NORTECH GARAGE DOORS LIMITED

	Page
Balance Sheet	1—2
Notes to the Financial Statements	3—6

1. General Information

NORTECH GARAGE DOORS LIMITED is a private company, limited by shares, incorporated in England & Wales, registered number 03949998 . The registered office is Borough Hall, Wellway, Morpeth, Northumberland, NE61 1BN.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

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

2.2. Going Concern Disclosure

The directors have identified material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern, however, the going concern basis remains appropriate.

2.3. Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Sale of goods

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

Rendering of services

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

2.4. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Motor Vehicles	25% reducing balance
Fixtures & Fittings	25% reducing balance

2.5. Stocks and Work in Progress

Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.

2.6. Taxation

Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

...CONTINUED

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NORTECH GARAGE DOORS LIMITED

Notes to the Financial Statements (continued)

For The Year Ended 30 April 2025

2.6. Taxation - continued

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.

2.7. Pensions

The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.

3. Average Number of Employees

Average number of employees, including directors, during the year was: 10 (2024: 11)

4. Tangible Assets

	Fixtures & Fittings
	£
Cost
As at 1 May 2024	44,588

As at 30 April 2025	44,588

Depreciation
As at 1 May 2024	38,500
Provided during the period	1,515

As at 30 April 2025	40,015

Net Book Value
As at 30 April 2025	4,573

As at 1 May 2024	6,088

5. Stocks

	2025	2024
	£	£
Stock	50,000	52,060

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.

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NORTECH GARAGE DOORS LIMITED

Notes to the Financial Statements (continued)

For The Year Ended 30 April 2025

6. Debtors

	2025	2024
	£	£
Due within one year
Trade debtors	36,838	43,599
Other debtors	145,767	266,747

	182,605	310,346

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.

7. Creditors: Amounts Falling Due Within One Year

	2025	2024
	£	£
Trade creditors	77,733	63,075
Bank loans and overdrafts	36,206	54,385
Other creditors	78,659	64,022
Taxation and social security	69,045	72,347

	261,643	253,829

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.

8. Creditors: Amounts Falling Due After More Than One Year

	2025	2024
	£	£
Bank loans	2,333	16,333

Bank borrowings

Bounce Back Loan is denominated in with a nominal interest rate of 0% for first 12 months, then 2.5% per year after the first 12 months%, and the final instalment is due on 30 June 2026. The carrying amount at year end is £16,333 (2024 - £30,333).

9. Share Capital

	2025	2024
Allotted, called up and fully paid	£	£
104 Ordinary A shares of £ 1.00 each	104	104
48 Ordinary B shares of £ 1.00 each	48	48
48 Ordinary C shares of £ 1.00 each	48	48

	200	200

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NORTECH GARAGE DOORS LIMITED

Notes to the Financial Statements (continued)

For The Year Ended 30 April 2025

10. Directors Advances, Credits and Guarantees

Included within Debtors are the following loans to directors:

	As at 1 May 2024	Amounts advanced	Amounts repaid	Amounts written off	As at 30 April 2025
	£	£	£	£	£
Mr Paul Bate	6,716	46,161	-	-	52,877

11. Related Party Transactions

Summary of transactions with other related parties

At the year end there was a balance of £23,555 (2024 - £193,913) due from The Portal Co (NE) Limited, a company in which Mr P Bate is a shareholder. This arose due to expenses paid, which were recharged at no profit or loss.

At the year end there was a balance of £31,838 (2024 - £33,254) due from Portalway LLP, a company in which Mr S Bate and Mr P Bate are members. This arose due to expenses paid, which were recharged at no profit or loss. Also, within Trade Creditors at the year end there is a balance of £746 (2024 - £2,516) held with Portalway LLP.

At the year end there was a balance of £9,504 (2024 - £6,336) due from VC & B Investments Limited, a company in which Mr P Bate is a shareholder. This arose due to expenses paid, which were recharged at no profit or loss.

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		2025		2024
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	4		4,573		6,088

			4,573		6,088
CURRENT ASSETS
Stocks	5	50,000		52,060
Debtors	6	182,605		310,346

		232,605		362,406
Creditors: Amounts Falling Due Within One Year	7	(261,643 )		(253,829 )

NET CURRENT ASSETS (LIABILITIES)			(29,038 )		108,577

TOTAL ASSETS LESS CURRENT LIABILITIES			(24,465 )		114,665

Creditors: Amounts Falling Due After More Than One Year	8		(2,333 )		(16,333 )

PROVISIONS FOR LIABILITIES
Deferred Taxation			-		(1,896 )

NET (LIABILITIES)/ASSETS			(26,798 )		96,436

CAPITAL AND RESERVES
Called up share capital	9		200		200
Profit and Loss Account			(26,998 )		96,236

SHAREHOLDERS' FUNDS			(26,798)		96,436