Nurstead Court Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 04364256 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

FOR

NURSTEAD COURT LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

A G Edmeades-Stearns

A V Stearns

SECRETARY:

A V Stearns

REGISTERED OFFICE:

Bryant House

Bryant Road

Strood

Rochester

Kent

ME2 3EW

REGISTERED NUMBER:

04364256 (England and Wales)

ACCOUNTANTS:

Friend & Grant Ltd

Bryant House

Bryant Road

Strood

Rochester

Kent

ME2 3EW

FIXED ASSETS

Tangible assets

5

945,628

873,889

CURRENT ASSETS

Stocks

-

5,700

Debtors

6

79,809

98,367

Cash at bank

20,771

5,340

100,580

109,407

CREDITORS

Amounts falling due within one year

7

989,204

918,500

NET CURRENT LIABILITIES

(888,624

)

(809,093

)

TOTAL ASSETS LESS CURRENT LIABILITIES

57,004

64,796

CREDITORS

Amounts falling due after more than one year

8

(26,112

)

(37,514

)

PROVISIONS FOR LIABILITIES

(3,123

)

(813

)

NET ASSETS

27,769

26,469

CAPITAL AND RESERVES

Called up share capital

500,000

500,000

Retained earnings

(472,231

)

(473,531

)

27,769

26,469

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 4 September 2023 and were signed on its behalf by:

A G Edmeades-Stearns - Director

1.	STATUTORY INFORMATION

Nurstead Court Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland, including the presentation and disclosure requirements of Section 1A applicable to small companies, and the Companies Act 2006.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

Turnover

Revenue is measured as the fair value of the consideration received or receivable from the sale of goods or exchange of services, excluding discounts, rebates, value added tax and other sales taxes.

Rendering of services

The percentage of completion method is used to calculate the revenue recognised at the period end.

Revenue from the rendering of services is recognised when all of the following conditions are satisfied:

- the amount of revenue can be measured reliably;

- it is probable that the economic benefits associated with the transaction will flow to the entity;

- the stage of completion of the transaction at the end of the reporting period can be measured reliably; and

- the costs incurred for the transaction and the costs to complete the transaction can be measured reliably.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Short leasehold

-

2% - 5% on cost

Plant and machinery

-

25% on reducing balance

Fixtures and fittings

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Assets held under finance lease and hire purchase contracts are capitalised in the balance sheet and depreciated over their expected useful lives. The interest element of the leasing payments represents a constant proportion of the capital balance outstanding and is charged to the profit and loss account over the period of the lease.

All other leases are regarded as operating leases and the payments made under them are charged to the profit and loss account on a straight line basis over the lease term.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Employee benefits

The company recognises a provision for annual leave accrued by employees as a result of services rendered in current period, and which employees are entitled to carry forward and use within the next 12 months. The provision is measured at the salary cost payable for the period of absence.

European agricultural support schemes

Payments received under EU agricultural support schemes are recognised as income when the business has met all criteria which entitle it to the payments.

Amounts received under the Basic Payment scheme are recognised on 31 December in the year of claim. No provision has been made for penalties arising from the failure to comply with "cross compliance" conditions, as defined by the RPA, except for where notification has been received.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 19 (2022 - 15 ) .

5.	TANGIBLE FIXED ASSETS

Fixtures

Short

Plant and

and

Motor

leasehold

machinery

fittings

vehicles

Totals

£

£

£

£

£

COST

At 1 April 2022

1,153,506

72,602

87,022

38,821

1,351,951

Additions

126,496

-

5,196

-

131,692

Disposals

-

-

(4,640

)

(33,024

)

(37,664

)

At 31 March 2023

1,280,002

72,602

87,578

5,797

1,445,979

DEPRECIATION

At 1 April 2022

349,322

56,071

50,226

22,443

478,062

Charge for year

30,574

4,133

10,429

611

45,747

Eliminated on disposal

-

-

(4,366

)

(19,092

)

(23,458

)

At 31 March 2023

379,896

60,204

56,289

3,962

500,351

NET BOOK VALUE

At 31 March 2023

900,106

12,398

31,289

1,835

945,628

At 31 March 2022

804,184

16,531

36,796

16,378

873,889

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

machinery

£

COST

At 1 April 2022

and 31 March 2023

7,769

DEPRECIATION

At 1 April 2022

1,943

Charge for year

1,457

At 31 March 2023

3,400

NET BOOK VALUE

At 31 March 2023

4,369

At 31 March 2022

5,826

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade debtors

17,695

54,666

Other debtors

62,114

43,701

79,809

98,367

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Bank loans and overdrafts

10,000

10,004

Hire purchase contracts

1,369

1,280

Trade creditors

23,571

18,019

Taxation and social security

20,581

18,724

Other creditors

933,683

870,473

989,204

918,500

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2023

2022

£

£

Bank loans

22,606

32,604

Hire purchase contracts

3,506

4,910

26,112

37,514

9.	SECURED DEBTS

The following secured debts are included within creditors:

2023

2022

£

£

Bank loans

32,606

42,608

The Barclays Bounce Back loan is secured by the Government

10.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2023 and 31 March 2022:

2023

2022

£

£

A G Edmeades-Stearns

Balance outstanding at start of year

(739,284

)

(728,951

)

Amounts advanced

90,653

10,100

Amounts repaid

(155,866

)

(20,433

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

(804,497

)

(739,284

)

The loan from the director to the company is unsecured, interest free and repayable on demand.