Norris Designs Limited - Accounts to registrar (filleted) - small 17.3
Norris Designs Limited - Accounts to registrar (filleted) - small 17.3
| REGISTERED NUMBER: |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30 APRIL 2017 |
| FOR |
| NORRIS DESIGNS LIMITED |
| NORRIS DESIGNS LIMITED (REGISTERED NUMBER: 07589147) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30 APRIL 2017 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 3 |
| Chartered Accountants' Report | 5 |
| NORRIS DESIGNS LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 30 APRIL 2017 |
| DIRECTOR: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants |
| Chilworth Point |
| 1 Chilworth Road |
| Southampton |
| SO16 7JQ |
| NORRIS DESIGNS LIMITED (REGISTERED NUMBER: 07589147) |
| BALANCE SHEET |
| 30 APRIL 2017 |
| 2017 | 2016 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| CURRENT ASSETS |
| Debtors | 5 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 6 |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CAPITAL AND RESERVES |
| Called up share capital |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| The director acknowledges his responsibilities for: |
| (a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
| (b) | preparing 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. |
| In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
| The financial statements were approved by the director on |
| NORRIS DESIGNS LIMITED (REGISTERED NUMBER: 07589147) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30 APRIL 2017 |
| 1. | STATUTORY INFORMATION |
| Norris Designs Limited is a |
| company's registered number and registered office address can be found on the Company Information page. |
| 2. | ACCOUNTING POLICIES |
| BASIS OF PREPARING THE FINANCIAL STATEMENTS |
| SIGNIFICANT JUDGEMENTS AND ESTIMATES |
| Inherent in the application of many of the accounting policies used in preparing the financial statements is the |
| need for directors to make judgements, estimates and assumptions that affect the reported amount of assets |
| and liabilities at the date of the financial statement and the reporting amounts of revenues and expenses during |
| the year. Actual outcomes could differ from those estimates and assumptions used. The accounting judgements |
| and estimates that could have significant impact on the results of the company are set out below and should be |
| read in conjunction with the information provided in the Notes to the financial statements: |
| Critical Judgements |
| > | Management determine whether financial instruments are basic or advanced and when to deal with recognising, derecognising, measuring and disclosing financial instruments. These decisions depend on an assessment made of the accounting standards. |
| > | The management determine the point of recognition of revenue. Factors taken into consideration in reaching such a decision include an assessment of whether the risks and rewards of ownership have been transferred to the customer. |
| Significant Estimates |
| > | Where there are indications of impairment to trade debtors, management perform an impairment test. The amount of the loss is determined by looking at the carrying value of the trade debtor and comparing it with the present value of the estimated cash flows discounted at the effective interest rate. |
| > | To determine whether there are indicators of impairment of the company's tangible assets. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset. |
| > | To determine the most likely term of a loan with no fixed repayment date. Where there is not a loan agreement, management have estimated that the loan will be payable on demand. |
| CHANGES IN ACCOUNTING POLICIES |
| In preparing the accounts, the Director has considered that in applying the accounting policies required by |
| Section 1A "Small Entities" of Financial Reporting Standard 102 that no subsequent restatement of items has |
| been required in making the transition. The transition date was 1 May 2015. |
| REVENUE RECOGNITION |
| Turnover is the amount derived from the provision of design services, which is stated after trade discounts and |
| net of VAT. Turnover is recognised upon invoicing the customer. |
| TANGIBLE FIXED ASSETS |
| Computer equipment | - |
| Tangible fixed assets are stated at historical cost less accumulated depreciation and any accumulated |
| impairment losses. Historical cost included expenditure that is directly attributable to bringing the asset to the |
| location and condition necessary for it to be capable of operating in the manner intended by management. |
| The assets' residual values, useful lives and depreciation methods are reviewed and if appropriate are adjusted |
| if there is an indication of a significant change the last reporting date. |
| SHORT-TERM DEBTORS AND CREDITORS |
| Debtors and creditors receivable and payable within one year or upon demand are recorded at transaction price |
| whether or not a rate of interest is charged on the balance. |
| NORRIS DESIGNS LIMITED (REGISTERED NUMBER: 07589147) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 APRIL 2017 |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | TANGIBLE FIXED ASSETS |
| Computer |
| equipment |
| £ |
| COST |
| At 1 May 2016 |
| Additions |
| At 30 April 2017 |
| DEPRECIATION |
| At 1 May 2016 |
| Charge for year |
| At 30 April 2017 |
| NET BOOK VALUE |
| At 30 April 2017 |
| At 30 April 2016 |
| 5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2017 | 2016 |
| £ | £ |
| Trade debtors |
| Bad debt provision | - | (8,945 | ) |
| Other debtors |
| Prepayments and accrued income |
| 6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2017 | 2016 |
| £ | £ |
| Trade creditors |
| Tax |
| VAT |
| Other creditors |
| Director's current account |
| Accrued expenses |
| 7. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES |
| At the beginning of the year the Director was owed £555 by the company. During the year the Director |
| introduced capital of £72,266 and after withdrawing the sum of £72,733, an amount of £88 was owed by the |
| company at the balance sheet date. This loan is repayable on demand and no interest is being charged on this |
| loan. |
| CHARTERED ACCOUNTANTS' REPORT TO THE DIRECTOR |
| ON THE UNAUDITED FINANCIAL STATEMENTS OF |
| NORRIS DESIGNS LIMITED |
| The following reproduces the text of the report prepared for the director in respect of the company's annual |
| unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file |
| a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and |
| the Report of the Director are not required to be filed with the Registrar of Companies. |
| In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the |
| financial statements of Norris Designs Limited for the year ended 30 April 2017 which comprise the Income Statement, |
| Balance Sheet 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 within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
| This report is made solely to the director of Norris Designs Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Norris Designs Limited and state those matters that we have agreed to state to the director of Norris Designs Limited in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Norris Designs Limited and its director for our work or for this report. |
| It is your duty to ensure that Norris Designs 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 Norris Designs Limited. You consider that Norris Designs 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 Norris Designs 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. |
| Chartered Accountants |
| Chilworth Point |
| 1 Chilworth Road |
| Southampton |
| SO16 7JQ |
| Date: ............................................. |