Nicollane Limited - Filleted accounts

NICOLLANE LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 JULY 2017

Company Registration Number: 07993417

NICOLLANE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2017
CONTENTS									PAGES
Company information									1
Balance sheet									2 to 3
Notes to the financial statements									4 to 8

NICOLLANE LIMITED
COMPANY INFORMATION
FOR THE YEAR ENDED 31 JULY 2017
DIRECTORS
P G Lane
C J Nicol
SECRETARY
The company does not have an appointed secretary
REGISTERED OFFICE
Cranbrook House
287-291 Banbury Road
Oxford
OX2 7JQ
COMPANY REGISTRATION NUMBER
07993417 England and Wales

NICOLLANE LIMITED
BALANCE SHEET
AS AT 31 July 2017
			Notes		2017				2016
					£				£
FIXED ASSETS
Tangible assets			7				563				751
CURRENT ASSETS
Debtors			8		97,851				109,602
Cash at bank and in hand					140,489				68,289
					238,340				177,891
CREDITORS: Amounts falling due			9		195,762				133,843
within one year
NET CURRENT ASSETS							42,578				44,048
TOTAL ASSETS LESS CURRENT LIABILITIES							43,141				44,799
Provisions for liabilities and charges							108				151
NET ASSETS							43,033				44,648
CAPITAL AND RESERVES
Called up share capital							2				2
Distributable profit and loss account							43,031				44,646
SHAREHOLDERS' FUNDS							43,033				44,648
These accounts have been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006 and in accordance with the provisions of FRS 102 Section 1A - small entities.
For the financial year ended 31 July 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
Members have not required the company to obtain an audit in accordance with section 476 of the Act.
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 S444 (5A) of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company’s Profit and Loss Account or Directors Report.
Signed on behalf of the board of directors
P G Lane						C J Nicol
Director						Director
Date approved by the board: 9 March 2018

NICOLLANE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2017
1	GENERAL INFORMATION
	Nicollane Limited is a private company limited by shares and incorporated in England and Wales. Its registered office is:
	Cranbrook House
	287-291 Banbury Road
	Oxford
	OX2 7JQ
	The financial statements are presented in Sterling, which is the functional currency of the company.
2	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
	Basis of preparation of financial statements
	These financial statements have been prepared in accordance with applicable United Kingdom accounting standards, including Financial Reporting Standard 102 Section 1A smaller entities 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' ('FRS 102') and the Companies Act 2006.
	Revenue recognition
	Turnover is measured at the fair value of consideration received or receivable. It is recognised in respect of consultancy services provided as soon as there is a right to consideration and is determined by reference to the value of the work performed. Turnover is stated net of trade discounts and value added tax.

The company recognises revenue when the amount of revenue can be measured reliably and when it is probable that future economic benefits will flow to the entity.

	Tangible fixed assets

	Fixed assets are carried at cost less accumulated depreciation and accumulated impairment losses.

	Depreciation has been provided at the following rate so as to write off the cost or valuation of assets less residual value of the assets over their estimated useful lives.
	Office equipment					Reducing balance basis at 25% per annum
	On disposal, the difference between the net disposal proceeds and the carrying amount of the item sold is recognised in the profit and loss account, and included within administrative expenses.
2	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)
	Financial Instruments
	The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
	Financial assets are measued at cost and are assessed at the end of each reporting period for objective evidence of impairment. Where objective evidence of impairment is found, an impairment loss is recognised in profit and loss.

The impairment loss for financial assets measured at cost is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date.

	Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amount and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
	Impairment of non-financial assets

	At each reporting date non-financial assets not carried at fair value, like goodwill and plant, property and equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount of any asset or group of related assets (which is the higher of value in use and the fair value less cost to sell) is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in profit or loss.
	If an impairment loss is subsequently reversed, the carrying amount of the asset, or group of related assets, is increased to the revised estimate of its recoverable amount, but not to exceed the amount that would have been determined had no impairment loss been recognised for the asset, or group of related assets, in prior periods. A reversal of an impairment loss is recognised immediately in profit or loss.

	Debtors

	Short term debtors are measured at transaction price, less any impairment.

	Creditors
	Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and subsequently at amortised cost using the effective interest method.
2	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)
	Leases
	Leases are classified as finance leases when they transfer substantially all the risks and rewards of ownership of the leased assets to the company. Other leases that do not transfer substantially all the risks and rewards of ownership of the leased assets to the company are classified as operating leases.
	Payments applicable to operating leases are charged against profit on a straight line basis over the lease term.
	Taxation
	Taxation expense represents the aggregate amount of current tax and deferred tax recognised in the reporting period.
	A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods based on current tax rates and laws. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period.

	Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other taxable profits.
	Deferred tax is measured using 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.

	Current and deferred tax assets and liabilities are not discounted.
	Pensions
	The company operates a defined contribution pension scheme. The amount charged to the profit and loss account in respect of pension costs and other post-retirement benefits is the amount payable in the year. Differences between contributions payable and contributions actually paid in the year are shown as either accruals or prepayments in the balance sheet.
3	TRANSITION TO FRS 102
	This is the first year in which the financial statements have been prepared under FRS 102. Note 11 gives an explanation of the effects of the transition.
4	CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS
	No significant accounting estimates and judgements have had to be made by the directors in preparing these financial statements.
5	EMPLOYEES
	The average number of persons employed by the company (including directors) during the year was:
									2017		2016
	Average number of employees								3		3
6	DIRECTORS' REMUNERATION
									2017		2016
									£		£
	Remuneration paid to the directors during the year was:								22,250		21,400
7	TANGIBLE ASSETS
											Office equipment
											£
	Cost
	At 1 August 2016										1,866
	At 31 July 2017										1,866
	Accumulated depreciation
	At 1 August 2016										1,115
	Charge for year										188
	At 31 July 2017										1,303
	Net book value
	At 1 August 2016										751
	At 31 July 2017										563
8	DEBTORS
									2017		2016
									£		£
	Trade debtors								94,601		106,352
	Other debtors								3,250		3,250
									97,851		109,602
9	CREDITORS: Amounts falling due within one year
									2017		2016
									£		£
	Trade creditors								2,180		11,925
	Corporation tax								29,187		19,715
	Other taxation and social security								33,104		21,595
	Accruals and deferred income								4,662		4,620
	Other creditors								126,629		75,988
									195,762		133,843

	Included in other creditors are advances from the directors of £122,129 (2016 = £71,488). These advances are interest free and have no fixed date of repayment.

10	CONTINGENCIES AND COMMITMENTS
	Other Commitments
	Amounts falling due under operating leases for land and buildings:								2017		2016
									£		£
	In less than one year								18,480		15,600
11	RECONCILIATIONS ON ADOPTION OF FRS 102
	These financial statements for the year ended 31 July 2017 are the first financial statements that comply with FRS 102. The date of transition to FRS 102 is 1 August 2015.
	Profit and loss for the year ended 31 July 2016										£
	Profit for the year under former UK GAAP										77,657
	Profit for the year under FRS 102										77,657
	Balance sheet at 31 July 2016										£
	Equity under former UK GAAP										44,648
	Equity under FRS 102										44,648
	Balance sheet at 1 August 2015										£
	Equity under former UK GAAP										66,991
	Equity under FRS 102										66,991