NAPA Holdings Limited
NAPA Holdings Limited
Registered number: 11931863
Unaudited Financial Statements
For The Year Ended
31 May 2023
Steve Pye & Co.
Chartered Certified Accountants
Unit 8 Home Farm
Norwich Road
Marsham, Norwich
Norfolk
NR10 5PQ
NAPA Holdings Limited
Unaudited Financial Statements
For The Year Ended
31 May 2023
Unaudited Financial Statements
| Contents | |
| Page | |
|---|---|
| Statement of Financial Position | 1 |
| Notes to the Financial Statements | 2—3 |
Page 1
NAPA Holdings Limited
Statement of Financial Position
As At
31 May 2023
Statement of Financial Position
Registered number:
11931863
For the year ending 31 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Income Statement.
| 2023 | 2022 | ||||
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| Notes | £ | £ | £ | £ | |
| CURRENT ASSETS | |||||
| Debtors | 4 |
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| Investments | 5 |
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| NET CURRENT ASSETS (LIABILITIES) |
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| TOTAL ASSETS LESS CURRENT LIABILITIES |
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| NET ASSETS |
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| CAPITAL AND RESERVES | |||||
| Called up share capital | 6 |
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| Share premium account |
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| Income Statement |
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| SHAREHOLDERS' FUNDS | 2,130,150 | 2,130,150 | |||
On behalf of the board
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Director
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The notes on pages 2 to 3 form part of these financial statements.
Page 1
Page 2
NAPA Holdings Limited
Notes to the Financial Statements
For The Year Ended
31 May 2023
Notes to the Financial Statements
1.
General Information
NAPA Holdings Limited
is a private company, limited by shares, incorporated in England & Wales, registered number
11931863
. The registered office is Enterprise House, Dewing Road, Rackheath, Norwich, Norfolk, NR13 6PS.
The presentation currency of the financial statements is the Pound Sterling (£).
2.
Accounting Policies
2.1.
Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2.
Significant judgements and estimations
In the application of the copmany's accounting policies, management is required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered relevant. Actual results may differ from these estimates. The estimates and underliyng assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period to which the estimate is revised if the revision affects only that period or in the period of revision and future periods if the revision affects both current and future periods. The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are the depreciation charges that are calculated with reference to the useful economic life of fixed assets.
2.3.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
2.4.
Financial Instruments
The company enters into basic financial instruments that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties and loans to related parties.
a) Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases, the receivables are stated at cost less impairment losses for bad and doubtful debts.
b) Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand.
c) Impairment of financial assets
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date.
d) Trade and other creditors
Debt instruments like loans and other accounts payable are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method. Debt instruments that are payable within one year, typically trade payables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an outright short-term loan not at market rate, the financial asset is measured, initially and subsequently, at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Page 2
Page 3
NAPA Holdings Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 May 2023
3.
Average Number of Employees
Average number of employees, including directors, during the year was: NIL (2022: NIL)
4.
Debtors
| 2023 | 2022 | ||
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| £ | £ | ||
| Due within one year | |||
| Other debtors |
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5.
Current Asset Investments
| 2023 | 2022 | ||
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| £ | £ | ||
| Shares in subsidiaries |
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| Other investments, held for sale |
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6.
Share Capital
| 2023 | 2022 | ||
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| £ | £ | ||
| Allotted, Called up and fully paid |
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Page 3