Nobisco Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 01945617 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 March 2021

for

Nobisco Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

A R Morrison

DT Marshall

M A Beaman

SECRETARY:

A R Morrison

REGISTERED OFFICE:

20 Gavin Way

Nexus Point

Holford Broadlands

Birmingham

West Midlands

B6 7AF

REGISTERED NUMBER:

01945617 (England and Wales)

ACCOUNTANTS:

Locke Williams Associates LLP

Chartered Accountants

Blackthorn House

St Pauls Square

Birmingham

West Midlands

B3 1RL

FIXED ASSETS

Intangible assets

4

122,123

170,722

Tangible assets

5

132,980

172,779

255,103

343,501

CURRENT ASSETS

Stocks

523,746

512,919

Debtors

6

2,124,227

2,151,839

Cash at bank and in hand

1,312,254

973,597

3,960,227

3,638,355

CREDITORS

Amounts falling due within one year

7

925,249

1,067,783

NET CURRENT ASSETS

3,034,978

2,570,572

TOTAL ASSETS LESS CURRENT LIABILITIES

3,290,081

2,914,073

CREDITORS

Amounts falling due after more than one year

8

(14,154

)

(41,910

)

PROVISIONS FOR LIABILITIES

-

(3,673

)

NET ASSETS

3,275,927

2,868,490

CAPITAL AND RESERVES

Called up share capital

10

1,100

1,100

Retained earnings

3,274,827

2,867,390

SHAREHOLDERS' FUNDS

3,275,927

2,868,490

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2021 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 17 May 2021 and were signed on its behalf by:

A R Morrison - Director

DT Marshall - Director

M A Beaman - Director

1.	STATUTORY INFORMATION

Nobisco 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

Preparation of consolidated financial statements

The financial statements contain information about Nobisco Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Turnover

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

The policies adopted for the recognition of turnover are as follows:

Sale of goods

Turnover from the sale of goods is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on dispatch.

Goodwill

Goodwill represents the excess of cost of acquisition over the fair value of the separable net assets of businesses acquired. Goodwill is amortised through the profit and loss account in equal instalments over its useful economic life.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Improvements to property

-

Over the period of the lease

Plant and machinery

-

25% on cost

Fixtures and fittings

-

25% on cost

Motor vehicles

-

25% on cost

Computer equipment

-

25% 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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

Grants

The company is in receipt of various grants arising from eligible capital expenditure. Any grants received are netted off the purchase costs of the associated fixed assets and the net figure is capitalised in the accounts.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 35 (2020 - 39 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2020

and 31 March 2021

363,898

AMORTISATION

At 1 April 2020

193,176

Charge for year

48,599

At 31 March 2021

241,775

NET BOOK VALUE

At 31 March 2021

122,123

At 31 March 2020

170,722

5.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

Plant and

and

property

machinery

fittings

£

£

£

COST

At 1 April 2020

36,530

84,117

16,981

Additions

-

12,826

-

Disposals

-

-

-

At 31 March 2021

36,530

96,943

16,981

DEPRECIATION

At 1 April 2020

29,224

71,019

15,121

Charge for year

7,306

6,260

809

Eliminated on disposal

-

-

-

At 31 March 2021

36,530

77,279

15,930

NET BOOK VALUE

At 31 March 2021

-

19,664

1,051

At 31 March 2020

7,306

13,098

1,860

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 April 2020

358,737

238,280

734,645

Additions

-

25,679

38,505

Disposals

(19,999

)

-

(19,999

)

At 31 March 2021

338,738

263,959

753,151

DEPRECIATION

At 1 April 2020

242,293

204,209

561,866

Charge for year

44,653

19,276

78,304

Eliminated on disposal

(19,999

)

-

(19,999

)

At 31 March 2021

266,947

223,485

620,171

NET BOOK VALUE

At 31 March 2021

71,791

40,474

132,980

At 31 March 2020

116,444

34,071

172,779

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Motor

vehicles

£

COST

At 1 April 2020

151,364

Transfer to ownership

(25,536

)

At 31 March 2021

125,828

DEPRECIATION

At 1 April 2020

42,105

Charge for year

37,841

Transfer to ownership

(22,362

)

At 31 March 2021

57,584

NET BOOK VALUE

At 31 March 2021

68,244

At 31 March 2020

109,259

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.21

31.3.20

£

£

Trade debtors

723,862

1,193,707

Amounts owed by participating interests

1,068,823

812,306

Amounts owed by associates

250

-

Other debtors

28,655

32,325

Directors' current accounts

182,773

-

Prepayments and accrued income

119,864

113,501

2,124,227

2,151,839

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.21

31.3.20

£

£

Hire purchase contracts

30,463

40,115

Trade creditors

666,235

804,209

Tax

114,094

66,361

Social security and other taxes

9,558

26,604

VAT

88,502

113,369

Other creditors

8,079

9,308

Wages control account Cr

4,900

-

Accruals and deferred income

3,418

7,817

925,249

1,067,783

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.21

31.3.20

£

£

Hire purchase contracts

14,154

41,910

9.	SECURED DEBTS

The following secured debts are included within creditors:

31.3.21

31.3.20

£

£

Hire purchase contracts

44,617

82,025

Amounts due under hire purchase agreements are secured against the assets purchased.

10.	CALLED UP SHARE CAPITAL

Allotted and issued:

Number:

Class:

Nominal

31.3.21

31.3.20

value:

£

£

1,100

Ordinary shares

£1

1,100

1,100

11.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2021 and 31 March 2020:

31.3.21

31.3.20

£

£

DT Marshall

Balance outstanding at start of year

-

-

Amounts advanced

182,000

-

Amounts repaid

-

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

182,000

-

12.	RELATED PARTY DISCLOSURES

The company leases its property for £110,000 per annum from a company under common control. The rental is at a commercial rate as was determined at the time that the property was purchased, in June 2015. The arrangements are covered by a lease which has an initial rental period of five years.

The company has not charged management charges this year (2020 £3,000), but has charged loan interest totalling £26,386 (2020 £24,990) to companies under common control.

The aggregate amounts due to this company from those companies at 31 March 2021 is £1,068,823 as detailed in note 6.

13.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is A R Morrison.