N V S Limited - Period Ending 2014-04-30

Registration number: 02810186

N V S Limited

Unaudited Abbreviated Accounts

for the Year Ended 30 April 2014
 

Flemmings Chartered Accountants
76 Canterbury Road
Croydon
Surrey
CR0 3HA

N V S Limited
Contents

Abbreviated Balance Sheet 1 to 2

Notes to the Abbreviated Accounts 3 to 5

N V S Limited
(Registration number: 02810186)
Abbreviated Balance Sheet at 30 April 2014

		Note			2014						2013
	£			£			£			£
Fixed assets
Tangible fixed assets								3,457						6,336
Current assets
Stocks					226,571						225,462
Debtors					110,015						141,959
Cash at bank and in hand					291,247						126,334
					627,833						493,755
Creditors: Amounts falling due within one year					(479,033)						(453,413)
Net current assets								148,800						40,342
Total assets less current liabilities								152,257						46,678
Provisions for liabilities								(121)						(589)
Net assets								152,136						46,089
Capital and reserves
Called up share capital		3			99						99
Profit and loss account					152,037						45,990
Shareholders' funds								152,136						46,089

For the year ending 30 April 2014 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

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.

Approved by the Board on 10 November 2014 and signed on its behalf by:

The notes on pages 3 to 5 form an integral part of these financial statements.
Page 1

N V S Limited
(Registration number: 02810186)
Abbreviated Balance Sheet at 30 April 2014
......... continued

.........................................
Mr K N Shah
Director

The notes on pages 3 to 5 form an integral part of these financial statements.
Page 2

N V S Limited
Notes to the Abbreviated Accounts for the Year Ended 30 April 2014
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective April 2008).

Turnover

The tunrover shown in the profit and loss account represents amounts involced during the year, exclusive of Value Added Tax.

Goodwill

Purchased goodwill is amortised over 10 years being its useful economic life.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:

Asset class	Amortisation method and rate
Goodwill	Over 10 years

Depreciation

Depreciation is calculated so as to write off the cost of an asset, less its essential residual value over the useful economic life of that asset as follows:

Asset class	Depreciation method and rate
Leasehold Properties	Over period of Lease
Fixtures and Fittings	20% Straight Line
Motor Van	20% Straight Line
Equipment	20% Straight Line

Fixed asset investments

All fixed assets are initially recorded at cost.

Stock

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks.

Page 3

N V S Limited
Notes to the Abbreviated Accounts for the Year Ended 30 April 2014
......... continued

Deferred tax

Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes, which have arisen but not reversed by the balance sheet date, except as required by the FRSSE. Deferred tax is measured at the rates that are expected to apply in the periods when the timing differences are expected to reverse, based on the tax rates and law enacted at the balance sheet date.

Foreign currency

Transactions in foreign currencies are recorded at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the closing rates at the balance sheet date. All exchange differences are included in the profit and loss account.

Hire purchase and leasing

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

Pensions

The company operates a defined contribution pension scheme. Contributions are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the scheme.

Page 4

N V S Limited
Notes to the Abbreviated Accounts for the Year Ended 30 April 2014
......... continued

2	Fixed assets

		Intangible assets £			Tangible assets £			Total £
Cost
At 1 May 2013		7,047			121,234			128,281
At 30 April 2014		7,047			121,234			128,281
Depreciation
At 1 May 2013		7,047			114,898			121,945
Charge for the year		-			2,879			2,879
At 30 April 2014		7,047			117,777			124,824
Net book value
At 30 April 2014		-			3,457			3,457
At 30 April 2013		-			6,336			6,336

3	Share capital

Allotted, called up and fully paid shares

	2014						2013
		No.			£			No.			£
990 Ordinary shares of of £0.10 each		990			99			990			99

4

Control

The company is controlled by Mr K N Shah and Mrs D K Shah by virtue of their shareholding.

Page 5