Company No: SC338869 (Scotland)

Contents

• Company Information
• Accountant's Report
• Balance Sheet
• Notes to the Unaudited Financial Statements

DIRECTORS	Thomas David Kirkpatrick
	Dr. Nitin Maheshwari
	John Mitchell
	Samantha Reid
SECRETARY	Thomas Kirkpatrick
REGISTERED OFFICE	C/O Acumen Accountants And Advisors Limited City South Office Park
	Portlethen
	Aberdeen
	AB12 4XX
	Scotland
	United Kingdom
COMPANY NUMBER	SC338869(Scotland)
ACCOUNTANT	Acumen Accountants & Advisors Limited
	Bankhead Drive
	City South Office Park
	Portlethen
	Aberdeen
	AB12 4XX

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of N & F Enterprise Limited for the financial year ended 31 March 2020 which comprises the Balance Sheet and the related notes 1 to 9 from the Company’s accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at _http://www.accaglobal.com/rulebook_.

It is your duty to ensure that N & F Enterprise Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of N & F Enterprise Limited. You consider that N & F Enterprise Limited is exempt from the statutory audit requirement for the financial year.

We have not been instructed to carry out an audit or a review of the financial statements of N & F Enterprise Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

This report is made solely to the Board of Directors of N & F Enterprise Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of N & F Enterprise Limited and state those matters that we have agreed to state to you in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at _http://www.accaglobal.com/factsheet163_. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than N & F Enterprise Limited and its Board of Directors as a body for our work or for this report.

Acumen Accountants & Advisors Limited
Accountants

Bankhead Drive
City South Office Park
Portlethen
Aberdeen
AB12 4XX

26 February 2021

		2020		2019
	Note	£		£
Fixed assets
Tangible assets	3	1,959		2,613
		1,959		2,613
Current assets
Stocks	4	71,437		47,944
Debtors	5	172,563		86,584
Cash at bank and in hand	6	142,777		144,851
		386,777		279,379
Creditors
Amounts falling due within one year	7	( 199,139)		( 159,306)
Net current assets		187,638		120,073
Total assets less current liabilities		189,597		122,686
Provisions for liabilities		( 372)		( 496)
Net assets		189,225		122,190
Capital and reserves
Called-up share capital	9	1,000		1,000
Profit and loss account		188,225		121,190
Total shareholders' funds		189,225		122,190

For the financial 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 financial year 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; and
• These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of N & F Enterprise Limited (registered number: SC338869) were approved and authorised for issue by the Board of Directors on 26 February 2021. They were signed on its behalf by:

Thomas David Kirkpatrick Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year.

General information and basis of accounting

N & F Enterprise Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is Crimond Medical Centre, Crimond, Fraserburgh, AB43 8QJ, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council.

The functional currency of N & F Enterprise Limited is considered to be pounds sterling because that is the currency of the primary economic environment in which the Company operates.

Turnover

Turnover is measured at the fair value of the consideration received or receivable excluding discounts, rebates, value added tax and other sales taxes.

Employee benefits

The company operates a defined contribution scheme. The amount charged to the profit and loss in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
Taxation for the year comprises of current and deferred tax. Tax is recognised in the Profit and Loss, 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 all 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 the tax assessments in periods different from in which they are recognised in the 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.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a reducing balance basis over its expected useful life, as follows:

Fixtures and fittings - 25% reducing balance
Computer equipment - 25% reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Provision is made for obsolete, slow-moving or defective items where appropriate.

.

2. Employees

	2020	2019
	Number	Number
Monthly average number of persons employed by the Company during the year, including directors	12	10

3. Tangible assets

	Fixtures and fittings	Office equipment	Total
	£	£	£
Cost/Valuation
At 01 April 2019	6,177	7,143	13,320
At 31 March 2020	6,177	7,143	13,320
Accumulated depreciation
At 01 April 2019	5,313	5,394	10,707
Charge for the financial year	217	438	655
At 31 March 2020	5,530	5,831	11,361
Net book value
At 31 March 2020	647	1,312	1,959
At 31 March 2019	864	1,749	2,613

4. Stocks

	2020	2019
	£	£
Stocks	71,437	47,944
	71,437	47,944

5. Debtors

	2020	2019
	£	£
Trade debtors	144,298	71,908
Prepayments	4,703	5,345
VAT recoverable	23,562	9,331
	172,563	86,584

6. Cash and cash equivalents

	2020	2019
	£	£
Cash at bank and in hand	142,777	144,851
	142,777	144,851

7. Creditors: amounts falling due within one year

	2020	2019
	£	£
Trade creditors	151,003	127,486
Other creditors	1,026	0
Accruals	4,476	6,619
Corporation tax	41,476	23,214
Other taxation and social security	1,158	1,987
	199,139	159,306

8. Deferred tax

	2020	2019
	£	£
At the beginning of financial year	( 496)	( 642)
Credited to the Statement of Income and Retained Earnings	124	146
At the end of financial year	( 372)	( 496)

9. Called-up share capital and reserves

	2020	2019
	£	£
Allotted, called-up and fully-paid
300 Ordinary A shares of £ 1.00 each (2019: 300 shares of £ 1.00 each)	300	300
700 Ordinary shares of £ 1.00 each (2019: 700 shares of £ 1.00 each)	700	700
	1,000	1,000