Norseman Direct Limited 31/03/2019 iXBRL

Norseman Direct Limited 31/03/2019 iXBRL

NORSEMAN DIRECT LIMITED - Company Information

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Norseman Direct Limited
Unaudited filleted financial statements
31 March 2019
Company registration number: 06066684
Norseman Direct Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Norseman Direct Limited
Directors and other information
Directors C. D. White
J. G. White
J. M. White
Secretary C. D. White
Company number 06066684
Registered office 1 Victoria Court
Bank Square
Morley
Leeds
LS27 9SE
Accountants Novis & Co.
1 Victoria Court
Bank Square
Morley
Leeds
LS27 9SE
Bankers Nat West Bank Plc
8 Park Row
Leeds
LS1 5HD
Norseman Direct Limited
Chartered accountants report to the board of directors on the preparation of the
unaudited statutory financial statements of Norseman Direct Limited
Year ended 31 March 2019
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Norseman Direct Limited for the year ended 31 March 2019 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/members/ regulations-standards-and-guidance/.
This report is made solely to the board of directors of Norseman Direct Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Norseman Direct Limited and state those matters that we have agreed to state to the board of directors of Norseman Direct Limited as a body, in this report in accordance with the ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Norseman Direct Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Norseman Direct Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Norseman Direct Limited. You consider that Norseman Direct Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Norseman Direct Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Novis & Co.
Chartered Accountants
1 Victoria Court
Bank Square
Morley
Leeds
LS27 9SE
3 December 2019
Norseman Direct Limited
Statement of financial position
31 March 2019
2019 2018
Note £ £ £ £
Fixed assets
Intangible assets 5 - -
Tangible assets 6 206,881 255,740
_______ _______
206,881 255,740
Current assets
Stocks 333,655 403,952
Debtors 7 1,631,308 1,703,209
Cash at bank and in hand 107,073 3,689
_______ _______
2,072,036 2,110,850
Creditors: amounts falling due
within one year 8 ( 1,496,467) ( 1,660,451)
_______ _______
Net current assets 575,569 450,399
_______ _______
Total assets less current liabilities 782,450 706,139
Creditors: amounts falling due
after more than one year 9 ( 3,944) ( 18,595)
Provisions for liabilities 11 ( 34,735) ( 42,776)
_______ _______
Net assets 743,771 644,768
_______ _______
Capital and reserves
Called up share capital 13 500 500
Profit and loss account 743,271 644,268
_______ _______
Shareholders funds 743,771 644,768
_______ _______
For the year ending 31 March 2019 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.
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 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 income statement has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 03 December 2019 , and are signed on behalf of the board by:
J. G. White
Director
Company registration number: 06066684
Norseman Direct Limited
Notes to the financial statements
Year ended 31 March 2019
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 1 Victoria Court, Bank Square, Morley, Leeds, LS27 9SE.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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 - Over the useful economic life of 10 years
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 are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
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:
Long leasehold property - Straight line over the life of the lease
Plant and machinery - 20 % reducing balance
Fixtures, fittings and equipment - 25 % reducing balance
Motor vehicles - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
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. 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 are 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 stocks to their present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Pension contributions
The pension costs charged in the financial statements represent the contribution payable by the company during the year.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 105 (2018: 82 ).
5. Intangible assets
Goodwill Total
£ £
Cost
At 1 April 2018 and 31 March 2019 400,000 400,000
_______ _______
Amortisation
At 1 April 2018 and 31 March 2019 400,000 400,000
_______ _______
Carrying amount
At 31 March 2019 - -
_______ _______
At 31 March 2018 - -
_______ _______
6. Tangible assets
Long leasehold property Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £ £
Cost
At 1 April 2018 41,274 375,886 65,269 243,266 725,695
Additions - 11,411 3,455 - 14,866
Disposals - - - ( 22,842) ( 22,842)
_______ _______ _______ _______ _______
At 31 March 2019 41,274 387,297 68,724 220,424 717,719
_______ _______ _______ _______ _______
Depreciation
At 1 April 2018 38,728 253,328 48,896 129,003 469,955
Charge for the year 2,535 26,790 4,308 28,102 61,735
Disposals - - - ( 20,852) ( 20,852)
_______ _______ _______ _______ _______
At 31 March 2019 41,263 280,118 53,204 136,253 510,838
_______ _______ _______ _______ _______
Carrying amount
At 31 March 2019 11 107,179 15,520 84,171 206,881
_______ _______ _______ _______ _______
At 31 March 2018 2,546 122,558 16,373 114,263 255,740
_______ _______ _______ _______ _______
Obligations under finance leases
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Motor vehicles
£
At 31 March 2019 28,524
_______
At 31 March 2018 70,632
_______
7. Debtors
2019 2018
£ £
Trade debtors 980,379 1,068,160
Amounts owed by group undertakings and undertakings in which the company has a participating interest 498,726 474,296
Other debtors 152,203 160,753
_______ _______
1,631,308 1,703,209
_______ _______
8. Creditors: amounts falling due within one year
2019 2018
£ £
Bank loans and overdrafts - 217,578
Trade creditors 926,076 1,014,174
Corporation tax 66,991 29,526
Social security and other taxes 261,223 209,365
Other creditors 242,177 189,808
_______ _______
1,496,467 1,660,451
_______ _______
9. Creditors: amounts falling due after more than one year
2019 2018
£ £
Other creditors 3,944 18,595
_______ _______
10. Obligations under finance leases
Included within other creditors are balances due under hire purchase agreements totalling £18,595 (£2018: £47,459) which are secured against the assets to which they relate.
11. Provisions
Deferred tax (note 12) Total
£ £
At 1 April 2018 42,776 42,776
Additions ( 8,041) ( 8,041)
_______ _______
At 31 March 2019 34,735 34,735
_______ _______
12. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2019 2018
£ £
Accelerated capital allowances 34,735 42,776
_______ _______
13. Called up share capital
Issued, called up and fully paid
2019 2018
No £ No £
Ordinary shares of £ 1.00 each 500 500 500 500
_______ _______ _______ _______
14. Related party transactions
During the year the company entered into the following transactions with related parties:
Balance owed by/(owed to)
2019 2018
£ £
A director (40,803) (134,331)
_______ _______
15. Controlling party
The ultimate parent company is Norseman Direct Holdings Ltd, a company registered in England and Wales.