 2017 are, in the opinion of the Directors, valued at the purchase price and this is an accurate approximation to the fair value at the year end.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2024 - 10 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 February 2024

and 31 January 2025

65,000

AMORTISATION

At 1 February 2024

and 31 January 2025

65,000

NET BOOK VALUE

At 31 January 2025

-

At 31 January 2024

-

5.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

Plant and

and

property

machinery

fittings

£

£

£

COST

At 1 February 2024

164,818

47,481

35,269

Disposals

-

-

-

At 31 January 2025

164,818

47,481

35,269

DEPRECIATION

At 1 February 2024

-

38,588

31,215

Charge for year

-

1,334

608

Eliminated on disposal

-

-

-

At 31 January 2025

-

39,922

31,823

NET BOOK VALUE

At 31 January 2025

164,818

7,559

3,446

At 31 January 2024

164,818

8,893

4,054

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 February 2024

54,616

3,105

305,289

Disposals

(33,762

)

-

(33,762

)

At 31 January 2025

20,854

3,105

271,527

DEPRECIATION

At 1 February 2024

41,072

3,064

113,939

Charge for year

566

14

2,522

Eliminated on disposal

(23,048

)

-

(23,048

)

At 31 January 2025

18,590

3,078

93,413

NET BOOK VALUE

At 31 January 2025

2,264

27

178,114

At 31 January 2024

13,544

41

191,350

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

6,571

5,748

Other debtors

9,283

1,921

15,854

7,669

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade creditors

11,911

10,455

Taxation and social security

46,928

36,312

Other creditors

372,720

261,676

431,559

308,443

Included in other creditors are amounts owed to the Directors of £336,234 (£231,704 - 2024).

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2025

2024

£

£

Other creditors

55,353

64,888

A mortgage is included in other creditors, this year the company owed £33,308 (£42,843 - 2024)

9.	FINANCIAL INSTRUMENTS

Debtors are shown at their impaired value (i.e. less doubtful debts) and trade creditors are at their carrying value.

10.	RELATED PARTY DISCLOSURES

No transactions with related parties were undertaken that required disclosure under FRS 102 section 1A small entities.

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

As described on the Balance Sheet you are responsible for the preparation of the financial statements for the year ended 31 January 2025 set out on pages three to twelve and you consider that the company is exempt from an audit.

In accordance with your instructions, we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and information and explanations supplied to us.

Sadler Joyce Ltd

Chartered Certified Accountant

18 Norham Road

Whitley Bay

Tyne and Wear

NE26 2SD

29 May 2025