Arktech (NE) Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 06959801 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2020

FOR

ARKTECH (NE) LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

B Stansfield

S Bates

SECRETARY:

S Bates

REGISTERED OFFICE:

1 Lee Close

Pattinson North Industrial Estate

Washington

Tyne and Wear

NE38 8QF

REGISTERED NUMBER:

06959801 (England and Wales)

ACCOUNTANTS:

Ribchesters

Chartered Accountants

Finchale House

Belmont Business Park

Durham

DH1 1TW

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

191,386

196,573

191,386

196,573

CURRENT ASSETS

Stocks

1,000

1,000

Debtors

6

405,816

457,927

Cash at bank and in hand

412,554

457,421

819,370

916,348

CREDITORS

Amounts falling due within one year

7

404,735

369,805

NET CURRENT ASSETS

414,635

546,543

TOTAL ASSETS LESS CURRENT LIABILITIES

606,021

743,116

PROVISIONS FOR LIABILITIES

9

14,187

11,045

NET ASSETS

591,834

732,071

CAPITAL AND RESERVES

Called up share capital

10

130

140

Revaluation reserve

11

21,639

22,195

Capital redemption reserve

70

60

Retained earnings

569,995

709,676

SHAREHOLDERS' FUNDS

591,834

732,071

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 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 22 February 2021 and were signed on its behalf by:

B Stansfield - Director

1.	STATUTORY INFORMATION

Arktech (NE) 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 as modified by the revaluation of certain assets.

Turnover

Turnover represents invoiced sales of goods & services arising from the principal activity, net of value added tax.

In respect of turnover arising from contractual arrangements, income is attributed to the profit and loss account as contract activity progresses in a manner appropriate to the stage of completion of each individual contract.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2009, is being amortised evenly over its estimated useful life of ten 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.

Freehold property

-

2% on cost

Plant and machinery

-

25% on cost

Fixtures and fittings

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

25% 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 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.

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.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 33 (2019 - 31 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 September 2019

and 31 August 2020

59,999

AMORTISATION

At 1 September 2019

and 31 August 2020

59,999

NET BOOK VALUE

At 31 August 2020

-

At 31 August 2019

-

5.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST OR VALUATION

At 1 September 2019

150,000

143,665

293,665

Additions

-

20,137

20,137

At 31 August 2020

150,000

163,802

313,802

DEPRECIATION

At 1 September 2019

12,844

84,248

97,092

Charge for year

3,000

22,324

25,324

At 31 August 2020

15,844

106,572

122,416

NET BOOK VALUE

At 31 August 2020

134,156

57,230

191,386

At 31 August 2019

137,156

59,417

196,573

Cost or valuation at 31 August 2020 is represented by:

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

Valuation in 2020

150,000

-

150,000

Cost

-

163,802

163,802

150,000

163,802

313,802

If freehold property had not been revalued it would have been included at the following historical cost:

2020

2019

£

£

Cost

122,188

122,188

Aggregate depreciation

13,180

10,736

Freehold property was valued on an open market basis on 31 August 2020 by the directors .

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

266,966

293,834

Amounts recoverable on

contracts

97,775

82,341

Other debtors

41,075

81,752

405,816

457,927

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade creditors

116,591

51,891

Taxation and social security

244,014

231,818

Other creditors

44,130

86,096

404,735

369,805

8.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2020

2019

£

£

Within one year

14,444

13,000

Between one and five years

1,204

15,167

15,648

28,167

9.	PROVISIONS FOR LIABILITIES

2020

2019

£

£

Deferred tax

Accelerated capital allowances

10,667

7,525

Other timing differences

3,520

3,520

14,187

11,045

Deferred

tax

£

Balance at 1 September 2019

11,045

Accelerated capital allowances

charge/(credit) to profit and

loss account

3,142

Balance at 31 August 2020

14,187

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2020

2019

value:

£

£

30

Ordinary

£1

30

40

100

Classes A-E

£1

100

100

130

140

During the year, the company purchased and cancelled, 10 ordinary £1.00 shares, reducing its issued share

capital from £140 to £130. This purchase was fully financed and funded from the accumulated distributable

profit and loss reserves of the company.

11.

RESERVES

Revaluation

reserve

£

At 1 September 2019

22,195

Transfer

(556

)

At 31 August 2020

21,639