Northern Insulation Limited - Accounts to registrar (filleted) - small 18.2
Northern Insulation Limited - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| Financial Statements for the Year Ended 31 October 2018 |
| for |
| NORTHERN INSULATION LIMITED |
| NORTHERN INSULATION LIMITED (REGISTERED NUMBER: SC128207) |
| Contents of the Financial Statements |
| for the Year Ended 31 October 2018 |
| Page |
| Balance Sheet | 1 |
| Notes to the Financial Statements | 2 |
| NORTHERN INSULATION LIMITED (REGISTERED NUMBER: SC128207) |
| Balance Sheet |
| 31 October 2018 |
| 2018 | 2017 |
| Notes | £ | £ |
| Fixed assets |
| Tangible assets | 4 |
| Current assets |
| Stocks |
| Debtors | 5 |
| Cash at bank and in hand |
| Creditors |
| Amounts falling due within one year | 6 | ( |
) | ( |
) |
| Net current assets |
| Total assets less current liabilities |
| Provisions for liabilities | ( |
) | ( |
) |
| Net assets |
| Capital and reserves |
| Called up share capital | 8 |
| Revaluation reserve |
| Capital redemption reserve |
| Retained earnings |
| Shareholders' funds |
| The directors acknowledge their responsibilities for: |
| (a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
| (b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
| In accordance with Section 444 of the Companies Act 2006, the Profit & Loss Account has not been delivered. |
| The financial statements were approved by the Board of Directors on by: |
| NORTHERN INSULATION LIMITED (REGISTERED NUMBER: SC128207) |
| Notes to the Financial Statements |
| for the Year Ended 31 October 2018 |
| 1. | Statutory information |
| Northern Insulation Limited is a |
| registered number and registered office address are as below: |
| Registered number: | SC128207 |
| Registered office: | 19a Rope Walk |
| Prestonpans |
| East Lothian |
| EH3 2BN |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | Accounting policies |
| Basis of preparing the financial statements |
| Turnover and other income |
| Turnover was derived from work carried out insulating commercial property. Revenue from contracts is |
| recognised in the period in which the services are provided in accordance with the stage of completion of the |
| contract when all of the following conditions are satisfied: |
| - the amount of revenue can be measured reliably |
| - it is probable that the company will receive the consideration due under the contract |
| - the stage of completion of the contract at the end of the reporting period can be measured reliably, and |
| - the costs incurred and the costs to complete the contract can be measured reliably. |
| Interest income is recognised using the effective interest method. |
| Tangible fixed assets |
| Land and buildings | - |
| Plant and machinery etc | - |
| Tangible fixed assets are stated at cost (or deemed cost) less accumulated depreciation and accumulated |
| impairment losses. |
| Impairment |
| Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each |
| balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash |
| generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its |
| recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued |
| amount where the impairment loss is a revaluation decrease. |
| Stocks |
| Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes |
| all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and |
| condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and |
| slow-moving stock where appropriate. |
| NORTHERN INSULATION LIMITED (REGISTERED NUMBER: SC128207) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 October 2018 |
| 2. | Accounting policies - continued |
| Taxation |
| Current taxation represents the amount of taxation payable or receivable in respect of the taxable profit (or |
| loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered |
| using the taxation rates and laws that have been enacted or substantively enacted by the balance sheet date. |
| Deferred taxation represents the future taxation consequences of transactions and events recognised in the |
| financial statements of current and previous periods. It is recognised in respect of all timing differences, with |
| certain exceptions. Timing differences are differences between taxable profits and total comprehensive income |
| as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in |
| periods different from those in which they are recognised in the financial statements. Unrelieved taxation losses |
| and other deferred taxation assets are recognised only to the extent that it is probable that they will be |
| recovered against the reversal of deferred taxation liabilities or other future taxable profits. |
| Deferred taxation is measured using the taxation rates and laws that have been enacted or substantively |
| enacted by the balance sheet date that are expected to apply to the reversal of timing differences. |
| Pension costs and other post-retirement benefits |
| The company operates money purchase (defined contribution) pension scheme. Contributions are charged |
| against profits on the amounts payable for the year. |
| Hire purchase and leases |
| Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those |
| held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance |
| leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
| The interest element of these obligations is charged to profit or loss over the relevant period. The capital |
| element of the future payments is treated as a liability. |
| Rentals payable and receivable under operating leases are charged to the profit and loss account on a straight |
| line basis over the period of the lease. |
| Loans and borrowings |
| Loans and borrowings are initially recognised at the transaction price including transaction costs. |
| Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If |
| an arrangement constitutes a finance transaction it is measured at present value. |
| Debtors and creditors receivable / payable within one year |
| Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at |
| transaction price. Any losses arising from impairment are recognised in the profit and loss account in other |
| administrative expenses. |
| Bank and cash |
| Cash at bank and in hand includes cash and short term highly liquid investments with a short |
| maturity of three months or less from the date of acquisition or opening of the deposit or similar account. |
| 3. | Employees and directors |
| The average number of employees during the year was |
| NORTHERN INSULATION LIMITED (REGISTERED NUMBER: SC128207) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 October 2018 |
| 4. | Tangible fixed assets |
| Fixtures |
| Freehold | Plant and | and | Motor |
| property | machinery | fittings | vehicles | Totals |
| £ | £ | £ | £ | £ |
| Cost |
| At 1 November 2017 |
| and 31 October 2018 |
| Depreciation |
| At 1 November 2017 |
| Charge for year |
| At 31 October 2018 |
| Net book value |
| At 31 October 2018 |
| At 31 October 2017 |
| Freehold property has a historic cost of £41,610 (2017 £41,610). |
| 5. | Debtors: amounts falling due within one year |
| 2018 | 2017 |
| £ | £ |
| Trade debtors |
| 6. | Creditors: amounts falling due within one year |
| 2018 | 2017 |
| £ | £ |
| Hire purchase contracts |
| Trade creditors |
| Taxation and social security |
| 7. | Secured debts |
| The following secured debts are included within creditors: |
| 2018 | 2017 |
| £ | £ |
| Hire purchase contracts | - | 599 |
| The hire purchase contracts are secured over the assets concerned. |
| 8. | Called up share capital |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2018 | 2017 |
| value: | £ | £ |
| Ordinary | £1 | 5,000 | 5,000 |