C.Nielson & Son Limited 31/10/2020 iXBRL

C.Nielson & Son Limited 31/10/2020 iXBRL

C.NIELSON & SON LIMITED - Company Information

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Company registration number: 00551484
C.Nielson & Son Limited
Unaudited filleted financial statements
31 October 2020
C.NIELSON & SON LIMITED
Contents
Statement of financial position
Notes to the financial statements
C.NIELSON & SON LIMITED
STATEMENT OF FINANCIAL POSITION
31 OCTOBER 2020
2020 2019
Note £ £ £ £
Fixed assets
Tangible assets 5 211,054 215,147
_______ _______
211,054 215,147
Current assets
Debtors 6 263,949 289,842
Cash at bank and in hand 88,544 68,207
_______ _______
352,493 358,049
Creditors: amounts falling due
within one year 7 ( 8,170) ( 1,200)
_______ _______
Net current assets 344,323 356,849
_______ _______
Total assets less current liabilities 555,377 571,996
Creditors: amounts falling due
after more than one year 8 ( 15,000) ( 15,000)
_______ _______
Net assets 540,377 556,996
_______ _______
Capital and reserves
Called up share capital 10,100 10,100
Profit and loss account 9 530,277 546,896
_______ _______
Shareholders funds 540,377 556,996
_______ _______
For the year ending 31 October 2020 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.
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 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 statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 29 July 2021 , and are signed on behalf of the board by:
Mrs Jill Nielson
Director
Company registration number: 00551484
C.NIELSON & SON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 OCTOBER 2020
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 5 West Street, Okehampton, Devon, EX20 1HQ.
Principal activity
The principal activity of the company is letting holiday accommodation.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. 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.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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 are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves 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:
Plant and machinery - 20% Straight Line
Fittings fixtures and equipment - 15% Straight Line
Office equipment - 20% Straight Line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument .
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2019: 1 ).
5. Tangible assets
Freehold property Plant and machinery Fixtures, fittings and equipment Office Equipment Total
£ £ £ £ £
Cost
At 1 November 2019 201,107 30,498 31,012 1,310 263,927
Additions - - 4,318 - 4,318
_______ _______ _______ _______ _______
At 31 October 2020 201,107 30,498 35,330 1,310 268,245
_______ _______ _______ _______ _______
Depreciation
At 1 November 2019 - 27,497 20,476 807 48,780
Charge for the year - 2,821 5,444 146 8,411
_______ _______ _______ _______ _______
At 31 October 2020 - 30,318 25,920 953 57,191
_______ _______ _______ _______ _______
Carrying amount
At 31 October 2020 201,107 180 9,410 357 211,054
_______ _______ _______ _______ _______
At 31 October 2019 201,107 3,001 10,536 503 215,147
_______ _______ _______ _______ _______
6. Debtors
2020 2019
£ £
Other debtors 263,949 289,842
_______ _______
7. Creditors: amounts falling due within one year
2020 2019
£ £
Trade creditors 53 -
Accruals and deferred income 2,305 1,200
Other creditors 5,812 (-)
_______ _______
8,170 1,200
_______ _______
8. Creditors: amounts falling due after more than one year
2020 2019
£ £
Other creditors 15,000 15,000
_______ _______
9. Reserves
Profit and loss account:This reserve records retained earnings and accumulated losses.
10. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
Loans to / (from) directors at 1 November 2019 Loans to / (from) the directors Amounts repaid Balance at 31 October 2020
£ £ £ £
Director 1 210,894 - - 210,894
Director 2 1,224 4,985 ( 12,021) ( 5,812)
_______ _______ _______ _______
212,118 4,985 ( 12,021) 205,082
_______ _______ _______ _______
Loans to / (from) directors at 1 November 2018 Loans to / (from) the directors Amounts repaid Balance at 31 October 2019
£ £ £ £
Director 1 310,894 - ( 100,000) 210,894
Director 2 ( 20,622) 26,454 ( 4,608) 1,224
_______ _______ _______ _______
290,272 26,454 ( 104,608) 212,118
_______ _______ _______ _______
Directors' loans are repayable on demand and subject to interest on overdrawn balances at the official rate.
11. COVID-19
In March 2020 the UK Government announced measures to mitigate the spread of coronavirus (COVID-19) within the UK, including social distancing and a lockdown. Despite these measures being supplemented by a range of financial support packages made available to businesses, the directors consider that overall there will be an adverse financial impact on the business in the remainder of 2020. The financial effect of this cannot be reliably estimated given the inherent uncertainties surrounding the situation, including the longer-term impact this has had on economic activity and the possibility of future resurgence of the virus.
12. Government Grants
During the year the company was the recipient of economic benefits as a result of the Small Business Grant Fund. The total funds received from the UK Government and recognised in other operating profit during the year was £10,000.