Namrick Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 01474740 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2023

FOR

NAMRICK LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

S E Trigwell

SECRETARY:

K Terry

REGISTERED OFFICE:

124 Portland Road

Hove

East Sussex

BN3 5QL

REGISTERED NUMBER:

01474740 (England and Wales)

FIXED ASSETS

Tangible assets

4

2,275

2,840

CURRENT ASSETS

Stocks

5

59,959

66,265

Debtors

6

27,951

28,186

Cash at bank

8,134

6,963

96,044

101,414

CREDITORS

Amounts falling due within one year

7

(63,935

)

(64,679

)

NET CURRENT ASSETS

32,109

36,735

TOTAL ASSETS LESS CURRENT LIABILITIES

34,384

39,575

CREDITORS

Amounts falling due after more than one year

8

(24,850

)

(9,556

)

PROVISIONS FOR LIABILITIES

10

(432

)

(710

)

NET ASSETS

9,102

29,309

CAPITAL AND RESERVES

Called up share capital

11

1,498

1,498

Retained earnings

7,604

27,811

SHAREHOLDERS' FUNDS

9,102

29,309

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 director and authorised for issue on 13 November 2023 and were signed by:

S E Trigwell - Director

1.	STATUTORY INFORMATION

Namrick 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.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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 provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover represents the fair value of consideration received or receivable net of VAT and trade discounts. Revenue from the sale of goods is recognised at the point of sale.

Tangible fixed assets

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended by management.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

15% reducing balance

Fixtures and fittings

-

20% reducing balance

Computer equipment

-

20% reducing balance

Impairment

At each balance sheet date, the company reviews the carrying amount of its assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any. Where it is not possible to estimate the recoverable amount of an asset, the Company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Stocks

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

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.

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

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.

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.

Going concern

The director has a reasonable expectation that the company has adequate resources to continue in existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2022 - 7 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Computer

machinery

fittings

equipment

Totals

£

£

£

£

COST

At 1 March 2022

and 28 February 2023

12,168

6,964

16,639

35,771

DEPRECIATION

At 1 March 2022

12,104

6,220

14,607

32,931

Charge for year

10

149

406

565

At 28 February 2023

12,114

6,369

15,013

33,496

NET BOOK VALUE

At 28 February 2023

54

595

1,626

2,275

At 28 February 2022

64

744

2,032

2,840

5.

STOCKS

28.2.23

28.2.22

£

£

Stock

59,959

66,265

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

28.2.23

28.2.22

£

£

Trade debtors

2,554

3,437

Other debtors

25,397

24,749

27,951

28,186

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

28.2.23

28.2.22

£

£

Bank loans and overdrafts

14,463

8,732

Trade creditors

26,601

37,034

Taxation and social security

9,820

16,446

Other creditors

13,051

2,467

63,935

64,679

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

28.2.23

28.2.22

£

£

Bank loans

24,850

9,556

9.	SECURED DEBTS

The company's bankers had a fixed and floating charge over the company and all of its present and future assets.

The charges relating to these secured debts were satisfied on 9 May 2022.

10.	PROVISIONS FOR LIABILITIES

28.2.23

28.2.22

£

£

Deferred tax

432

710

Deferred

tax

£

Balance at 1 March 2022

710

Accelerated capital allowances

(278

)

Balance at 28 February 2023

432

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

28.2.23

28.2.22

value:

£

£

1,498

Ordinary

1

1,498

1,498

12.	RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.