Nelcol Developments Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 08019454 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

30 JUNE 2021

FOR

NELCOL DEVELOPMENTS LIMITED

Page

Company Information

1

Chartered Certified Accountants' Report

2

Statement of Financial Position

3

Notes to the Financial Statements

5

DIRECTORS:

C D Elsom

N C Elsom

REGISTERED OFFICE:

Abbey House

51 High Street

Saffron Walden

Essex

CB10 1AF

REGISTERED NUMBER:

08019454 (England and Wales)

ACCOUNTANTS:

Bentens

Chartered Certified Accountants

Abbey House

51 High Street

Saffron Walden

Essex

CB10 1AF

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 Statement of Financial Position. 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 Nelcol Developments Limited for the year ended 30 June 2021 which comprise the Income Statement, Statement of Financial Position, Statement of Changes in Equity 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 Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook.

This report is made solely to the Board of Directors of Nelcol Developments Limited, 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 Nelcol Developments Limited and state those matters that we have agreed to state to the Board of Directors of Nelcol Developments Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Nelcol Developments Limited 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 Nelcol Developments Limited. You consider that Nelcol Developments Limited 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 Nelcol Developments Limited. 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.

Bentens

Chartered Certified Accountants

Abbey House

51 High Street

Saffron Walden

Essex

CB10 1AF

7 March 2022

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

30,049

8,746

30,049

8,746

CURRENT ASSETS

Stocks

637,868

315,000

Debtors

6

1,069

102

Cash at bank

214,059

539,515

852,996

854,617

CREDITORS

Amounts falling due within one year

7

187,521

238,169

NET CURRENT ASSETS

665,475

616,448

TOTAL ASSETS LESS CURRENT LIABILITIES

695,524

625,194

PROVISIONS FOR LIABILITIES

5,709

1,662

NET ASSETS

689,815

623,532

CAPITAL AND RESERVES

Called up share capital

9

90

90

Retained earnings

10

689,725

623,442

SHAREHOLDERS' FUNDS

689,815

623,532

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

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 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 7 March 2022 and were signed on its behalf by:

C D Elsom - Director

N C Elsom - Director

1.	STATUTORY INFORMATION

Nelcol Developments 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.

Turnover

Turnover comprises the value of residential property developed and sold by the company.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2012, is being amortised evenly over its estimated useful life of five years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Motor vehicles

-

25% on reducing balance

Computer equipment

-

25% on reducing balance

Stocks

Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2020 - 2 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 July 2020

and 30 June 2021

30,000

AMORTISATION

At 1 July 2020

and 30 June 2021

30,000

NET BOOK VALUE

At 30 June 2021

-

At 30 June 2020

-

5.	TANGIBLE FIXED ASSETS

Plant and

Motor

Computer

machinery

vehicles

equipment

Totals

£

£

£

£

COST

At 1 July 2020

8,700

9,809

875

19,384

Additions

-

34,137

919

35,056

Disposals

-

(9,809

)

-

(9,809

)

At 30 June 2021

8,700

34,137

1,794

44,631

DEPRECIATION

At 1 July 2020

3,806

6,073

759

10,638

Charge for year

1,224

8,534

259

10,017

Eliminated on disposal

-

(6,073

)

-

(6,073

)

At 30 June 2021

5,030

8,534

1,018

14,582

NET BOOK VALUE

At 30 June 2021

3,670

25,603

776

30,049

At 30 June 2020

4,894

3,736

116

8,746

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

VAT

1,069

102

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Bank loans and overdrafts

50,000

-

Trade creditors

63,521

687

Corporation tax

30,923

25,430

Social security and other taxes

342

-

Directors' current accounts

40,285

209,852

Accrued expenses

2,450

2,200

187,521

238,169

8.	SECURED DEBTS

The following secured debts are included within creditors:

2021

2020

£

£

Bank loans

50,000

-

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2021

2020

value:

£

£

90

Ordinary

£1

90

90

10.

RESERVES

Retained

earnings

£

At 1 July 2020

623,442

Profit for the year

149,083

Dividends

(82,800

)

At 30 June 2021

689,725

11.	ULTIMATE CONTROLLING PARTY

There is no controlling party.