Nicollane Ltd - Filleted accounts

NICOLLANE LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 JULY 2021

Company Registration Number: 07993417

NICOLLANE LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2021
CONTENTS									PAGES
Company information									1
Balance sheet									2 to 3
Notes to the financial statements									4 to 7

NICOLLANE LTD
COMPANY INFORMATION
FOR THE YEAR ENDED 31 JULY 2021
DIRECTOR
P G Lane
SECRETARY
The company does not have an appointed secretary
REGISTERED OFFICE
Cranbrook House
287-291 Banbury Road
Oxford
OX2 7JQ
COMPANY REGISTRATION NUMBER
07993417 England and Wales

NICOLLANE LTD
BALANCE SHEET
AS AT 31 JULY 2021
			Notes		2021				2020
					£				£
FIXED ASSETS
Tangible assets			5				8,264				10,246
CURRENT ASSETS
Debtors			6		30,959				13,762
Cash at bank and in hand					232,665				198,033
					263,624				211,795
CREDITORS: Amounts falling due within one year			7		145,946				112,408
NET CURRENT ASSETS							117,678				99,387
TOTAL ASSETS LESS CURRENT LIABILITIES							125,942				109,633
Provisions for liabilities and charges							999				1,186
NET ASSETS							124,943				108,447
CAPITAL AND RESERVES
Called up share capital							100				100
Distributable profit and loss account							124,843				108,347
SHAREHOLDERS' FUNDS							124,943				108,447

NICOLLANE LTD
BALANCE SHEET
AS AT 31 JULY 2021
These accounts have been prepared and delivered in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006 and in accordance with the provisions of FRS 102 Section 1A - small entities.
For the financial year ended 31 July 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
Members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
As permitted by S444 (5A) of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company’s Profit and Loss Account or Directors Report.
Signed on behalf of the board
P G Lane
Director
Date approved by the board: 29 March 2022

NICOLLANE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2021
1	GENERAL INFORMATION
	Nicollane Ltd is a private company limited by shares and incorporated in England and Wales. Its registered office and principal place of business are:
	Registered office				Principal place of business
	Cranbrook House				Global House
	287-291 Banbury Road				1 Ashley Avenue
	Oxford				Epsom
	OX2 7JQ				KT18 5AD

The financial statements are presented in Sterling, which is the functional currency of the company.

2	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
	Basis of preparation of financial statements
	These financial statements have been prepared in accordance with applicable United Kingdom accounting standards, including Financial Reporting Standard 102 Section 1A smaller entities 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' ('FRS 102') and the Companies Act 2006.
	Revenue recognition

	Turnover is measured at the fair value of consideration received or receivable. It is recognised in respect of consultancy services provided as soon as there is a right to consideration and is determined by reference to the value of the work performed. Turnover is stated net of trade discounts and value added tax.
	The company recognises revenue when the amount of revenue can be measured reliably and when it is probable that future economic benefits will flow to the entity.

	Grant Income

Grant income has been recognised under the accrual model, where income is recognised on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate.

NICOLLANE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2021
2	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)
	Tangible fixed assets

	Fixed assets are carried at cost less accumulated depreciation and accumulated impairment losses.

	Depreciation has been provided at the following rate so as to write off the cost or valuation of assets less residual value of the assets over their estimated useful lives.
	Office equipment					Reducing balance basis at 25% per annum
	Office improvements					Reducing balance basis at 25% per annum
	On disposal, the difference between the net disposal proceeds and the carrying amount of the item sold is recognised in the profit and loss account, and included within administrative expenses.
	Financial Instruments
	The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
	Financial assets are measured at cost and are assessed at the end of each reporting period for objective evidence of impairment. Where objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account.

The impairment loss for financial assets measured at cost is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date.

	Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amount and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
	Impairment of non-financial assets

	At each reporting date non-financial assets not carried at fair value, like goodwill and plant, property and equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount of any asset or group of related assets (which is the higher of value in use and the fair value less cost to sell) is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in the profit and loss account.
	If an impairment loss is subsequently reversed, the carrying amount of the asset, or group of related assets, is increased to the revised estimate of its recoverable amount, but not to exceed the amount that would have been determined had no impairment loss been recognised for the asset, or group of related assets, in prior periods. A reversal of an impairment loss is recognised immediately in the profit and loss account.

NICOLLANE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2021
2	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)
	Debtors

	Short term debtors are measured at transaction price, less any impairment.

	Creditors
	Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and subsequently at amortised cost.
	Taxation
	Taxation expense represents the aggregate amount of current tax and deferred tax recognised in the reporting period.
	A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods based on current tax rates and laws. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period.

	Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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 taxable profits.
	Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

	Current and deferred tax assets and liabilities are not discounted.
	Pensions
	The company operates a defined contribution pension scheme. The amount charged to the profit and loss account in respect of pension costs and other post-retirement benefits is the amount payable in the year. Differences between contributions payable and contributions actually paid in the year are shown as either accruals or prepayments in the balance sheet.
3	CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS

	No significant accounting estimates and judgements have had to be made by the director in preparing these financial statements.

NICOLLANE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2021

4	EMPLOYEES
	The average number of persons employed by the company (including the director) during the year was:
									2021		2020
	Average number of employees								2		2
5	TANGIBLE ASSETS
							Office equipment		Office improvements		Total
							£		£		£
	Cost
	At 1 August 2020						4,177		14,050		18,227
	Additions						196		480		676
	At 31 July 2021						4,373		14,530		18,903
	Accumulated depreciation and impairments
	At 1 August 2020						2,387		5,594		7,981
	Charge for year						464		2,194		2,658
	At 31 July 2021						2,851		7,788		10,639
	Net book value
	At 1 August 2020						1,790		8,456		10,246
	At 31 July 2021						1,522		6,742		8,264
6	DEBTORS
									2021		2020
									£		£
	Trade debtors								29,985		12,980
	Prepayments and accrued income								-		450
	Other debtors								974		332
									30,959		13,762
7	CREDITORS: Amounts falling due within one year
									2021		2020
									£		£
	Trade creditors								11,000		11,500
	Taxation and social security								29,522		19,653
	Accruals and deferred income								2,716		4,304
	Other creditors								102,708		76,951
									145,946		112,408