Northern Abrasives Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 01211641 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2018

FOR

NORTHERN ABRASIVES LIMITED

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

I D Beeson

Ms J A Tierney

SECRETARY:

Ms J A Tierney

REGISTERED OFFICE:

270 Coombs Road

Halesowen

West Midlands

B62 8AA

REGISTERED NUMBER:

01211641 (England and Wales)

ACCOUNTANTS:

Moss & Williamson Limited

Chartered Accountants

Booth Street Chambers

Ashton-under-Lyne

Lancashire

OL6 7LQ

FIXED ASSETS

Tangible assets

4

16,758

24,611

CURRENT ASSETS

Stocks

97,964

94,563

Debtors

260,909

258,760

Cash at bank and in hand

115,809

148,387

474,682

501,710

CREDITORS

Amounts falling due within one year

163,182

204,599

NET CURRENT ASSETS

311,500

297,111

TOTAL ASSETS LESS CURRENT LIABILITIES

328,258

321,722

CAPITAL AND RESERVES

Called up share capital

800

800

Retained earnings

327,458

320,922

328,258

321,722

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2018 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 March 2018 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 8 November 2018 and were signed on its behalf by:

I D Beeson - Director

Ms J A Tierney - Director

1.	STATUTORY INFORMATION

Northern Abrasives Limited is a private company, limited by shares , registered in England and Wales.

The company's registered number and registered office address can be found on the Company

Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts,

rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Office equipment

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for

obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement,

except to the extent that it relates to items recognised in other comprehensive income or directly in

equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been

enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at

the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods

different from those in which they are recognised in financial statements. Deferred tax is measured

using tax rates and laws that have been enacted or substantively enacted by the year end and that are

expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable

that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the

period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the

company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2017 - 7 ) .

4.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 April 2017

75,014

Disposals

(7,500

)

At 31 March 2018

67,514

DEPRECIATION

At 1 April 2017

50,403

Charge for year

5,281

Eliminated on disposal

(4,928

)

At 31 March 2018

50,756

NET BOOK VALUE

At 31 March 2018

16,758

At 31 March 2017

24,611

5.	OTHER FINANCIAL COMMITMENTS

Financial commitments not included in the balance sheet comprise lease payments under

non-cancellable operating leases falling due as follows:

2018

2017

£

£

Within one year

22,248

22,248