Company Registration No. SC237904 (Scotland)
David Narro Associates Limited
Unaudited accounts
for the year ended 31 December 2019
David Narro Associates Limited
Unaudited accounts
Contents
David Narro Associates Limited
Company Information
for the year ended 31 December 2019
Directors
David Narro
Andrew Wallace Brown
Ben William Adam
Dominic Echlin
Mark Hepburn
Company Number
SC237904 (Scotland)
Registered Office
34-36 Argyle Place
Edinburgh
EH9 1JT
Scotland
Accountants
Allsquare (Edinburgh) Ltd
Federation House
222-224 Queensferry Road
Edinburgh
EH4 2BN
David Narro Associates Limited
Statement of financial position
as at 31 December 2019
Tangible assets
96,949
114,640
Inventories
432,252
332,246
Cash at bank and in hand
623,845
358,073
Creditors: amounts falling due within one year
(415,264)
(377,479)
Net current assets
1,376,601
981,687
Total assets less current liabilities
1,473,550
1,096,327
Provisions for liabilities
Deferred tax
(10,845)
(13,119)
Net assets
1,462,705
1,083,208
Called up share capital
1,000
1,001
Profit and loss account
1,461,705
1,082,207
Shareholders' funds
1,462,705
1,083,208
For the year ending 31 December 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 Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
Approved by the Board on 3 April 2020.
Ben William Adam
Director
Company Registration No. SC237904
David Narro Associates Limited
Notes to the Accounts
for the year ended 31 December 2019
David Narro Associates Limited is a private company, limited by shares, registered in Scotland, registration number SC237904. The registered office is 34-36 Argyle Place, Edinburgh, EH9 1JT, Scotland.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. 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.
Intangible fixed assets (including purchased goodwill and patents) are included at cost less accumulated amortisation.
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite life and is amortised on a systematic basis over its expected life of 10 years.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Land & buildings
10% straight line
Fixtures & fittings
25% reducing balance
Computer equipment
25% reducing balance
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.
David Narro Associates Limited
Notes to the Accounts
for the year ended 31 December 2019
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Expenditure on research and development is written off in the year in which it is incurred.
Where the company makes payments to the Trust where no future economic benefits will flow to the company following payment and where the company does not have control to the right or other access to the future economic benefit it is expected to receive, the payments will be expensed in the Profit and loss account.
Where the company distributes its equity instruments to the Trust and in the opinion of the directors de-facto control over the Trust does not exist then the assets and liabilities of the Trust are not recorded on the Statement of financial position of the company in accordance with UK GAAP.
Where in the opinion of the directors de-facto control exists the company shall account for the assets and liabilities of the Trust in its financial statements as follows:
- The consideration paid for the equity instruments shall be shown as a deduction from Shareholders funds, until the equity instruments vest unconditionally with the employees;
- Other assets and liabilities of the Trust shall be recognised as assets and liabilities of the company;
- No gain or loss shall be recognised in the profit or loss on the purchase, sale, issue or cancellation of the entity's own equity instruments;
- Finance costs and any administration expenses shall be recognised on an accruals basis;
- Any dividend income arising from the company's own equity instruments shall be excluded from the profit or loss and deducted from aggregate dividends paid.
The directors are of the opinion that de-facto control of the Trust does not exist and therefore have excluded the assets and liabilities of the Trust from these financial statements. Had the directors assessment confirmed such control existed the net assets of the company would have been reduced by £NIL (2018: £215,000).
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
David Narro Associates Limited
Notes to the Accounts
for the year ended 31 December 2019
4
Intangible fixed assets
Goodwill
At 31 December 2019
56,503
At 31 December 2019
56,503
5
Tangible fixed assets
Land & buildings
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At 1 January 2019
175,457
17,595
177,406
370,458
Disposals
-
-
(12,853)
(12,853)
At 31 December 2019
175,457
17,595
174,378
367,430
At 1 January 2019
131,071
13,284
111,463
255,818
Charge for the year
6,418
1,079
18,323
25,820
On disposals
-
-
(11,157)
(11,157)
At 31 December 2019
137,489
14,363
118,629
270,481
At 31 December 2019
37,968
3,232
55,749
96,949
At 31 December 2018
44,386
4,311
65,943
114,640
Work in progress
432,252
332,246
Trade debtors
657,465
602,424
Accrued income and prepayments
58,939
48,606
Other debtors
19,364
17,817
David Narro Associates Limited
Notes to the Accounts
for the year ended 31 December 2019
8
Creditors: amounts falling due within one year
2019
2018
Trade creditors
48,992
55,675
Taxes and social security
277,607
307,555
Other creditors
70,567
7,676
9
Deferred taxation
2019
2018
Accelerated capital allowances
10,845
13,119
Provision at start of year
13,119
13,042
(Credited)/charged to the profit and loss account
(2,274)
77
Provision at end of year
10,845
13,119
Allotted, called up and fully paid:
1,000,000 Ordinary shares of £0.001 each
1,000
1,000
- Preference shares of £1 each
-
1
11
Average number of employees
During the year the average number of employees was 0 (2018: 52).
