Nero Signs (Glass/Designs) Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 01460970 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 March 2018

for

NERO SIGNS (GLASS/DESIGNS) LIMITED

TRADING AS

NERO GLASS DESIGN

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

K L G Jenkins

L N Coleman

SECRETARY:

K L G Jenkins

REGISTERED OFFICE:

332-334 Brixton Road

London

SW9 7AA

REGISTERED NUMBER:

01460970 (England and Wales)

ACCOUNTANT:

Peter Young

Chartered Accountant

Orchard Cottage

Stanford Lane

Hadlow

Tonbridge

Kent

TN11 0JP

FIXED ASSETS

Tangible assets

4

1,041,498

1,044,876

CURRENT ASSETS

Stocks

30,646

31,057

Debtors

5

93,044

90,812

Cash at bank and in hand

15,993

261

139,683

122,130

CREDITORS

Amounts falling due within one year

6

68,263

123,205

NET CURRENT ASSETS/(LIABILITIES)

71,420

(1,075

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,112,918

1,043,801

CREDITORS

Amounts falling due after more than one year

7

3,262,372

3,124,452

NET LIABILITIES

(2,149,454

)

(2,080,651

)

CAPITAL AND RESERVES

Called up share capital

320,000

320,000

Retained earnings

(2,469,454

)

(2,400,651

)

SHAREHOLDERS' FUNDS

(2,149,454

)

(2,080,651

)

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.

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 18 December 2018 and were signed on its behalf by:

K L G Jenkins - Director

1.	STATUTORY INFORMATION

Nero Signs (Glass/Designs) 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.

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.

The accounts have been prepared on the going concern basis, which the Directors consider appropriate as

although the company has net liabilities of £2,080,651 (2016: £1,978,532) at the balance sheet date, the

liabilities include a short term loan which they, or companies controlled by them, have made to the company of

£3,124,452 at the balance sheet date.

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.

Land and buildings

-

not provided

Plant and machinery etc

-

25% on reducing balance and 20% on cost

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 statement of financial position date.

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 18 (2017 - 18 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 April 2017

1,011,765

349,450

1,361,215

Additions

-

8,345

8,345

At 31 March 2018

1,011,765

357,795

1,369,560

DEPRECIATION

At 1 April 2017

-

316,339

316,339

Charge for year

-

11,723

11,723

At 31 March 2018

-

328,062

328,062

NET BOOK VALUE

At 31 March 2018

1,011,765

29,733

1,041,498

At 31 March 2017

1,011,765

33,111

1,044,876

No depreciation is provided on freehold property because the annual charge and accumulated depreciation are

immaterial as a result of a very long estimated useful economic life and high estimated residual value.

The freehold property is included in the accounts at cost. In accordance with the transitional provisions of

FRS15 the company has decided not to adopt a policy of revaluation. However, it will continue to disclose the

property and subsequent additions at cost and will not update that valuation.

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.18

31.3.17

£

£

Trade debtors

92,177

89,111

Other debtors

867

1,701

93,044

90,812

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.18

31.3.17

£

£

Bank loans and overdrafts

-

40,343

Trade creditors

34,431

37,109

Taxation and social security

31,365

41,885

Other creditors

2,467

3,868

68,263

123,205

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.18

31.3.17

£

£

Other creditors

3,262,372

3,124,452

Other creditors includes loans of £3,124,452 (2016: £3,018,392) from Directors or from

Sequana Investment and Promotion Ltd a Company under the control of L N Coleman

which are unsecured and interest free.

8.	SECURED DEBTS

The following secured debts are included within creditors:

31.3.18

31.3.17

£

£

Bank overdraft

-

40,343

The bank loans and overdraft facility are secured by a charge over the Company's land and buildings.

9.	ULTIMATE CONTROLLING PARTY

The controlling party is L N Coleman.