| Nunns of Grimsby Limited |
| Notes to the Accounts |
| for the year ended 31 March 2017 |
|
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| 1 |
Accounting policies |
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Basis of preparation |
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The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). These are the first financial statements that comply with FRS102 section 1A small entities. |
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Turnover |
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Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. |
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Tangible fixed assets |
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Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
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Plant and fixtures |
over 3, 5 & 7 years straight line |
|
Motor vehicles |
over 4 years straight line |
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Stocks |
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Stocks are measured at the lower of cost and net realisable value. |
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Debtors |
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Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
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Creditors |
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Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
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Taxation |
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A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax has not been recognised in respect of all timing differences between the recognition of income and expenses in the financial statements, as in the opinion of the directors the potential provision is immaterial. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
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Pensions |
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Contributions to defined contribution plans are expensed in the period to which they relate. |
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| 2 |
Audit information |
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The audit report is unqualified. |
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Senior statutory auditor: |
Adrian Parker FCA, Senior Statutory Auditor |
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Firm: |
Hemming Vincent LLP |
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Date of audit report: |
12 December 2017 |
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| 3 |
Employees |
2017 |
|
2016 |
| Number |
Number |
|
|
Average number of persons employed by the company |
31 |
|
30 |
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| 4 |
Tangible fixed assets |
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|
Plant and fixtures |
|
Motor vehicles |
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Total |
| £ |
£ |
£ |
|
Cost |
|
At 1 April 2016 |
120,863 |
|
121,520 |
|
242,383 |
|
Additions |
2,955 |
|
70,645 |
|
73,600 |
|
Disposals |
- |
|
(77,800) |
|
(77,800) |
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At 31 March 2017 |
123,818 |
|
114,365 |
|
238,183 |
|
|
|
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|
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|
|
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Depreciation |
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At 1 April 2016 |
106,278 |
|
21,991 |
|
128,269 |
|
Charge for the year |
5,098 |
|
12,329 |
|
17,427 |
|
On disposals |
- |
|
(1,500) |
|
(1,500) |
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At 31 March 2017 |
111,376 |
|
32,820 |
|
144,196 |
|
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|
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Net book value |
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At 31 March 2017 |
12,442 |
|
81,545 |
|
93,987 |
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At 31 March 2016 |
14,585 |
|
99,529 |
|
114,114 |
|
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| 5 |
Debtors |
2017 |
|
2016 |
| £ |
£ |
|
|
Trade debtors |
225,432 |
|
231,180 |
|
Prepayments and accrued income |
222,180 |
|
252,367 |
|
|
|
|
|
|
447,612 |
|
483,547 |
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| 6 |
Creditors: amounts falling due within one year |
2017 |
|
2016 |
| £ |
£ |
|
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Trade creditors |
2,328,152 |
|
2,368,542 |
|
Corporation tax |
26,530 |
|
30,070 |
|
Other taxes and social security costs |
30,746 |
|
88,998 |
|
|
|
|
|
|
2,385,428 |
|
2,487,610 |
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| 7 |
Other financial commitments |
2017 |
|
2016 |
| £ |
£ |
|
|
Total future minimum payments under non-cancellable operating leases |
|
770,000 |
|
880,000 |
|
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The base rent is £110,000 per annum and the contract expires 30th December 2024. |
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| 8 |
Contingent liabilities |
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Commitments in respect of new motor vehicle stocks held on consignment by Nunns of Grimsby Limited at 31 March 2017 amounted to £391,324 (2016 - £508,211). The directors believe, after studying the consignment agreement and in particular the terms relating to slow movement risk, transfer price and the right to return stock, it is reasonable to treat consignment stock as an asset of the manufacturer at delivery and as such this stock is not included within the company's balance sheet. |
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| 9 |
Controlling party |
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The company is 100% controlled by the directors. |
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| 10 |
Other information |
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Nunns of Grimsby Limited is a private company limited by shares and incorporated in England. Its registered office is: |
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|
Altyre Way |
|
Hewitts Avenue |
|
Grimsby |
|
North East Lincolnshire |
|
DN36 4RJ |
