Ness-A-Guin Limited Company accounts

NESS-A-GUIN LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 08199239

Ness-A-Guin Limited

Unaudited Financial Statements

30 September 2019

Ness-A-Guin Limited

Financial Statements

Year ended 30 September 2019

Contents	Page

Director's report	1

Statement of income and retained earnings	2

Statement of financial position	3

Notes to the financial statements	5

The following pages do not form part of the financial statements

Chartered certified accountants report to the director on the preparation of the unaudited statutory financial statements	12

Ness-A-Guin Limited

Director's Report

Year ended 30 September 2019

The director presents his report and the unaudited financial statements of the company for the year ended 30 September 2019 .

Director

The director who served the company during the year was as follows:

Mr R Patel

Small company provisions

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

This report was approved by the board of directors on 28 May 2020 and signed on behalf of the board by:

Mr R Patel
Director

Registered office:

1 Bitteswell Road

Lutterworth

Leicestershire

LE17 4EL

Ness-A-Guin Limited

Statement of Income and Retained Earnings

Year ended 30 September 2019

	2019	2018
Note	£	£
Turnover	227,652	224,943

Cost of sales	126,061	120,436
	---------	---------
Gross profit	101,591	104,507

Administrative expenses	88,129	98,288
Other operating income	8,000	8,000
	---------	---------
Operating profit	21,462	14,219

Interest payable and similar expenses		2	( 22)
		---------	---------
Profit before taxation	5	21,460	14,241

Tax on profit	5,495	2,752
	--------	--------
Profit for the financial year and total comprehensive income	15,965	11,489
	--------	--------

Dividends paid and payable	( 28,000)	( 15,500)

Retained earnings at the start of the year	16,138	20,149
	--------	--------
Retained earnings at the end of the year	4,103	16,138
	--------	--------

All the activities of the company are from continuing operations.

Ness-A-Guin Limited

Statement of Financial Position

30 September 2019

	2019		2018
Note	£	£	£

Fixed assets

Intangible assets	6	4,200	8,400
Tangible assets	7	13,325	16,957
		--------	--------
		17,525	25,357

Current assets

Stocks		5,250	5,750
Debtors	8	308	2,116
Cash at bank and in hand		10,179	9,587
		--------	--------
		15,737	17,453

Creditors: amounts falling due within one year	9	25,514		23,027
		--------		--------
Net current liabilities			9,777	5,574
			--------	--------
Total assets less current liabilities			7,748	19,783

Creditors: amounts falling due after more than one year	10	3,635	3,635
		-------	--------
Net assets		4,113	16,148
		-------	--------

Ness-A-Guin Limited

Statement of Financial Position (continued)

30 September 2019

	2019		2018
Note	£	£	£

Capital and reserves

Called up share capital	10	10
Profit and loss account	4,103	16,138
	-------	--------
Shareholders funds	4,113	16,148
	-------	--------

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

For the year ending 30 September 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

These financial statements were approved by the board of directors and authorised for issue on 28 May 2020 , and are signed on behalf of the board by:

Mr R Patel
Director

Company registration number: 08199239

Ness-A-Guin Limited

Notes to the Financial Statements

Year ended 30 September 2019

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 1 Bitteswell Road, Lutterworth, Leicestershire, LE17 4EL.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Goodwill Amortisation	-	10% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Plant & Equipment	-	25% reducing balance
Fixtures & Fittings	-	20% reducing balance
Equipment	-	20% reducing balance

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 2 (2018: 3 ).

5. Profit before taxation

Profit before taxation is stated after charging:

	2019	2018
	£	£
Amortisation of intangible assets	4,200	4,200
Depreciation of tangible assets	3,632	2,898
	-------	-------

6. Intangible assets

	Goodwill
	£
Cost
At 1 October 2018 and 30 September 2019	30,000
	--------
Amortisation
At 1 October 2018	21,600
Charge for the year	4,200
	--------
At 30 September 2019	25,800
	--------
Carrying amount
At 30 September 2019	4,200
	--------
At 30 September 2018	8,400
	--------

7. Tangible assets

	Plant and machinery	Fixtures and fittings	Equipment	Total
	£	£	£	£
Cost
At 1 October 2018 and 30 September 2019	3,025	20,589	6,303	29,917
	-------	--------	-------	--------
Depreciation
At 1 October 2018	1,637	8,431	2,892	12,960
Charge for the year	347	2,432	853	3,632
	-------	--------	-------	--------
At 30 September 2019	1,984	10,863	3,745	16,592
	-------	--------	-------	--------
Carrying amount
At 30 September 2019	1,041	9,726	2,558	13,325
	-------	--------	-------	--------
At 30 September 2018	1,388	12,158	3,411	16,957
	-------	--------	-------	--------

8. Debtors

	2019	2018
	£	£
Other debtors	308	2,116
	----	-------

9. Creditors: amounts falling due within one year

	2019	2018
	£	£
Trade creditors	8,699	6,539
Corporation tax	5,495	1,727
Social security and other taxes	8,648	12,550
Other creditors	2,672	2,211
	--------	--------
	25,514	23,027
	--------	--------

10. Creditors: amounts falling due after more than one year

	2019	2018
	£	£
Other creditors	3,635	3,635
	-------	-------

11. Director's advances, credits and guarantees

During the year the director entered into the following advances and credits with the company:

	2019
	Balance brought forward	Advances/ (credits) to the director	Amounts repaid	Balance outstanding
	£	£	£	£
Mr R Patel	( 257)	27,970	( 28,000)	( 287)
	----	--------	--------	----

	2018
	Balance brought forward	Advances/ (credits) to the director	Amounts repaid	Balance outstanding
	£	£	£	£
Mr R Patel	( 11,376)	26,619	( 15,500)	( 257)
	--------	--------	--------	----

12. Related party transactions

The company was under the control of Mr Patel throughout the current period. No transactions with related parties were undertaken such as are requiredto be disclosed under the FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

Ness-A-Guin Limited

Management Information

Year ended 30 September 2019

The following pages do not form part of the financial statements.

Ness-A-Guin Limited

Chartered Certified Accountants Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of Ness-A-Guin Limited

Year ended 30 September 2019

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Ness-A-Guin Limited for the year ended 30 September 2019, which comprise the statement of income and retained earnings, statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html. This report is made solely to the director of Ness-A-Guin Limited in accordance with the terms of our engagement letter dated 25 March 2017. Our work has been undertaken solely to prepare for your approval the financial statements of Ness-A-Guin Limited and state those matters that we have agreed to state to you in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Ness-A-Guin Limited and its director for our work or for this report.

It is your duty to ensure that Ness-A-Guin Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Ness-A-Guin Limited. You consider that Ness-A-Guin Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of Ness-A-Guin Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

HOWELL & CO (LEICESTER) LTD Chartered Certified Accountants

1 Bitteswell Road Lutterworth Leics LE17 4EL

28 May 2020