North Valley Metal Co (Colne) Limited - Accounts to registrar (filleted) - small 18.1

REGISTERED NUMBER: 00887561 (England and Wales)

Unaudited Financial Statements

for the Year Ended 30 September 2017

for

North Valley Metal Co (Colne) Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Report of the Accountants

8

DIRECTOR:

J Seymour

SECRETARY:

Mrs R Seymour

REGISTERED OFFICE:

Walverdene Works

Brook Street

Nelson

Lancashire

BB9 9PU

REGISTERED NUMBER:

00887561 (England and Wales)

ACCOUNTANTS:

Egan Roberts Limited

Chartered Accountants

Suite 46

Manor Court

Salesbury Hall Road

Ribchester

Lancashire

PR3 3XR

FIXED ASSETS

Tangible assets

4

426,881

439,446

Investments

5

97,000

-

523,881

439,446

CURRENT ASSETS

Stocks

1,049,687

1,103,008

Debtors

6

1,700,777

1,620,748

Cash at bank and in hand

1,171

2,976

2,751,635

2,726,732

CREDITORS

Amounts falling due within one year

7

1,182,126

1,096,788

NET CURRENT ASSETS

1,569,509

1,629,944

TOTAL ASSETS LESS CURRENT LIABILITIES

2,093,390

2,069,390

CREDITORS

Amounts falling due after more than one year

8

(123,827

)

(101,426

)

PROVISIONS FOR LIABILITIES

(15,129

)

(16,497

)

NET ASSETS

1,954,434

1,951,467

CAPITAL AND RESERVES

Called up share capital

100

100

Revaluation reserve

9

321,224

321,224

Retained earnings

1,633,110

1,630,143

SHAREHOLDERS' FUNDS

1,954,434

1,951,467

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

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

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.

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 director on 28 June 2018 and were signed by:

J Seymour - Director

1.	STATUTORY INFORMATION

North Valley Metal Co (Colne) 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 as modified by the revaluation of certain assets.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Freehold property

-

2% on cost

Plant and machinery

-

15% on cost

Motor vehicles

-

25% on cost

Computer equipment

-

20% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

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 balance sheet date.

Deferred tax

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

sheet 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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held

under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases

are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element

of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to profit or loss in the period to which they relate.

Short term debtors and creditors

Short term debtors and creditors with no stated interest rate are recorded at transaction price. Any losses arising

from impairment are recognised in the profit and loss account.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 19 .

4.	TANGIBLE FIXED ASSETS

Freehold

Plant and

Motor

Computer

property

machinery

vehicles

equipment

Totals

£

£

£

£

£

COST OR VALUATION

At 1 October 2016

412,470

358,856

57,279

19,514

848,119

Additions

-

12,401

1,500

1,534

15,435

Disposals

-

-

(1,739

)

-

(1,739

)

At 30 September 2017

412,470

371,257

57,040

21,048

861,815

DEPRECIATION

At 1 October 2016

60,169

294,425

50,014

4,065

408,673

Charge for year

7,529

11,926

4,531

4,014

28,000

Eliminated on disposal

-

-

(1,739

)

-

(1,739

)

At 30 September 2017

67,698

306,351

52,806

8,079

434,934

NET BOOK VALUE

At 30 September 2017

344,772

64,906

4,234

12,969

426,881

At 30 September 2016

352,301

64,431

7,265

15,449

439,446

Cost or valuation at 30 September 2017 is represented by:

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

Valuation in 2007

360,000

-

360,000

Cost

52,470

449,345

501,815

412,470

449,345

861,815

The freehold property was valued on an open market basis basis on 5 September 2007 by Messrs Petty Chartered Surveyors

.

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

Motor

machinery

vehicles

Totals

£

£

£

COST OR VALUATION

At 1 October 2016

and 30 September 2017

44,680

34,950

79,630

DEPRECIATION

At 1 October 2016

1,925

34,950

36,875

Charge for year

4,104

-

4,104

At 30 September 2017

6,029

34,950

40,979

NET BOOK VALUE

At 30 September 2017

38,651

-

38,651

At 30 September 2016

42,755

-

42,755

5.	FIXED ASSET INVESTMENTS

Investments (neither listed nor unlisted) were as follows:

2017

2016

£

£

Classic cars

97,000

-

The fixed asset investment relates to a classic car. The directors believe that this will not diminish in value so it

has not been depreciated.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

766,171

686,490

Amounts owed by group undertakings

843,631

833,448

Other debtors

31,870

35,488

North Valley Supplies

31,375

30,975

Prepayments

27,730

34,347

1,700,777

1,620,748

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Bank loans and overdrafts

641,513

616,701

Other loan

20,705

20,833

Hire purchase contracts

32,420

11,170

Trade creditors

352,077

361,714

Amounts owed to group undertakings

3,467

-

Tax

30,346

18,372

Social security and other taxes

34,199

19,523

VAT

52,770

37,388

Other creditors

2,011

258

Accrued expenses

12,618

10,829

1,182,126

1,096,788

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2017

2016

£

£

Other loan

49,972

71,297

Hire purchase contracts

73,855

30,129

123,827

101,426

9.

RESERVES

Revaluation

reserve

£

At 1 October 2016

and 30 September 2017

321,224

10.	ULTIMATE CONTROLLING PARTY

The company is a wholly owned subsidiary of NVM Holdings Limited. The ultimate controlling party is Mr John

Seymour, who owns a controlling interest in the equity share capital of NVM Holdings Limited.

11.	FIRST YEAR ADOPTION

This is the first year that the company has prepared its financial statements under FRS102 (section 1A). The last

financial statements prepared under the previous UK GAAP were for year ended 30 September 2016. The date

of transition was 1 October 2016. There were no adjustments arising on transition.

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.

As described on the Balance Sheet you are responsible for the preparation of the financial statements for the year ended 30 September 2017 set out on pages nil to nil and you consider that the company is exempt from an audit.

In accordance with your instructions, we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and information and explanations supplied to us.

Egan Roberts Limited

Chartered Accountants

Suite 46

Manor Court

Salesbury Hall Road

Ribchester

Lancashire

PR3 3XR

28 June 2018