Nursted Limited
Nursted Limited
Registered number: 12934066
Unaudited Financial Statements
For the Period
1 November 2021
to
31 March 2023
Simon John Flory Limited
Nursted Limited
Unaudited Financial Statements
For the Period
1 November 2021
to
31 March 2023
Unaudited Financial Statements
Contents | |
Page | |
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Balance Sheet | 1—2 |
Notes to the Financial Statements | 3—6 |
Nursted Limited
Balance Sheet
As At
31 March 2023
Balance Sheet
Registered number:
12934066
For the period ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his 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 Profit and Loss Account.
31 March 2023 | 31 October 2021 | ||||
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Notes | £ | £ | £ | £ | |
FIXED ASSETS | |||||
Intangible Assets | 3 |
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Tangible Assets | 4 |
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CURRENT ASSETS | |||||
Stocks | 5 |
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Debtors | 6 |
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Cash at bank and in hand |
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Creditors: Amounts Falling Due Within One Year | 7 |
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NET CURRENT ASSETS (LIABILITIES) |
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TOTAL ASSETS LESS CURRENT LIABILITIES |
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Creditors: Amounts Falling Due After More Than One Year | 8 |
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NET (LIABILITIES)/ASSETS |
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CAPITAL AND RESERVES | |||||
Called up share capital | 10 |
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Profit and Loss Account |
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SHAREHOLDERS' FUNDS | (162,027) | 1 | |||
Nursted Limited
Balance Sheet (continued)
As At
31 March 2023
On behalf of the board
Director
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The notes on pages 3 to 6 form part of these financial statements.
Nursted Limited
Notes to the Financial Statements
For the Period
1 November 2021
to
31 March 2023
Notes to the Financial Statements
1.
Accounting Policies
1.1.
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.
1.2.
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.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
1.3.
Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of 20 years.
1.4.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Improvement to buildings |
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Plant & Machinery |
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Motor Vehicles |
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Computer Equipment |
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1.5.
Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
1.6.
Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
1.7.
Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.
Average Number of Employees
Average number of employees, including directors, during the year was as follows: 6 (2021: 1)
Nursted Limited
Notes to the Financial Statements (continued)
For the Period
1 November 2021
to
31 March 2023
3.
Intangible Assets
Goodwill | |||
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£ | |||
Cost | |||
As at
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Additions |
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As at
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Amortisation | |||
As at
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Provided during the period |
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As at
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Net Book Value | |||
As at
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As at
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4.
Tangible Assets
Land & Property | |||||
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Improvement to buildings | Plant & Machinery | Motor Vehicles | Computer Equipment | Total | |
£ | £ | £ | £ | £ | |
Cost | |||||
As at
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Additions |
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As at
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Depreciation | |||||
As at
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Provided during the period |
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As at
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Net Book Value | |||||
As at
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As at
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5.
Stocks
31 March 2023 | 31 October 2021 | ||
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£ | £ | ||
Stock - materials |
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Nursted Limited
Notes to the Financial Statements (continued)
For the Period
1 November 2021
to
31 March 2023
6.
Debtors
31 March 2023 | 31 October 2021 | ||
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£ | £ | ||
Due within one year | |||
Trade debtors |
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Other debtors |
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Trade debtors include £460,777 in respect of customer balances factored with Bibby Financial Services.
7.
Creditors: Amounts Falling Due Within One Year
31 March 2023 | 31 October 2021 | ||
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£ | £ | ||
Net obligations under finance lease and hire purchase contracts |
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Trade creditors |
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Bank loans and overdrafts |
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Other taxes and social security |
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VAT |
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Other creditors |
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Pensions payable |
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Accruals and deferred income |
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Amounts owed to group and associated companies |
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The bank loans and overdrafts represent amounts due to Bibby Financial Services in respect of amounts advanced against factored sales invoices.
These are secured by way of a debenture over the company's assets and the personal guarantee of the director.
8.
Creditors: Amounts Falling Due After More Than One Year
31 March 2023 | 31 October 2021 | ||
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£ | £ | ||
Net obligations under finance lease and hire purchase contracts |
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9.
Obligations Under Finance Leases and Hire Purchase
31 March 2023 | 31 October 2021 | ||
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£ | £ | ||
The maturity of these amounts is as follows: | |||
Within one year |
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Between one and five years |
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Nursted Limited
Notes to the Financial Statements (continued)
For the Period
1 November 2021
to
31 March 2023
11.
Ultimate Parent Undertaking and Controlling Party
The company's immediate and ultimate parent undertaking is
Rushey Hill Limited
.
Rushey Hill Limited
was incorporated in the United Kingdom. Copies of the group accounts may be obtained from the secretary,
66 Haven Way, Newhaven, Sussex, BN9 9TD
. The ultimate controlling party is
Rushey Hill Limited
who control 100% of the shares of
Nursted Limited
.
12.
General Information
Nursted Limited
is a private company, limited by shares, incorporated in England & Wales, registered number
12934066
. The registered office is 66 Haven Way, Newhaven, East Sussex, BN9 9TD.