| Nandra Brothers Ltd |
| Notes to the Accounts |
| for the year ended 31 May 2019 |
|
|
| 1 |
Accounting policies |
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Basis of preparation |
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The accounts have been prepared under the historical cost convention and 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). |
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Turnover |
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Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. |
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Intangible fixed assets |
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Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses. |
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Tangible fixed assets |
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Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
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Fixtures, fittings, tools and equipment |
25% reducing balance |
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Stocks |
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Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised. |
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Debtors |
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Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
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Creditors |
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Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
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|
| 2 |
Employees |
2019 |
|
2018 |
| Number |
Number |
|
|
Average number of persons employed by the company |
3 |
|
2 |
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| 3 |
Intangible fixed assets |
£ |
|
Goodwill: |
|
|
Cost |
|
At 1 June 2018 |
12,000 |
|
At 31 May 2019 |
12,000 |
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|
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|
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Amortisation |
|
At 1 June 2018 |
9,600 |
|
Provided during the year |
2,400 |
|
At 31 May 2019 |
12,000 |
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|
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|
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|
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Net book value |
|
At 31 May 2019 |
- |
|
At 31 May 2018 |
2,400 |
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|
|
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Goodwill is being written off in equal annual instalments over its estimated economic life of 2.5 years. |
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| 4 |
Tangible fixed assets |
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Plant and machinery etc |
|
Motor vehicles |
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Total |
| £ |
£ |
£ |
|
Cost |
|
At 1 June 2018 |
2,311 |
|
6,700 |
|
9,011 |
|
At 31 May 2019 |
2,311 |
|
6,700 |
|
9,011 |
|
|
|
|
|
|
|
|
|
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Depreciation |
|
At 1 June 2018 |
1,011 |
|
1,675 |
|
2,686 |
|
Charge for the year |
325 |
|
1,256 |
|
1,581 |
|
At 31 May 2019 |
1,336 |
|
2,931 |
|
4,267 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 31 May 2019 |
975 |
|
3,769 |
|
4,744 |
|
At 31 May 2018 |
1,300 |
|
5,025 |
|
6,325 |
|
|
| 5 |
Debtors |
2019 |
|
2018 |
| £ |
£ |
|
|
Deferred tax asset |
|
|
|
|
250 |
|
202 |
|
Other debtors |
368 |
|
285 |
|
|
|
|
|
|
618 |
|
487 |
|
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| 6 |
Creditors: amounts falling due within one year |
2019 |
|
2018 |
| £ |
£ |
|
|
Trade creditors |
15,473 |
|
2,930 |
|
Taxation and social security costs |
9,114 |
|
8,419 |
|
Other creditors |
27,763 |
|
28,698 |
|
|
|
|
|
|
52,350 |
|
40,047 |
|
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| 7 |
Related party transactions |
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During the year the company paid salary of £12,000 (2017: £12,000) to its director Mr Kulwant Singh Nandra. |
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| 8 |
Controlling party |
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The company is under the control of its director, Mr Kulwant Singh Nandra by virtue of his shareholding in the issued share capital fo the company. |
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| 9 |
Other information |
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Nandra Brothers Ltd is a private company limited by shares and incorporated in England. Its registered office is: |
|
1B, First Floor |
|
142 Johnson Street |
|
Southall |
|
Middlesex |
|
UB2 5FD |
