Nae Limits Limited Accounts






Nae Limits Limited
	Company No. SC363135
		Information for Filing with The Registrar
		31 March 2017

The Directors present their report and the accounts for the year ended 31 March 2017.

Principal activities
The principal activity of the company during the year under review was outdoor sports and adventure.




Directors

The Directors who served at any time during the year were as follows:

John Mason Strang
Kate Mason Strang


































































The above report has been prepared in accordance with the provisions applicable to companies subject to the small companies regime as set out in Part 15 of the Companies Act 2006.

Signed on behalf of the board

John Mason Strang
Director
01 December 2017

at	31 March 2017

Company No.		SC363135	Notes	2017	2016
				£	£
Fixed assets

	Tangible assets		2	40,437	66,151


				40,437	66,151
Current assets

	Debtors		3	9,606	6,158


				9,606	6,158
Creditors: Amount falling due within one year			4	(27,033)	(36,947)
Net current liabilities				(17,427)	(30,789)
Total assets less current liabilities				23,010	35,362
Creditors: Amounts falling due after more than one year			5	(23,686)	(33,590)



Net (liabilities)/assets				(676)	1,772

Capital and reserves
	Called up share capital			100	100



	Profit and loss account		6	(776)	1,672

Total equity				(676)	1,772


These accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime of the Companies Act 2006.
For the year ended 31 March 2017 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 Companies Act 2006 with respect to accounting records and the preparation of accounts.

As permitted by section 444 (5A)of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company's profit and loss account.

Approved by the board on 01 December 2017

And signed on its behalf by:

John Mason Strang
Director
01 December 2017

for the year ended 31 March 2017

Accounting policies

Basis of preparation

The accounts have been prepared in accordance with FRS 102 - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006. There were no material departures from that standard.

The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets and in accordance with the accounting policies set out below.

Turnover

Turnover is measured at the fair value of the consideration received or receivable. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Revenue from the sale of goods is recognised when all the following conditions are satisfied:
• the Company has transferred to the buyer the significant risks and rewards of ownership of the
goods;
• the Company retains neither continuing managerial involvement to the degree usually associated
with ownership nor effective control over the goods sold;
• the amount of revenue can be measured reliably;
• it is probable that the economic benefits associated with the transaction will flow to the Company;
and
• the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Specifically, revenue from the sale of goods is recognised when goods are delivered and legal title is passed.

Taxation

Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the profit and loss account because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The Company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable temporary differences. Deferred tax assets are generally recognised for all deductible timing differences to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.

Current or deferred tax for the year is recognised in profit or loss, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.

Tangible fixed assets and depreciation

Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and accumulated impairment losses.

At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss.

Depreciation is provided at the following annual rates in order to write off the cost or valuation less the estimated residual value of each asset over its estimated useful life:

Plant and machinery

20% Reducing balance

Motor vehicles

25% Straight line

Furniture, fittings and equipment

25% Straight line

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts.

Trade and other creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2	Tangible fixed assets
			Land and buildings	Plant and machinery	Motor vehicles	Fixtures, fittings and equipment	Total
			£	£	£	£	£
		Cost or revaluation
		At 1 April 2016	26,556	20,486	16,665	22,000	85,707
		Additions	-	930	-	6,414	7,344


		Disposals	(10,581)	(9,180)	-	-	(19,761)
		At 31 March 2017	15,975	12,236	16,665	28,414	73,290
		Depreciation
		At 1 April 2016	2,396	2,048	7,498	7,614	19,556
		Charge for the year	2,037	7,097	-	4,353	13,487


		Disposals	-	-	(190)	-	(190)
		At 31 March 2017	4,433	9,145	7,308	11,967	32,853
		Net book values
		At 31 March 2017	11,542	3,091	9,357	16,447	40,437
		At 31 March 2016	24,160	18,438	9,167	14,386	66,151

3	Debtors
			2017	2016
			£	£
		Trade debtors	3,251	401




		Loans to directors	4,500	-
		Other debtors	-	4,500
		Prepayments and accrued income	1,855	1,257
			9,606	6,158

4	Creditors:
		amounts falling due within one year
			2017	2016
			£	£

		Bank loans and overdrafts	5,132	229


		Trade creditors	16,146	12,826
		Amounts owed to group undertakings	(6,585)	15,009
		Corporation tax	5,706	4,304
		Other taxes and social security	6,634	4,042

		Other creditors	-	45
		Accruals and deferred income	-	492
			27,033	36,947

5	Creditors:
		amounts falling due after more than one year
			2017	2016
			£	£

		Bank loans and overdrafts	23,686	33,590






			23,686	33,590

Reserves

Profit and loss account - includes all current and prior period retained profits and losses.

Related party disclosures

Controlling party

Immediate controlling party

No single party controls the company.

Additional information

Its registered number is:

SC363135

Its registered office is:

Unit 1 and 2

Ballinluig

Pitlochry

Perthshire

PH9 0LG