Norfolk Sheet Lead (UK) Limited - Period Ending 2020-10-31
Norfolk Sheet Lead (UK) Limited - Period Ending 2020-10-31
Registration number:
Norfolk Sheet Lead (UK) Limited
for the Year Ended 31 October 2020
Norfolk Sheet Lead (UK) Limited
Contents
Balance Sheet |
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Notes to the Unaudited Financial Statements |
Norfolk Sheet Lead (UK) Limited
Registration number: 08056309
Balance Sheet as at 31 October 2020
Note |
2020 |
2019 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
- |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
- |
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Provisions for liabilities |
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( |
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Net (liabilities)/assets |
( |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
( |
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Total equity |
( |
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The director's statements required by sections 475 (2) and (3) are shown on the following page which forms part of this Balance Sheet.
Norfolk Sheet Lead (UK) Limited
Registration number: 08056309
Balance Sheet as at 31 October 2020 (continued)
For the financial year ending 31 October 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
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The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
C M Bream
Director
Norfolk Sheet Lead (UK) Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2020
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
England
The principal place of business is:
Unit 4
Station Road Industrial Estate
Lenwade
Norfolk
NR9 5LY
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.
Going concern
The continuation of the company's activities is dependent on the continued financial support of its director. The financial statements have been prepared on a going concern basis on the understanding that the director's financial support will continue.
Norfolk Sheet Lead (UK) Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2020 (continued)
2 |
Accounting policies (continued) |
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Motor Vehicles |
25% reducing balance |
Norfolk Sheet Lead (UK) Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2020 (continued)
2 |
Accounting policies (continued) |
Plant and machinery |
25% reducing balance |
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Norfolk Sheet Lead (UK) Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2020 (continued)
Tangible assets |
Motor vehicles |
Other property, plant and equipment |
Total |
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Cost or valuation |
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At 1 November 2019 |
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Additions |
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- |
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At 31 October 2020 |
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Depreciation |
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At 1 November 2019 |
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Charge for the year |
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At 31 October 2020 |
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Carrying amount |
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At 31 October 2020 |
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At 31 October 2019 |
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Stocks |
2020 |
2019 |
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Work in progress |
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Norfolk Sheet Lead (UK) Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2020 (continued)
Debtors |
2020 |
2019 |
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Trade debtors |
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Other debtors |
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Total current trade and other debtors |
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The amounts owed to the company at the year-end in respect of the directors' loans was £23,039 and is included in other debtors. It is company policy to charge interest on all overdrawn loan accounts at HM Revenue & Customs official rate of interest.
Norfolk Sheet Lead (UK) Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2020 (continued)
Creditors |
Creditors: amounts falling due within one year
Note |
2020 |
2019 |
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Due within one year |
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Bank loans and overdrafts |
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- |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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Due after one year |
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Loans and borrowings |
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- |
Creditors: amounts falling due after more than one year
Note |
2020 |
2019 |
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Due after one year |
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Loans and borrowings |
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- |
Norfolk Sheet Lead (UK) Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2020 (continued)
Share capital |
Allotted, called up and fully paid shares
2020 |
2019 |
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No. |
£ |
No. |
£ |
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1 |
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1 |
Loans and borrowings |
2020 |
2019 |
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Non-current loans and borrowings |
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Bank borrowings |
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- |
2020 |
2019 |
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Current loans and borrowings |
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Bank borrowings |
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- |
Bank overdrafts |
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- |
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- |
Norfolk Sheet Lead (UK) Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2020 (continued)
Related party transactions |
Summary of transactions with other related parties