NITELITES_LIMITED - Accounts

NITELITES LIMITED - Company Information

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Company Registration No. 05024400 (England and Wales)

NITELITES LIMITED

UNAUDITED ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 MARCH 2015

NITELITES LIMITED

CONTENTS

Page

Abbreviated balance sheet

1 - 2

Notes to the abbreviated accounts

3 - 4

NITELITES LIMITED

ABBREVIATED BALANCE SHEET

AS AT

31 MARCH 2015

- 1 -

2015

2014

Notes

Fixed assets

Tangible assets

1,812,254

707,726

Current assets

Debtors

176,908

76,539

Cash at bank and in hand

188

177,096

76,539

Creditors: amounts falling due within one year

(848,820)

(438,160)

Net current liabilities

(671,724)

(361,621)

Total assets less current liabilities

1,140,530

346,105

Creditors: amounts falling due after more than one year

(757,337)

(52,638)

Provisions for liabilities

(156,360)

(71,236)

Accruals and deferred income

(16,963)

(19,956)

209,870

202,275

Capital and reserves

Called up share capital

Profit and loss account

209,868

202,273

Shareholders' funds

209,870

202,275

NITELITES LIMITED

ABBREVIATED BALANCE SHEET (CONTINUED)

AS AT

31 MARCH 2015

- 2 -

For the financial year ended 31 March 2015 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 year in question 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.

These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

Approved by the Board for issue on 17 June 2015

Jamie Moore

Director

Company Registration No. 05024400

NITELITES LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 MARCH 2015

- 3 -

Accounting policies

1.1

Accounting convention

The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).

The directors, having regard to the nature, size and complexity of the business, have assessed the financial risks affecting the company and it's operations for the 12 months from the approval of the financial statements and consider it appropriate to prepare the financial statements on a going concern basis.

1.2

Compliance with accounting standards

The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).

1.3

Turnover

Turnover represents amounts receivable for hire of plant, net of VAT and trade discounts.

1.4

Goodwill

Acquired goodwill is written off in equal annual instalments over its estimated useful economic life of 10 years.

1.5

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 less estimated residual value of each asset over its expected useful life, as follows:

Plant and machinery

20% reducing balance

Computer equipment

15% reducing balance

Fixtures, fittings & equipment

15% reducing balance

Motor vehicles

15% reducing balance

1.6

Leasing and hire purchase commitments

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible assets and depreciated over the shorter of the lease term and their useful lives. Obligations under such agreements are included in 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 payable under operating leases are charged against income on a straight line basis over the lease term.

1.7

Deferred taxation

Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.

1.8

Government grants

Grants are credited to deferred revenue. Grants towards capital expenditure are released to the profit and loss account over the expected useful life of the assets. Grants towards revenue expenditure are released to the profit and loss account as the related expenditure is incurred.

NITELITES LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2015

- 4 -

Fixed assets

Intangible assets

Tangible assets

Total

Cost

At 1 April 2014

65,000

1,190,153

1,255,153

Additions

1,259,872

Disposals

(71,546)

At 31 March 2015

65,000

2,378,479

2,443,479

Depreciation

At 1 April 2014

65,000

482,427

547,427

On disposals

(36,151)

Charge for the year

119,949

At 31 March 2015

65,000

566,225

631,225

Net book value

At 31 March 2015

1,812,254

At 31 March 2014

707,726

Creditors

The aggregate amount of creditors for which security has been given amounted to £334,313 (2014 - £108,463).

Creditors: amounts falling due after more than one year

The aggregate amount of creditors for which security has been given amounted to £757,337 (2014 - £52,638).

Share capital

2015

2014

Allotted, called up and fully paid

2 Ordinary shares of £1 each