Nick Symonds Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: SC285084 (Scotland)

Unaudited Financial Statements for the Year Ended 31 May 2023

for

Nick Symonds Limited

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

Chartered Accountants' Report

7

DIRECTOR:

N P Symonds

SECRETARY:

Mrs V Symonds

REGISTERED OFFICE:

Pelaig House

Dingwall

Ross-Shire

IV15 9TY

REGISTERED NUMBER:

SC285084 (Scotland)

ACCOUNTANTS:

Stewart & Stewart Ltd

Chartered Accountants

Achorn House

34 Millbank Road

Munlochy

Ross-Shire

IV8 8ND

FIXED ASSETS

Tangible assets

4

5,514

6,897

CURRENT ASSETS

Stocks

7,378

5,917

Debtors

182

34,243

Cash at bank

10,615

2,493

18,175

42,653

CREDITORS

Amounts falling due within one year

14,881

17,141

NET CURRENT ASSETS

3,294

25,512

TOTAL ASSETS LESS CURRENT LIABILITIES

8,808

32,409

CREDITORS

Amounts falling due after more than one year

27,442

37,271

NET LIABILITIES

(18,634

)

(4,862

)

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

(18,734

)

(4,962

)

SHAREHOLDERS' FUNDS

(18,634

)

(4,862

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2023 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.

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the year ended 31 May 2023 in accordance with Section 444(2A) of the Companies Act 2006.

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 24 January 2024 and were signed by:

N P Symonds - Director

1.	STATUTORY INFORMATION

Nick Symonds Limited is a private company, limited by shares , registered in Scotland. 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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for services rendered, net of discounts and Value Added Tax.

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract. Turnover is recognised when the amount of turnover can be measured reliably, it is probable that the Company will receive the consideration due under the contract, the stage of completion of the contract at the end of the reporting period can be measured reliably and when the costs incurred and the costs to complete the contract can be measured reliably.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Stocks

Stocks are measured at the lower of cost and estimated selling price, net of VAT, less costs to complete and sell. Cost includes all costs of purchase 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 and are subsequently measured as follows: Debt instruments are subsequently measured at amortised cost and commitments to receive a loan and to make a loan to another entity are subsequently measured at amortised cost. Where investments in non convertible preference shares and non puttable ordinary or preference shares are publicly traded or their fair value can otherwise be measured reliably , the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment.

All other financial instruments, including derivatives, are initially recognised at fair value, which is normally the transaction price and are subsequently measured at fair value, with any changes recognised in profit or loss.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit and loss immediately.

All equity investments regardless of significance, and other financial assets that are individually significant, are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.

Any reversals of impairment are recognised in profit and loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

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 balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Going concern

As at 31 May 2023 the company had net liabilities of £18,634 (2022: net liabilities £4,862). The company is reliant on the support of the director. The director has confirmed their intention to continue to support the company.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2022 - 4 ) .

4.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 June 2022

62,045

Additions

458

At 31 May 2023

62,503

DEPRECIATION

At 1 June 2022

55,148

Charge for year

1,841

At 31 May 2023

56,989

NET BOOK VALUE

At 31 May 2023

5,514

At 31 May 2022

6,897

5.	SECURED DEBTS

The Royal Bank of Scotland plc hold a bond and floating charge over all property and assets present and future of the company.

6.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 May 2023 and 31 May 2022:

31.5.23

31.5.22

£

£

N P Symonds

Balance outstanding at start of year

13,158

5,745

Amounts advanced

-

18,547

Amounts repaid

(13,158

)

(11,134

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

-

13,158

Interest has been charged on the balance of the directors loan at 2%.

The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Abridged Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Nick Symonds Limited for the year ended 31 May 2023 which comprise the Abridged Income Statement, Abridged Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.

This report is made solely to the director of Nick Symonds Limited in accordance with the terms of our engagement letter dated 10 May 2005. Our work has been undertaken solely to prepare for your approval the financial statements of Nick Symonds Limited and state those matters that we have agreed to state to the director of Nick Symonds Limited in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its director for our work or for this report.

It is your duty to ensure that Nick Symonds Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Nick Symonds Limited. You consider that Nick Symonds Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Nick Symonds Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Stewart & Stewart Ltd

Chartered Accountants

Achorn House

34 Millbank Road

Munlochy

Ross-Shire

IV8 8ND

24 January 2024