Nick Coggins Ltd Filleted accounts for Companies House (small and micro)

NICK COGGINS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 07670674

Nick Coggins Ltd

Filleted Unaudited Financial Statements

31 March 2018

Nick Coggins Ltd

Balance Sheet

31 March 2018

	2018		2017
Note	£	£	£

Fixed assets

Intangible assets	5	5,200	5,600
Tangible assets	6	9,688	394
		--------	-------
		14,888	5,994

Current assets

Stocks		2,000	2,000
Debtors	7	980	1,669
Cash at bank and in hand		12,743	2,870
		--------	-------
		15,723	6,539

Creditors: amounts falling due within one year	8	14,264		11,600
		--------		--------
Net current assets/(liabilities)			1,459	( 5,061)
			--------	-------
Total assets less current liabilities			16,347	933

Creditors: amounts falling due after more than one year	9	3,158	–
		--------	----
Net assets		13,189	933
		--------	----

Capital and reserves

Called up share capital	10	10
Profit and loss account	13,179	923
	--------	----
Shareholders funds	13,189	933
	--------	----

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 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 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 .

Nick Coggins Ltd

Balance Sheet (continued)

31 March 2018

These financial statements were approved by the board of directors and authorised for issue on 6 August 2018 , and are signed on behalf of the board by:

Mr N Coggins
Director

Company registration number: 07670674

Nick Coggins Ltd

Notes to the Financial Statements

Year ended 31 March 2018

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Ground Floor, 2 Compton Way, Witney, Oxon, OX28 3AB.

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

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.

Disclosure exemptions

The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. Advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102: (a) Disclosures in respect of each class of share capital have not been presented. (b) No cash flow statement has been presented for the company. (c) Disclosures in respect of financial instruments have not been presented. (d) Disclosures in respect of share-based payments have not been presented. (e) No disclosure has been given for the aggregate remuneration of key management personnel.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

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.

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.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Goodwill	-	5% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

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:

Motor vehicles	-	25% reducing balance
Equipment	-	25% straight line

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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the balance sheet as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity. Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 2 (2017: 2 ).

5. Intangible assets

	Goodwill
	£
Cost
At 1 April 2017 and 31 March 2018	8,000
	-------
Amortisation
At 1 April 2017	2,400
Charge for the year	400
	-------
At 31 March 2018	2,800
	-------
Carrying amount
At 31 March 2018	5,200
	-------
At 31 March 2017	5,600
	-------

6. Tangible assets

	Motor vehicles	Equipment	Total
	£	£	£
Cost
At 1 April 2017	656	880	1,536
Additions	12,563	187	12,750
Disposals	( 656)	–	( 656)
	--------	-------	--------
At 31 March 2018	12,563	1,067	13,630
	--------	-------	--------
Depreciation
At 1 April 2017	514	628	1,142
Charge for the year	3,141	173	3,314
Disposals	( 514)	–	( 514)
	--------	-------	--------
At 31 March 2018	3,141	801	3,942
	--------	-------	--------
Carrying amount
At 31 March 2018	9,422	266	9,688
	--------	-------	--------
At 31 March 2017	142	252	394
	--------	-------	--------

7. Debtors

	2018	2017
	£	£
Trade debtors	980	452
Other debtors	–	1,217
	----	-------
	980	1,669
	----	-------

8. Creditors: amounts falling due within one year

	2018	2017
	£	£
Trade creditors	4,022	2,803
Corporation tax	4,215	7,178
Social security and other taxes	2,099	1,194
Other creditors	3,928	425
	--------	--------
	14,264	11,600
	--------	--------

9. Creditors: amounts falling due after more than one year

	2018	2017
	£	£
Other creditors	3,158	–
	-------	----

10. Director's advances, credits and guarantees

As at 31 March 2018 a balance of £2,145 was owed to the directors (2017: £1,217 owed by the director).