Embargo Nottingham Limited Company accounts

Embargo Nottingham Limited Company accounts

EMBARGO NOTTINGHAM LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 10189181
Embargo Nottingham Limited
Unaudited Financial Statements
For the year ended
31 October 2018
Embargo Nottingham Limited
Financial Statements
Year ended 31 October 2018
Contents
Page
Officers and professional advisers
1
Directors' report
2
Income statement
3
Statement of financial position
4
Notes to the financial statements
5
The following pages do not form part of the financial statements
Chartered accountants report to the board of directors on the preparation of the unaudited statutory financial statements
9
Embargo Nottingham Limited
Officers and Professional Advisers
The board of directors
Mr L Alonso
Mr S Leong
Registered office
550 Valley Road
Basford
Nottingham
NG5 1JJ
Accountants
Swandec
Chartered Accountants
550 Valley Road
Basford
Nottingham
NG5 1JJ
Bankers
Santander
84 Front Street
Arnold
NG5 7EJ
Embargo Nottingham Limited
Directors' Report
Year ended 31 October 2018
The directors present their report and the unaudited financial statements of the company for the year ended 31 October 2018 .
Directors
The directors who served the company during the year were as follows:
Mr L Alonso
Mr S Leong
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 30 May 2019 and signed on behalf of the board by:
Mr S Leong
Director
Embargo Nottingham Limited
Income Statement
Year ended 31 October 2018
2018
2017
Note
£
£
Turnover
302,045
226,224
Cost of sales
220,477
164,580
---------
---------
Gross profit
81,568
61,644
Administrative expenses
46,858
63,469
--------
--------
Operating profit/(loss)
34,710
( 1,825)
Other interest receivable and similar income
3
16
--------
--------
Profit/(loss) before taxation
4
34,713
( 1,809)
Tax on profit/(loss)
3,397
–
--------
-------
Profit/(loss) for the financial year
31,316
( 1,809)
--------
-------
All the activities of the company are from continuing operations.
The company has no other recognised items of income and expenses other than the results for the year as set out above.
Embargo Nottingham Limited
Statement of Financial Position
31 October 2018
2018
2017
Note
£
£
£
Fixed assets
Tangible assets
5
15,026
17,265
Current assets
Stocks
3,051
3,147
Debtors
6
53,276
15,664
Cash at bank and in hand
9,452
10,092
--------
--------
65,779
28,903
Creditors: amounts falling due within one year
7
51,296
47,975
--------
--------
Net current assets/(liabilities)
14,483
( 19,072)
--------
--------
Total assets less current liabilities
29,509
( 1,807)
--------
-------
Capital and reserves
Called up share capital
8
2
2
Profit and loss account
29,507
( 1,809)
--------
-------
Shareholders funds/(deficit)
29,509
( 1,807)
--------
-------
These financial statements have been prepared 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'.
For the year ending 31 October 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 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 financial statements .
These financial statements were approved by the board of directors and authorised for issue on 30 May 2019 , and are signed on behalf of the board by:
Mr S Leong
Director
Company registration number: 10189181
Embargo Nottingham Limited
Notes to the Financial Statements
Year ended 31 October 2018
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 550 Valley Road, Basford, Nottingham, NG5 1JJ.
2. Accounting policies
Basis of preparation
The 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 financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
The turnover shown in the profit and loss account represents amounts invoiced for work carried out during the year, exclusive of Value Added Tax.
Income tax
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.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
-
20% straight line
Stocks
Stocks are measured 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 the stock to its present location and condition.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Short term debtors and creditors with no stated interest rate are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
3. Employee numbers
The average number of persons employed by the company during the year amounted to 26 (2017: 15 ).
4. Profit before taxation
Profit before taxation is stated after charging:
2018
2017
£
£
Depreciation of tangible assets
4,835
4,316
-------
-------
5. Tangible assets
Fixtures and fittings
Total
£
£
Cost
At 1 November 2017
21,581
21,581
Additions
2,596
2,596
--------
--------
At 31 October 2018
24,177
24,177
--------
--------
Depreciation
At 1 November 2017
4,316
4,316
Charge for the year
4,835
4,835
--------
--------
At 31 October 2018
9,151
9,151
--------
--------
Carrying amount
At 31 October 2018
15,026
15,026
--------
--------
At 31 October 2017
17,265
17,265
--------
--------
6. Debtors
2018
2017
£
£
Amounts owed by group undertakings and undertakings in which the company has a participating interest
53,274
15,662
Other debtors
2
2
--------
--------
53,276
15,664
--------
--------
7. Creditors: amounts falling due within one year
2018
2017
£
£
Amounts owed to group undertakings and undertakings in which the company has a participating interest
35,000
40,001
Corporation tax
3,397
–
Social security and other taxes
12,899
7,974
--------
--------
51,296
47,975
--------
--------
8. Called up share capital
Issued, called up and fully paid
2018
2017
No.
£
No.
£
Ordinary shares of £ 1 each
2
2.00
2
2.00
----
-----
----
-----
9. Directors' advances, credits and guarantees
At the statement of financial position date the amount owing to the company through the directors loan account was £2 (2017: £2). The directors loan is unsecured, interest free and repayable on demand.
Embargo Nottingham Limited
Management Information
Year ended 31 October 2018
The following pages do not form part of the financial statements.
Embargo Nottingham Limited
Chartered Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Embargo Nottingham Limited
Year ended 31 October 2018
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Embargo Nottingham Limited for the year ended 31 October 2018, which comprise the income statement, statement of financial position 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 www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the Board of Directors of Embargo Nottingham Limited, as a body, in accordance with the terms of our engagement letter dated 18 April 2019. Our work has been undertaken solely to prepare for your approval the financial statements of Embargo Nottingham Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Embargo Nottingham Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that Embargo Nottingham 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 Embargo Nottingham Limited. You consider that Embargo Nottingham 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 Embargo Nottingham 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.
Swandec Chartered Accountants
550 Valley Road Basford Nottingham NG5 1JJ
30 May 2019