Nobisco Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 01945617 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 March 2020

for

Nobisco Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

A R Morrison

DT Marshall

M A Beaman

SECRETARY:

A R Morrison

REGISTERED OFFICE:

20 Gavin Way

Nexus Point

Holford Broadlands

Birmingham

West Midlands

B6 7AF

REGISTERED NUMBER:

01945617 (England and Wales)

ACCOUNTANTS:

Locke Williams Associates LLP

Chartered Accountants

Blackthorn House

St Pauls Square

Birmingham

West Midlands

B3 1RL

FIXED ASSETS

Intangible assets

4

170,722

35,517

Tangible assets

5

172,779

147,151

Investments

6

-

179,890

343,501

362,558

CURRENT ASSETS

Stocks

512,919

590,433

Debtors

7

2,151,839

1,840,039

Cash at bank and in hand

973,597

632,146

3,638,355

3,062,618

CREDITORS

Amounts falling due within one year

8

1,067,783

760,561

NET CURRENT ASSETS

2,570,572

2,302,057

TOTAL ASSETS LESS CURRENT LIABILITIES

2,914,073

2,664,615

CREDITORS

Amounts falling due after more than one year

9

(41,910

)

(20,848

)

PROVISIONS FOR LIABILITIES

(3,673

)

(2,865

)

NET ASSETS

2,868,490

2,640,902

CAPITAL AND RESERVES

Called up share capital

11

1,100

1,100

Retained earnings

2,867,390

2,639,802

SHAREHOLDERS' FUNDS

2,868,490

2,640,902

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2020 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 Board of Directors and authorised for issue on 19 August 2020 and were signed on its behalf by:

A R Morrison - Director

DT Marshall - Director

M A Beaman - Director

1.	STATUTORY INFORMATION

Nobisco 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

Preparation of consolidated financial statements

The financial statements contain information about Nobisco Limited as an individual company and do

not contain consolidated financial information as the parent of a group. The company is exempt under

Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial

statements.

Turnover

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

rebates, value added tax and other sales taxes.

The policies adopted for the recognition of turnover are as follows:

Sale of goods

Turnover from the sale of goods is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on dispatch.

Goodwill

Goodwill represents the excess of cost of acquisition over the fair value of the separable net assets of

businesses acquired. Goodwill is amortised through the profit and loss account in equal instalments

over its useful economic life.

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 or, if held under a finance lease, over the lease term, whichever is the shorter.

Improvements to property

-

Over the period of the lease

Plant and machinery

-

25% on cost

Fixtures and fittings

-

25% on cost

Motor vehicles

-

25% on cost

Computer equipment

-

25% on cost

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at

the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of

exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at

the operating result.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet.

Those held under hire purchase contracts are depreciated over their estimated useful lives. Those

held under finance leases are depreciated over their estimated useful lives or the lease term,

whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The

capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the

period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the

company's pension scheme are charged to profit or loss in the period to which they relate.

Grants

The company is in receipt of various grants arising from eligible capital expenditure. Any grants

received are netted off the purchase costs of the associated fixed assets and the net figure is

capitalised in the accounts.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 39 (2019 - 39 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2019

180,094

Reclassification/transfer

183,804

At 31 March 2020

363,898

AMORTISATION

At 1 April 2019

144,577

Charge for year

48,599

At 31 March 2020

193,176

NET BOOK VALUE

At 31 March 2020

170,722

At 31 March 2019

35,517

The transfer arising in the year represents the reclassification (see note 7) of the net costs of the

acquisition of Koo Sales and Services Ltd after the realisation of its assets and settlement of its

liabilities. This balance therefore is goodwill, being the value of its trade which has been taken over by

the company

5.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

Plant and

and

property

machinery

fittings

£

£

£

COST

At 1 April 2019

36,530

80,388

16,981

Additions

-

3,729

-

Disposals

-

-

-

At 31 March 2020

36,530

84,117

16,981

DEPRECIATION

At 1 April 2019

21,918

65,530

14,312

Charge for year

7,306

5,489

809

Eliminated on disposal

-

-

-

At 31 March 2020

29,224

71,019

15,121

NET BOOK VALUE

At 31 March 2020

7,306

13,098

1,860

At 31 March 2019

14,612

14,858

2,669

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 April 2019

332,213

219,789

685,901

Additions

89,308

18,491

111,528

Disposals

(62,784

)

-

(62,784

)

At 31 March 2020

358,737

238,280

734,645

DEPRECIATION

At 1 April 2019

248,064

188,926

538,750

Charge for year

51,013

15,283

79,900

Eliminated on disposal

(56,784

)

-

(56,784

)

At 31 March 2020

242,293

204,209

561,866

NET BOOK VALUE

At 31 March 2020

116,444

34,071

172,779

At 31 March 2019

84,149

30,863

147,151

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Motor

vehicles

£

COST

At 1 April 2019

128,411

Additions

89,308

Disposals

(32,000

)

Transfer to ownership

(34,355

)

At 31 March 2020

151,364

DEPRECIATION

At 1 April 2019

54,377

Charge for year

41,641

Eliminated on disposal

(26,000

)

Transfer to ownership

(27,913

)

At 31 March 2020

42,105

NET BOOK VALUE

At 31 March 2020

109,259

At 31 March 2019

74,034

6.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 April 2019

179,890

Additions

3,915

Reclassification/transfer

(183,805

)

At 31 March 2020

-

NET BOOK VALUE

At 31 March 2020

-

At 31 March 2019

179,890

This refers to the net costs arising from the acquisition of the shares of Koo Sales & Services Ltd that

were acquired on 31 August 2018. This amount has now been reclassified as the acquisition of

goodwill as the company is now being liquidated

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.20

31.3.19

£

£

Trade debtors

1,193,707

999,596

Amounts owed by participating interests

812,306

769,037

Other debtors

32,325

20,308

Prepayments and accrued income

113,501

51,098

2,151,839

1,840,039

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.20

31.3.19

£

£

Hire purchase contracts

40,115

29,479

Trade creditors

804,209

577,889

Tax

66,361

53,112

Social security and other taxes

26,604

33,115

VAT

113,369

50,202

Other creditors

9,308

8,033

Accruals and deferred income

7,817

8,731

1,067,783

760,561

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.20

31.3.19

£

£

Hire purchase contracts

41,910

20,848

10.	SECURED DEBTS

The following secured debts are included within creditors:

31.3.20

31.3.19

£

£

Hire purchase contracts

82,025

50,327

Amounts due under hire purchase agreements are secured against the assets purchased.

11.	CALLED UP SHARE CAPITAL

Allotted and issued:

Number:

Class:

Nominal

31.3.20

31.3.19

value:

£

£

1,100

Ordinary shares

£1

1,100

1,100

12.	OTHER FINANCIAL COMMITMENTS

Total financial commitments, guarantees and contingencies which are not included in the balance

sheet amount to £27,500 (2019 £137,500) under a lease for the company's premises.

13.	RELATED PARTY DISCLOSURES

The company leases its property for £110,000 per annum from a company under common control. The

rental is at a commercial rate as was determined at the time that the property was purchased, in June

2015. The arrangements are covered by a lease which has an initial rental period of five years.

The company has charged management charges totalling £3,000 (2019 £8,000) and loan interest

totalling £24,990 (2019 £36,160) to companies under common control.

The aggregate amounts due to this company from those companies at 31 March 2020 is £812,306

(2019 £767,259).

14.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is A R Morrison.