Company Registration No. 05842958 (England and Wales)
NORCOTT INSTRUMENTATION LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022
PAGES FOR FILING WITH REGISTRAR
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Norcott Instrumentation Limited
NORCOTT INSTRUMENTATION LIMITED
Company information
Directors
Mrs H Adkins
Mr P Lomas
Secretary
Mrs H Adkins
Company number
05842958
Registered office
Unit 1
Sunset Business Centre
Waterloo Road
Widnes
Cheshire
England
WA8 0QR
Accountants
Morris & Co
Chester House
Lloyd Drive
Cheshire Oaks Business Park
Ellesmere Port
Cheshire
CH65 9HQ
NORCOTT INSTRUMENTATION LIMITED
Contents
Page
Accountants' report
1
Balance sheet
2
Notes to the financial statements
3 - 5
Norcott Instrumentation Limited
NORCOTT INSTRUMENTATION LIMITED
Chartered Accountants' report to the board of directors on the preparation of the unaudited statutory financial statements of Norcott Instrumentation Limited for the year ended 30 June 2022
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Norcott Instrumentation Limited for the year ended 30 June 2022 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation
This report is made solely to the Board of Directors of Norcott Instrumentation Limited, as a body, in accordance with the terms of our engagement letter
.
Our work has been undertaken solely to prepare for your approval the financial statements of Norcott Instrumentation Limited and state those matters that we have agreed to state to the Board of Directors of Norcott Instrumentation Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Norcott Instrumentation Limited and its Board of Directors as a body, for our work or for this report.
It is your duty to ensure that Norcott Instrumentation Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets,
liabilities, financial position and profit
of Norcott Instrumentation Limited. You consider that Norcott Instrumentation Limited is exempt from the statutory audit
requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Norcott Instrumentation Limited. For this reason, we have not verified the accuracy or completeness of the
accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
DJH Mitten Clarke Limited
The Glades
Festival Way
Festival Park
Stoke on Trent
Staffordshire
ST1 5SQ
13 March 2023
NORCOTT INSTRUMENTATION LIMITED
Balance sheet
AS AT
30 JUNE 2022
30 June 2022
- 2 -
2022
2021
Notes
£
£
£
£
Current assets
Stocks
3,770
8,108
Debtors
5
1,561
Cash at bank and in hand
5,704
897
9,474
10,566
Creditors: amounts falling due within one year
6
(785)
(1,197)
Net current assets
8,689
9,369
Creditors: amounts falling due after more than one year
7
(3,000)
(6,000)
Net assets
5,689
3,369
Capital and reserves
Called up share capital
29,400
29,400
Profit and loss reserves
(23,711)
(26,031)
Total equity
5,689
3,369
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 30 June 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 13 March 2023 and are signed on its behalf by:
Mrs H Adkins
Mr P Lomas
Director
Director
Company Registration No. 05842958
NORCOTT INSTRUMENTATION LIMITED
Notes to the financial statements
FOR THE YEAR ENDED 30 JUNE 2022
- 3 -
1
Accounting policies
Company information
Norcott Instrumentation Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
Unit 1, Sunset Business Centre, Waterloo Road, Widnes, Cheshire, England, WA8 0QR.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
The company is dependent upon the support of the director P Lomas and his common law partner, whose interests in the company as at 30 June 2022 were £3,000 (2021 - £6,000). The financial statements have been prepared on a going concern basis assuming that this support will be forthcoming.
true
1.3
Turnover
Turnover represents net invoiced sales of services, excluding VAT.
1.4
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials
.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.5
Cash at bank and in hand
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally 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.
NORCOTT INSTRUMENTATION LIMITED
Notes to the financial statements (continued)
FOR THE YEAR ENDED 30 JUNE 2022
1
Accounting policies
(Continued)
- 4 -
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs. As all financial assets are classified within one year, they are not amortised but carried at face value.
Classification of financial liabilities
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 company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price. Financial liabilities classified as payable within one year are carried at face value.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and continue to be measured at face value.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
NORCOTT INSTRUMENTATION LIMITED
Notes to the financial statements (continued)
FOR THE YEAR ENDED 30 JUNE 2022
- 5 -
4
Intangible fixed assets
Goodwill
£
Cost
At 1 July 2021 and 30 June 2022
6,050
Amortisation and impairment
At 1 July 2021 and 30 June 2022
6,050
Carrying amount
At 30 June 2022
At 30 June 2021
5
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
1,561
6
Creditors: amounts falling due within one year
2022
2021
£
£
Trade creditors
76
220
Taxation and social security
27
319
Other creditors
682
658
785
1,197
7
Creditors: amounts falling due after more than one year
2022
2021
£
£
Other creditors
3,000
6,000
8
Related party transactions
At the balance sheet date there is an amount owing to the partner of a director in the sum of £3,000 (2021: £6,000).
At the balance sheet date there is a balance owing to Norcott Technologies Limited, a company under common control, in the sum of £76 (2021 - £220). The amount is included in trade creditors.