NG & JK Ind Ltd - Accounts to registrar - small 17.1

REGISTERED NUMBER: 04666025 (England and Wales)

Unaudited Financial Statements for the Year Ended 28 February 2017

for

NG & JK IND LTD

Page

Company Information

1

Chartered Accountants' Report

2

Balance Sheet

3

Notes to the Financial Statements

5

DIRECTORS:

N G Ind

J K Ind

SECRETARY:

J K Ind

REGISTERED OFFICE:

Alderton 4 Priory Park

Priory Industrial Estate

London Road

Tetbury

Gloucestershire

GL8 8HW

REGISTERED NUMBER:

04666025 (England and Wales)

ACCOUNTANTS:

Richardson Swift

Chartered Accountants

11 Laura Place

Bath

BA2 4BL

The following reproduces the text of the report prepared for the directors and members 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 Income Statement and certain other primary statements and the Report

of the Directors 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 NG & JK Ind Ltd for the year ended 28 February 2017

which comprise the Income Statement, 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 the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of NG & JK Ind Ltd, 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 NG & JK Ind Ltd and state those matters that we have agreed to state to the Board of Directors of NG & JK Ind Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than NG & JK Ind Ltd Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that NG & JK Ind Ltd 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 NG & JK Ind Ltd. You consider that NG & JK Ind Ltd 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 NG & JK Ind Ltd. 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.

Richardson Swift

Chartered Accountants

11 Laura Place

Bath

BA2 4BL

2 May 2017

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

42,523

53,983

42,523

53,983

CURRENT ASSETS

Stocks and work in progress

25,251

10,000

Debtors

6

176,933

101,451

Cash at bank

11,686

-

213,870

111,451

CREDITORS

Amounts falling due within one year

7

132,614

115,890

NET CURRENT ASSETS/(LIABILITIES)

81,256

(4,439

)

TOTAL ASSETS LESS CURRENT LIABILITIES

123,779

49,544

CREDITORS

Amounts falling due after more than one year

8

2,883

13,562

NET ASSETS

120,896

35,982

CAPITAL AND RESERVES

Called up share capital

2

2

Retained earnings

120,894

35,980

SHAREHOLDERS' FUNDS

120,896

35,982

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2017 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 financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 30 April 2017 and were signed on its behalf by:

J K Ind - Director

1.	STATUTORY INFORMATION

NG & JK Ind Ltd is a private company, limited by shares , registered in England and Wales.

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 the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

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

is recognised when the goods are dispatched or services are completed.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2004,

has been fully amortised over its useful life.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are

measured at cost less any accumulated amortisation and any accumulated impairment

losses.

Tangible fixed assets

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

Fixtures and fittings

-

20% on reducing balance

Commercial vehicles

-

25% on reducing balance

Plant and machinery

-

15% on reducing balance

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.

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 profit or loss over the relevant

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

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to

the company's pension scheme are charged to profit or loss in the period to which they

relate.

Critical accounting estimates and judgements

No significant judgements or key assumptions have had to be made by the directors in

preparing these financial statements.

Financial instruments

The company only enters into basic financial instruments transactions that result in the

recognition of financial assets and liabilities like trade and other debtors, loans from banks

and other third parties.

Financial assets that are measured at cost and amortised cost are assessed at the end of

each reporting period for objective evidence of impairment. If objective evidence of

impairment is found, an impairment loss is recognised in the profit or loss.

For financial assets measured at amortised cost, the impairment loss is measured as the

difference between an asset's carrying amount and the present value of estimated cash

flows discounted at the asset's original effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as

the difference between an asset's carrying amount and the best estimate, which is an

approximation, of the amount the company would receive for the asset if it were to be sold

at the reporting date.

Financial assets and liabilities are offset and the net amount reported in the balance sheet

when there is an enforceable right to set off the recognised amounts and there is an

intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2016 - 9 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 March 2016

and 28 February 2017

80,000

AMORTISATION

At 1 March 2016

and 28 February 2017

80,000

NET BOOK VALUE

At 28 February 2017

-

At 29 February 2016

-

5.	TANGIBLE FIXED ASSETS

Fixtures

and

Commercial

Plant and

fittings

vehicles

machinery

Totals

£

£

£

£

COST

At 1 March 2016

3,018

108,687

16,557

128,262

Additions

587

500

1,000

2,087

At 28 February 2017

3,605

109,187

17,557

130,349

DEPRECIATION

At 1 March 2016

1,897

58,673

13,709

74,279

Charge for year

341

12,629

577

13,547

At 28 February 2017

2,238

71,302

14,286

87,826

NET BOOK VALUE

At 28 February 2017

1,367

37,885

3,271

42,523

At 29 February 2016

1,121

50,014

2,848

53,983

Fixed assets, included in the above, which are held under hire purchase contracts are as

follows:

Commercial

vehicles

£

COST

At 1 March 2016

and 28 February 2017

76,045

DEPRECIATION

At 1 March 2016

34,786

Charge for year

10,315

At 28 February 2017

45,101

NET BOOK VALUE

At 28 February 2017

30,944

At 29 February 2016

41,259

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

80,327

68,910

Other debtors

96,606

32,541

176,933

101,451

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Bank loans and overdrafts

-

21,644

Hire purchase contracts

10,679

15,736

Trade creditors

60,809

53,934

Taxation and social security

56,686

22,976

Other creditors

4,440

1,600

132,614

115,890

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2017

2016

£

£

Hire purchase contracts

2,883

13,562

9.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended

28 February 2017 and 29 February 2016:

2017

2016

£

£

N G Ind and J K Ind

Balance outstanding at start of year

30,007

18,477

Amounts advanced

93,065

31,530

Amounts repaid

(30,000

)

(20,000

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

93,072

30,007

10.	RELATED PARTY DISCLOSURES

The directors of NG & JK lnd Ltd are also the sole directors of Dolphin Water Softeners Ltd.

During the year, NG & JK Ind Ltd made purchases of £25,158 (2016: £12,376) from

Dolphin Water Softeners Ltd, all of which were used wholly and exclusively for business.

They also purchased fixed assets for £1,500 (2016: £NIL)

During the year NG & JK Ind Ltd made sales to Dolphin Water Softeners Ltd totalling

£1,260 (2016: £6,820).

At the year end, there was £1,640 (2016: £1,440) due to Dolphin Water Softeners Ltd and

£NIL (2016: £NIL) due from Dolphin Water Softeners Ltd.

During the year, the directors, each received salary of £9,960 (2016:£8,203) and dividends

of £15,000 (2016: £10,000).

11.	ULTIMATE CONTROLLING PARTY

12.	FIRST YEAR ADOPTION

This is the first year in which the financial statements have been prepared under FRS102.

There were no changes on transition.