Nicholas International Limited 31/03/2020 iXBRL

Nicholas International Limited 31/03/2020 iXBRL

NICHOLAS INTERNATIONAL LIMITED - Company Information

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31/03/2020 2020-03-31 false false false false false false false false false false true false false true false false false false false false false false No description of principal activities is disclosed 2019-04-01 Sage Accounts Production 18.30 - FRS xbrli:pure xbrli:shares iso4217:GBP 01790687 2019-04-01 2020-03-31 01790687 2020-03-31 01790687 2019-03-31 01790687 2018-04-01 2019-03-31 01790687 2019-03-31 01790687 core:FurnitureFittingsToolsEquipment 2019-04-01 2020-03-31 01790687 core:MotorVehicles 2019-04-01 2020-03-31 01790687 bus:OrdinaryShareClass1 2019-04-01 2020-03-31 01790687 bus:Director1 2019-04-01 2020-03-31 01790687 core:WithinOneYear 2020-03-31 01790687 core:WithinOneYear 2019-03-31 01790687 core:FurnitureFittingsToolsEquipment 2019-03-31 01790687 core:MotorVehicles 2019-03-31 01790687 core:FurnitureFittingsToolsEquipment 2020-03-31 01790687 core:MotorVehicles 2020-03-31 01790687 core:ShareCapital 2020-03-31 01790687 core:ShareCapital 2019-03-31 01790687 core:RetainedEarningsAccumulatedLosses 2020-03-31 01790687 core:RetainedEarningsAccumulatedLosses 2019-03-31 01790687 bus:OrdinaryShareClass1 core:ShareCapital 2020-03-31 01790687 bus:OrdinaryShareClass1 core:ShareCapital 2019-03-31 01790687 core:CostValuation core:Non-currentFinancialInstruments 2020-03-31 01790687 core:Non-currentFinancialInstruments 2020-03-31 01790687 core:Non-currentFinancialInstruments 2019-03-31 01790687 core:FurnitureFittingsToolsEquipment 2019-03-31 01790687 core:MotorVehicles 2019-03-31 01790687 bus:SmallEntities 2019-04-01 2020-03-31 01790687 bus:AuditExempt-NoAccountantsReport 2019-04-01 2020-03-31 01790687 bus:FullAccounts 2019-04-01 2020-03-31 01790687 bus:SmallCompaniesRegimeForAccounts 2019-04-01 2020-03-31 01790687 bus:PrivateLimitedCompanyLtd 2019-04-01 2020-03-31
Company registration number: 01790687
Companies House
Nicholas International Limited
Unaudited filleted financial statements
31 March 2020
Nicholas International Limited
Contents
Statement of financial position
Notes to the financial statements
Nicholas International Limited
Statement of financial position
31 March 2020
2020 2019
Note £ £ £ £
Fixed assets
Tangible assets 5 82,445 107,911
Investments 6 31,767 31,767
_______ _______
114,212 139,678
Current assets
Debtors 7 1,761,495 1,456,982
Cash at bank and in hand 1,842,438 1,526,108
_________ _________
3,603,933 2,983,090
Creditors: amounts falling due
within one year 8 ( 2,450,966) ( 1,626,487)
_________ _________
Net current assets 1,152,967 1,356,603
_________ _________
Net assets 1,267,179 1,496,281
_________ _________
Capital and reserves
Called up share capital 9 2 2
Profit and loss account 1,267,177 1,496,279
_________ _________
Shareholders funds 1,267,179 1,496,281
_________ _________
For the year ending 31 March 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.
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 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.
These financial statements were approved by the board of directors and authorised for issue on 20 November 2020 , and are signed on behalf of the board by:
Mr P Mottram Mrs S Mottram
Director Director
Company registration number: 01790687
Nicholas International Limited
Notes to the financial statements
Year ended 31 March 2020
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office and the business is Tower House, Westfield Industrial Estate, Kirk Lane, Yeadon, Leeds, LS19 7LX.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity, and are rounded to the nearest £1.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for management services provided, net of Value Added Tax.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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 are subsequently stated at cost less any accumulated depreciation and impairment losses.
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:
Fittings fixtures and equipment - 20 % straight line
Motor vehicles - 25 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Impairment
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. 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 are largely independent of the cash inflows from other assets or groups of assets.
Debtors and creditors receivable / payable within one year
Debtors and creditors with no stated interest rate and receivable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in administrative expenses.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2019: 2 ).
5. Tangible assets
Fixtures, fittings and equipment Motor vehicles Total
£ £ £
Cost
At 1 April 2019 575,806 105,931 681,737
Additions 21,352 - 21,352
_______ _______ _______
At 31 March 2020 597,158 105,931 703,089
_______ _______ _______
Depreciation
At 1 April 2019 508,392 65,434 573,826
Charge for the year 25,086 21,732 46,818
_______ _______ _______
At 31 March 2020 533,478 87,166 620,644
_______ _______ _______
Carrying amount
At 31 March 2020 63,680 18,765 82,445
_______ _______ _______
At 31 March 2019 67,414 40,497 107,911
_______ _______ _______
6. Investments
Shares in group undertakings and participating interests Total
£ £
Cost
At 1 April 2019 and 31 March 2020 31,767 31,767
_______ _______
Impairment
At 1 April 2019 and 31 March 2020 - -
_______ _______
Carrying amount
At 31 March 2020 31,767 31,767
_______ _______
At 31 March 2019 31,767 31,767
_______ _______
7. Debtors
2020 2019
£ £
Amounts owed by group undertakings and undertakings in which the company has a participating interest 1,761,397 1,456,840
Prepayments and accrued income 98 98
Other debtors - 44
_________ _________
1,761,495 1,456,982
_________ _________
8. Creditors: amounts falling due within one year
2020 2019
£ £
Accruals and deferred income 4,000 3,600
Corporation tax 323,638 290,876
Social security and other taxes 7,312 7,675
Director loan accounts 2,116,016 1,324,336
_________ _________
2,450,966 1,626,487
_________ _________
9. Called up share capital
Issued, called up and fully paid
2020 2019
No £ No £
Ordinary shares shares of £ 1.00 each 2 2 2 2
_______ _______ _______ _______