Narva Developments Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: NI029250 (Northern Ireland)

NARVA DEVELOPMENTS LIMITED

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2018

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTOR:

Des Nugent

REGISTERED OFFICE:

16 Fairhill Road

Cookstown

Co. Tyrone

BT80 8AQ

REGISTERED NUMBER:

NI029250 (Northern Ireland)

ACCOUNTANTS:

CavanaghKelly

Chartered Accountants

36-38 Northland Row

Dungannon

Co. Tyrone

BT71 6AP

NON-CURRENT ASSETS

Property, plant and equipment

5

49,672

65,335

CURRENT ASSETS

Inventories

4,360,626

4,781,039

Receivables

6

380,866

346,375

Cash at bank and in hand

4,150,938

3,120,903

8,892,430

8,248,317

PAYABLES

Amounts falling due within one year

7

(1,572,001

)

(1,731,479

)

NET CURRENT ASSETS

7,320,429

6,516,838

TOTAL ASSETS LESS CURRENT LIABILITIES

7,370,101

6,582,173

PAYABLES

Amounts falling due after more than one year

8

(3,805,300

)

(3,805,300

)

PROVISIONS FOR LIABILITIES

(9,437

)

(11,160

)

NET ASSETS

3,555,364

2,765,713

CAPITAL AND RESERVES

Called up share capital

2

2

Retained earnings

3,555,362

2,765,711

3,555,364

2,765,713

The Company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2018.

The members have not required the Company to obtain an audit of its financial statements for the year ended 31 December 2018 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director on 24 September 2019 and were signed by:

Des Nugent - Director

1.	STATUTORY INFORMATION

Narva Developments Limited is a private company, limited by shares , registered in Northern

Ireland. The company's registered number and registered office address can be found on the

Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention except for

certain properties and financial instruments that are measured at revalued amounts or fair values,

as explained in the accounting policies below. Historical cost is generally based on the fair value of

the consideration given in exchange for assets.

Revenue

Revenue is measured at the fair value of the consideration received or receivable, excluding

discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

25% on reducing balance

Fixtures and fittings

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Inventories

Inventories are valued at the lower of cost and net realisable value. Cost comprises expenditure

incurred in the normal course of business in bringing stocks to their present location and condition.

Full provision is made for obsolete and slow moving items. Net realisable value comprises actual or

estimated selling price (net of trade discounts) less all further costs to completion or to be incurred

in marketing and selling.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income

Statement, except to the extent that it relates to items recognised in other comprehensive income

or directly in equity.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been

enacted or substantively enacted by the statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed

at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods

different from those in which they are recognised in financial statements. Deferred tax is measured

using tax rates and laws that have been enacted or substantively enacted by the year end and that

are expected to apply to the reversal of the timing difference.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the

period of the lease.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2017 - 4 ) .

5.	PROPERTY, PLANT AND EQUIPMENT

Fixtures

Plant and

and

Motor

machinery

fittings

vehicles

Totals

£

£

£

£

COST

At 1 January 2018

74,109

8,418

101,774

184,301

Additions

-

894

-

894

At 31 December 2018

74,109

9,312

101,774

185,195

DEPRECIATION

At 1 January 2018

55,014

4,615

59,337

118,966

Charge for year

4,774

1,174

10,609

16,557

At 31 December 2018

59,788

5,789

69,946

135,523

NET BOOK VALUE

At 31 December 2018

14,321

3,523

31,828

49,672

At 31 December 2017

19,095

3,803

42,437

65,335

6.	RECEIVABLES

2018

2017

£

£

Trade receivables

357,821

329,190

Other receivables

23,045

17,185

380,866

346,375

7.

PAYABLES: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Hire purchase contracts

-

12,961

Trade payables

245,366

309,970

Taxation and social security

196,542

144,874

Other payables

1,130,093

1,263,674

1,572,001

1,731,479

8.

PAYABLES: AMOUNTS FALLING DUE AFTER ONE YEAR

2018

2017

£

£

Bank loans

3,525,300

3,525,300

Other creditors

280,000

280,000

3,805,300

3,805,300

The bank loan has been secured by way of an all monies fixed and floating charge over the

undertaking of the company and all of its property.

9.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

At the year end a balance of £647,987 (2017 - £829,941) was due to the director in respect of

monies advanced to the company.