NC Tools Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 08274547 (England and Wales)

FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2019

FOR

NC TOOLS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

N Clews

REGISTERED OFFICE:

37 West Street

Congleton

Cheshire

CW12 1JN

REGISTERED NUMBER:

08274547 (England and Wales)

ACCOUNTANTS:

Lyon Accountants

37 West Street

Congleton

Cheshire

CW12 1JN

FIXED ASSETS

Intangible assets

4

2,250

3,000

Tangible assets

5

1,118

1,482

3,368

4,482

CURRENT ASSETS

Stocks

6

2,500

5,340

Debtors

7

38,541

41,681

Cash at bank and in hand

13,174

12,073

54,215

59,094

CREDITORS

Amounts falling due within one year

8

56,992

63,424

NET CURRENT LIABILITIES

(2,777

)

(4,330

)

TOTAL ASSETS LESS CURRENT LIABILITIES

591

152

CAPITAL AND RESERVES

Called up share capital

9

2

2

Retained earnings

10

589

150

SHAREHOLDERS' FUNDS

591

152

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2019 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 applicable to companies subject to the small companies regime.

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 and authorised for issue on 25 June 2020 and were signed by:

N Clews - Director

1.	STATUTORY INFORMATION

NC Tools Limited is a private company, limited by shares , registered in England and Wales.

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

Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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. The financial statements have been prepared under the historical cost convention.

Turnover

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

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

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 0, is being amortised evenly over its estimated useful life of nil years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are

measured at cost less any accumulated amortisation and any accumulated impairment

losses.

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

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance

for obsolete and slow moving items.

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 or deferred taxation assets and liabilities are not discounted.

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 balance sheet date.

Deferred tax

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

reversed at the balance sheet 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.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it

is probable that they will be recovered against the reversal of deferred tax liabilities or other

future taxable profits.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2018 - 1 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 December 2018

and 30 November 2019

7,500

AMORTISATION

At 1 December 2018

4,500

Amortisation for year

750

At 30 November 2019

5,250

NET BOOK VALUE

At 30 November 2019

2,250

At 30 November 2018

3,000

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

£

COST

At 1 December 2018

6,559

Additions

130

At 30 November 2019

6,689

DEPRECIATION

At 1 December 2018

5,077

Charge for year

494

At 30 November 2019

5,571

NET BOOK VALUE

At 30 November 2019

1,118

At 30 November 2018

1,482

6.

STOCKS

2019

2018

£

£

Stocks

2,500

5,340

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade debtors

38,541

41,681

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade creditors

3,857

9,293

Tax

5,886

2,941

Social security and other taxes

-

6,785

VAT

3,661

-

Other creditors

-

44,405

Directors' current accounts

43,588

-

56,992

63,424

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2019

2018

value:

£

£

2

Ordinary

£1

2

2

10.

RESERVES

Retained

earnings

£

At 1 December 2018

150

Profit for the year

11,439

Dividends

(11,000

)

At 30 November 2019

589