NGJ Holdings Limited
NGJ Holdings Limited
Registered number: 08179361
Unaudited Financial Statements
For The Year Ended
31 December 2020
Holden & Company
Chartered Accountants
50 - 54 Berry Lane
Longridge
Preston
Lancashire
PR3 3JP
NGJ Holdings Limited
Unaudited Financial Statements
For The Year Ended
31 December 2020
Unaudited Financial Statements
| Contents | |
| Page | |
|---|---|
| Accountant's Report | 1 |
| Balance Sheet | 2—3 |
| Statement of Changes in Equity | 4 |
| Notes to the Financial Statements | 5—10 |
NGJ Holdings Limited
Accountant's Report
For The Year Ended
31 December 2020
Accountant's Report
In order to assist you to fulfil your duties under the Companies Act 2006, we have compiled the financial statements of the company from the accounting records and information and explanations you have given to us.
This report is made to the directors in accordance with the terms of our engagement. Our work has been undertaken to prepare for approval by the directors the financial statements that we have been engaged to compile, to report to the directors that we have done so, and to state those matters that we have agreed to state to them in this report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's directors for our work or for this report.
You have acknowledged on the balance sheet as at year ended
31 December 2020
your duty to ensure that the company has kept proper accounting records and to prepare financial statements that give a true and fair view under the Companies Act 2006. You consider that the company is exempt from the statutory requirement for an audit for the year.
We have not been instructed to carry out an audit of the financial statements. 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 financial statements.
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Chartered Accountants
50 - 54 Berry Lane
Longridge
Preston
Lancashire
PR3 3JP
Page 1
NGJ Holdings Limited
Balance Sheet
As at
31 December 2020
Balance Sheet
Registered number:
08179361
For the year ending 31 December 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
| 2020 | 2019 | ||||
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| Notes | £ | £ | £ | £ | |
| FIXED ASSETS | |||||
| Tangible Assets | 3 |
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| CURRENT ASSETS | |||||
| Stocks |
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| Debtors | 4 |
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| Investments | 5 |
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| Cash at bank and in hand |
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| Creditors: Amounts Falling Due Within One Year | 6 |
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| NET CURRENT ASSETS (LIABILITIES) |
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| TOTAL ASSETS LESS CURRENT LIABILITIES |
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| Creditors: Amounts Falling Due After More Than One Year | 7 |
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| PROVISIONS FOR LIABILITIES | |||||
| Deferred Taxation |
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| NET ASSETS |
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| CAPITAL AND RESERVES | |||||
| Called up share capital | 10 |
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| Profit and Loss Account |
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| SHAREHOLDERS' FUNDS | 4,323,303 | 3,779,626 | |||
Page 2
NGJ Holdings Limited
Balance Sheet (continued)
As at
31 December 2020
Directors' responsibilities:
-
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. -
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. -
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime. - The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
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Director
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The notes on pages 5 to 10 form part of these financial statements.
Page 3
NGJ Holdings Limited
Statement of Changes in Equity
For The Year Ended
31 December 2020
Statement of Changes in Equity
| Share Capital | Profit and Loss Account | Total | |
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| £ | £ | £ | |
| As at 1 January 2019 |
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2,750,741 |
| Profit for the year and total comprehensive income | - |
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1,288,885 |
| Dividends paid | - | (260,000) | (260,000) |
| As at 31 December 2019 and 1 January 2020 |
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3,779,626 |
| Profit for the year and total comprehensive income | - |
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833,677 |
| Dividends paid | - | (290,000) | (290,000) |
| As at
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4,323,303 |
Page 4
NGJ Holdings Limited
Notes to the Financial Statements
For The Year Ended
31 December 2020
Notes to the Financial Statements
1.
Accounting Policies
1.1.
Basis of Preparation of Financial Statements
The financial statements are prepared under the historic cost convention and in accordance with FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006. The company is a parent company subject to the small companies regime. The company and its subsidiary comprise a small group. The company has therefore taken advantage of the option provided by section 399 of the Companies Act 2006 not to prepare group accounts and these accounts accordingly present information about this Company only and not its group.
1.2.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
1.3.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
| Plant & Machinery |
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| Motor Vehicles |
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| Fixtures & Fittings |
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1.4.
Investment Properties
Investment properties are stated at cost which is contrary to the requirement of the Financial Reporting Standard used as the basis for the preparation of these accounts which requires them to be stated at fair value. This accounting treatment obviates the need for annual accounting adjustments to reflect short term fluctuations in market sentiment and the vagaries and cost of valuation. The Directors' consider that this accounting policy, which represents a departure from statutory requirements, provides a consistent and thus fairer presentation of the results and financial position of the Company.
1.5.
Leasing and Hire Purchase Contracts
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases and hire purchase agreements are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
1.6.
Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value.
Page 5
NGJ Holdings Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 December 2020
1.7.
Taxation
Taxation represents the sum of the tax currently payable and deferred tax.
The Company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on all timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.
1.8.
Registrar Filing Requirements
The company has taken advantage of Companies Act 2006 section 444(1) and opted not to file the profit and loss account, directors report, and notes to the financial statements relating to the profit and loss account. The notes which are not included have been hidden but original note numbering has remained the same for those that are present.
2.
Average Number of Employees
Average number of employees during the year was as follows:
| 2020 | 2019 | ||
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Page 6
NGJ Holdings Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 December 2020
3.
Tangible Assets
| Investment Properties | Plant & Machinery | Motor Vehicles | Fixtures & Fittings | Total | |
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| £ | £ | £ | £ | £ | |
| Cost | |||||
| As at
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| Additions | 663,107 |
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| Disposals |
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| Depreciation | |||||
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| Provided during the period | - |
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| Disposals |
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| Net Book Value | |||||
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4.
Debtors
| 2020 | 2019 | ||
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| £ | £ | ||
| Due within one year | |||
| Trade debtors |
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| Prepayments and accrued income |
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| Amounts owed by subsidiaries |
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Page 7
NGJ Holdings Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 December 2020
5.
Current Asset Investments
| 2020 | 2019 | ||
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| £ | £ | ||
| Shares in subsidiaries |
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This company holds 70% of the ordinary share capital in Steel Work Construction Limited, a company which provides engineering, welding and steel fabricating to the construction industry and is registered in England, Company No.08330965.
The capital reserves of this undertaking at 31st December 2020 amounted to £2,970,722 (2019-£2,760,042) and its profit for the year was £1,210,680 (2019-£1,773,302).
This investment is stated at cost.
This company holds 100% of the ordinary share capital in The Dog Inn at Longridge Limited, a company registered in England, Company No.10551931. This Company ceased trading on 31st July 2020 and its capital reserves at 31st December 2020 amounted to £3,296.
The investment is stated at cost.
6.
Creditors: Amounts Falling Due Within One Year
| 2020 | 2019 | ||
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| £ | £ | ||
| Net obligations under finance lease and hire purchase contracts |
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| Trade creditors |
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| Bank loans and overdrafts |
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| Corporation tax |
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| Other taxes and social security |
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| VAT |
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| Accruals and deferred income |
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| Directors' loan accounts |
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| Amounts owed to subsidiaries |
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7.
Creditors: Amounts Falling Due After More Than One Year
| 2020 | 2019 | ||
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| £ | £ | ||
| Net obligations under finance lease and hire purchase contracts |
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| Bank loans |
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Of the creditors falling due within and after more than one year the following amounts are due after more than five years.
Page 8
NGJ Holdings Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 December 2020
| 2020 | 2019 | ||
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| £ | £ | ||
| Net obligations under finance lease and hire purchase contracts | 21,954 | 198,396 | |
| Bank loans and overdrafts | 257,853 | 267,484 |
8.
Secured Creditors
Of the creditors falling due within and after more than one year the following amounts are secured.
| 2020 | 2019 | ||
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| £ | £ | ||
| Net obligations under finance lease and hire purchase contracts | 807,661 | 1,122,504 | |
| Bank loans and overdrafts | 619,370 | 633,560 |
9.
Obligations Under Finance Leases and Hire Purchase
| 2020 | 2019 | ||
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| £ | £ | ||
| The maturity of these amounts is as follows: | |||
| Amounts Payable: | |||
| Within one year |
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| Between one and five years |
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| After more than five years |
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11.
Related Party Transactions
Steel Work Construction Limited
This company holds 70% of the shareholdings in the above company. B J Lee, a Director in this company, is also a Director in Steel Work Construction Limited.
During the year, this company invoiced Steel Work Construction Limited for plant hire charges and consultancy fees totalling £1,027,000 (2019 - £1,008,760). No amounts were owing at the year end in this respect. Dividends were received from Steel Work Construction Limited during the year in the sum of £700,000 (2019 - £980,000). At 31st December 2020 Steel Work Construction Limited owed this Company an amount of £351,730 (2019 - £219,209) in respect of a loan. The loan is interest free and repayable on demand and £351,730 (2019 - £219,09) was the maximum amount owing during the year.
Page 9
NGJ Holdings Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 December 2020
12.
General Information
NGJ Holdings Limited
, Registered number
08179361
, is a private company limited by shares and incorporated in England. The Registered Office is Ashley Head Farm, Ashley Lane, Goosnargh, Preston PR3 2EE.
Page 10