Neville Symonds Associates Limited - Period Ending 2020-12-31
Neville Symonds Associates Limited - Period Ending 2020-12-31
Registration number:
Prepared for the registrar
for the
Year Ended
Neville Symonds Associates Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Neville Symonds Associates Limited
Company Information
Directors |
N R Symonds H L Seaborne R M H Symonds W J R Symonds |
Company secretary |
H L Seaborne |
Registered office |
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Accountants |
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Neville Symonds Associates Limited
(Registration number: 05021788)
Balance Sheet as at 31 December 2020
Note |
2020 |
2019 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Investments |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Deferred tax liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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For the financial year ending 31 December 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
H L Seaborne
Company secretary and director
Neville Symonds Associates Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2020
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office and principal place of business is:
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except for, where disclosed in these accounting policies, certain items that are shown at fair value.
The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.
Critical accounting judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other |
Key sources of estimation uncertainty
No key sources of estimation uncertainty have been identified by management in preparing these financial statements other than those detailed in these accounting policies.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company.
The company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the company's activities.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in Other Comprehensive Income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Neville Symonds Associates Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2020
Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Tangible assets
Tangible assets are stated in the Balance Sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Freehold land and buildings |
5% of cost |
Plant and machinery |
20% of cost |
Fixtures and fittings |
15% of cost |
Motor vehicles |
20% - 25% of cost |
Goodwill
Goodwill is amortised over its useful life, which shall not exceed five years if a reliable estimate of the useful life cannot be made.
Intangible assets
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Goodwill |
Over 20 years |
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of stock comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Neville Symonds Associates Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2020
Trade debtors
Trade debtors are amounts due from customers for goods sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtors.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar expenses.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Neville Symonds Associates Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2020
Financial instruments
Classification
Recognition and measurement
Impairment
A non financial asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.
The recoverable amount of goodwill is derived from measurement of the present value of the future cash flows of the cash-generating units ('CGUs') of which the goodwill is a part. Any impairment loss in respect of a CGU is allocated first to the goodwill attached to that CGU, and then to other assets within that CGU on a pro-rata basis.
Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised. Where a reversal of impairment occurs in respect of a CGU, the reversal is applied first to the assets (other than goodwill) of the CGU on a pro-rata basis and then to any goodwill allocated to that CGU.
For financial assets carried at amortised cost, the amount of an impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.
For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.
Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.
Neville Symonds Associates Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2020
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was as follows:
2020 |
2019 |
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Average number of employees |
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Intangible assets |
Goodwill |
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Cost |
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At 1 January 2020 |
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At 31 December 2020 |
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Amortisation |
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At 1 January 2020 |
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Amortisation charge |
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At 31 December 2020 |
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Carrying amount |
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At 31 December 2020 |
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At 31 December 2019 |
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Neville Symonds Associates Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2020
Tangible assets |
Freehold land and buildings |
Plant and machinery |
Fixtures and fittings |
Motor vehicles |
Properties under construction |
Total |
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Cost |
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At 1 January 2020 |
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Additions |
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- |
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Disposals |
- |
( |
- |
( |
- |
( |
Transfers |
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- |
- |
- |
( |
- |
At 31 December 2020 |
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Depreciation |
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At 1 January 2020 |
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- |
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Charge for the year |
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- |
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Eliminated on disposal |
- |
( |
- |
( |
- |
( |
At 31 December 2020 |
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- |
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Carrying amount |
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At 31 December 2020 |
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At 31 December 2019 |
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Neville Symonds Associates Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2020
Investments |
2020 |
2019 |
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Other investments |
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Other investments |
Unlisted |
Cost |
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At 1 January 2020 |
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At 31 December 2020 |
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Carrying amount |
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At 31 December 2020 |
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At 31 December 2019 |
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Debtors |
2020 |
2019 |
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Trade debtors |
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Other debtors |
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Prepayments |
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Creditors |
Note |
2020 |
2019 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Social security and other taxes |
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Outstanding defined contribution pension costs |
- |
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Other creditors |
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Accrued expenses |
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Corporation tax liability |
( |
- |
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Due after one year |
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Loans and borrowings |
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Neville Symonds Associates Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2020
Loans and borrowings |
2020 |
2019 |
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Current loans and borrowings |
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Bank borrowings |
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Bank overdrafts |
- |
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Other borrowings |
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2020 |
2019 |
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Non-current loans and borrowings |
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Bank borrowings |
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Other borrowings |
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- |
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Bank borrowings
Bank borrowings of £35,639 (2019 - £48,833) are secured by a debenture over all assets held by the company.
Other borrowings
Included within other borrowings are loans from directors with a carrying amount of £147,999 (2019 - £125,909). These amounts are interest free and repayable on demand.
Deferred tax |
Deferred tax assets and liabilities
2020 |
Liability |
Difference between accumulated depreciation and amortisation and capital allowances |
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Short term timing differences |
- |
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2019 |
Liability |
Difference between accumulated depreciation and amortisation and capital allowances |
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Short term timing differences |
( |
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Neville Symonds Associates Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2020
Share capital |
Allotted, called up and fully paid shares
2020 |
2019 |
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No. |
£ |
No. |
£ |
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600 |
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600 |
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50 |
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50 |
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50 |
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50 |
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50 |
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50 |
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50 |
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50 |
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50 |
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50 |
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50 |
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50 |
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50 |
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50 |
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The different classes of shares referred to above carry separate rights to dividends but, in all other significant respects, rank pari passu.
Related party transactions |
At the balance sheet date, the net amount due from the company under common control was £41,763 (2019 - £41,763).