Company Registration No. 03322074 (England and Wales)
Nazco Limited
Unaudited accounts
for the year ended 28 February 2022
Nazco Limited
Unaudited accounts
Contents
Nazco Limited
Company Information
for the year ended 28 February 2022
Directors
Miss L I Turner
Mr D I Turner
Company Number
03322074 (England and Wales)
Registered Office
Churchill House Suite 112
120 Bunns Lane Mill Hill
London
NW7 2AS
Accountants
Platts
Churchill House, Suite 112
120 Bunns Lane
Mill Hill
London
NW7 2AS
Nazco Limited
Statement of financial position
as at
28 February 2022
Tangible assets
1,320,000
1,130,000
Cash at bank and in hand
90,202
137,147
Creditors: amounts falling due within one year
(218,709)
(271,797)
Net current liabilities
(128,507)
(134,650)
Total assets less current liabilities
1,191,493
995,350
Creditors: amounts falling due after more than one year
(749,568)
(753,936)
Provisions for liabilities
Deferred tax
(52,110)
(15,844)
Net assets
389,815
225,570
Called up share capital
1
1
Revaluation reserve
222,155
68,421
Profit and loss account
167,659
157,148
Shareholders' funds
389,815
225,570
For the year ending 28 February 2022 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 and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 30 November 2022 and were signed on its behalf by
Mr D I Turner
Director
Company Registration No. 03322074
Nazco Limited
Notes to the Accounts
for the year ended 28 February 2022
Nazco Limited is a private company, limited by shares, registered in England and Wales, registration number 03322074. The registered office is Churchill House Suite 112, 120 Bunns Lane Mill Hill, London, NW7 2AS.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
These financial statements for the year ended 28 February 2022 are the first financial statements that comply with FRS 102 Section 1A Small Entities. The date of transition is 1 March 2020.
The transition to FRS 102 Section 1A Small Entities has resulted in a small number of changes in accounting policies to those used previously.
The nature of these changes and their impact on opening equity and profit for the comparative period are explained in the notes below.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. 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.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Investment property is included at market fair value. Gains are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Nazco Limited
Notes to the Accounts
for the year ended 28 February 2022
4
Tangible fixed assets
Land & buildings
Cost or valuation
At valuation
At 1 March 2021
1,130,000
At 28 February 2022
1,320,000
At 28 February 2022
1,320,000
At 28 February 2021
1,130,000
5
Creditors: amounts falling due within one year
2022
2021
Bank loans and overdrafts
4,000
-
Taxes and social security
2,495
2,709
Other creditors
12,275
19,810
Loans from directors
197,539
246,878
6
Creditors: amounts falling due after more than one year
2022
2021
Bank loans
749,568
753,936
The bank loan is repayable after more than one year and is secured by a first legal charge.
7
Average number of employees
During the year the average number of employees was 2 (2021: 2).