Nevado Limited Small abridged accounts

false false false false false false false false false true false false false false false false false No description of principal activity 2016-04-01 Sage Accounts Production Advanced 2017 Update 3 - FRS xbrli:pure xbrli:shares iso4217:GBP 05805708 2016-04-01 2017-03-31 05805708 2017-03-31 05805708 2016-03-31 05805708 2015-04-01 2016-03-31 05805708 2016-03-31 05805708 bus:RegisteredOffice 2016-04-01 2017-03-31 05805708 bus:LeadAgentIfApplicable 2016-04-01 2017-03-31 05805708 bus:Director1 2016-04-01 2017-03-31 05805708 bus:Director2 2016-04-01 2017-03-31 05805708 bus:Director3 2016-04-01 2017-03-31 05805708 bus:Director4 2016-04-01 2017-03-31 05805708 core:WithinOneYear 2017-03-31 05805708 core:WithinOneYear 2016-03-31 05805708 core:ShareCapital 2017-03-31 05805708 core:ShareCapital 2016-03-31 05805708 core:RetainedEarningsAccumulatedLosses 2017-03-31 05805708 core:RetainedEarningsAccumulatedLosses 2016-03-31 05805708 bus:FRS102 2016-04-01 2017-03-31 05805708 bus:AuditExemptWithAccountantsReport 2016-04-01 2017-03-31 05805708 bus:AbridgedAccounts 2016-04-01 2017-03-31 05805708 bus:SmallCompaniesRegimeForAccounts 2016-04-01 2017-03-31 05805708 bus:PrivateLimitedCompanyLtd 2016-04-01 2017-03-31 05805708 core:OfficeEquipment 2016-04-01 2017-03-31

Statement of Consent to Prepare Abridged Financial Statements

All of the members of Nevado Limited have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 31 March 2017 in accordance with Section 444(2A) of the Companies Act 2006.

COMPANY REGISTRATION NUMBER: 05805708

Nevado Limited

Filleted Unaudited Abridged Financial Statements

31 March 2017

Nevado Limited

Abridged Financial Statements

Year ended 31 March 2017

Contents	Page

Officers and professional advisers	1

Chartered accountant's report to the board of directors on the preparation of the unaudited statutory abridged financial statements	2

Abridged statement of financial position	3

Notes to the abridged financial statements	5

Nevado Limited

Officers and Professional Advisers

The board of directors	Mr C Turner
	Mr R Atkins
	Mr J Scully
	Mr A Wood

Registered office	64 Kimber Road
	London
	SW18 4PP

Accountants	Sable Accounting Limited
	Chartered accountant
	77-91 New Oxford Street
	London
	UK
	WC1A 1DG

Nevado Limited

Chartered Accountant's Report to the Board of Directors on the Preparation of the Unaudited Statutory Abridged Financial Statements of Nevado 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 abridged financial statements of Nevado Limited for the year ended 31 March 2017, which comprise the abridged 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. Our work has been undertaken in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation.

Sable Accounting Limited Chartered accountant

77-91 New Oxford Street London UK WC1A 1DG

20 December 2017

Nevado Limited

Abridged Statement of Financial Position

31 March 2017

	2017		2016
Note	£	£	£

Fixed assets

Tangible assets	5		2,704	6,624

Current assets

Debtors		258,101	237,524
Investments	6	6,706	6,332
Cash at bank and in hand		232,411	244,235
		---------	---------
		497,218	488,091

Creditors: amounts falling due within one year	111,533		79,145
	---------		---------
Net current assets		385,685	408,946
		---------	---------
Total assets less current liabilities		388,389	415,570
		---------	---------
Net assets		388,389	415,570
		---------	---------

Capital and reserves

Called up share capital	4	4
Profit and loss account	388,385	415,566
	---------	---------
Shareholders funds	388,389	415,570
	---------	---------

These abridged 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 abridged 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 members have not required the company to obtain an audit of its abridged 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 abridged financial statements .

Nevado Limited

Abridged Statement of Financial Position (continued)

31 March 2017

These abridged financial statements were approved by the board of directors and authorised for issue on 20 December 2017 , and are signed on behalf of the board by:

Mr R Atkins

Director

Company registration number: 05805708

Nevado Limited

Notes to the Abridged Financial Statements

Year ended 31 March 2017

1. General information

The company is a private company limited by shares, registered in England. The address of the registered office is 64 Kimber Road, London, SW18 4PP.

2. Statement of compliance

These abridged 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 abridged 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 abridged financial statements are prepared in sterling, which is the functional currency of the entity.

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 8.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

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. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

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:

	Equipment	-	33% straight line

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.

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

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 12 (2016: 13 ).

5. Tangible assets

	£
Cost
At 1 April 2016	40,306
Additions	23
	--------
At 31 March 2017	40,329
	--------
Depreciation
At 1 April 2016	33,682
Charge for the year	3,943
	--------
At 31 March 2017	37,625
	--------
Carrying amount
At 31 March 2017	2,704
	--------
At 31 March 2016	6,624
	--------

6. Investments

	2017	2016
	£	£
Investments	6,706	6,332
	-------	-------

7. Related party transactions

The company was under shared control and ownership of Mr Richard Atkins, Mr James Scully, Mr Craig Turner and Mr Andrew Wood. Each of the aforementioned directors have a 25% interest in Nevado Limited . At the end of the year the company was owed £20,509 (2016: £20,509) by Sportengage Limited, a company controlled by the same directors as Nevado.

8. Transition to FRS 102

These are the first abridged 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.