NGJ Holdings Limited
NGJ Holdings Limited
Registered number: 08179361
Unaudited Financial Statements
For The Year Ended 31 December 2016
Holden & Company
Certified Practising Accountants
50 - 54 Berry Lane
Longridge
Preston
Lancashire
PR3 3JP
NGJ Holdings Limited
Unaudited Financial Statements
For The Year Ended 31 December 2016
Unaudited Financial Statements
| Contents | |
| Page | |
|---|---|
| Accountant's Report | 1 |
| Balance Sheet | 2—3 |
| Statement of Changes in Equity | 4 |
| Notes to the Financial Statements | 5—9 |
NGJ Holdings Limited
Accountant's Report
For The Year Ended 31 December 2016
Accountant's Report
In order to assist you to fulfil your duties under the Companies Act 2006, we have compiled the financial statements of the company from the accounting records and information and explanations you have given to us.
This report is made to the directors in accordance with the terms of our engagement. Our work has been undertaken to prepare for approval by the directors the financial statements that we have been engaged to compile, to report to the directors that we have done so, and to state those matters that we have agreed to state to them in this report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's directors for our work or for this report.
You have acknowledged on the balance sheet as at year ended 31 December 2016 your duty to ensure that the company has kept proper accounting records and to prepare financial statements that give a true and fair view under the Companies Act 2006. You consider that the company is exempt from the statutory requirement for an audit for the year.
We have not been instructed to carry out an audit of the financial statements. 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 financial statements.
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Certified Practising Accountants
50 - 54 Berry Lane
Longridge
Preston
Lancashire
PR3 3JP
Page 1
NGJ Holdings Limited
Balance Sheet
As at
31 December 2016
Balance Sheet
Registered number:
08179361
For the year ending 31 December 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
| 2016 | 2015 | ||||
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| Notes | £ | £ | £ | £ | |
| FIXED ASSETS | |||||
| Tangible Assets | 3 |
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| CURRENT ASSETS | |||||
| Stocks |
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| Debtors | 4 |
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| Investments | 5 |
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| Cash at bank and in hand |
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| Creditors: Amounts Falling Due Within One Year | 6 |
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| NET CURRENT ASSETS (LIABILITIES) |
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| TOTAL ASSETS LESS CURRENT LIABILITIES |
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| Creditors: Amounts Falling Due After More Than One Year | 7 |
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| PROVISIONS FOR LIABILITIES | |||||
| Deferred Taxation |
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| NET ASSETS |
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| CAPITAL AND RESERVES | |||||
| Called up share capital |
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| Profit and loss account |
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| SHAREHOLDERS' FUNDS | 1,793,393 | 1,525,974 | |||
Page 2
NGJ Holdings Limited
Balance Sheet (continued)
As at
31 December 2016
Directors' responsibilities:
-
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. -
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. -
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
On behalf of the board
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The notes on pages 5 to 9 form part of these financial statements.
Page 3
NGJ Holdings Limited
Statement of Changes in Equity
For The Year Ended 31 December 2016
Statement of Changes in Equity
| Share Capital | Profit & Loss Account | Total | |
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| £ | £ | £ | |
| As at 1 January 2015 |
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1,169,177 |
| Profit for the year and total comprehensive income | - |
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481,624 |
| Dividends paid | - | (124,827) | (124,827) |
| As at 31 December 2015 and 1 January 2016 |
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1,525,974 |
| Profit for the year and total comprehensive income | - |
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462,067 |
| Dividends paid | - | (194,648) | (194,648) |
| As at |
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1,793,393 |
Page 4
NGJ Holdings Limited
Notes to the Unaudited Accounts
For The Year Ended 31 December 2016
Notes to the Unaudited Accounts
1.
Accounting Policies
1.1.
Basis of Preparation of Financial Statements
The financial statements are prepared under the historic cost convention and in accordance with FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
1.2.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
1.3.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
| Plant & Machinery |
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| Motor Vehicles |
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1.4.
Investment properties
Investment properties are stated at cost which is contrary to the requirement of the Financial Reporting Standard used as the basis for the preparation of these accounts which requires them to be stated at fair value. This accounting treatment obviates the need for annual accounting adjustments to reflect short term fluctuations in market sentiment and the vagaries and cost of valuation. The Directors' consider that this accounting policy, which represents a departure from statutory requirements, provides a consistent and thus fairer presentation of the results and financial position of the Company.
1.5.
Leasing and Hire Purchase Contracts
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
1.6.
Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value.
Page 5
NGJ Holdings Limited
Notes to the Unaudited Accounts (continued)
For The Year Ended 31 December 2016
1.7.
Deferred Taxation
The charge for taxation takes into account taxation deferred as a result of timing differences between the treatment of certain items for taxation and accounting purposes. In general, deferred taxation is recognised in respect of timing differences that have originated but not reversed at the balance sheet date. However, deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred taxation is measured on a non-discounted basis at the tax rates that are expected to apply in periods in which the timing differences reverse, based on tax rates and the law enacted or substantively enacted at the balance sheet date.
1.8.
Registrar Filing Requirements
The company has taken advantage of Companies Act 2006 section 444(1) and opted not to file the profit and loss account, directors report, and notes to the financial statements relating to the profit and loss account. The notes which are not included have been hidden but original note numbering has remained the same for those that are present.
2.
Average number of employees
Average number of employees, including directors, during the year was as follows:
| 2016 | 2015 | ||
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| Office and administration |
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3.
Tangible Assets
| Investment Properties | Plant & Machinery | Motor Vehicles | Total | |
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| £ | £ | £ | £ | |
| Cost | ||||
| As at |
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| Additions | 50,000 |
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| Disposals |
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| Depreciation | ||||
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| Provided during the period | - |
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| Disposals |
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| Net Book Value | ||||
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Page 6
NGJ Holdings Limited
Notes to the Unaudited Accounts (continued)
For The Year Ended 31 December 2016
4.
Debtors
| 2016 | 2015 | ||
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| £ | £ | ||
| Due within one year | |||
| Trade debtors |
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| Prepayments and accrued income |
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| Other debtors |
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5.
Current Asset Investments
| 2016 | 2015 | ||
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| £ | £ | ||
| Shares in subsidiaries |
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This company holds 70% of the ordinary share capital in Steel Work Construction Limited, a company which provides engineering, welding and steel fabricating to the construction industry and is registered in England, Company No.08330965.
The capital reserves of this undertaking at 31st December 2016 amounted to £1,585,206 (2015-£987,352) and its profit for the year was £797,854 (2015-£616,703).
This investment is stated at cost.
6.
Creditors: Amounts Falling Due Within One Year
| 2016 | 2015 | ||
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| £ | £ | ||
| Net obligations under finance lease and hire purchase contracts |
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| Trade creditors |
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| Bank loans and overdrafts |
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| Corporation tax |
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| Other taxes and social security |
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| VAT |
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| Net wages | 1,900 | 1,756 | |
| Accruals and deferred income |
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| Directors' loan accounts |
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Page 7
NGJ Holdings Limited
Notes to the Unaudited Accounts (continued)
For The Year Ended 31 December 2016
7.
Creditors: Amounts Falling Due After More Than One Year
| 2016 | 2015 | ||
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| £ | £ | ||
| Net obligations under finance lease and hire purchase contracts |
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The finance lease and hire purchase contracts are secured on the assets financed.
8.
Secured Creditors
Of the creditors falling due within and after more than one year the following amounts are secured.
| 2016 | 2015 | ||
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| £ | £ | ||
| Bank loans and overdrafts | 276,510 | 283,480 |
9.
Obligations Under Finance Leases and Hire Purchase
| 2016 | 2015 | ||
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| £ | £ | ||
| The maturity of these amounts is as follows: | |||
| Amounts Payable: | |||
| Within one year |
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| Between one and five years |
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| after more than five years |
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10.
Related Party Transactions
DRL Plant Hire Limited
DR Lee, a director and shareholder in DRL Plant Hire Limited, is the brother of B Lee, a Director in this Company.
During the year, this company had a balance of a loan outstanding from DRL Plant Hire Limited, in the sum of £7000 (2015-£40,000).This loan is unsecured, interest free, and repayable on demand.
Steel Work Construction Limited
This company holds 70% of the shareholdings in the above company. Ben Lee, a Director in this company, is also a Director in Steel Work Construction Limited.
Dividends were received from Steel Work Construction Limited during the year in the sum of £140,000 (2015-£91,600).
Page 8
NGJ Holdings Limited
Notes to the Unaudited Accounts (continued)
For The Year Ended 31 December 2016
11.
General Information
NGJ Holdings Limited , Registered number 08179361 , is a private company limited by shares and incorporated in England. The Registered Office is Ashley Head Farm, Ashley Lane, Goosnargh, Preston PR3 2EE.
Page 9