Norfolk Commercials Limited Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 08982813

Norfolk Commercials Limited

Unaudited financial statements

31 March 2026

Norfolk Commercials Limited

Statement of financial position

31 March 2026

	2026		2025
Note	£	£	£	£

Fixed assets

Intangible assets	5	333	2,333
Tangible assets	6	5,515	5,290
		------	------
		5,848	7,623

Current assets

Stocks		89,567	34,906
Debtors	7	36,005	67,245
Cash at bank and in hand		42,142	42,454
		---------	---------
		167,714	144,605

Creditors: Amounts falling due within one year	8	( 167,338)		( 140,349)
		---------		---------
Net current assets			376		4,256
			------		-------
Total assets less current liabilities			6,224		11,879

Creditors: Amounts falling due after more than one year	9		–		( 1,667)

Provisions

Taxation including deferred tax	( 753)	( 978)
	------	-------
Net assets	5,471	9,234
	------	-------

Capital and reserves

Called up share capital	100	100
Profit and loss account	5,371	9,134
	------	------
Shareholders funds	5,471	9,234
	------	------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 31 March 2026 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Norfolk Commercials Limited

Statement of financial position (continued)

31 March 2026

These financial statements were approved by the board of directors and authorised for issue on 1 June 2026 , and are signed on behalf of the board by:

R McCormack

Director

Company registration number: 08982813

Norfolk Commercials Limited

Notes to the financial statements

Year ended 31 March 2026

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 51 Yaxham Road, Dereham, Norfolk, NR19 1AJ.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity and is rounded to the nearest £.

Judgements and key sources of estimation uncertainty

Estimates and judgements used in preparing the financial statements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The resulting accounting estimates will, by definition seldom equal the related actual results. Any subsequent changes are accounted for with an effect on income at the time such updated information is available. The directors consider that there are no estimates or assumptions that have a significant effect on the financial statements.

Revenue recognition

Turnover is recognised at the fair value of the consideration received or receivable in the ordinary course of business, and is shown net of Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably. Revenue from the sale of services is recognised when the service has been satisfactorily provided, the amount can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably. Rental income is recognised on an accruals basis in line with lease terms and arises solely in the UK. Interest income is recognised using the effective interest method.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Goodwill	-	10% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Fixtures and fittings	-	25% straight line
Motor vehicles	-	25% straight line
Equipment	-	25% straight line

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a financing transaction it is measured at present value. Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.

4. Employee numbers

The average number of employees during the year was 6 (2025: 7 ).

5. Intangible assets

	Goodwill
	£
Cost
At 1 April 2025 and 31 March 2026	20,000
	-------
Amortisation
At 1 April 2025	17,667
Charge for the year	2,000
	-------
At 31 March 2026	19,667
	-------
Carrying amount
At 31 March 2026	333
	-------
At 31 March 2025	2,333
	-------

6. Tangible assets

	Fixtures and fittings	Motor vehicles	Equipment	Total
	£	£	£	£
Cost
At 1 April 2025	7,347	4,655	2,416	14,418
Additions	–	1,500	834	2,334
	------	------	------	-------
At 31 March 2026	7,347	6,155	3,250	16,752
	------	------	------	-------
Depreciation
At 1 April 2025	7,232	654	1,242	9,128
Charge for the year	115	1,414	580	2,109
	------	------	------	-------
At 31 March 2026	7,347	2,068	1,822	11,237
	------	------	------	-------
Carrying amount
At 31 March 2026	–	4,087	1,428	5,515
	------	------	------	-------
At 31 March 2025	115	4,001	1,174	5,290
	------	------	------	-------

7. Debtors

	2026	2025
	£	£
Trade debtors	33,173	65,725
Other debtors	2,832	1,520
	-------	-------
	36,005	67,245
	-------	-------

8. Creditors: Amounts falling due within one year

	2026	2025
	£	£
Bank loans and overdrafts	1,667	10,000
Trade creditors	67,651	79,759
Social security and other taxes	24,015	31,409
Other creditors	74,005	19,181
	---------	---------
	167,338	140,349
	---------	---------

9. Creditors: Amounts falling due after more than one year

	2026	2025
	£	£
Bank loans and overdrafts	–	1,667
	----	------

10. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2026	2025
	£	£
Not later than 1 year	27,576	27,576
Later than 1 year and not later than 5 years	110,304	110,304
Later than 5 years	333,210	360,786
	---------	---------
	471,090	498,666
	---------	---------