Norseman Direct Limited 31/03/2021 iXBRL

Norseman Direct Limited 31/03/2021 iXBRL

NORSEMAN DIRECT LIMITED - Company Information

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Norseman Direct Limited
Unaudited filleted financial statements
31 March 2021
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 2021
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 2021 which comprise the statement of financial position, statement of changes in equity 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
29 November 2021
Norseman Direct Limited
Statement of financial position
31 March 2021
2021 2020
Note £ £ £ £
Fixed assets
Intangible assets 5 - -
Tangible assets 6 293,307 208,785
_______ _______
293,307 208,785
Current assets
Stocks 707,911 385,612
Debtors 7 1,690,613 1,641,877
Cash at bank and in hand 199,926 81,314
_______ _______
2,598,450 2,108,803
Creditors: amounts falling due
within one year 8 ( 1,760,868) ( 1,410,575)
_______ _______
Net current assets 837,582 698,228
_______ _______
Total assets less current liabilities 1,130,889 907,013
Creditors: amounts falling due
after more than one year 9 ( 42,094) -
Provisions for liabilities 11 ( 55,726) ( 39,505)
_______ _______
Net assets 1,033,069 867,508
_______ _______
Capital and reserves
Called up share capital 13 500 500
Profit and loss account 1,032,569 867,008
_______ _______
Shareholders funds 1,033,069 867,508
_______ _______
For the year ending 31 March 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.
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 29 November 2021 , 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 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 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 101 (2020: 100 ).
5. Intangible assets
Goodwill Total
£ £
Cost
At 1 April 2020 and 31 March 2021 400,000 400,000
_______ _______
Amortisation
At 1 April 2020 and 31 March 2021 400,000 400,000
_______ _______
Carrying amount
At 31 March 2021 - -
_______ _______
At 31 March 2020 - -
_______ _______
6. Tangible assets
Long leasehold property Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £ £
Cost
At 1 April 2020 41,274 409,933 64,024 236,174 751,405
Additions - 81,691 10,536 88,020 180,247
Disposals - - - ( 39,940) ( 39,940)
_______ _______ _______ _______ _______
At 31 March 2021 41,274 491,624 74,560 284,254 891,712
_______ _______ _______ _______ _______
Depreciation
At 1 April 2020 41,263 294,593 45,530 161,234 542,620
Charge for the year - 39,408 7,265 37,970 84,643
Disposals - - - ( 28,858) ( 28,858)
_______ _______ _______ _______ _______
At 31 March 2021 41,263 334,001 52,795 170,346 598,405
_______ _______ _______ _______ _______
Carrying amount
At 31 March 2021 11 157,623 21,765 113,908 293,307
_______ _______ _______ _______ _______
At 31 March 2020 11 115,340 18,494 74,940 208,785
_______ _______ _______ _______ _______
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 2021 -
_______
At 31 March 2020 8,557
_______
7. Debtors
2021 2020
£ £
Trade debtors 961,029 868,273
Amounts owed by group undertakings and undertakings in which the company has a participating interest 572,241 615,875
Other debtors 157,343 157,729
_______ _______
1,690,613 1,641,877
_______ _______
8. Creditors: amounts falling due within one year
2021 2020
£ £
Bank loans and overdrafts 7,906 371,137
Trade creditors 1,336,608 751,506
Corporation tax 82,261 63,360
Social security and other taxes 192,043 160,981
Other creditors 142,050 63,591
_______ _______
1,760,868 1,410,575
_______ _______
9. Creditors: amounts falling due after more than one year
2021 2020
£ £
Bank loans 42,094 -
_______ _______
Included within creditors: amounts falling due after more than one year is an amount of £ 1,769 (2020 £ - ) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
10. Obligations under finance leases
Included within other creditors are balances due under hire purchase agreements totalling £Nil (£2020: £3,944) which are secured against the assets to which they relate.
11. Provisions
Deferred tax (note 12) Total
£ £
At 1 April 2020 39,505 39,505
Additions 16,221 16,221
_______ _______
At 31 March 2021 55,726 55,726
_______ _______
12. Deferred tax
2021 2020
£ £
Accelerated capital allowances 55,726 39,505
_______ _______
13. Called up share capital
Issued, called up and fully paid
2021 2020
No £ No £
Ordinary shares of £ 1.00 each 500 500 500 500
_______ _______ _______ _______
14. Controlling party
The ultimate parent company is Norseman Direct Holdings Ltd, a company registered in England and Wales.