N3 Management Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 05823391 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 May 2021

for

N3 Management Limited

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTOR:

Mr N Watkinson

REGISTERED OFFICE:

South Preston Office Village

4B Cuerden Way

Bamber Bridge

Preston

Lancashire

PR5 6BL

REGISTERED NUMBER:

05823391 (England and Wales)

ACCOUNTANTS:

McDade Roberts Accountants Limited

South Preston Office Village

4B Cuerden Way

Bamber Bridge

Preston

Lancashire

PR5 6BL

FIXED ASSETS

Tangible assets

4

434

510

CURRENT ASSETS

Stocks

2,888

2,558

Debtors

5

4,948

1,372

Cash at bank and in hand

19,648

10,592

27,484

14,522

CREDITORS

Amounts falling due within one year

6

11,257

9,609

NET CURRENT ASSETS

16,227

4,913

TOTAL ASSETS LESS CURRENT LIABILITIES

16,661

5,423

PROVISIONS FOR LIABILITIES

7

82

97

NET ASSETS

16,579

5,326

CAPITAL AND RESERVES

Called up share capital

2

2

Retained earnings

16,577

5,324

SHAREHOLDERS' FUNDS

16,579

5,326

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 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 5 October 2021 and were signed by:

Mr N Watkinson - Director

1.	STATUTORY INFORMATION

N3 Management 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.

Going Concern

Covid-19

On 11 March 2020, the World Health Organisation officially declared COVID-19 as a pandemic.

The accounts have been prepared on a going concern basis as although there are indicators of financial impact in relation to COVID-19 the directors have taken what are considered all necessary measures to protect the business from this to limit any adverse impact.

The Directors anticipate the company continuing to trade for the foreseeable future and are monitoring the situation.

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.

Fixtures and fittings

-

15% on reducing balance

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 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.

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.

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.

3.	EMPLOYEES AND DIRECTORS

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

4.	TANGIBLE FIXED ASSETS

Fixtures

and

fittings

£

COST

At 1 June 2020

and 31 May 2021

4,918

DEPRECIATION

At 1 June 2020

4,408

Charge for year

76

At 31 May 2021

4,484

NET BOOK VALUE

At 31 May 2021

434

At 31 May 2020

510

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.5.21

31.5.20

£

£

Other debtors

4,948

1,372

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.5.21

31.5.20

£

£

Trade creditors

4,955

5,178

Taxation and social security

5,302

3,298

Other creditors

1,000

1,133

11,257

9,609

7.	PROVISIONS FOR LIABILITIES

31.5.21

31.5.20

£

£

Deferred tax

82

97

Deferred

tax

£

Balance at 1 June 2020

97

Credit to Income Statement during year

(15

)

Balance at 31 May 2021

82

8.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 May 2021 and 31 May 2020:

31.5.21

31.5.20

£

£

Mr N Watkinson

Balance outstanding at start of year

(134

)

(29

)

Amounts advanced

7,478

2,979

Amounts repaid

(4,700

)

(3,084

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

2,644

(134

)