The 2 N's Limited - Period Ending 2018-01-31
The 2 N's Limited - Period Ending 2018-01-31
Registration number:
The 2 N's Limited
for the Year Ended 31 January 2018
Chartered Accountants
28 Alexandra Terrace
Exmouth
Devon
EX8 1BD
The 2 N's Limited
(Registration number: 06563795)
Contents
Company Information |
|
Balance Sheet |
|
Notes to the Financial Statements |
The 2 N's Limited
(Registration number: 06563795)
Company Information
Directors |
Mr S Rowe Mrs J Rowe Mr C Rowe Mrs V Rowe |
Registered office |
|
Accountants |
|
Page 1 |
The 2 N's Limited
(Registration number: 06563795)
Balance Sheet as at 31 January 2018
Note |
2018 |
2017 |
|
Fixed assets |
|||
Tangible assets |
|
|
|
Investments |
|
|
|
|
|
||
Current assets |
|||
Stocks |
|
|
|
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current liabilities |
( |
( |
|
Net assets/(liabilities) |
|
( |
|
Capital and reserves |
|||
Called up share capital |
|
|
|
Profit and loss account |
|
( |
|
Total equity |
|
( |
For the financial year ending 31 January 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
|
• |
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
Page 2 |
The 2 N's Limited
(Registration number: 06563795)
Balance Sheet as at 31 January 2018
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
.........................................
Mr S Rowe
Director
Page 3 |
The 2 N's Limited
(Registration number: 06563795)
Notes to the Financial Statements for the Year Ended 31 January 2018
General information |
The company is a private company limited by share capital incorporated in England and Wales.
The address of its registered office is:
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.
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 |
Plant and machinery |
20% straight line basis |
Fixtures and fittings |
20% straight line basis |
Motor vehicles |
25% reducing balance basis |
Office equipment |
20% straight line basis |
Page 4 |
The 2 N's Limited
(Registration number: 06563795)
Notes to the Financial Statements for the Year Ended 31 January 2018
Business combinations
Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.
Amortisation
Asset class |
Amortisation method and rate |
Goodwill |
20% straight line basis |
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
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 inventories 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.
Page 5 |
The 2 N's Limited
(Registration number: 06563795)
Notes to the Financial Statements for the Year Ended 31 January 2018
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
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.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Page 6 |
The 2 N's Limited
(Registration number: 06563795)
Notes to the Financial Statements for the Year Ended 31 January 2018
Tangible assets |
Furniture, fittings and equipment |
Motor vehicles |
Other property, plant and equipment |
Total |
|
Cost or valuation |
||||
At 1 February 2017 |
|
|
|
|
Additions |
|
- |
- |
|
Disposals |
- |
- |
( |
( |
At 31 January 2018 |
|
|
|
|
Depreciation |
||||
At 1 February 2017 |
|
|
|
|
Charge for the year |
|
|
- |
|
Eliminated on disposal |
- |
- |
( |
( |
At 31 January 2018 |
|
|
|
|
Carrying amount |
||||
At 31 January 2018 |
|
|
|
|
At 31 January 2017 |
|
|
|
|
Investments |
2018 |
2017 |
|
Investments in subsidiaries |
|
|
Subsidiaries |
£ |
Cost or valuation |
|
At 1 February 2017 |
|
Provision |
|
Carrying amount |
|
At 31 January 2018 |
|
At 31 January 2017 |
|
Page 7 |
The 2 N's Limited
(Registration number: 06563795)
Notes to the Financial Statements for the Year Ended 31 January 2018
Details of undertakings
Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
|
2018 |
2017 |
|||
Subsidiary undertakings |
||||
|
Westcott Park
|
Ordinary |
|
|
England and Wales |
Stocks |
2018 |
2017 |
|
Other stocks |
|
|
Debtors |
Note |
2018 |
2017 |
|
Trade debtors |
|
|
|
Amounts owed by group undertakings and undertakings in which the company has a participating interest |
- |
|
|
Other debtors |
|
|
|
Prepayments and accrued income |
1,400 |
1,487 |
|
Total current trade and other debtors |
|
|
Page 8 |
The 2 N's Limited
(Registration number: 06563795)
Notes to the Financial Statements for the Year Ended 31 January 2018
Creditors |
Note |
2018 |
2017 |
|
Due within one year |
|||
Trade creditors |
|
- |
|
Amounts owed to group undertakings and undertakings in which the company has a participating interest |
|
|
|
Taxation and social security |
|
|
|
Other creditors |
( |
- |
|
Accrued expenses |
1,910 |
1,730 |
|
|
|
Parent and ultimate parent undertaking |
The company's immediate parent is
Page 9 |