Company Registration No. SC237904 (Scotland)
David Narro Associates Limited
Unaudited accounts
for the year ended 31 December 2020
David Narro Associates Limited
Unaudited accounts
Contents
David Narro Associates Limited
Company Information
for the year ended 31 December 2020
Directors
Andrew Wallace Brown
Ben William Adam
Dominic Echlin
Mark Hepburn
Company Number
SC237904 (Scotland)
Registered Office
34-36 Argyle Place
Edinburgh
EH9 1JT
Scotland
Accountants
Allsquare (Edinburgh) Ltd
Federation House
222-224 Queensferry Road
Edinburgh
EH4 2BN
David Narro Associates Limited
Statement of financial position
as at 31 December 2020
Tangible assets
96,510
96,949
Inventories
480,194
432,252
Cash at bank and in hand
1,231,534
623,845
Creditors: amounts falling due within one year
(635,645)
(415,264)
Net current assets
1,772,145
1,376,601
Total assets less current liabilities
1,868,655
1,473,550
Provisions for liabilities
Deferred tax
(12,046)
(10,845)
Net assets
1,856,609
1,462,705
Called up share capital
1,000
1,000
Profit and loss account
1,855,609
1,461,705
Shareholders' funds
1,856,609
1,462,705
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. 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 and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 17 May 2021 and were signed on its behalf by
Ben William Adam
Director
Company Registration No. SC237904
David Narro Associates Limited
Notes to the Accounts
for the year ended 31 December 2020
David Narro Associates Limited is a private company, limited by shares, registered in Scotland, registration number SC237904. The registered office is 34-36 Argyle Place, Edinburgh, EH9 1JT, Scotland.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The financial statements have been prepared on a going concern basis. The directors have reviewed and considered relevant information, including the annual budget and future cash flows in making their assessment. In particular, in response to the Covid-19 pandemic, the directors have tested their cash flow analysis to take into account the effect of possible scenarios brought on by the impact of Covid-19, alongside the measures that they can take to mitigate the impact. Based on these assessments, given the measures that could be undertaken to mitigate the current adverse conditions, and the current resources available, the directors have concluded that they can continue to adopt the going concern basis in preparing the annual report and financial statements.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets (including purchased goodwill and patents) are included at cost less accumulated amortisation.
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite life and is amortised on a systematic basis over its expected life of 10 years.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Land & buildings
10% straight line
Fixtures & fittings
25% reducing balance
Computer equipment
25% reducing balance
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
David Narro Associates Limited
Notes to the Accounts
for the year ended 31 December 2020
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Expenditure on research and development is written off in the year in which it is incurred.
Where the company makes payments to the Trust where no future economic benefits will flow to the company following payment and where the company does not have control to the right or other access to the future economic benefit it is expected to receive, the payments will be expensed in the Profit and loss account.
Where the company distributes its equity instruments to the Trust and in the opinion of the directors de-facto control over the Trust does not exist then the assets and liabilities of the Trust are not recorded on the Statement of financial position of the company in accordance with UK GAAP.
Where in the opinion of the directors de-facto control exists the company shall account for the assets and liabilities of the Trust in its financial statements as follows:
- The consideration paid for the equity instruments shall be shown as a deduction from Shareholders funds, until the equity instruments vest unconditionally with the employees;
- Other assets and liabilities of the Trust shall be recognised as assets and liabilities of the company;
- No gain or loss shall be recognised in the profit or loss on the purchase, sale, issue or cancellation of the entity's own equity instruments;
- Finance costs and any administration expenses shall be recognised on an accruals basis;
- Any dividend income arising from the company's own equity instruments shall be excluded from the profit or loss and deducted from aggregate dividends paid.
The directors are of the opinion that de-facto control of the Trust does not exist and therefore have excluded the assets and liabilities of the Trust from these financial statements. Had the directors assessment confirmed such control existed the net assets of the company would have been reduced by £NIL (2019: £NIL).
Coronavirus Job Retention Scheme grants are recognised in the year in which they are received.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
David Narro Associates Limited
Notes to the Accounts
for the year ended 31 December 2020
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
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Intangible fixed assets
Goodwill
At 31 December 2020
56,503
At 31 December 2020
56,503
5
Tangible fixed assets
Land & buildings
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At 1 January 2020
175,457
17,595
174,378
367,430
Additions
-
17,762
9,612
27,374
At 31 December 2020
175,457
35,357
183,990
394,804
At 1 January 2020
137,489
14,363
118,629
270,481
Charge for the year
6,418
5,250
16,145
27,813
At 31 December 2020
143,907
19,613
134,774
298,294
At 31 December 2020
31,550
15,744
49,216
96,510
At 31 December 2019
37,968
3,232
55,749
96,949
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Debtors: amounts falling due within one year
2020
2019
Trade debtors
599,675
657,465
Accrued income and prepayments
80,600
58,939
Other debtors
15,787
19,364
David Narro Associates Limited
Notes to the Accounts
for the year ended 31 December 2020
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Creditors: amounts falling due within one year
2020
2019
Trade creditors
65,047
48,992
Taxes and social security
539,722
277,607
Other creditors
20,513
70,567
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Deferred taxation
2020
2019
Accelerated capital allowances
12,046
10,845
Provision at start of year
10,845
13,119
Charged/(credited) to the profit and loss account
1,201
(2,274)
Provision at end of year
12,046
10,845
Allotted, called up and fully paid:
1,000,000 Ordinary shares of £0.001 each
1,000
1,000
10
Average number of employees
During the year the average number of employees was 62 (2019: 60).
