Company Registration No. 06953671 (England and Wales)
Northumberland Vulcanising Services Limited
Filleted accounts
for the year ended 31 July 2019
Northumberland Vulcanising Services Limited
Filleted accounts
Contents
Northumberland Vulcanising Services Limited
Company Information
for the year ended 31 July 2019
Company Number
06953671 (England and Wales)
Registered Office
Unit 4
Prudhoe Station
Prudhoe
Northumberland
NE42 6NP
Accountants
Tony Turner Accountants
Spencer House
Market Lane
Swalwell
Tyne and Wear
NE16 3DS
Northumberland Vulcanising Services Limited
Statement of financial position
as at 31 July 2019
Tangible assets
23,888
28,027
Cash at bank and in hand
9,385
7,795
Creditors: amounts falling due within one year
(62,901)
(47,067)
Net current assets
3,376
1,953
Total assets less current liabilities
27,264
29,980
Creditors: amounts falling due after more than one year
(7,641)
(11,292)
Provisions for liabilities
Deferred tax
(4,539)
(5,325)
Called up share capital
1,000
1,000
Profit and loss account
14,084
12,363
Shareholders' funds
15,084
13,363
For the year ending 31 July 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 director acknowledges his 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 28 April 2020.
M Dixon
Director
Company Registration No. 06953671
Northumberland Vulcanising Services Limited
Notes to the Accounts
for the year ended 31 July 2019
Northumberland Vulcanising Services Limited is a private company, limited by shares, registered in England and Wales, registration number 06953671. The registered office is Unit 4, Prudhoe Station, Prudhoe, Northumberland, NE42 6NP.
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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.
The accounts are presented in £ sterling.
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.
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:
Plant & machinery
20% Straight Line
Motor vehicles
25% Reducing Balance
Computer equipment
33% Straight Line
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.
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.
Northumberland Vulcanising Services Limited
Notes to the Accounts
for the year ended 31 July 2019
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.
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.
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Tangible fixed assets
Plant & machinery
Motor vehicles
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At 1 August 2018
21,639
13,995
266
35,900
Additions
1,813
-
441
2,254
At 31 July 2019
23,452
13,995
707
38,154
At 1 August 2018
4,899
2,916
58
7,873
Charge for the year
3,524
2,769
100
6,393
At 31 July 2019
8,423
5,685
158
14,266
At 31 July 2019
15,029
8,310
549
23,888
At 31 July 2018
16,740
11,079
208
28,027
Carrying values included above held under finance leases and hire purchase contracts:
£
£
- Plant & machinery
12,175
15,045
Finished goods
10,000
10,000
Trade debtors
46,537
30,917
Accrued income and prepayments
355
308
Northumberland Vulcanising Services Limited
Notes to the Accounts
for the year ended 31 July 2019
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Creditors: amounts falling due within one year
2019
2018
Obligations under finance leases and hire purchase contracts
3,651
3,591
Trade creditors
5,033
7,008
Taxes and social security
18,706
10,720
Other creditors
33,160
23,484
Loans from directors
716
629
Obligations under finance leases and hire purchase contracts are secured upon the assets to which they relate.
An amount due to a factoring company of £33,056, (2018: £23,484) is secured by way of a fixed and floating charge over the company's tangible fixed assets and a debenture over all of the company's assets.
8
Creditors: amounts falling due after more than one year
2019
2018
Obligations under finance leases and hire purchase contracts
7,641
11,292
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Deferred taxation
2019
2018
Accelerated capital allowances
4,539
5,325
Provision at start of year
5,325
2,637
(Credited)/charged to the profit and loss account
(786)
2,688
Provision at end of year
4,539
5,325
Allotted, called up and fully paid:
1,000 Ordinary shares of £1 each
1,000
1,000
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Operating lease commitments
2019
2018
At 31 July 2019 the company has commitments under non-cancellable operating leases as follows:
Operating leases expiring:
Within two to five years
4,725
4,725
Northumberland Vulcanising Services Limited
Notes to the Accounts
for the year ended 31 July 2019
The company is controlled by its sole director and shareholder, namely, Mr M Dixon.
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Average number of employees
During the year the average number of employees was 2 (2018: 1).
