C.Nielson & Son Limited 30/04/2018 iXBRL

C.Nielson & Son Limited 30/04/2018 iXBRL

C.NIELSON & SON LIMITED - Company Information

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Company registration number: 00551484
C.Nielson & Son Limited
Trading as C.Neilson & Son Ltd
Unaudited filleted financial statements
30 April 2018
C.NIELSON & SON LIMITED
Contents
Statement of financial position
Notes to the financial statements
C.NIELSON & SON LIMITED
STATEMENT OF FINANCIAL POSITION
30 APRIL 2018
2018 2017
Note £ £ £ £
Fixed assets
Tangible assets 5 226,742 220,247
_______ _______
226,742 220,247
Current assets
Debtors 6 389,743 414,280
Cash at bank and in hand 2,745 4,963
_______ _______
392,488 419,243
Creditors: amounts falling due
within one year 7 ( 23,242) ( 57,945)
_______ _______
Net current assets 369,246 361,298
_______ _______
Total assets less current liabilities 595,988 581,545
Creditors: amounts falling due
after more than one year 8 ( 15,413) ( 203)
_______ _______
Net assets 580,575 581,342
_______ _______
Capital and reserves
Called up share capital 10,003 10,003
Profit and loss account 9 570,572 571,339
_______ _______
Shareholders funds 580,575 581,342
_______ _______
For the year ending 30 April 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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.
These financial statements were approved by the board of directors and authorised for issue on 31 January 2019 , and are signed on behalf of the board by:
Mrs Jill Nielson
Director
Company registration number: 00551484
C.NIELSON & SON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 30 APRIL 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 5 West Street, Okehampton, Devon, EX20 1HQ.
Principal activity
The principal activity of the company is letting holiday accommodation.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
Transition to FRS 102
The entity transitioned from previous UK GAAP to FRS 102 as at 1 May 2016. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 11.
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.Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.
Turnover
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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Tangible assets
tangible assets are initially recorded at cost, and are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves 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:
Plant and machinery - 20% Straight Line
Fittings fixtures and equipment - 15% Straight Line
Office equipment - 20% Straight Line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
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. 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 are largely independent of the cash inflows from other assets or groups of assets.
Construction contracts
Where the outcome of construction contracts can be reliably estimated, contract revenue and contract costs are recognised by reference to the stage of completion of the contract activity as at the year end. Where the outcome of construction contracts cannot be estimated reliably, revenue is recognised to the extent of contract costs incurred that it is probable will be recoverable, and contract costs are recognised as an expense in the period in which they are incurred. When it is probable that total contract costs will exceed total contract revenue, the expected loss is expenses immediately, with a corresponding provision for an onerous contract being recognised. Where the collectability of an amount already recognised as contract revenue is no longer probable, the uncollectible amount is expensed rather than recognised as an adjustment to the amount of contract revenue. The entity uses the percentage of completion method to determine the amounts to be recognised in the period. The stage of completion is measured by reference to the contract costs incurred up to the end of the reporting period as a percentage of total estimated costs for each contract. Costs incurred for work performed to date do not include costs relating to future activity, such as for materials or prepayments.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2017: 2 ).
5. Tangible assets
Freehold property Plant and machinery Fixtures, fittings and equipment Office Equipment Total
£ £ £ £ £
Cost
At 1 May 2017 184,271 30,138 27,943 661 243,013
Additions 15,437 - 1,521 - 16,958
_______ _______ _______ _______ _______
At 30 April 2018 199,708 30,138 29,464 661 259,971
_______ _______ _______ _______ _______
Depreciation
At 1 May 2017 - 13,114 9,079 573 22,766
Charge for the year - 6,026 4,419 18 10,463
_______ _______ _______ _______ _______
At 30 April 2018 - 19,140 13,498 591 33,229
_______ _______ _______ _______ _______
Carrying amount
At 30 April 2018 199,708 10,998 15,966 70 226,742
_______ _______ _______ _______ _______
At 30 April 2017 184,271 17,024 18,864 88 220,247
_______ _______ _______ _______ _______
6. Debtors
2018 2017
£ £
Other debtors 389,743 414,280
_______ _______
7. Creditors: amounts falling due within one year
2018 2017
£ £
Bank loans and overdrafts - 30,000
Trade creditors 15 3,000
Accruals and deferred income 1,200 1,200
Social security and other taxes 1,405 825
Other creditors 20,622 22,920
_______ _______
23,242 57,945
_______ _______
8. Creditors: amounts falling due after more than one year
2018 2017
£ £
Other creditors 15,413 203
_______ _______
9. Reserves
Profit and loss account:This reserve records retained earnings and accumulated losses .
10. Directors advances, credits and guarantees
Directors' loans are repayable on demand and subject to interest on overdrawn balances at the official rate.
11. Transition to FRS 102
These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 May 2016.
Reconciliation of equity
No transitional adjustments were required.
Reconciliation of profit or loss for the year
No transitional adjustments were required.