N V S Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 02810186 (England and Wales)

Unaudited Financial Statements for the Year Ended 30 April 2020

for

N V S Limited

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

Mr Ketan Nathalal Shah

Mrs Dhruti Shah

SECRETARY:

Mrs Dhruti Shah

REGISTERED OFFICE:

46 Baker Street

London

W1U 7BR

REGISTERED NUMBER:

02810186 (England and Wales)

ACCOUNTANTS:

Capitax Financial Limited

Devonshire House

582 Honeypot Lane

Stanmore

MIDDLESEX

HA7 1JS

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

13,090

21,882

13,090

21,882

CURRENT ASSETS

Stocks

270,243

249,636

Debtors

6

81,967

82,727

Prepayments and accrued income

-

9,556

Cash at bank and in hand

600,263

405,373

952,473

747,292

CREDITORS

Amounts falling due within one year

7

823,064

435,106

NET CURRENT ASSETS

129,409

312,186

TOTAL ASSETS LESS CURRENT LIABILITIES

142,499

334,068

PROVISIONS FOR LIABILITIES

1,442

3,956

NET ASSETS

141,057

330,112

CAPITAL AND RESERVES

Called up share capital

99

99

Retained earnings

140,958

330,013

SHAREHOLDERS' FUNDS

141,057

330,112

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 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 13 November 2020 and were signed on its behalf by:

Mr Ketan Nathalal Shah - Director

1.	STATUTORY INFORMATION

N V S 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.

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 etc

-

20% on 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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Hire purchase and leasing commitments

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

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 (2019 - 11 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 May 2019

and 30 April 2020

7,047

AMORTISATION

At 1 May 2019

and 30 April 2020

7,047

NET BOOK VALUE

At 30 April 2020

-

At 30 April 2019

-

5.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 May 2019

16,995

156,627

173,622

Additions

-

391

391

At 30 April 2020

16,995

157,018

174,013

DEPRECIATION

At 1 May 2019

11,206

140,534

151,740

Charge for year

1,157

8,026

9,183

At 30 April 2020

12,363

148,560

160,923

NET BOOK VALUE

At 30 April 2020

4,632

8,458

13,090

At 30 April 2019

5,789

16,093

21,882

6.

DEBTORS

30.4.20

30.4.19

£

£

Amounts falling due within one year:

Trade debtors

63,154

52,237

Other debtors

13,648

25,325

76,802

77,562

30.4.20

30.4.19

£

£

Amounts falling due after more than one year:

Other debtors

5,165

5,165

Aggregate amounts

81,967

82,727

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.4.20

30.4.19

£

£

Trade creditors

171,770

159,662

Taxation and social security

53,219

40,544

Other creditors

598,075

234,900

823,064

435,106

8.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

During the year ended 30 April 2020 N V S Ltd owed £278,099 to its Directors. This amount is reflected in the director`s loan accounts in credit balances, which is shown in other creditors accounts under creditors due within one year. Please be advised that the directors have agreed to provide this loan on an interest free basis and the loan is repayable on demand.

9.	ULTIMATE CONTROLLING PARTY

The controlling party is Mr Ketan Nathalal Shah.

The ultimate controlling party is Mr Ketan Nathalal Shah.