Norseman Direct Limited 31/03/2022 iXBRL

Norseman Direct Limited 31/03/2022 iXBRL

NORSEMAN DIRECT LIMITED - Company Information

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Norseman Direct Limited
Unaudited filleted financial statements
31 March 2022
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. 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 2022
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 2022 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 (ICAEW), 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 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
14 November 2022
Norseman Direct Limited
Statement of financial position
31 March 2022
2022 2021
Note £ £ £ £
Fixed assets
Intangible assets 5 - -
Tangible assets 6 378,334 293,307
_______ _______
378,334 293,307
Current assets
Stocks 366,424 707,911
Debtors 7 2,475,391 1,690,613
Cash at bank and in hand 149,989 199,926
_______ _______
2,991,804 2,598,450
Creditors: amounts falling due
within one year 8 ( 1,745,654) ( 1,760,868)
_______ _______
Net current assets 1,246,150 837,582
_______ _______
Total assets less current liabilities 1,624,484 1,130,889
Creditors: amounts falling due
after more than one year 9 ( 32,322) ( 42,094)
Provisions for liabilities 10 ( 71,911) ( 55,726)
_______ _______
Net assets 1,520,251 1,033,069
_______ _______
Capital and reserves
Called up share capital 12 500 500
Profit and loss account 1,519,751 1,032,569
_______ _______
Shareholders funds 1,520,251 1,033,069
_______ _______
For the year ending 31 March 2022 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 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.
These financial statements were approved by the board of directors and authorised for issue on 14 November 2022 , and are signed on behalf of the board by:
C. D. White
Director
Company registration number: 06066684
Norseman Direct Limited
Notes to the financial statements
Year ended 31 March 2022
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.
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.
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. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. 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 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 99 (2021: 101 ).
5. Intangible assets
Goodwill Total
£ £
Cost
At 1 April 2021 and 31 March 2022 400,000 400,000
_______ _______
Amortisation
At 1 April 2021 and 31 March 2022 400,000 400,000
_______ _______
Carrying amount
At 31 March 2022 - -
_______ _______
At 31 March 2021 - -
_______ _______
6. Tangible assets
Long leasehold property Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £ £
Cost
At 1 April 2021 41,274 491,623 74,560 284,254 891,711
Additions - 53,356 17,470 128,372 199,198
Disposals - - - ( 18,340) ( 18,340)
_______ _______ _______ _______ _______
At 31 March 2022 41,274 544,979 92,030 394,286 1,072,569
_______ _______ _______ _______ _______
Depreciation
At 1 April 2021 41,263 334,001 52,795 170,346 598,405
Charge for the year - 42,203 9,814 60,250 112,267
Disposals - - - ( 16,437) ( 16,437)
_______ _______ _______ _______ _______
At 31 March 2022 41,263 376,204 62,609 214,159 694,235
_______ _______ _______ _______ _______
Carrying amount
At 31 March 2022 11 168,775 29,421 180,127 378,334
_______ _______ _______ _______ _______
At 31 March 2021 11 157,622 21,765 113,908 293,306
_______ _______ _______ _______ _______
7. Debtors
2022 2021
£ £
Trade debtors 1,774,974 961,029
Amounts owed by group undertakings and undertakings in which the company has a participating interest 531,988 572,241
Other debtors 168,429 157,343
_______ _______
2,475,391 1,690,613
_______ _______
8. Creditors: amounts falling due within one year
2022 2021
£ £
Bank loans and overdrafts 220,855 7,906
Trade creditors 1,097,749 1,336,608
Corporation tax 149,104 82,261
Social security and other taxes 145,324 192,043
Other creditors 132,622 142,050
_______ _______
1,745,654 1,760,868
_______ _______
9. Creditors: amounts falling due after more than one year
2022 2021
£ £
Bank loans 32,322 42,094
_______ _______
10. Provisions
Deferred tax (note 11) Total
£ £
At 1 April 2021 55,726 55,726
Additions 16,185 16,185
_______ _______
At 31 March 2022 71,911 71,911
_______ _______
11. Deferred tax
2022 2021
£ £
Accelerated capital allowances 71,911 55,726
_______ _______
12. Called up share capital
Issued, called up and fully paid
2022 2021
No £ No £
Ordinary shares of £ 1.00 each 500 500 500 500
_______ _______ _______ _______
13. Controlling party
The ultimate parent company is Norseman Direct Holdings Ltd, a company registered in England and Wales .