Nottingham Stamp Centre Limited Filleted accounts for Companies House (small and micro)

NOTTINGHAM STAMP CENTRE LIMITED - Company Information

1 false false false false false false false false false true false false false false false false No description of principal activity 2020-07-01 Sage Accounts Production Advanced 2021 - FRS102_2021 90,000 45,000 9,000 54,000 36,000 45,000 xbrli:pure xbrli:shares iso4217:GBP 09620685 2020-07-01 2021-06-30 09620685 2021-06-30 09620685 2020-06-30 09620685 2019-07-01 2020-06-30 09620685 2020-06-30 09620685 core:NetGoodwill 2020-07-01 2021-06-30 09620685 core:FurnitureFittings 2020-07-01 2021-06-30 09620685 bus:RegisteredOffice 2020-07-01 2021-06-30 09620685 bus:OrdinaryShareClass1 2020-07-01 2021-06-30 09620685 bus:LeadAgentIfApplicable 2020-07-01 2021-06-30 09620685 bus:Director1 2020-07-01 2021-06-30 09620685 bus:Director2 2020-07-01 2021-06-30 09620685 core:NetGoodwill 2020-06-30 09620685 core:NetGoodwill 2021-06-30 09620685 core:FurnitureFittings 2020-06-30 09620685 core:FurnitureFittings 2021-06-30 09620685 core:WithinOneYear 2021-06-30 09620685 core:WithinOneYear 2020-06-30 09620685 core:AfterOneYear 2021-06-30 09620685 core:ShareCapital 2021-06-30 09620685 core:ShareCapital 2020-06-30 09620685 core:RetainedEarningsAccumulatedLosses 2021-06-30 09620685 core:RetainedEarningsAccumulatedLosses 2020-06-30 09620685 core:NetGoodwill 2020-06-30 09620685 core:FurnitureFittings 2020-06-30 09620685 bus:SmallEntities 2020-07-01 2021-06-30 09620685 bus:AuditExemptWithAccountantsReport 2020-07-01 2021-06-30 09620685 bus:FullAccounts 2020-07-01 2021-06-30 09620685 bus:SmallCompaniesRegimeForAccounts 2020-07-01 2021-06-30 09620685 bus:PrivateLimitedCompanyLtd 2020-07-01 2021-06-30 09620685 bus:OrdinaryShareClass1 2021-06-30 09620685 bus:OrdinaryShareClass1 2020-06-30

COMPANY REGISTRATION NUMBER: 09620685

Nottingham Stamp Centre Limited

Filleted Unaudited Financial Statements

For the year ended

30 June 2021

Nottingham Stamp Centre Limited

Financial Statements

Year ended 30 June 2021

Contents	Page

Officers and professional advisers	1

Statement of financial position	2

Notes to the financial statements	4

Nottingham Stamp Centre Limited

Officers and Professional Advisers

The board of directors	Mr DK Hardy
	Mrs AJ Hardy

Registered office	3 Wollaton Street
	Nottingham
	NG1 5FW

Accountants	ADS Accountancy Limited
	Chartered Certified Accountants
	550 Valley Road
	Basford
	Nottingham
	NG5 1JJ

Bankers	TSB
	583 Mansfield Road
	Sherwood
	Nottingham
	NG5 2JN

Nottingham Stamp Centre Limited

Statement of Financial Position

30 June 2021

	2021	2020
Note	£	£

Fixed assets

Intangible assets	4	36,000	45,000
Tangible assets	5	1,789	1,719
		---------	---------
		37,789	46,719

Current assets

Stocks		38,000	42,000
Debtors	6	2,121	871
Cash at bank and in hand		34,870	1,479
		---------	---------
		74,991	44,350

Creditors: amounts falling due within one year	7	50,216	57,437
		---------	---------
Net current assets/(liabilities)		24,775	( 13,087)
		---------	---------
Total assets less current liabilities		62,564	33,632

Creditors: amounts falling due after more than one year	8	24,000	–

Provisions	340	327
	---------	---------
Net assets	38,224	33,305
	---------	---------

Capital and reserves

Called up share capital	9	100	100
Profit and loss account		38,124	33,205
		---------	---------
Shareholders funds		38,224	33,305
		---------	---------

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 income statement has not been delivered.

For the year ending 30 June 2021 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 .

Nottingham Stamp Centre Limited

Statement of Financial Position (continued)

30 June 2021

These financial statements were approved by the board of directors and authorised for issue on 20 June 2022 , and are signed on behalf of the board by:

Mr DK Hardy

Director

Company registration number: 09620685

Nottingham Stamp Centre Limited

Notes to the Financial Statements

Year ended 30 June 2021

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 3 Wollaton Street, Nottingham, NG1 5FW.

2. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.

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.

Goodwill

Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.

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. 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 equity, 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 equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity 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:

Fixtures and fittings	-	25% reducing balance
Equipment	-	25% reducing balance

Stocks

The stock valuation has been estimated by the directors in the light of the existing stocks and gross profits obtained.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.

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 as a finance cost in profit or loss in the period it arises.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Short term debtors and creditors with no stated interest rate are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account.

3. Employee numbers

The average number of persons employed by the company during the year amounted to 1 (2020: 1 ).

4. Intangible assets

	Goodwill
	£
Cost
At 1 July 2020 and 30 June 2021	90,000
	---------
Amortisation
At 1 July 2020	45,000
Charge for the year	9,000
	---------
At 30 June 2021	54,000
	---------
Carrying amount
At 30 June 2021	36,000
	---------
At 30 June 2020	45,000
	---------

5. Tangible assets

	Fixtures and fittings	Equipment	Total
	£	£	£
Cost
At 1 July 2020	5,322	1,331	6,653
Additions	–	667	667
	-------	-------	-------
At 30 June 2021	5,322	1,998	7,320
	-------	-------	-------
Depreciation
At 1 July 2020	3,927	1,007	4,934
Charge for the year	349	248	597
	-------	-------	-------
At 30 June 2021	4,276	1,255	5,531
	-------	-------	-------
Carrying amount
At 30 June 2021	1,046	743	1,789
	-------	-------	-------
At 30 June 2020	1,395	324	1,719
	-------	-------	-------

6. Debtors

	2021	2020
	£	£
Trade debtors	335	309
Other debtors	1,786	562
	-------	----
	2,121	871
	-------	----

7. Creditors: amounts falling due within one year

	2021	2020
	£	£
Bank loans and overdrafts	6,000	4,000
Trade creditors	5,637	13,896
Corporation tax	1,590	2,532
Other creditors	36,989	37,009
	---------	---------
	50,216	57,437
	---------	---------

8. Creditors: amounts falling due after more than one year

	2021	2020
	£	£
Bank loans and overdrafts	24,000	–
	---------	----

9. Called up share capital

Issued, called up and fully paid

	2021		2020
	No.	£	No.	£
Ordinary shares of £ 1 each	100	100	100	100
	----	----	----	----

10. Directors' advances, credits and guarantees

At the statement of financial position date £35,756 (2020: £36,201) was owed to the directors in their directors loan account. This amount is unsecured, interest free and repayable on demand.