Embargo Nottingham Limited Filleted accounts for Companies House (small and micro)

EMBARGO NOTTINGHAM LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 10189181

Embargo Nottingham Limited

Filleted Unaudited Financial Statements

For the year ended

31 October 2021

Embargo Nottingham Limited

Financial Statements

Year ended 31 October 2021

Contents	Page

Officers and professional advisers	1

Statement of financial position	2

Notes to the financial statements	4

Embargo Nottingham Limited

Officers and Professional Advisers

The board of directors	Mr L Alonso
	Mr S Leong

Registered office	550 Valley Road
	Basford
	Nottingham
	NG5 1JJ

Accountants	ADS Accountancy Limited
	Chartered Accountants
	550 Valley Road
	Basford
	Nottingham
	NG5 1JJ

Bankers	Santander
	84 Front Street
	Arnold
	Nottingham
	NG5 7EJ

Embargo Nottingham Limited

Statement of Financial Position

31 October 2021

	2021		2020
Note	£	£	£

Fixed assets

Tangible assets	4		8,974	16,783

Current assets

Stocks		6,673	5,878
Debtors	5	319,633	147,006
Cash at bank and in hand		157,264	111,263
		---------	---------
		483,570	264,147

Creditors: amounts falling due within one year	6	189,649		113,579
		---------		---------
Net current assets			293,921	150,568
			---------	---------
Total assets less current liabilities			302,895	167,351

Creditors: amounts falling due after more than one year	7	42,500	–
		---------	---------
Net assets		260,395	167,351
		---------	---------

Capital and reserves

Called up share capital	8	2	2
Profit and loss account		260,393	167,349
		---------	---------
Shareholders funds		260,395	167,351
		---------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.

For the year ending 31 October 2021 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 .

Embargo Nottingham Limited

Statement of Financial Position (continued)

31 October 2021

These financial statements were approved by the board of directors and authorised for issue on 20 April 2022 , and are signed on behalf of the board by:

Mr S Leong

Director

Company registration number: 10189181

Embargo Nottingham Limited

Notes to the Financial Statements

Year ended 31 October 2021

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 550 Valley Road, Basford, Nottingham, NG5 1JJ.

2. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

The turnover shown in the profit and loss account represents amounts invoiced for work carried out during the year, exclusive of Value Added Tax.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Fixtures and fittings	-	20% straight line
Equipment	-	20% reducing balance

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. 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.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

3. Employee numbers

The average number of persons employed by the company during the year amounted to 18 (2020: 14 ).

4. Tangible assets

	Fixtures and fittings	Equipment	Total
	£	£	£
Cost
At 1 November 2020 and 31 October 2021	38,822	353	39,175
	--------	----	--------
Depreciation
At 1 November 2020	22,265	127	22,392
Charge for the year	7,764	45	7,809
	--------	----	--------
At 31 October 2021	30,029	172	30,201
	--------	----	--------
Carrying amount
At 31 October 2021	8,793	181	8,974
	--------	----	--------
At 31 October 2020	16,557	226	16,783
	--------	----	--------

5. Debtors

	2021	2020
	£	£
Trade debtors	10,925	–
Amounts owed by group undertakings and undertakings in which the company has a participating interest	308,708	146,584
Other debtors	–	422
	---------	---------
	319,633	147,006
	---------	---------

6. Creditors: amounts falling due within one year

	2021	2020
	£	£
Bank loans and overdrafts	7,500	–
Trade creditors	7,107	12,333
Amounts owed to group undertakings and undertakings in which the company has a participating interest	119,823	74,711
Corporation tax	23,689	16,901
Social security and other taxes	12,177	4,357
Other creditors	19,353	5,277
	---------	---------
	189,649	113,579
	---------	---------

7. Creditors: amounts falling due after more than one year

	2021	2020
	£	£
Bank loans and overdrafts	42,500	–
	--------	----

8. Called up share capital

Issued, called up and fully paid

	2021		2020
	No.	£	No.	£
Ordinary shares of £ 1 each	2	2	2	2
	----	----	----	----

9. Directors' advances, credits and guarantees

At the statement of financial position date the amount owing to the company through the directors loan account was £18,987 (2020:£5,214). The directors loan is unsecured, interest free and repayable on demand.