Non-Consumables Limited - Period Ending 2017-03-31

Registration number: 08589449

Non-Consumables Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2017

Glen Drummond Ltd
Chartered Accountants
Argyll House
Quarrywood Court
Livingston
West Lothian
EH54 6AX

Non-Consumables Limited

Contents

Company Information	1
Accountants' Report	2
Balance Sheet	3 to 4
Notes to the Financial Statements	5 to 10

Non-Consumables Limited

Company Information

Director

Mr G Gilhooly

Registered office

First Floor Templeback 10 Temple Back Bristol BS1 6FL

Accountants

Glen Drummond Ltd Chartered Accountants Argyll House Quarrywood Court Livingston West Lothian EH54 6AX

Page 1

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Non-Consumables Limited
for the Year Ended 31 March 2017

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Non-Consumables Limited for the year ended 31 March 2017 as set out on pages 3 to 10 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 of Scotland, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.

This report is made solely to the Board of Directors of Non-Consumables Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Non-Consumables Limited and state those matters that we have agreed to state to the Board of Directors of Non-Consumables Limited, as a body, in this report in accordance with the requirements of the Institute of Chartered Accountants of Scotland as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Non-Consumables Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Non-Consumables Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Non-Consumables Limited. You consider that Non-Consumables Limited 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 accounts of Non-Consumables Limited. 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 accounts.

......................................

Glen Drummond Ltd
Chartered Accountants
Argyll House
Quarrywood Court
Livingston
West Lothian
EH54 6AX

13 December 2017

Page 2

Non-Consumables Limited

(Registration number: 08589449)
Balance Sheet as at 31 March 2017

	Note	2017 £	2016 £
Fixed assets
Tangible assets	4	2,364	3,087
Current assets
Stocks	5	27,500	11,372
Debtors	6	20	11,234
Cash at bank and in hand		120,802	76,305
		148,322	98,911
Creditors: Amounts falling due within one year	7	(71,247)	(24,322)
Net current assets		77,075	74,589
Total assets less current liabilities		79,439	77,676
Provisions for liabilities		(366)	(481)
Net assets		79,073	77,195
Capital and reserves
Called up share capital		100	100
Profit and loss account		78,973	77,095
Total equity		79,073	77,195

For the financial year ending 31 March 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

•

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

•

The director acknowledges his responsibilities for complying with the Sections 386 and 387 of the Companies Act 2006 with respect to accounting records and the preparation of the 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.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

The notes on pages 5 to 10 form an integral part of these financial statements.

Page 3

Non-Consumables Limited

(Registration number: 08589449)
Balance Sheet as at 31 March 2017

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 13 December 2017
 

.........................................

Mr G Gilhooly

Director

The notes on pages 5 to 10 form an integral part of these financial statements.

Page 4

Non-Consumables Limited

Notes to the Financial Statements for the Year Ended 31 March 2017

1	General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
First Floor
Templeback
10 Temple Back
Bristol
BS1 6FL

These financial statements were authorised for issue by the director on 13 December 2017.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

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. There were no material departures from that standard.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The presentation currency of the financial statements is the Pound Sterling (£).

Revenue recognition

Turnover comprises the fair value of the consideration derived from that of the design and source of clothing and other promotional products. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Page 5

Non-Consumables Limited

Notes to the Financial Statements for the Year Ended 31 March 2017

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

At the balance sheet date, the company reviews the carrying amounts 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. Where it is not possible to estimate the recoverable amount of the asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Expenditure of £300 or more on individual tangible fixed assets is capitalised at cost. Expenditure on assets below this threshold is charged directly to the profit and loss account in the period it is incurred.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Furniture, fittings and equipment	20% on cost

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Page 6

Non-Consumables Limited

Notes to the Financial Statements for the Year Ended 31 March 2017

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.

 

3	Staff numbers

The average number of persons employed by the company (including the director) during the year was 1 (2016 - 1).

Page 7

Non-Consumables Limited

Notes to the Financial Statements for the Year Ended 31 March 2017

4	Tangible assets

	Furniture, fittings and equipment  £	Total £
Cost or valuation
At 1 April 2016	3,615	3,615
At 31 March 2017	3,615	3,615
Depreciation
At 1 April 2016	528	528
Charge for the year	723	723
At 31 March 2017	1,251	1,251
Carrying amount
At 31 March 2017	2,364	2,364
At 31 March 2016	3,087	3,087

5

Stocks

	2017 £	2016 £
Other inventories	27,500	11,372

6

Debtors

	2017 £	2016 £
Trade debtors	-	11,214
Other debtors	20	20
	20	11,234

Page 8

Non-Consumables Limited

Notes to the Financial Statements for the Year Ended 31 March 2017

7

Creditors

Creditors: amounts falling due within one year

	2017 £	2016 £
Due within one year
Trade creditors	614	2,754
Taxation and social security	2,575	15,698
Accruals and deferred income	900	975
Other creditors	67,158	4,895
	71,247	24,322

8	Share capital

Allotted, called up and fully paid shares

	2017		2016
	No.	£	No.	£
Ordinary of £1 each	100	100	100	100

Page 9

Non-Consumables Limited

Notes to the Financial Statements for the Year Ended 31 March 2017

9	Related party transactions

Mr G Gilhooly
(Director)

The company operates a loan account with the director, Mr G Gilhooly. At the year end, the balance due to the director was £722 (2016 - £722). There are no fixed repayment terms and no interest is charged.

Mr A Gardyne
(Shareholder)

The company operates a loan account with the above, Mr A Gardyne. At the year end, the balance due from Mr A Gardyne was £20 (2016 - £20). There are no fixed repayment terms and no interest is charged.

Global Design & Source Limited
(Mr G Gilhooly is the majority shareholder of both companies)

The company operates a loan account with the above company. During the year, Global Design & Source Limited advanced loans totalling £62,263 to the company and invoiced management charges of £50,000 (2016 - £0). At the year end, the balance due to Global Design & Source Limited was £66,436 (2016 - £4,173). There are no fixed repayment terms and no interest is charged.

 

10	Transition to FRS 102

These financial statements for the year ended 31 March 2017 are the first financial statements that comply with FRS 102 Section 1A Small Entities. The date of transition is 1 April 2015.
The transition to FRS 102 Section 1A Small Entities has had no impact on the financial statements.

Page 10