| N.E. FASTENERS LIMITED |
| Registered number: |
01941690 |
| Balance Sheet |
| as at 30 June 2017 |
|
| Notes |
|
|
|
2017 |
|
|
|
2016 |
| £ |
£ |
| Fixed assets |
| Intangible assets |
4 |
|
|
|
11,988 |
|
|
|
- |
| Tangible assets |
5 |
|
|
|
166,762 |
|
|
|
171,745 |
|
|
|
|
|
178,750 |
|
|
|
171,745 |
|
| Current assets |
| Stocks |
|
|
125,920 |
|
|
|
106,490 |
| Debtors |
6 |
|
360,395 |
|
|
|
350,539 |
| Cash at bank and in hand |
|
|
66,750 |
|
|
|
61,006 |
|
|
|
|
553,065 |
|
|
|
518,035 |
|
| Creditors: amounts falling due within one year |
7 |
|
(365,386) |
|
|
|
(348,481) |
| Net current assets |
|
|
|
|
187,679 |
|
|
|
169,554 |
|
| Total assets less current liabilities |
|
|
|
|
366,429 |
|
|
|
341,299 |
|
| Creditors: amounts falling due after more than one year |
8 |
|
|
|
(82,065) |
|
|
|
(87,786) |
|
| Provisions for liabilities |
|
|
|
|
(2,475) |
|
|
|
(3,570) |
|
| Net assets |
|
|
|
|
281,889 |
|
|
|
249,943 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Capital and reserves |
| Called up share capital |
|
|
|
|
101 |
|
|
|
101 |
| Profit and loss account |
|
|
|
|
281,788 |
|
|
|
249,842 |
|
| Shareholders' funds |
|
|
|
|
281,889 |
|
|
|
249,943 |
|
|
|
|
|
|
|
|
|
|
| The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
| The 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. |
| The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies. |
|
|
| M P Elliott |
| Director |
| Approved by the board on 28 March 2018 |
|
| N.E. FASTENERS LIMITED |
| Notes to the Accounts |
| for the year ended 30 June 2017 |
|
|
| 1 |
Accounting policies |
|
|
Basis of preparation |
|
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
|
|
Turnover |
|
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added tax. Turnover includes revenue earned from the sale of goods and services. |
|
|
Intangible fixed assets |
|
Intangible fixed assets are measured at cost less accumulative amortisation. |
|
|
Tangible fixed assets |
|
Depreciation has been provided at the following annual rates in order to write off the assets over their estimated useful lives. |
|
|
Leasehold property |
Straight line basis over the term of the lease |
|
Fixtures, fittings and equipment |
20% reducing balance basis |
|
Motor vehicles |
25% reducing balance basis |
|
|
Stocks |
|
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
|
|
Taxation |
|
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. 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 future taxable profits. Deferred tax is measured using the 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
|
|
Pensions |
|
Contributions to defined contribution plans are expensed in the period to which they relate. |
|
|
| 2 |
Employees and Directors |
|
|
Average number of persons employed by the company during the year was 12. |
|
|
| 3 |
Operating profit |
2017 |
|
|
|
2016 |
| £ |
£ |
|
The operating profit is stated after charging : |
|
|
Depreciation of tangible fixed assets |
3800 |
|
|
|
5156 |
|
Amortisation of intangible fixed assets |
2998 |
- |
|
Fixed asset disposal adjustment |
(3142) |
- |
|
|
|
|
|
|
|
|
|
|
|
|
| 4 |
Intangible fixed assets |
£ |
£ |
|
Goodwill: |
|
|
Cost |
|
Additions |
14,986 |
- |
|
At 30 June 2017 |
14,986 |
- |
|
|
|
|
|
|
|
|
|
|
|
|
Amortisation |
|
Provided during the year |
2,998 |
- |
|
At 30 June 2017 |
2,998 |
- |
|
|
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 30 June 2017 |
11,988 |
- |
|
|
|
|
|
|
|
|
|
|
|
|
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years. |
|
|
| 5 |
Tangible fixed assets |
|
|
|
|
Leasehold property |
|
Fixtures, fittings and equipment |
|
Motor vehicles |
|
Total |
| £ |
£ |
£ |
£ |
|
Cost |
|
At 1 July 2016 |
154,210 |
|
33,628 |
|
29,681 |
|
217,519 |
|
Additions |
- |
|
2,375 |
|
- |
|
2,375 |
|
Disposals |
- |
|
- |
|
(14,996) |
|
(14,996) |
|
At 30 June 2017 |
154,210 |
|
36,003 |
|
14,685 |
|
204,898 |
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 July 2016 |
315 |
|
25,532 |
|
19,927 |
|
45,774 |
|
Charge for the year |
157 |
|
2,094 |
|
1,549 |
|
3,800 |
|
On disposals |
- |
|
- |
|
(11,438) |
|
(11,438) |
|
At 30 June 2017 |
472 |
|
27,626 |
|
10,038 |
|
38,136 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 30 June 2017 |
153,738 |
|
8,377 |
|
4,647 |
|
166,762 |
|
At 30 June 2016 |
153,895 |
|
8,096 |
|
9,754 |
|
171,745 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| 6 |
Debtors |
2017 |
|
|
|
2016 |
| £ |
£ |
|
|
Trade debtors |
351,053 |
|
|
|
336,142 |
|
Other debtors |
9,342 |
|
|
|
14,397 |
|
|
|
|
|
|
360,395 |
|
|
|
350,539 |
|
|
|
|
|
|
|
|
|
|
|
|
| 7 |
Creditors: amounts falling due within one year |
2017 |
|
|
|
2016 |
| £ |
£ |
|
|
Bank loan |
8,736 |
|
|
|
8,880 |
|
Trade creditors |
237,780 |
|
|
|
219,366 |
|
Corporation tax |
21,615 |
|
|
|
25,733 |
|
Other taxes and social security costs |
29,844 |
|
|
|
32,907 |
|
Other creditors |
67,411 |
|
|
|
61,595 |
|
|
|
|
|
|
365,386 |
|
|
|
348,481 |
|
|
|
|
|
|
|
|
|
|
|
|
| 8 |
Creditors: amounts falling due after one year |
2017 |
|
|
|
2016 |
| £ |
£ |
|
|
Bank loan |
82,065 |
|
|
|
87,786 |
|
|
|
|
|
|
|
|
|
|
|
|
| 9 |
Loans |
2017 |
|
|
|
2016 |
| £ |
£ |
|
|
Instalments falling due for payment after more than five years |
|
47,121 |
|
|
|
52,266 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Bank loan |
90,801 |
|
|
|
96,666 |
|
|
|
|
|
|
|
|
|
|
|
|
Secured on the assets of the company. |
|
|
| 10 |
Other information |
|
|
N.E. FASTENERS LIMITED is a private company limited by shares and incorporated in England and Wales. Its registered office is: |
|
Portway House |
|
Stream Road |
|
Kingswinford |
|
West Midlands |
|
DY6 9NT |
