NAL Asset Management Limited Company Accounts

NAL ASSET MANAGEMENT LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 06904746

NAL Asset Management Limited

Filleted Unaudited Financial Statements

31 March 2017

NAL Asset Management Limited

Financial Statements

Year ended 31 March 2017

Contents	Page

Statement of financial position	1

Notes to the financial statements	3

The following pages do not form part of the financial statements

Chartered accountant's report to the board of directors on the preparation of the unaudited statutory financial statements	10

NAL Asset Management Limited

Statement of Financial Position

31 March 2017

	2017		2016
Note	£	£	£

Fixed assets

Tangible assets	6	1,633,775	1,765,592
Investments	7	13,675	13,675
		------------	------------
		1,647,450	1,779,267

Current assets

Debtors	8	1,106,190	1,844,319
Cash at bank and in hand		82,714	708,538
		------------	------------
		1,188,904	2,552,857

Creditors: amounts falling due within one year	9	2,475,433		2,320,349
		------------		------------
Net current (liabilities)/assets			( 1,286,529)	232,508
			------------	------------
Total assets less current liabilities			360,921	2,011,775

Creditors: amounts falling due after more than one year	10		–	1,575,146

Provisions

Taxation including deferred tax	98,500	118,500
	---------	------------
Net assets	262,421	318,129
	---------	------------

Capital and reserves

Called up share capital	100	100
Profit and loss account	262,321	318,029
	---------	---------
Shareholder funds	262,421	318,129
	---------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the 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.

Directors' responsibilities:

- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

NAL Asset Management Limited

Statement of Financial Position (continued)

31 March 2017

These financial statements were approved by the board of directors and authorised for issue on 28 December 2017 , and are signed on behalf of the board by:

C M McLeod

Director

Company registration number: 06904746

NAL Asset Management Limited

Notes to the Financial Statements

Year ended 31 March 2017

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 1, Apex Business Village, Cramlington, Northumberland, NE23 7BF.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss. The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity, rounded to the nearest £1.

Transition to FRS 102

The entity transitioned from previous UK GAAP to FRS 102 as at 1 April 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 13.

Consolidation

The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.

Revenue recognition

The turnover shown in the profit and loss account represents amounts receivable for services provided during the period, exclusive of Value Added Tax.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date . Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

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:

Motor vehicles	-	25% reducing balance
Equipment	-	25% reducing balance
Aircraft	-	10% straight line

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

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.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost .

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 24 (2016: 23 ).

5. Directors' remuneration

The directors' aggregate remuneration in respect of qualifying services was:

	2017	2016
	£	£
Remuneration	131,356	142,600
	---------	---------

6. Tangible assets

	Motor vehicles	Equipment	Aircraft	Total
	£	£	£	£
Cost
At 1 April 2016	39,230	63,278	1,801,369	1,903,877
Additions	–	8,583	–	8,583
Disposals	( 39,230)	–	–	( 39,230)
	--------	--------	------------	------------
At 31 March 2017	–	71,861	1,801,369	1,873,230
	--------	--------	------------	------------
Depreciation
At 1 April 2016	16,017	42,435	79,833	138,285
Charge for the year	–	10,587	106,600	117,187
Disposals	( 16,017)	–	–	( 16,017)
	--------	--------	------------	------------
At 31 March 2017	–	53,022	186,433	239,455
	--------	--------	------------	------------
Carrying amount
At 31 March 2017	–	18,839	1,614,936	1,633,775
	--------	--------	------------	------------
At 31 March 2016	23,213	20,843	1,721,536	1,765,592
	--------	--------	------------	------------

7. Investments

	Shares in group undertakings
	£
Cost
At 1 April 2016 and 31 March 2017	13,675
	--------
Impairment
At 1 April 2016 and 31 March 2017	–
	--------

Carrying amount
At 31 March 2017	13,675
	--------
At 31 March 2016	13,675
	--------

8. Debtors

	2017	2016
	£	£
Trade debtors	540,727	1,446,906
Amounts owed by group undertakings and undertakings in which the company has a participating interest	179,738	8,584
Other debtors	385,725	388,829
	------------	------------
	1,106,190	1,844,319
	------------	------------

9. Creditors: amounts falling due within one year

	2017	2016
	£	£
Trade creditors	399,545	1,044,375
Social security and other taxes	89,397	30,239
Other creditors	1,986,491	1,245,735
	------------	------------
	2,475,433	2,320,349
	------------	------------

Other creditors amounting to £1,806,793 (2016: £520,000) are secured over certain fixed assets of the company.

10. Creditors: amounts falling due after more than one year

	2017	2016
	£	£
Other creditors	–	1,575,146
	----	------------

Other creditors in the prior year amounting to £1,565,492 are secured over certain fixed assets of the company.

11. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2017	2016
	£	£
Later than 5 years	15,000	15,000
	--------	--------

12. Related party transactions

During the year the company entered into the following transactions with related parties:

	Transaction value		Balance owed by/(owed to)
	2017	2016	2017	2016
	£	£	£	£
Subsidiary companies	( 141,696)	( 22,500)	316,618	34,000
Entities controlled by directors	( 1,442,122)	( 975,000)	368,872	( 32,584)
Dividends paid to directors	200,000	180,000	–	–
Operating lease payments to directors	15,000	15,000	–	–
Loans from directors	–	–	( 3,769)	( 10,620)
	------------	---------	---------	--------

Transactions with subsidiary companies relate to sales, balances owed are interest free and repayable on demand . Transactions with entities controlled by directors relate to sales and management charges, balances owed are interest free and repayable on demand .

13. Transition to FRS 102

These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 April 2015.

No transitional adjustments were required in equity or profit or loss for the year.

NAL Asset Management Limited

Management Information

Year ended 31 March 2017

The following pages do not form part of the financial statements.

NAL Asset Management Limited

Chartered Accountant's Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of NAL Asset Management Limited

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 financial statements of NAL Asset Management Limited for the year ended 31 March 2017, which comprise the statement of financial position and the related notes 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 in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the Board of Directors of NAL Asset Management Limited, as a body, in accordance with the terms of our engagement letter dated 20 December 2013. Our work has been undertaken solely to prepare for your approval the financial statements of NAL Asset Management Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than NAL Asset Management Limited and its Board of Directors, as a body, for our work or for this report.

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

A NICHOL & CO Chartered accountant

191 New Ridley Road Stocksfield Northumberland NE43 7QD

28 December 2017