Nedco Contracts (N.E) Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 07138888 (England and Wales)

Unaudited Financial Statements

for the Year Ended 30 April 2021

for

NEDCO CONTRACTS (N.E) LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

B White

SECRETARY:

Mrs L White

REGISTERED OFFICE:

Kensington House

3 Kensington

Bishop Auckland

Co. Durham

DL14 6HX

REGISTERED NUMBER:

07138888 (England and Wales)

ACCOUNTANTS:

Mitchells Grievson Limited

Kensington House

3 Kensington

Bishop Auckland

Co. Durham

DL14 6HX

FIXED ASSETS

Tangible assets

4

262,421

316,852

CURRENT ASSETS

Stocks

214,500

169,200

Debtors

5

212,792

201,777

427,292

370,977

CREDITORS

Amounts falling due within one year

6

523,684

515,808

NET CURRENT LIABILITIES

(96,392

)

(144,831

)

TOTAL ASSETS LESS CURRENT LIABILITIES

166,029

172,021

CREDITORS

Amounts falling due after more than one year

7

(58,997

)

(43,980

)

PROVISIONS FOR LIABILITIES

(37,945

)

(44,408

)

NET ASSETS

69,087

83,633

CAPITAL AND RESERVES

Called up share capital

100

100

Revaluation reserve

9

82,471

86,414

Retained earnings

(13,484

)

(2,881

)

SHAREHOLDERS' FUNDS

69,087

83,633

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

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2021 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 21 July 2021 and were signed by:

B White - Director

1.	STATUTORY INFORMATION

Nedco Contracts (N.E) 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

-

4% on cost

Plant and machinery

-

20% on cost

Motor vehicles

-

20% on cost

Computer equipment

-

20% on cost

Stocks

Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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 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.

Government grants

Grants related to expenditure on tangible assets are credited to the profit and loss account over a period approximating to the lives of the qualifying assets. The grants shown in the balance sheet as deferred income consists of the total grants receivable to date less the amounts so far credited to the profit and loss account.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 14 (2020 - 12 ) .

4.	TANGIBLE FIXED ASSETS

Freehold

Plant and

Motor

Computer

property

machinery

vehicles

equipment

Totals

£

£

£

£

£

COST OR VALUATION

At 1 May 2020

200,000

439,392

72,750

10,697

722,839

Disposals

-

(79,800

)

-

-

(79,800

)

At 30 April 2021

200,000

359,592

72,750

10,697

643,039

DEPRECIATION

At 1 May 2020

28,055

330,121

40,049

7,762

405,987

Charge for year

8,000

36,803

8,506

1,122

54,431

Eliminated on disposal

-

(79,800

)

-

-

(79,800

)

At 30 April 2021

36,055

287,124

48,555

8,884

380,618

NET BOOK VALUE

At 30 April 2021

163,945

72,468

24,195

1,813

262,421

At 30 April 2020

171,945

109,271

32,701

2,935

316,852

Cost or valuation at 30 April 2021 is represented by:

Freehold

Plant and

Motor

Computer

property

machinery

vehicles

equipment

Totals

£

£

£

£

£

Valuation in 2018

121,686

-

-

-

121,686

Cost

78,314

359,592

72,750

10,697

521,353

200,000

359,592

72,750

10,697

643,039

If freehold land and buildings had not been revalued it would have been included at the following historical cost:

2021

2020

£

£

Cost

78,314

78,314

Aggregate depreciation

13,052

13,052

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

machinery

£

COST OR VALUATION

At 1 May 2020

and 30 April 2021

192,500

DEPRECIATION

At 1 May 2020

90,328

Charge for year

33,923

At 30 April 2021

124,251

NET BOOK VALUE

At 30 April 2021

68,249

At 30 April 2020

102,172

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

180,163

134,554

Other debtors

32,629

67,223

212,792

201,777

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Bank loans and overdrafts

151,431

188,831

Hire purchase contracts

35,177

43,599

Trade creditors

162,966

109,593

Taxation and social security

15,568

50,284

Other creditors

158,542

123,501

523,684

515,808

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2021

2020

£

£

Bank loans

40,833

-

Hire purchase contracts

18,164

43,980

58,997

43,980

8.	SECURED DEBTS

The following secured debts are included within creditors:

2021

2020

£

£

Bank overdrafts

142,264

188,831

Hire purchase contracts

53,341

87,579

195,605

276,410

The hire purchase contracts are secured on the assets to which the agreement relates.

The bank overdraft is secured by a debenture over all of the company assets.

9.

RESERVES

Revaluation

reserve

£

At 1 May 2020

86,414

Revaluation Reserve movement

(3,943

)

At 30 April 2021

82,471