NVB (North East) Limited Filleted accounts for Companies House (small and micro)

NVB (North East) Limited Filleted accounts for Companies House (small and micro)

NVB (NORTH EAST) LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 05288364
NVB (NORTH EAST) LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
29 April 2020
NVB (NORTH EAST) LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 29th APRIL 2020
CONTENTS
PAGES
Statement of financial position
1 to 2
Notes to the financial statements
3 to 6
NVB (NORTH EAST) LIMITED
STATEMENT OF FINANCIAL POSITION
29 April 2020
2020
2019
Note
£
£
£
£
FIXED ASSETS
Tangible assets
5
9,560
12,107
CURRENT ASSETS
Stocks
6
4,500
12,227
Debtors
7
5,629
–
Cash at bank and in hand
5,829
5,274
---------
---------
15,958
17,501
CREDITORS: amounts falling due within one year
8
167,546
103,820
----------
----------
NET CURRENT LIABILITIES
151,588
86,319
----------
---------
TOTAL ASSETS LESS CURRENT LIABILITIES
( 142,028)
( 74,212)
----------
---------
NET LIABILITIES
( 142,028)
( 74,212)
----------
---------
CAPITAL AND RESERVES
Called up share capital
9
1
1
Profit and loss account
( 142,029)
( 74,213)
----------
---------
SHAREHOLDERS DEFICIT
( 142,028)
( 74,212)
----------
---------
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 29th April 2020 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 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 .
NVB (NORTH EAST) LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
29 April 2020
These financial statements were approved by the board of directors and authorised for issue on 22 April 2022 , and are signed on behalf of the board by:
Mrs J. Bulch
Director
Company registration number: 05288364
NVB (NORTH EAST) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 29th APRIL 2020
1. GENERAL INFORMATION
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is The Old Post Office, 63 Saville Street, North Shields, Tyne & Wear, NE30 1AY.
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. The financial statements are prepared in sterling, which is the functional currency of the entity. Monetary amounts in these financial statements are rounded to the nearest £.
Going concern
The financial statements have been prepared on the going concern basis. In choosing this basis, the directors have assessed the impact of Covid-19 and the financial assistance received. The directors consider that this basis is appropriate following due consideration of the present financial position, the expected prospects of the company during the twelve months from the date of approval of these financial statements and the continued support of the company's directors, bankers and other lending agents during this time.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied stated net of discounts and of Value Added Tax.
Covid-19 support
During the year the company received Covid-19 support in the form of a Local Authority grant and HM Revenue & Customs CJRS grants. Covid-19 support grants are recognised at the fair value of the grant receivable using the accrual model.
Under the accrual model, the grant shall be recognised as income on a systematic basis over the period in which the entity recognises the costs for which the grant is intended to compensate.
Taxation
The taxation expense represents the aggregate amount of current 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. 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 .
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and 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:
Kitchen equipment
-
25% straight line
Other equipment
-
25% straight line
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.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to 9 (2019: 9 ).
5. TANGIBLE ASSETS
Kitchen equipment
Other equipment
Total
£
£
£
Cost
At 30th April 2019
12,172
1,000
13,172
Additions
–
838
838
---------
-------
---------
At 29th April 2020
12,172
1,838
14,010
---------
-------
---------
Depreciation
At 30th April 2019
982
83
1,065
Charge for the year
3,040
345
3,385
---------
-------
---------
At 29th April 2020
4,022
428
4,450
---------
-------
---------
Carrying amount
At 29th April 2020
8,150
1,410
9,560
---------
-------
---------
At 29th April 2019
11,190
917
12,107
---------
-------
---------
6. STOCKS
2020
2019
£
£
Goods for resale
4,500
12,227
-------
---------
7. DEBTORS
2020
2019
£
£
Corporation tax repayable
445
–
Other debtors
5,184
–
-------
----
5,629
–
-------
----
8. CREDITORS: amounts falling due within one year
2020
2019
£
£
Trade creditors
22,992
4,788
Accruals and deferred income
9,478
4,621
Corporation tax
–
466
Social security and other taxes
50,653
8,984
Director loan accounts
81,955
83,313
Commercial card
2,149
1,190
Other creditors
319
458
----------
----------
167,546
103,820
----------
----------
9. CALLED UP SHARE CAPITAL
Issued, called up and fully paid
2020
2019
No.
£
No.
£
Ordinary shares of £ 1 each
1
1
1
1
----
----
----
----
10. RELATED PARTY TRANSACTIONS
The directors continue to offer financial support to the company and a directors' loan account processes the transactions between N. V. and Mrs J. Bulch and NVB (North East) Limited. At the year end £81,955 (2019: £83,313) was owed to the directors and this is included within creditors. No further transactions with related parties were undertaken such as are required to be disclosed under the FRS 102 Section 1A small entities.