Nelcol Developments Limited - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: 08019454 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

30 JUNE 2017

FOR

NELCOL DEVELOPMENTS LIMITED

Page

Company Information

1

Chartered Certified Accountants' Report

2

Statement of Financial Position

3

Notes to the Financial Statements

5

DIRECTORS:

C D Elsom

N C Elsom

REGISTERED OFFICE:

Abbey House

51 High Street

Saffron Walden

Essex

CB10 1AF

REGISTERED NUMBER:

08019454 (England and Wales)

ACCOUNTANTS:

Benten & Co

Chartered Certified Accountants

Abbey House

51 High Street

Saffron Walden

Essex

CB10 1AF

The following reproduces the text of the report prepared for the directors 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 Statement of Financial Position. Readers are cautioned that the Income Statement and certain other

primary statements and the Report of the Directors 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 Nelcol Developments Limited for the year ended 30 June 2017 which comprise the Income

Statement, 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 Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook.

This report is made solely to the Board of Directors of Nelcol Developments Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Nelcol Developments Limited and state those matters that we have agreed to state to the Board of Directors of Nelcol Developments Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Nelcol Developments 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 Nelcol Developments Limited. You consider that Nelcol Developments 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 Nelcol Developments 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.

Benten & Co

Chartered Certified Accountants

Abbey House

51 High Street

Saffron Walden

Essex

CB10 1AF

23 March 2018

FIXED ASSETS

Intangible assets

4

-

6,000

Tangible assets

5

12,401

10,351

12,401

16,351

CURRENT ASSETS

Stocks

6

675,000

1,025,325

Debtors

7

7,128

5,812

Cash at bank

46,225

78,349

728,353

1,109,486

CREDITORS

Amounts falling due within one year

8

518,903

1,029,165

NET CURRENT ASSETS

209,450

80,321

TOTAL ASSETS LESS CURRENT LIABILITIES

221,851

96,672

PROVISIONS FOR LIABILITIES

9

2,214

-

NET ASSETS

219,637

96,672

CAPITAL AND RESERVES

Called up share capital

10

90

90

Retained earnings

11

219,547

96,582

SHAREHOLDERS' FUNDS

219,637

96,672

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2017 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 22 March 2018 and were signed on its behalf by:

C D Elsom - Director

N C Elsom - Director

1.	STATUTORY INFORMATION

Nelcol Developments Limited is a private company, limited by shares , registered in England and Wales. The

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

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. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover comprises the value of residential property developed and sold by the company.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2012, is being amortised evenly over its estimated useful life of five years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Motor vehicles

-

25% on reducing balance

Computer equipment

-

25% on reducing balance

Stocks

Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in

bringing stocks to their present location and condition.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the

statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different

from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and

laws that have been enacted or substantively enacted by the year end and that are expected to apply to the

reversal of the timing difference.

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 future taxable profits.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 July 2016

and 30 June 2017

30,000

AMORTISATION

At 1 July 2016

24,000

Amortisation for year

6,000

At 30 June 2017

30,000

NET BOOK VALUE

At 30 June 2017

-

At 30 June 2016

6,000

5.	TANGIBLE FIXED ASSETS

Plant and

Motor

Computer

machinery

vehicles

equipment

Totals

£

£

£

£

COST

At 1 July 2016

3,500

11,370

1,802

16,672

Additions

5,000

3,809

-

8,809

Disposals

-

(3,500

)

-

(3,500

)

At 30 June 2017

8,500

11,679

1,802

21,981

DEPRECIATION

At 1 July 2016

875

4,306

1,140

6,321

Charge for year

1,250

2,718

166

4,134

Eliminated on disposal

(875

)

-

-

(875

)

At 30 June 2017

1,250

7,024

1,306

9,580

NET BOOK VALUE

At 30 June 2017

7,250

4,655

496

12,401

At 30 June 2016

2,625

7,064

662

10,351

6.

STOCKS

2017

2016

£

£

Work-in-progress

675,000

1,025,325

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

VAT

7,128

5,812

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade creditors

11,720

5,652

Corporation tax

48,926

-

Social security and other taxes

1,200

579

Other creditors

2,075

219

Directors' current accounts

253,082

220,815

Directors' loan accounts

200,000

800,000

Accrued expenses

1,900

1,900

518,903

1,029,165

9.	PROVISIONS FOR LIABILITIES

2017

2016

£

£

Deferred tax

2,214

-

Deferred

tax

£

Charge to Income Statement during year

2,214

Balance at 30 June 2017

2,214

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2017

2016

value:

£

£

90

Ordinary

£1

90

90

11.

RESERVES

Retained

earnings

£

At 1 July 2016

96,582

Profit for the year

192,965

Dividends

(70,000

)

At 30 June 2017

219,547

12.	RELATED PARTY DISCLOSURES

During the year, total dividends of £70,000 were paid to the directors .

13.	ULTIMATE CONTROLLING PARTY