NCOM Limited Filleted accounts for Companies House (small and micro)

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COMPANY REGISTRATION NUMBER: 06127133

NCOM Limited

Filleted Unaudited Abridged Financial Statements

30 April 2021

Statement of Consent to Prepare Abridged Financial Statements

All of the members of NCOM Limited have consented to the preparation of the abridged income statement and the statement of financial position for the year ending 30 April 2021 in accordance with Section 444(2A) of the Companies Act 2006.

NCOM Limited

Statement of Financial Position

30 April 2021

	2021		2020
Note	£	£	£

Fixed assets

Intangible assets	5	24,000	30,000
Tangible assets	6	538	718
		ÄÄÄÄÄÄÄÄ	ÄÄÄÄÄÄÄÄ
		24,538	30,718

Current assets

Stocks	500	500
Debtors	21,735	20,021
Cash at bank and in hand	146,358	147,672
	ÄÄÄÄÄÄÄÄÄ	ÄÄÄÄÄÄÄÄÄ
	168,593	168,193

Creditors: amounts falling due within one year	66,512		70,549
	ÄÄÄÄÄÄÄÄÄ		ÄÄÄÄÄÄÄÄÄ
Net current assets		102,081	97,644
		ÄÄÄÄÄÄÄÄÄ	ÄÄÄÄÄÄÄÄÄ
Total assets less current liabilities		126,619	128,362

Accruals and deferred income	16,921	15,956
	ÄÄÄÄÄÄÄÄÄ	ÄÄÄÄÄÄÄÄÄ
Net assets	109,698	112,406
	ÍÍÍÍÍÍÍÍÍ	ÍÍÍÍÍÍÍÍÍ

Capital and reserves

Called up share capital	1,000	1,000
Profit and loss account	108,698	111,406
	ÄÄÄÄÄÄÄÄÄ	ÄÄÄÄÄÄÄÄÄ
Shareholders funds	109,698	112,406
	ÍÍÍÍÍÍÍÍÍ	ÍÍÍÍÍÍÍÍÍ

These abridged 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 abridged income statement has not been delivered.

For the year ending 30 April 2021 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 abridged 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 abridged financial statements .

NCOM Limited

Statement of Financial Position (continued)

30 April 2021

These abridged financial statements were approved by the board of directors and authorised for issue on 25 November 2021 , and are signed on behalf of the board by:

Mr T S Noble
Director

Company registration number: 06127133

NCOM Limited

Notes to the Abridged Financial Statements

Year ended 30 April 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 Tallford House, 38 Walliscote Road, Weston Super Mare, Somerset, BS23 1LP. The principle activity of the company during the year was that of computer consultancy.

2. Statement of compliance

These abridged 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 abridged 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 abridged 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.

Taxation

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.

Goodwill

Positive purchased goodwill arising on acquisitions is capitalised, classified as an asset on the Balance Sheet and amortised over its useful economic life. Useful economic lives are reviewed at the end of each reporting period and revised if necessary, subject to the constraint that the revised life shall not exceed 10 years from the date of acquisition. The carrying amount at the date of revision is depreciated over the revised estimate of remaining useful economic life.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Goodwill	-	10% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

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.

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% reducing balance

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.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.

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. Intangible assets

	£
Cost
At 1 May 2020 and 30 April 2021	60,000
	ÍÍÍÍÍÍÍÍ
Amortisation
At 1 May 2020	30,000
Charge for the year	6,000
	ÄÄÄÄÄÄÄÄ
At 30 April 2021	36,000
	ÍÍÍÍÍÍÍÍ
Carrying amount
At 30 April 2021	24,000
	ÍÍÍÍÍÍÍÍ
At 30 April 2020	30,000
	ÍÍÍÍÍÍÍÍ

6. Tangible assets

	£
Cost
At 1 May 2020 and 30 April 2021	3,025
	ÍÍÍÍÍÍÍ
Depreciation
At 1 May 2020	2,307
Charge for the year	180
	ÄÄÄÄÄÄÄ
At 30 April 2021	2,487
	ÍÍÍÍÍÍÍ
Carrying amount
At 30 April 2021	538
	ÍÍÍÍÍÍÍ
At 30 April 2020	718
	ÍÍÍÍÍÍÍ

7. Directors' advances, credits and guarantees

Directors' loan

	2021	2020
	£	£
Opening balance	(18,448)	(78,393)
Withdrawn	76,878	137,566
Advanced	(77,822)	(77,621)
	ÄÄÄÄÄÄÄÄ	ÄÄÄÄÄÄÄÄÄ
Closing balance	(19,392)	(18,448)
	ÍÍÍÍÍÍÍÍ	ÍÍÍÍÍÍÍÍÍ

At the year-end the directors were owed £19,392 (2020 £18,448).