North Valley Metal Co.(Colne) Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 00887561 (England and Wales)

Unaudited Financial Statements

for the Year Ended 30 September 2021

for

North Valley Metal Co.(Colne) Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

J Seymour

SECRETARY:

Mrs R Seymour

REGISTERED OFFICE:

Walverdene Works

Brook Street

Nelson

Lancashire

BB9 9PU

REGISTERED NUMBER:

00887561 (England and Wales)

ACCOUNTANTS:

Egan Roberts Limited

Accountants

Suite 46

Manor Court

Salesbury Hall Road

Ribchester

Lancashire

PR3 3XR

FIXED ASSETS

Tangible assets

4

402,738

390,734

Investments

5

97,000

97,000

499,738

487,734

CURRENT ASSETS

Stocks

1,068,701

877,523

Debtors

6

1,989,410

1,933,185

Cash at bank and in hand

30,243

11,549

3,088,354

2,822,257

CREDITORS

Amounts falling due within one year

7

1,268,863

1,096,092

NET CURRENT ASSETS

1,819,491

1,726,165

TOTAL ASSETS LESS CURRENT LIABILITIES

2,319,229

2,213,899

CREDITORS

Amounts falling due after more than one year

8

(158,617

)

(191,093

)

PROVISIONS FOR LIABILITIES

(16,171

)

(12,638

)

NET ASSETS

2,144,441

2,010,168

CAPITAL AND RESERVES

Called up share capital

100

100

Revaluation reserve

10

321,224

321,224

Retained earnings

1,823,117

1,688,844

SHAREHOLDERS' FUNDS

2,144,441

2,010,168

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2021 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 director and authorised for issue on 28 June 2022 and were signed by:

J Seymour - Director

1.	STATUTORY INFORMATION

North Valley Metal Co.(Colne) 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 is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

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.

Freehold property

-

2% on cost

Plant and machinery

-

15% on cost

Motor vehicles

-

25% on cost

Computer equipment

-

20% 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.

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.

Short term debtors and creditors

Short term debtors and creditors with no stated interest rate are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 16 (2020 - 18 ) .

4.	TANGIBLE FIXED ASSETS

Freehold

Plant and

Motor

Computer

property

machinery

vehicles

equipment

Totals

£

£

£

£

£

COST OR VALUATION

At 1 October 2020

414,638

404,018

66,205

21,820

906,681

Additions

1,000

13,399

-

31,493

45,892

At 30 September 2021

415,638

417,417

66,205

53,313

952,573

DEPRECIATION

At 1 October 2020

90,419

353,522

51,648

20,358

515,947

Charge for year

7,593

16,415

6,052

3,828

33,888

At 30 September 2021

98,012

369,937

57,700

24,186

549,835

NET BOOK VALUE

At 30 September 2021

317,626

47,480

8,505

29,127

402,738

At 30 September 2020

324,219

50,496

14,557

1,462

390,734

Cost or valuation at 30 September 2021 is represented by:

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

Valuation in 2007

360,000

-

360,000

Cost

55,638

536,935

592,573

415,638

536,935

952,573

The freehold property was valued on an open market basis basis on 5 September 2007 by Messrs Petty Chartered Surveyors .

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

Plant and

Motor

Computer

machinery

vehicles

equipment

Totals

£

£

£

£

COST OR VALUATION

At 1 October 2020

-

22,950

-

22,950

Additions

7,750

-

26,102

33,852

At 30 September 2021

7,750

22,950

26,102

56,802

DEPRECIATION

At 1 October 2020

-

9,085

-

9,085

Charge for year

581

5,738

2,610

8,929

At 30 September 2021

581

14,823

2,610

18,014

NET BOOK VALUE

At 30 September 2021

7,169

8,127

23,492

38,788

At 30 September 2020

-

13,865

-

13,865

5.	FIXED ASSET INVESTMENTS

Investments (neither listed nor unlisted) were as follows:

2021

2020

£

£

Classic cars

97,000

97,000

The fixed asset investment relates to a classic car. The directors believe that this will not diminish in value so it has not been depreciated.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

961,130

902,015

Amounts owed by group undertakings

985,127

972,856

Other debtors

37,100

36,581

North Valley Supplies

-

13,196

Prepayments

6,053

8,537

1,989,410

1,933,185

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Bank loans and overdrafts

589,488

442,811

Other loan

40,000

2,211

Hire purchase contracts

12,719

16,986

Trade creditors

241,493

340,524

Amounts owed to group undertakings

77,076

49,978

Tax

101,528

49,109

Social security and other taxes

35,218

37,171

VAT

104,893

150,129

Other creditors

14,796

1,629

Accrued expenses

51,652

5,544

1,268,863

1,096,092

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2021

2020

£

£

Other loan

143,333

180,000

Hire purchase contracts

15,284

11,093

158,617

191,093

9.	SECURED DEBTS

The following secured debts are included within creditors:

2021

2020

£

£

Bank overdrafts

111,564

48,489

Hire purchase contracts

28,003

28,079

Invoice discounting

477,924

374,322

617,491

450,890

The bank overdraft is secured by a fixed and floating charge over the assets of the company, whilst the invoice discounting facility is secured by a fixed charge over the company's book debts.

10.

RESERVES

Revaluation

reserve

£

At 1 October 2020

and 30 September 2021

321,224

11.	ULTIMATE CONTROLLING PARTY

The company is a wholly owned subsidiary of NVM Holdings Limited. The ultimate controlling party is Mr John Seymour, who owns a controlling interest in the equity share capital of NVM Holdings Limited.