NIAD Limited Accounts






NIAD Limited
	Company No. 02109991
		Information for Filing with The Registrar
		31 January 2019

at	31 January 2019
Company No.		02109991	Notes	2019	2018
				£	£
Fixed assets

	Tangible assets		2	988,070	993,727

	Investments		3	429,813	429,813
				1,417,883	1,423,540
Current assets
	Stocks		4	53,808	48,540
	Debtors		5	199,603	194,457
	Investments		6	10,000	-
	Cash at bank and in hand			121,279	168,639
				384,690	411,636
Creditors: Amount falling due within one year			7	(414,749)	(463,134)
Net current liabilities				(30,059)	(51,498)
Total assets less current liabilities				1,387,824	1,372,042




Net assets				1,387,824	1,372,042

Capital and reserves
	Called up share capital			100	100



	Profit and loss account		8	1,387,724	1,371,942

Total equity				1,387,824	1,372,042


These accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime of the Companies Act 2006.
For the year ended 31 January 2019 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 Companies Act 2006 with respect to accounting records and the preparation of accounts.

As permitted by section 444 (5A)of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company's profit and loss account.

Approved by the board on 31 January 2019
And signed on its behalf by:
N. Walton
Director

for the year ended 31 January 2019

Accounting policies

Basis of preparation

The accounts have been prepared in accordance with FRS 102 - The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard) and the Companies Act 2006 . There were no material departures from that standard.

The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets and in accordance with the accounting policies set out below.

Turnover

Turnover is measured at the fair value of the consideration received or receivable. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Revenue from the sale of goods is recognised when all the following conditions are satisfied:
• the Company has transferred to the buyer the significant risks and rewards of ownership of the
goods;
• the Company retains neither continuing managerial involvement to the degree usually associated
with ownership nor effective control over the goods sold;
• the amount of revenue can be measured reliably;
• it is probable that the economic benefits associated with the transaction will flow to the Company;
and
• the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Specifically, revenue from the sale of goods is recognised when goods are delivered and legal title is passed.

Taxation

Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the profit and loss account because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The Company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable temporary differences. Deferred tax assets are generally recognised for all deductible timing differences to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.

Current or deferred tax for the year is recognised in profit or loss, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.

Tangible fixed assets and depreciation

Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and accumulated impairment losses.

At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss.

Depreciation is provided at the following annual rates in order to write off the cost or valuation less the estimated residual value of each asset over its estimated useful life:

Plant and machinery

33% Straight Line

Furniture, fittings and equipment

10% Reducing Balance

Investments

Unlisted investments are recognised initially at fair value less attributable transaction costs. Subsequent to initial recognition, any changes in fair value are recognised in profit and loss.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Costs, which comprise direct production costs, are based on the method most appropriate to the type of inventory class, but usually on a first-in-first-out basis. Overheads are charged to profit or loss as incurred. Net realisable value is based on the estimated selling price less any estimated completion or selling costs.

When stocks are sold, the carrying amount of those stocks is recognised as an expense in the period in which the related revenue is recognised. The amount of any write-down of stocks to net realisable value and all losses of stocks are recognised as an expense in the period in which the write-down or loss occurs. The amount of any reversal of any write-down of stocks is recognised as a reduction in the amount of inventories recognised as an expense in the period in which the reversal occurs.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts.

Trade and other creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Pensions

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payments obligations. The contributions are recognised as expenses when they fall due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

Provisions

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to the profit and loss account in the year that the Company becomes aware of the obligation, and are measured at the best estimate at balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the balance sheet.

2	Tangible fixed assets
			Land and buildings	Plant and machinery	Fixtures, fittings and equipment	Total
			£	£	£	£
		Cost or revaluation
		At 1 February 2018	937,159	1,835	178,086	1,117,080




		At 31 January 2019	937,159	1,835	178,086	1,117,080
		Depreciation
		At 1 February 2018	-	1,835	121,518	123,353
		Charge for the year	-	-	5,657	5,657



		At 31 January 2019	-	1,835	127,175	129,010
		Net book values
		At 31 January 2019	937,159	-	50,911	988,070
		At 31 January 2018	937,159	-	56,568	993,727

3	Investments
			Investment in Subsidiaries	Total
			£	£
		Cost or valuation
		At 1 February 2018	429,813	429,813



		At 31 January 2019	429,813	429,813






		Net book values
		At 31 January 2019	429,813	429,813
		At 31 January 2018	429,813	429,813

4	Stocks
			2019	2018
			£	£


		Finished goods	53,808	48,540
			53,808	48,540

5	Debtors
			2019	2018
			£	£
		Trade debtors	26,043	32,372





		Other debtors	173,560	161,960
		Prepayments and accrued income	-	125
			199,603	194,457

6	Current asset investments
			2019	2018
			£	£

		Unlisted investments	10,000	-
			10,000	-

7	Creditors:
		amounts falling due within one year
			2019	2018
			£	£




		Trade creditors	793	47,196
		Amounts owed to group undertakings	384,578	394,870
		Corporation tax	15,364	27,355
		Other taxes and social security	11,644	13,644
		Loans from directors	496	(25,217)
		Other creditors	-	3,500
		Accruals and deferred income	1,874	1,786
			414,749	463,134

Reserves

Profit and loss account - includes all current and prior period retained profits and losses.

9	Dividends
			2019	2018
			£	£
		Dividends for the period:
		Dividends paid in the period	45,000	34,000

			45,000	34,000

		Dividends by type:

		Equity dividends	45,000	34,000
			45,000	34,000

Related party disclosures

2019

2018

Transactions with related parties

Name of related party

Springfield Garage (Keighley) Ltd

Description of relationship between the parties

a subsidiary company

Amount due from/(to) the related party

(394,870)

Name of related party

NIAD Developments Ltd

Description of relationship between the parties

under common control

Description of transaction and general amounts involved

Loan

Amount due from/(to) the related party

161,960

Name of related party

N. Walton

Description of relationship between the parties

Director

Description of transaction and general amounts involved

Directors loan

Amount due from/(to) the related party

25,217

Provision for doubtful debts due from the related party

Amounts written off in the period in respect of debts from/(to) the related party

Controlling party

Immediate controlling party

N Walton

Additional information

Its registered number is:

02109991

Its registered office is:

Springfield Garage

Oakworth Road

Keighley

BD21 1QQ

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