NECS (UK) Ltd - Accounts to registrar (filleted) - small 18.2
NECS (UK) Ltd - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| Unaudited Financial Statements for the Year Ended 31 October 2020 |
| for |
| NECS (UK) Ltd |
| NECS (UK) Ltd (Registered number: 05966798) |
| Contents of the Financial Statements |
| for the Year Ended 31 October 2020 |
| Page |
| Company Information | 1 |
| Chartered Accountants' Report | 2 |
| Balance Sheet | 3 |
| Notes to the Financial Statements | 5 |
| NECS (UK) Ltd |
| Company Information |
| for the Year Ended 31 October 2020 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| 87 Station Road |
| Ashington |
| Northumberland |
| NE63 8RS |
| Chartered Accountants' Report to the Board of Directors |
| on the Unaudited Financial Statements of |
| NECS (UK) Ltd |
| 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. |
| In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of NECS (UK) Ltd for the year ended 31 October 2020 which comprise the Income Statement, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us. |
| As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
| This report is made solely to the Board of Directors of NECS (UK) Ltd, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of NECS (UK) Ltd and state those matters that we have agreed to state to the Board of Directors of NECS (UK) Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than NECS (UK) Ltd and its Board of Directors, as a body, for our work or for this report. |
| It is your duty to ensure that NECS (UK) Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of NECS (UK) Ltd. You consider that NECS (UK) Ltd is exempt from the statutory audit requirement for the year. |
| We have not been instructed to carry out an audit or a review of the financial statements of NECS (UK) Ltd. 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 statutory financial statements. |
| 87 Station Road |
| Ashington |
| Northumberland |
| NE63 8RS |
| NECS (UK) Ltd (Registered number: 05966798) |
| Balance Sheet |
| 31 October 2020 |
| 2020 | 2019 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 4 |
| Tangible assets | 5 |
| CURRENT ASSETS |
| Debtors | 6 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 7 |
| NET CURRENT ASSETS/(LIABILITIES) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
| NET ASSETS |
| NECS (UK) Ltd (Registered number: 05966798) |
| Balance Sheet - continued |
| 31 October 2020 |
| 2020 | 2019 |
| Notes | £ | £ | £ | £ |
| CAPITAL AND RESERVES |
| Called up share capital |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| 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. |
| 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 |
| NECS (UK) Ltd (Registered number: 05966798) |
| Notes to the Financial Statements |
| for the Year Ended 31 October 2020 |
| 1. | STATUTORY INFORMATION |
| NECS (UK) Ltd is a |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the 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. |
| Turnover is derived from the provision of cleaning services and is recognised at the stage of completion of the service at the end of the reporting period providing that the outcome can be reliably estimated. When an outcome cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recovered. |
| Goodwill |
| Goodwill, being the amount paid in connection with the acquisition of the business in 2006, has been amortised evenly over its estimated useful life of 10 years. |
| Tangible fixed assets |
| Plant and machinery etc | - |
| Tangible assets held for the companies own use are stated at cost less accumulated depreciation and accumulated impairment losses. |
| At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any. |
| 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. |
| NECS (UK) Ltd (Registered number: 05966798) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 October 2020 |
| 2. | ACCOUNTING POLICIES - continued |
| 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. |
| Hire purchase and leasing commitments |
| 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. |
| Trade and debtors |
| Trade and other debtors that are receivable within one year and do not constitute a financing transaction are recorded at the undiscounted amount expected to be received, net of impairment. Those that are receivable after more than one year or constitute a financing transaction are recorded initially at fair value less transaction costs and subsequently amortised cost, net of impairment. |
| Trade and other creditors |
| Trade and other creditors are initially recognised at the transaction price and are thereafter stated at amortised costs using the effective interest method unless the effect of discounting would be immaterial, in which case they are stated at cost. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| NECS (UK) Ltd (Registered number: 05966798) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 October 2020 |
| 4. | INTANGIBLE FIXED ASSETS |
| Goodwill |
| £ |
| COST |
| At 1 November 2019 |
| and 31 October 2020 |
| AMORTISATION |
| At 1 November 2019 |
| and 31 October 2020 |
| NET BOOK VALUE |
| At 31 October 2020 |
| At 31 October 2019 |
| 5. | TANGIBLE FIXED ASSETS |
| Plant and |
| Land and | machinery |
| buildings | etc | Totals |
| £ | £ | £ |
| COST |
| At 1 November 2019 |
| Additions |
| At 31 October 2020 |
| DEPRECIATION |
| At 1 November 2019 |
| Charge for year |
| At 31 October 2020 |
| NET BOOK VALUE |
| At 31 October 2020 |
| At 31 October 2019 |
| NECS (UK) Ltd (Registered number: 05966798) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 October 2020 |
| 6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2020 | 2019 |
| £ | £ |
| Trade debtors |
| Amounts owed by associates |
| Other debtors |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2020 | 2019 |
| £ | £ |
| Bank loans and overdrafts |
| Trade creditors |
| Amounts owed to associates | 43,881 | 47,481 |
| Taxation and social security |
| Other creditors |
| 8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2020 | 2019 |
| £ | £ |
| Bank loans |
| 9. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 2020 | 2019 |
| £ | £ |
| Bank loans |
| Lloyds Factoring | 8,827 | 76,712 |
| Bank loans are secured on the freehold property. |
| Lloyds Factoring is secured on the company's debtor book. |
| NECS (UK) Ltd (Registered number: 05966798) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 October 2020 |
| 10. | RELATED PARTY DISCLOSURES |
| Related parties are:- |
| NECS (North West) Ltd 07336810 |
| NECS (Property) Ltd 10760324 |
| NECS (Scot) Ltd 09573656 |
| NECS (Midlands & South) Ltd 08487401 |
| Which are all companies under common control. |
| The company has made an interest free loan of £14,000 and received interest free loans of £43,881. |
| All Loans are repayable on demand. |