N9 Design Limited - Period Ending 2018-03-31

N9 Design Limited

Annual Report and Unaudited Financial Statements
Year Ended 31 March 2018

Registration number: 06521377

N9 Design Limited

Contents

Balance Sheet	1 to 2
Notes to the Financial Statements	3 to 8

N9 Design Limited

Balance Sheet

31 March 2018

	Note	2018 £	2017 £
Fixed assets
Tangible assets	4	4,212	6,747
Current assets
Debtors	5	29,678	30,313
Creditors: Amounts falling due within one year	6	(39,745)	(55,896)
Net current liabilities		(10,067)	(25,583)
Net liabilities		(5,855)	(18,836)
Capital and reserves
Called up share capital		100	100
Profit and loss account		(5,955)	(18,936)
Total equity		(5,855)	(18,836)

The notes on pages 3 to 8 form an integral part of these financial statements.

Page 1

N9 Design Limited

Balance Sheet

31 March 2018

For the financial year ending 31 March 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 7 July 2018
 

......................................... Mr N J Warren Director

Company Registration Number: 06521377

The notes on pages 3 to 8 form an integral part of these financial statements.

Page 2

N9 Design Limited

Notes to the Financial Statements

Year Ended 31 March 2018

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
C/O Francis Clark LLP
North Quay House
Sutton Harbour
Plymouth
Devon
PL4 0RA

The principal place of business is:
Century Quay
Sutton Harbour
Plymouth
Devon
PL4 0EP

These financial statements were authorised for issue by the director on 7 July 2018.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis, which assumes that the company will continue in operational existence for the foreseeable future. This depends on the continued financial support of the company's directors (and bankers).

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts and after eliminating sales within the company.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Page 3

N9 Design Limited

Notes to the Financial Statements

Year Ended 31 March 2018

Tax

Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Leasehold property	20% straight line
Equipment	25% reducing balance

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charge to the profit or loss on a straight-line basis over the period of the lease. Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Page 4

N9 Design Limited

Notes to the Financial Statements

Year Ended 31 March 2018

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

3	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 5 (2017 - 6).

Page 5

N9 Design Limited

Notes to the Financial Statements

Year Ended 31 March 2018

4	Tangible assets

	Leasehold improvements £	Office equipment £	Total £
Cost or valuation
At 1 April 2017	8,752	11,470	20,222
At 31 March 2018	8,752	11,470	20,222
Depreciation
At 1 April 2017	5,922	7,553	13,475
Charge for the year	1,555	980	2,535
At 31 March 2018	7,477	8,533	16,010
Carrying amount
At 31 March 2018	1,275	2,937	4,212
At 31 March 2017	2,830	3,917	6,747

5

Debtors

	2018  £	2017  £
Trade debtors	28,313	25,636
Other debtors	-	3,870
Prepayments	1,365	807
	29,678	30,313

Page 6

N9 Design Limited

Notes to the Financial Statements

Year Ended 31 March 2018

6

Creditors

Creditors: amounts falling due within one year

	Note	2018  £	2017  £
Due within one year
Loans and borrowings	7	13,647	22,962
Trade creditors		5,051	10,311
Corporation tax		10,731	3,205
Social security and other taxes		6,261	15,483
Other creditors		2,380	2,199
Accrued expenses		1,675	1,736
		39,745	55,896

7	Loans and borrowings

	2018 £	2017 £
Current loans and borrowings
Bank overdrafts	13,647	22,398
Finance lease liabilities	-	564
	13,647	22,962

8	Share capital

Allotted, called up and fully paid shares

	2018		2017
	No.	£	No.	£
Ordinary A of £1 each	50	50	50	50
Ordinary B of £1 each	50	50	50	50
	100	100	100	100

9

Dividends

At the time the dividends were declared the director reviewed the management accounts and there were sufficient profits available for distribution and the director acknowledges that no further distributions can be made until there are sufficient profits available for that purpose.

Page 7

N9 Design Limited

Notes to the Financial Statements

Year Ended 31 March 2018

10	Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £8,679 (2017 - £12,537). This is the total of future minimum lease payments under non-cancellable operating leases.

11	Related party transactions

2018	At 1 April 2017 £	Advances to directors £	Repayments by director £	At 31 March 2018 £
Mr N J Warren
Director's loan account	(3,870)	(32,566)	38,533	2,097

2017	At 1 April 2016 £	Advances to directors £	Repayments by director £	At 31 March 2017 £
Mr N J Warren
Director's loan account	29,146	(34,386)	1,370	(3,870)

Page 8