NJO Technology Limited Filleted accounts for Companies House (small and micro)

NJO TECHNOLOGY LTD - Company Information

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COMPANY REGISTRATION NUMBER: 02967678

NJO Technology Limited

Filleted Unaudited Financial Statements

30 April 2020

NJO Technology Limited

Statement of Financial Position

30 April 2020

	2020		2019
Note	£	£	£

Fixed assets

Tangible assets	5		18,353	16,990

Current assets

Stocks		114,360	69,530
Debtors	6	31,257	44,351
Cash at bank and in hand		495	56,160
		---------	---------
		146,112	170,041

Creditors: amounts falling due within one year	7	114,134		110,710
		---------		---------
Net current assets			31,978	59,331
			--------	--------
Total assets less current liabilities			50,331	76,321

Creditors: amounts falling due after more than one year	8		15,923	19,949

Provisions

Taxation including deferred tax	3,487		4,560
Other provisions	11,880		26,800
	--------		--------
		15,367	31,360
		--------	--------
Net assets		19,041	25,012
		--------	--------

Capital and reserves

Called up share capital	1,000	1,000
Profit and loss account	18,041	24,012
	--------	--------
Shareholders funds	19,041	25,012
	--------	--------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 30 April 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

NJO Technology Limited

Statement of Financial Position (continued)

30 April 2020

These financial statements were approved by the board of directors and authorised for issue on 9 November 2020 , and are signed on behalf of the board by:

Mr T M T Rawlinson	Mrs A Rawlinson
Director	Director

Company registration number: 02967678

NJO Technology Limited

Notes to the Financial Statements

Year ended 30 April 2020

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 1/2 Fell View Industrial Estate, Shap Road, Kendal, Cumbria, LA9 6NZ.

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.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

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.

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:

Leasehold improvements	-	20% straight line
Plant and machinery	-	25% reducing balance
Fixtures and fittings	-	25% reducing balance
Computer equipment	-	33% straight line

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.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

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.

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 11 (2019: 8 ).

5. Tangible assets

	Land and buildings	Plant and machinery	Fixtures and fittings	Equipment	Total
	£	£	£	£	£
Cost
At 1 May 2019	5,566	49,891	47,946	21,050	124,453
Additions	–	7,062	749	–	7,811
	-------	--------	--------	--------	---------
At 30 April 2020	5,566	56,953	48,695	21,050	132,264
	-------	--------	--------	--------	---------
Depreciation
At 1 May 2019	5,566	39,866	41,441	20,590	107,463
Charge for the year	–	4,272	1,813	363	6,448
	-------	--------	--------	--------	---------
At 30 April 2020	5,566	44,138	43,254	20,953	113,911
	-------	--------	--------	--------	---------
Carrying amount
At 30 April 2020	–	12,815	5,441	97	18,353
	-------	--------	--------	--------	---------
At 30 April 2019	–	10,025	6,505	460	16,990
	-------	--------	--------	--------	---------

6. Debtors

	2020	2019
	£	£
Trade debtors	13,920	39,502
Other debtors	17,337	4,849
	--------	--------
	31,257	44,351
	--------	--------

7. Creditors: amounts falling due within one year

	2020	2019
	£	£
Bank loans and overdrafts	7,911	15,119
Trade creditors	36,024	28,212
Corporation tax	–	3,753
Social security and other taxes	6,110	33,051
Other creditors	64,089	30,575
	---------	---------
	114,134	110,710
	---------	---------

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

	2020	2019
	£	£
Bank loans and overdrafts	15,923	19,949
	--------	--------

9. Directors' advances, credits and guarantees

The directors maintained credit balance loans with the company throughout the year.

10. Related party transactions

The company was under the control of Mr T M T Rawlinson and Mrs A Rawlinson , both directors and shareholders, throughout the current and previous year. The directors had credit balance loans with the company totalling £6,761 (2019 - £10,214) During the year the company continued renting premises from the directors. £16,640 (2019 - £15,840) was paid to the directors during the year. During the year the directors were paid dividends of £21,600 each (2019 - £21,600 each).