Nanook Ltd.
Registered number: 03458338
Financial Statements
For The Year Ended 31 March 2018
Applewood LLP
Nanook Ltd.
Financial Statements
For The Year Ended 31 March 2018
Financial Statements
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| Balance Sheet | 1—2 |
| Notes to the Financial Statements | 3—6 |
Nanook Ltd.
Balance Sheet
As at
31 March 2018
Balance Sheet
Registered number:
03458338
For the 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.
| 2018 | 2017 | ||||
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| Notes | £ | £ | £ | £ | |
| FIXED ASSETS | |||||
| Tangible Assets | 7 |
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| CURRENT ASSETS | |||||
| Stocks | 8 |
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| Debtors | 9 |
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| Cash at bank and in hand |
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| Creditors: Amounts Falling Due Within One Year | 10 |
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| NET CURRENT ASSETS (LIABILITIES) |
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| TOTAL ASSETS LESS CURRENT LIABILITIES |
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| PROVISIONS FOR LIABILITIES | |||||
| Deferred Taxation | 11 |
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| NET ASSETS |
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| CAPITAL AND RESERVES | |||||
| Called up share capital | 12 |
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| Profit and Loss Account |
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| SHAREHOLDERS' FUNDS | 1,213 | 1,447 | |||
Page 1
Nanook Ltd.
Balance Sheet (continued)
As at
31 March 2018
Director's responsibilities
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The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. -
The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. -
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime. - The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
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The notes on pages 3 to 6 form part of these financial statements.
Page 2
Nanook Ltd.
Notes to the Financial Statements
For The Year Ended 31 March 2018
Notes to the Financial Statements
1.
Accounting Policies
1.1.
Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
1.2.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
1.3.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
| Plant & Machinery |
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| Fixtures & Fittings |
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| Computer Equipment |
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1.4.
Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
1.5.
Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
1.6.
Taxation
The charge for taxation takes into account taxation deferred as a result of timing differences between the treatment of certain items for taxation and accounting purposes. In general, deferred taxation is recognised in respect of timing differences that have originated but not reversed at the balance sheet date. However, deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred taxation is measured on a non-discounted basis at the tax rates that are expected to apply in periods in which the timing differences reverse, based on tax rates and the law enacted or substantively enacted at the balance sheet date.
Page 3
Nanook Ltd.
Notes to the Financial Statements (continued)
For The Year Ended 31 March 2018
5.
Average Number of Employees
Average number of employees, including directors, during the year was as follows:
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| Office and administration |
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| Sales, marketing and distribution |
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7.
Tangible Assets
| Plant & Machinery | Fixtures & Fittings | Computer Equipment | Total | |
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| Cost | ||||
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| Disposals |
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| Depreciation | ||||
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| Provided during the period |
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| Disposals |
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| Net Book Value | ||||
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8.
Stocks
| 2018 | 2017 | ||
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| £ | £ | ||
| Stock - finished goods |
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Nanook Ltd.
Notes to the Financial Statements (continued)
For The Year Ended 31 March 2018
9.
Debtors
| 2018 | 2017 | ||
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| £ | £ | ||
| Due within one year | |||
| Trade debtors |
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| Amounts recoverable on contracts |
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| Prepayments and accrued income |
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| Other debtors |
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| VAT |
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| Director's loan account | 2,065 | 22,243 | |
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| Due after more than one year | |||
| Corporation tax recoverable assets |
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10.
Creditors: Amounts Falling Due Within One Year
| 2018 | 2017 | ||
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| £ | £ | ||
| Trade creditors |
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| Corporation tax |
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| Other taxes and social security | - |
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| VAT | - |
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| Accruals and deferred income |
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11.
Deferred Taxation
The provision for deferred taxation is made up of accelerated capital allowances
| 2018 | 2017 | ||
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| £ | £ | ||
| Deferred tax |
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Nanook Ltd.
Notes to the Financial Statements (continued)
For The Year Ended 31 March 2018
13.
Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
| As at |
Amounts advanced | Amounts repaid | Amounts written off | As at |
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| £ | £ | £ | £ | £ | |
| Mrs Corinna Green |
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The above loan is unsecured, interest free and repayable on demand.
Dividends paid to directors
| 2018 | 2017 | |
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| £ | £ | |
| Mrs Corinna Green | 21,755 | 51,750 |
14.
Dividends
| 2018 | 2017 | ||
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| £ | £ | ||
| On equity shares: | |||
| Final dividend paid |
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| 43,510 | 103,500 | ||
15.
Ultimate Controlling Party
The company's ultimate controlling party is its director by virtue of her ownership of 50% of the issued share capital in the company.
16.
General Information
Nanook Ltd. is a private company, limited by shares, incorporated in England & Wales, registered number 03458338 . The registered office is River Joy, Down Place, Water Oakley, Windsor, Berkshire, SL4 5UG.
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