Nimmo Properties Limited Filleted accounts for Companies House (small and micro)

NIMMO PROPERTIES LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: SC417141

Nimmo Properties Limited

Filleted Unaudited Abridged Financial Statements

For the year ended

31 May 2018

Nimmo Properties Limited

Abridged Statement of Financial Position

31 May 2018

	2018	2017
Note	£	£

Fixed assets

Tangible assets	5	376,306	272,436

Current assets

Debtors	414	349
Cash at bank and in hand	5,060	68,889
	-------	--------
	5,474	69,238

Creditors: amounts falling due within one year	408,997	363,147
	---------	---------
Net current liabilities	403,523	293,909
	---------	---------
Total assets less current liabilities	( 27,217)	( 21,473)
	--------	--------
Net liabilities	( 27,217)	( 21,473)
	--------	--------

Capital and reserves

Called up share capital	100	100
Profit and loss account	( 27,317)	( 21,573)
	--------	--------
Shareholders deficit	( 27,217)	( 21,473)
	--------	--------

These abridged financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the abridged statement of comprehensive income has not been delivered.

For the year ending 31 May 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its abridged financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .

All of the members have consented to the preparation of the abridged statement of comprehensive income and the abridged statement of financial position for the year ending 31 May 2018 in accordance with Section 444(2A) of the Companies Act 2006.

Nimmo Properties Limited

Abridged Statement of Financial Position (continued)

31 May 2018

These abridged financial statements were approved by the board of directors and authorised for issue on 22 February 2019 , and are signed on behalf of the board by:

Mr K Graham

Director

Company registration number: SC417141

Nimmo Properties Limited

Notes to the Abridged Financial Statements

Year ended 31 May 2018

1. General information

The company is a private company limited by shares, registered in Scotland. The address of the registered office is Mechanics Workshop, New Lanark, ML11 9DB.

2. Statement of compliance

These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The abridged financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The abridged financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

The company requires the support of the directors, Lambda Test Limited and Industrial Inspection Services Limited (companies controlled by the directors) to continue to meet its ongoing financial requirements. The directors have intimated that such support will continue to be made available and accordingly the accounts are prepared on the going concern basis.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

4. Employee numbers

The average number of persons employed by the company during the year amounted to nil (2016: nil).

5. Tangible assets

	£
Cost
At 1 June 2017	272,436
Additions	149,660
Disposals	( 45,790)
	---------
At 31 May 2018	376,306
	---------
Depreciation
At 1 June 2017 and 31 May 2018	–
	---------
Carrying amount
At 31 May 2018	376,306
	---------
At 31 May 2017	272,436
	---------

6. Directors' advances, credits and guarantees

The directors' loan account was not in debit at any time during the year.

7. Related party transactions

During the year, the company received additional loan funding of £10,000 (2017 - £10,000) from Lambda Test Limited, a company under common control. This has resulting in a balance due to Lambda Test Limited at the balance sheet date of £320,000 (2017 - £310,000). There are no repayment terms in connection with this loan and no interest has been charged. During the year, the company also received additional loan funding of £30,000 (2017 - £Nil) from Industrial Inspection Services Limited, a company under common control. This has resulting in a balance due to Industrial Inspection Services Limited at the balance sheet date of £70,000 (2017 - £40,000). There are no repayment terms in connection with this loan and no interest has been charged.