Northern Cryogenics Ltd 31/08/2017 iXBRL
Northern Cryogenics Ltd 31/08/2017 iXBRL
Statement of consent to prepare abridged financial statements
Company registration number:
NI051368
Trading as
Northern Cryogenics Ltd
Unaudited filleted abridged financial statements
Contents
Directors and other information
Directors report
Accountant's report
Abridged statement of financial position
Notes to the financial statements
Directors and other information
Directors |
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Secretary |
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Company number |
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Registered office |
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Business address |
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Accountant |
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30 Main Street | ||
Castlecaulfield | ||
Dungannon | ||
Co Tyrone | ||
BT70 3NP | ||
Bankers |
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Portadown Finance Centre | ||
45-48 High Street | ||
Portadown | ||
Co Armagh BT62 1LB | ||
Directors report
Year ended 31 August 2017
The directors present their report and the unaudited financial statements of the company for the year ended 31 August 2017.
Directors
The directors who served the company during the year were as follows:
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Small company provisions
This report was approved by the board of directors on
29 May 2018
and signed on behalf of the board by:
Director
Report to the board of directors on the preparation of the
unaudited statutory financial statements of Northern Cryogenics Ltd
Year ended 31 August 2017
In order to assist you to fulfil your duties under the Companies Act 2006, I have prepared for your approval the financial statements of Northern Cryogenics Ltd for the year ended 31 August 2017 which comprise the abridged statement of financial position and related notes from the company's accounting records and from information and explanations you have given me.
As a practising member of Chartered Accountants Ireland, I am subject to its ethical and other professional requirements which are detailed at www.charteredaccountants.ie.
This report is made solely to the board of directors of Northern Cryogenics Ltd, as a body, in accordance with the terms of my engagement letter dated 24 March 2017. My work has been undertaken solely to prepare for your approval the financial statements of Northern Cryogenics Ltd and state those matters that we have agreed to state to the board of directors of Northern Cryogenics Ltd as a body, in this report in accordance with the requirements of Chartered Accountants Ireland as detailed at www.charteredaccountants.ie. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than Northern Cryogenics Ltd and its board of directors as a body for my work or for this report.
It is your duty to ensure that Northern Cryogenics Ltd 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 Northern Cryogenics Ltd. You consider that Northern Cryogenics Ltd is exempt from the statutory audit requirement for the year.
I have not been instructed to carry out an audit or a review of the financial statements of Northern Cryogenics Ltd. For this reason, I have not verified the accuracy or completeness of the accounting records or information and explanations you have given to me and I do not, therefore, express any opinion on the statutory financial statements.
Chartered Accountant
30 Main Street
Castlecaulfield
Dungannon
Co Tyrone
BT70 3NP
29 May 2018
Abridged statement of financial position
31 August 2017
2017 | 2016 | ||||||||
Note | £ | £ | £ | £ | |||||
Fixed assets | |||||||||
Intangible assets | 5 | - | - | ||||||
Tangible assets | 6 |
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Current assets | |||||||||
Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: amounts falling due | |||||||||
within one year |
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Net current assets |
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Total assets less current liabilities |
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Provisions for liabilities |
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Net assets |
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Capital and reserves | |||||||||
Called up share capital |
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Profit and loss account |
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Shareholders funds |
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Directors responsibilities:
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The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.
These financial statements were approved by the
board of directors
and authorised for issue on
29 May 2018
, and are signed on behalf of the board by:
Director
Company registration number:
NI051368
Notes to the financial statements
Year ended 31 August 2017
1.
General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is 6 Tulnagall Road, Donaghmore, Dungannon, Co Tyrone, BT70 3LR.
2.
Statement of compliance
3.
Accounting policies
Basis of preparation
Transition to FRS 102
The entity transitioned from previous UK GAAP to FRS 102 as at 1 September 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 8.
Turnover
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.
Taxation
Operating leases
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
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:
Fittings fixtures and equipment | - |
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Motor vehicles | - |
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If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
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. 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 are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Provisions
Financial instruments
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
6
(2016:
4
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5.
Intangible assets
£
Cost
At 1 September 2016 and 31 August 2017
30,000
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Amortisation
At 1 September 2016 and 31 August 2017
30,000
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Carrying amount
At 31 August 2017
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At 31 August 2016
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6.
Tangible assets
£ | ||
Cost | ||
At 1 September 2016 |
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Additions | 40,462 | |
Disposals |
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At 31 August 2017 |
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Depreciation | ||
At 1 September 2016 |
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Charge for the year |
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Disposals |
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At 31 August 2017 |
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Carrying amount | ||
At 31 August 2017 |
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At 31 August 2016 |
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7.
Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company: | ||||
2017 | ||||
Balance brought forward | Advances /(credits) to the directors | Balance o/standing | ||
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2016 | ||||
Balance brought forward | Advances /(credits) to the directors | Balance o/standing | ||
£ | £ | £ | ||
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8.
Transition to FRS 102
These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 September 2015.
Reconciliation of equity
No transitional adjustments were required.
Reconciliation of profit or loss for the year
No transitional adjustments were required.