Nulands Limited Company Accounts
Nulands Limited Company Accounts
COMPANY REGISTRATION NUMBER:
04982271
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Financial Statements |
Year ended 28 February 2017
Contents |
Page |
Chartered accountant's report to the director on the preparation of the unaudited statutory financial statements |
1 |
Statement of financial position |
2 |
Notes to the financial statements |
4 |
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Chartered Accountant's Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of
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Year ended 28 February 2017
22 Friars Street
Sudbury
Suffolk
CO10 2AA
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Statement of Financial Position |
2017 |
2016 |
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Note |
£ |
£ |
£ |
Fixed assets
Tangible assets |
4 |
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Current assets
Debtors |
5 |
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Cash at bank and in hand |
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-------- |
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Creditors: amounts falling due within one year |
6 |
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-------- |
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Net current (liabilities)/assets |
(
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------- |
------- |
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Total assets less current liabilities |
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Provisions
Taxation including deferred tax |
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– |
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Net assets |
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------- |
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Capital and reserves
Called up share capital |
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Profit and loss account |
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------- |
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Shareholders funds |
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------- |
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In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
Director's responsibilities:
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The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
;
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The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
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Statement of Financial Position (continued) |
These financial statements were approved by the
board of directors
and authorised for issue on
30 November 2017
, and are signed on behalf of the board by:
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Director |
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Company registration number:
04982271
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Notes to the Financial Statements |
Year ended 28 February 2017
1.
General information
The company is a private company limited by shares, registered in the UK. The address of the registered office is 22 Friars Street, Sudbury, Suffolk, CO10 2AA. The business address is Peacock Hall Farm, Sudbury, Suffolk, CO10 0PE.
2.
Accounting policies
Basis of preparation
Transition to FRS 102
The entity transitioned from previous UK GAAP to FRS 102 as at 1 March 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 10.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Income tax
Tangible assets
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Leasehold improvements |
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Office equipment |
- |
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Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Provisions
3.
Employee numbers
The average number of persons employed by the company during the year amounted to
1
(2016:
1
).
4.
Tangible assets
Land and buildings |
Equipment |
Total |
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£ |
£ |
£ |
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Cost |
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At 1 March 2016 |
– |
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Additions |
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– |
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At 28 February 2017 |
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Depreciation |
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At 1 March 2016 |
– |
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Charge for the year |
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-------- |
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At 28 February 2017 |
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Carrying amount |
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At 28 February 2017 |
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At 29 February 2016 |
– |
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5.
Debtors
2017 |
2016 |
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£ |
£ |
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Trade debtors |
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– |
Amounts owed by group undertakings and undertakings in which the company has a participating interest |
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– |
Other debtors |
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6.
Creditors:
amounts falling due within one year
2017 |
2016 |
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£ |
£ |
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Trade creditors |
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Corporation tax |
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Social security and other taxes |
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Other creditors |
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7.
Director's advances, credits and guarantees
Included in creditors is a balance of £196 (2016: £(9,424)) due to the director on his loan account. No interest is charged on this balance.
8.
Related party transactions
Included in debtors is a balance of £63 (2016: NIL) due from Nulands Strategic Limited. No interest has been applied in connection with this balance.
9.
Controlling party
The controlling party is
Mr C T Simmonds
who owns 95% of the issued share capital.
10.
Transition to FRS 102
These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 March 2015.
No transitional adjustments were required in equity or profit or loss for the year.