Norwich Instrument Services Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03336153 (England and Wales)

Unaudited Financial Statements For The Year Ended 31st July 2020

for

Norwich Instrument Services Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

Report of the Accountants

7

DIRECTORS:

Mr N Cockburn

Mrs B J Cockburn

SECRETARY:

Mrs B J Cockburn

REGISTERED OFFICE:

24 Beechbank Drive

Thorpe End

Norwich

Norfolk

NR13 5BW

REGISTERED NUMBER:

03336153 (England and Wales)

ACCOUNTANTS:

Aston Shaw Ltd

The Union Building

51-59 Rose Lane

Norwich

Norfolk

NR1 1BY

FIXED ASSETS

Tangible assets

4

118,856

109,987

CURRENT ASSETS

Stocks

5

282,750

367,481

Debtors

6

3,311,695

1,642,341

Cash at bank and in hand

738,188

2,595,249

4,332,633

4,605,071

CREDITORS

Amounts falling due within one year

7

429,028

451,664

NET CURRENT ASSETS

3,903,605

4,153,407

TOTAL ASSETS LESS CURRENT LIABILITIES

4,022,461

4,263,394

PROVISIONS FOR LIABILITIES

22,285

20,541

NET ASSETS

4,000,176

4,242,853

CAPITAL AND RESERVES

Called up share capital

2

2

Revaluation reserve

8

1,986

2,336

Retained earnings

3,998,188

4,240,515

SHAREHOLDERS' FUNDS

4,000,176

4,242,853

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31st July 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 28th April 2021 and were signed on its behalf by:

Mr N Cockburn - Director

1.	STATUTORY INFORMATION

Norwich Instrument Services 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 comprises sales of goods and services, excluding value added tax. Turnover is recognised in the accounting period in which the goods and services are rendered.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Improvements to leasehold property

-

in accordance with the property

Plant and machinery

-

15% on reducing balance

Fixtures and fittings

-

15% on reducing balance

Motor vehicles

-

25% on cost

Computer and office equipment

-

33% 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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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 38 (2019 - 39 ) .

4.	TANGIBLE FIXED ASSETS

Improvements

to

Fixtures

leasehold

Plant and

and

property

machinery

fittings

£

£

£

COST OR VALUATION

At 1st August 2019

7,822

308,660

55,465

Additions

-

34,512

-

At 31st July 2020

7,822

343,172

55,465

DEPRECIATION

At 1st August 2019

7,822

239,226

45,911

Charge for year

-

13,500

1,433

At 31st July 2020

7,822

252,726

47,344

NET BOOK VALUE

At 31st July 2020

-

90,446

8,121

At 31st July 2019

-

69,434

9,554

Computer

and

Motor

office

vehicles

equipment

Totals

£

£

£

COST OR VALUATION

At 1st August 2019

129,813

72,307

574,067

Additions

-

8,580

43,092

At 31st July 2020

129,813

80,887

617,159

DEPRECIATION

At 1st August 2019

101,458

69,663

464,080

Charge for year

14,177

5,113

34,223

At 31st July 2020

115,635

74,776

498,303

NET BOOK VALUE

At 31st July 2020

14,178

6,111

118,856

At 31st July 2019

28,355

2,644

109,987

Cost or valuation at 31st July 2020 is represented by:

Improvements

to

Fixtures

leasehold

Plant and

and

property

machinery

fittings

£

£

£

Valuation in 1998

-

87,524

-

Cost

7,822

255,648

55,465

7,822

343,172

55,465

Computer

and

Motor

office

vehicles

equipment

Totals

£

£

£

Valuation in 1998

-

-

87,524

Cost

129,813

80,887

529,635

129,813

80,887

617,159

If plant and machinery had not been revalued it would have been included at the following historical cost:

31/7/20

31/7/19

£

£

Cost

234,537

221,137

Aggregate depreciation

167,260

154,586

Plant and machinery were valued on an open market basis on 31st July 1998 by the Director .

The valuation of the plant has not been updated since July 1998. The directors do not consider it would be of any benefit to revalue the assets.

5.

STOCKS

31/7/20

31/7/19

£

£

Stocks

282,750

367,481

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/7/20

31/7/19

£

£

Trade debtors

618,104

608,491

Other debtors

2,693,591

1,033,850

3,311,695

1,642,341

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/7/20

31/7/19

£

£

Trade creditors

166,557

233,076

Taxation and social security

242,520

202,859

Other creditors

19,951

15,729

429,028

451,664

8.

RESERVES

Revaluation

reserve

£

At 1st August 2019

2,336

Transfer to profit and loss

reserve

(432

)

Deferred tax reduction

82

At 31st July 2020

1,986

9.	OTHER FINANCIAL COMMITMENTS

The leases for units 32 and 34 Hellesdon Park Road, Norwich, were expired on the 28 July 2020. A shorter term renewal was agreed to cover the period up to the company moved to new premises at Peachman Way, Norwich

10.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31st July 2020 and 31st July 2019:

31/7/20

31/7/19

£

£

Mr N Cockburn and Mrs B J Cockburn

Balance outstanding at start of year

(2,847

)

(2,847

)

Amounts advanced

162,102

-

Amounts repaid

-

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

159,255

(2,847

)

Interest is charged on the balances at base rate plus 2%. The balances are repayable on demand and have been cleared by the date of the approval of the financial statements.

11.	RELATED PARTY DISCLOSURES

The following companies have common ownership with Norwich Instrument Services Limited:

Bicotest High Voltage Products Limited

Biccotest Limited

Bicotest Limited

The directors, Mr & Mrs Cockburn, own equally between themselves the entire issued share capital of these companies.

These companies have been dormant since incorporation.

Dormant accounts have been prepared for the year to 31 July 2020 for Bicotest High Voltage Products Limited, Biccotest Limited and Bicotest Limited.

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

As described on the Balance Sheet you are responsible for the preparation of the financial statements for the year ended 31st July 2020 set out on pages three to eight and you consider that the company is exempt from an audit.

In accordance with your instructions, we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and information and explanations supplied to us.

Aston Shaw Ltd

The Union Building

51-59 Rose Lane

Norwich

Norfolk

NR1 1BY

28th April 2021