Nissen & Partners Company Limited Filleted accounts for Companies House (small and micro)

Nissen & Partners Company Limited Filleted accounts for Companies House (small and micro)

NISSEN & PARTNERS COMPANY LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 02580613
Nissen & Partners Company Limited
Filleted Unaudited Financial Statements
31 March 2021
Nissen & Partners Company Limited
Statement of Financial Position
31 March 2021
2021
2020
Note
£
£
£
Fixed assets
Tangible assets
5
–
421
Investments
6
110,337
100,337
---------
---------
110,337
100,758
Current assets
Debtors
7
87,900
117,747
Cash at bank and in hand
13,647
–
---------
---------
101,547
117,747
Creditors: amounts falling due within one year
8
108,165
109,665
---------
---------
Net current (liabilities)/assets
( 6,618)
8,082
---------
---------
Total assets less current liabilities
103,719
108,840
---------
---------
Net assets
103,719
108,840
---------
---------
Capital and reserves
Called up share capital
2
2
Profit and loss account
103,717
108,838
---------
---------
Shareholder funds
103,719
108,840
---------
---------
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 Section 1A of 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 income and retained earnings has not been delivered.
For the year ending 31 March 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The member has 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 .
Nissen & Partners Company Limited
Statement of Financial Position (continued)
31 March 2021
These financial statements were approved by the board of directors and authorised for issue on 19 November 2021 , and are signed on behalf of the board by:
A C F Nissen
Director
Company registration number: 02580613
Nissen & Partners Company Limited
Notes to the Financial Statements
Year ended 31 March 2021
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 180 Piccadilly, London, W1J 9HF.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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.
Revenue recognition
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.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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 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 equity, 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 equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity 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:
Office equipment
-
25% straight line
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment of fixed assets
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. For the purposes of impairment testing, 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 largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2020: 2 ).
5. Tangible assets
Plant and machinery
Total
£
£
Cost
At 1 April 2020 and 31 March 2021
3,002
3,002
-------
-------
Depreciation
At 1 April 2020
2,581
2,581
Charge for the year
421
421
-------
-------
At 31 March 2021
3,002
3,002
-------
-------
Carrying amount
At 31 March 2021
–
–
-------
-------
At 31 March 2020
421
421
-------
-------
6. Investments
Shares in group undertakings
Other investments other than loans
Total
£
£
£
Cost
At 1 April 2020
100
100,237
100,337
Additions
–
10,000
10,000
----
---------
---------
At 31 March 2021
100
110,237
110,337
----
---------
---------
Impairment
At 1 April 2020 and 31 March 2021
–
–
–
----
---------
---------
Carrying amount
At 31 March 2021
100
110,237
110,337
----
---------
---------
At 31 March 2020
100
100,237
100,337
----
---------
---------
7. Debtors
2021
2020
£
£
Trade debtors
81,900
42,085
Amounts owed by group undertakings and undertakings in which the company has a participating interest
–
57,510
Other debtors
6,000
18,152
--------
---------
87,900
117,747
--------
---------
8. Creditors: amounts falling due within one year
2021
2020
£
£
Bank loans and overdrafts
–
9,665
Trade creditors
153
450
Corporation tax
12,834
14,053
Social security and other taxes
10,597
5,723
Other creditors
84,581
79,774
---------
---------
108,165
109,665
---------
---------