Nevis Environmental Limited Filleted accounts for Companies House (small and micro)

NEVIS ENVIRONMENTAL LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 05078152

Nevis Environmental Limited

Filleted Unaudited Financial Statements

31 December 2017

Nevis Environmental Limited

Statement of Financial Position

31 December 2017

	2017	2016
Note	£	£

Fixed assets

Tangible assets	5	17,625	24,272

Current assets

Debtors	6	35,729	1,080,170
Cash at bank and in hand		11,266	1,580
		--------	------------
		46,995	1,081,750

Creditors: amounts falling due within one year	7	69,823	957,751
		--------	------------
Net current (liabilities)/assets		( 22,828)	123,999
		--------	---------
Total assets less current liabilities		( 5,203)	148,271

Provisions

Taxation including deferred tax	( 24,000)	–
	--------	---------
Net assets	18,797	148,271
	--------	---------

Capital and reserves

Called up share capital	1	1
Profit and loss account	18,796	148,270
	--------	---------
Shareholder funds	18,797	148,271
	--------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

For the year ending 31 December 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Nevis Environmental Limited

Statement of Financial Position (continued)

31 December 2017

These financial statements were approved by the board of directors and authorised for issue on 17 September 2018 , and are signed on behalf of the board by:

Mr L D Quinn
Director

Company registration number: 05078152

Nevis Environmental Limited

Notes to the Financial Statements

Year ended 31 December 2017

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 3 Mersey Road, Worthing, BN13 3NQ, England.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

(a) Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

(b) Going concern

The director is confident that the company will be profitable in the future. Accordingly, the director considers it appropriate to prepare these financial statements on the going concern basis.

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.

(d) Exceptional items

Exceptional items are disclosed separately in the financial statements in order to provide further understanding of the financial performance of the entity. They are material items of income or expense that have been shown separately because of their nature or amount.

(e) Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.

(f) Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

(g) 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:

	Plant & machinery	-	Over 4 years

(h) Impairment of fixed assets

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.

(i) Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

(j) Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.

(k) Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 10 (2016: 10 ).

5. Tangible assets

	Plant and machinery	Total
	£	£
Cost
At 1 January 2017	48,496	48,496
Additions	4,935	4,935
	--------	--------
At 31 December 2017	53,431	53,431
	--------	--------
Depreciation
At 1 January 2017	24,224	24,224
Charge for the year	11,582	11,582
	--------	--------
At 31 December 2017	35,806	35,806
	--------	--------
Carrying amount
At 31 December 2017	17,625	17,625
	--------	--------
At 31 December 2016	24,272	24,272
	--------	--------

6. Debtors

	2017	2016
	£	£
Trade debtors	17,644	43,082
Amounts owed by group undertakings and undertakings in which the company has a participating interest	–	1,023,574
Other debtors	18,085	13,514
	--------	------------
	35,729	1,080,170
	--------	------------

7. Creditors: amounts falling due within one year

	2017	2016
	£	£
Trade creditors	35,584	15,620
Amounts owed to group undertakings and undertakings in which the company has a participating interest	–	865,796
Social security and other taxes	15,893	37,014
Other creditors	18,346	39,321
	--------	---------
	69,823	957,751
	--------	---------

8. Director's advances, credits and guarantees

During the year the director advanced the company £10,000. This amount is included within creditors at the year end.