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 2020

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

Chartered Accountants

Suite 46

Manor Court

Salesbury Hall Road

Ribchester

Lancashire

PR3 3XR

FIXED ASSETS

Tangible assets

4

390,734

424,543

Investments

5

97,000

97,000

487,734

521,543

CURRENT ASSETS

Stocks

877,523

979,340

Debtors

6

1,933,185

1,819,160

Cash at bank and in hand

11,549

5,302

2,822,257

2,803,802

CREDITORS

Amounts falling due within one year

7

1,096,092

1,306,608

NET CURRENT ASSETS

1,726,165

1,497,194

TOTAL ASSETS LESS CURRENT LIABILITIES

2,213,899

2,018,737

CREDITORS

Amounts falling due after more than one year

8

(191,093

)

(31,140

)

PROVISIONS FOR LIABILITIES

(12,638

)

(17,522

)

NET ASSETS

2,010,168

1,970,075

CAPITAL AND RESERVES

Called up share capital

100

100

Revaluation reserve

10

321,224

321,224

Retained earnings

1,688,844

1,648,751

SHAREHOLDERS' FUNDS

2,010,168

1,970,075

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2020 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 30 September 2021 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 18 (2019 - 20 ) .

4.	TANGIBLE FIXED ASSETS

Freehold

Plant and

Motor

Computer

property

machinery

vehicles

equipment

Totals

£

£

£

£

£

COST OR VALUATION

At 1 October 2019

414,638

405,220

65,700

21,048

906,606

Additions

-

1,420

505

772

2,697

Disposals

-

(2,622

)

-

-

(2,622

)

At 30 September 2020

414,638

404,018

66,205

21,820

906,681

DEPRECIATION

At 1 October 2019

82,846

337,183

45,535

16,499

482,063

Charge for year

7,573

16,601

6,113

3,859

34,146

Eliminated on disposal

-

(262

)

-

-

(262

)

At 30 September 2020

90,419

353,522

51,648

20,358

515,947

NET BOOK VALUE

At 30 September 2020

324,219

50,496

14,557

1,462

390,734

At 30 September 2019

331,792

68,037

20,165

4,549

424,543

Cost or valuation at 30 September 2020 is represented by:

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

Valuation in 2007

360,000

-

360,000

Cost

54,638

492,043

546,681

414,638

492,043

906,681

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

machinery

vehicles

Totals

£

£

£

COST OR VALUATION

At 1 October 2019

44,680

22,950

67,630

Transfer to ownership

(44,680

)

-

(44,680

)

At 30 September 2020

-

22,950

22,950

DEPRECIATION

At 1 October 2019

19,434

3,347

22,781

Charge for year

-

5,738

5,738

Transfer to ownership

(19,434

)

-

(19,434

)

At 30 September 2020

-

9,085

9,085

NET BOOK VALUE

At 30 September 2020

-

13,865

13,865

At 30 September 2019

25,246

19,603

44,849

5.	FIXED ASSET INVESTMENTS

Investments (neither listed nor unlisted) were as follows:

2020

2019

£

£

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

2020

2019

£

£

Trade debtors

902,015

785,461

Amounts owed by group undertakings

972,856

956,722

Other debtors

36,581

36,869

North Valley Supplies

13,196

14,467

Prepayments

8,537

25,641

1,933,185

1,819,160

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Bank loans and overdrafts

442,811

640,555

Other loan

2,211

24,150

Hire purchase contracts

16,986

33,629

Trade creditors

340,524

360,087

Amounts owed to group undertakings

49,978

115,600

Tax

49,109

16,146

Social security and other taxes

37,171

50,823

VAT

150,129

56,296

Other creditors

1,629

4,629

Accrued expenses

5,544

4,693

1,096,092

1,306,608

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2020

2019

£

£

Other loan

180,000

3,062

Hire purchase contracts

11,093

28,078

191,093

31,140

9.	SECURED DEBTS

The following secured debts are included within creditors:

2020

2019

£

£

Bank overdrafts

48,489

129,984

Hire purchase contracts

28,079

61,707

Invoice discounting

374,322

510,571

450,890

702,262

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 2019

and 30 September 2020

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.