NBM Timber Products Limited - Abbreviated accounts 16.1

REGISTERED NUMBER: 00327516

Abbreviated Unaudited Accounts

for the Year Ended 30th April 2016

for

NBM Timber Products Limited

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

Chartered Accountants' Report

7

DIRECTORS:

G R Nelson

A P Nelson

Mrs L Nelson

Mrs S Nelson

SECRETARY:

A P Nelson

REGISTERED OFFICE:

Sitwell Street

Hull

East Yorkshire

HU8 7BG

REGISTERED NUMBER:

00327516

ACCOUNTANTS:

cbaSadofskys

Chartered Accountants

Princes House

Wright Street

Hull

East Yorkshire

HU2 8HX

BANKERS:

Barclays Bank plc

Humber & Lincolnshire Team

4th Floor

2 Humber Quays

Hull

HU1 2BN

FIXED ASSETS

Tangible assets

2

1,255,702

853,123

CURRENT ASSETS

Stocks

371,008

392,005

Debtors

773,033

821,695

Cash at bank and in hand

27,628

248,715

1,171,669

1,462,415

CREDITORS

Amounts falling due within one year

848,560

842,508

NET CURRENT ASSETS

323,109

619,907

TOTAL ASSETS LESS CURRENT LIABILITIES

1,578,811

1,473,030

CREDITORS

Amounts falling due after more than one year

3

(220,149

)

(230,818

)

ACCRUALS AND DEFERRED INCOME

(17,972

)

(20,446

)

NET ASSETS

1,340,690

1,221,766

CAPITAL AND RESERVES

Called up share capital

4

15,550

15,550

Revaluation reserve

471,033

471,507

Profit and loss account

854,107

734,709

SHAREHOLDERS' FUNDS

1,340,690

1,221,766

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30th April 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 30th April 2016 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 10th October 2016 and were signed on its behalf by:

A P Nelson - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention as modified by the revaluation

of certain assets and in accordance with the Financial Reporting Standard for Smaller Entities (effective January

2015).

Turnover

Turnover represents net invoiced sales of goods, excluding value added tax.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Land and buildings

-

over 10 and 33 years

Plant and machinery etc

-

over 2 to 20 years and over 4 to 5 years

Stocks

Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance

for obsolete and slow moving items.

Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads.

Deferred tax

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

sheet date.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the

balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at

the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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 the profit and loss account over the relevant period. The

capital element of the future payments is treated as a liability.

Government grants

Government grants have been credited to a separate account from which amounts are released to revenue over

the relevant depreciation period.

Pensions

The company operates a defined contribution scheme for certain senior employees, which requires contributions

to be made to a separately administered fund. Contributions to the fund are determined by the company and are

charged to the profit and loss account as incurred.

2.	TANGIBLE FIXED ASSETS

Total

£

COST OR VALUATION

At 1st May 2015

1,869,835

Additions

514,804

Disposals

(75,489

)

At 30th April 2016

2,309,150

DEPRECIATION

At 1st May 2015

1,016,712

Charge for year

87,754

Eliminated on disposal

(51,018

)

At 30th April 2016

1,053,448

NET BOOK VALUE

At 30th April 2016

1,255,702

At 30th April 2015

853,123

3.

CREDITORS

Creditors include the following debts falling due in more than five years:

2016

2015

£

£

Repayable by instalments

118,252

138,928

4.	CALLED UP SHARE CAPITAL

Allotted and issued:

Number:

Class:

Nominal

2016

2015

value:

£

£

200

Share capital 1

£1

200

200

15,350

Share capital 2

£1

15,350

15,350

15,550

15,550

The following shares were issued during the year for cash at par :

200 Ordinary shares of £1

15,350 3.5 % Cumulative Preference shares of £1

5.	ULTIMATE CONTROLLING PARTY

A.P. Nelson and G.R. Nelson controlled the company throughout the current and previous period.

6.	ACCOUNTANTS

The accountants, cbaSadofskys, have signified their willingness to continue in office and a resolution to

re-appoint them will be proposed at the next annual general meeting.

7.	PENSION SCHEME

The company operates a defined contribution pension scheme for certain senior employees, which requires

contributions to be made to a separately administered fund. Contributions to the fund are determined by the

company and are charged to the profit and loss account as disclosed in note 1. There were no outstanding or

prepaid contributions at the balance sheet date.

The following reproduces the text of the report prepared for the directors in respect of the company's annual

unaudited financial statements, from which the unaudited abbreviated accounts (set out on pages two to six) have

been prepared.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the

financial statements of NBM Timber Products Limited for the year ended 30th April 2016 which comprise the Profit and

Loss Account, the Balance Sheet, the Statement of Total Recognised Gains and Losses 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 the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at icaew.com/membershandbook.

This report is made solely to the Board of Directors of NBM Timber Products Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of NBM Timber Products Limited and state those matters that we have agreed to state to the Board of Directors of NBM Timber Products Limited, as a body, in this report in accordance with AAF 2/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that NBM Timber Products 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 profit of NBM Timber Products Limited. You consider that NBM Timber Products 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 NBM Timber Products 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.

cbaSadofskys

Chartered Accountants

Princes House

Wright Street

Hull

East Yorkshire

HU2 8HX

10th October 2016