Year Ended
Registration number:
Noyce Associates Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
Noyce Associates Limited
Company Information
Director |
A J Noyce |
Company secretary |
S Barr |
Registered office |
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Bankers |
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Accountants |
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Page 1 |
Noyce Associates Limited
Balance Sheet
30 November 2017
Note |
2017 |
2016 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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( |
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Net current assets/(liabilities) |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
- |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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Page 2 |
Noyce Associates Limited
Balance Sheet
30 November 2017
For the financial year ending 30 November 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
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The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
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Company Registration Number: 03120739
Page 3 |
Noyce Associates Limited
Notes to the Financial Statements
Year Ended 30 November 2017
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
The principal place of business is:
109 Roslyn Close
St Austell
Cornwall
PL25 3UW
These financial statements were authorised for issue by the
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.
Change in basis of accounting
The company's financial statements have been prepared in accordance with FRS102 - the Financial Reporting Standard applicable in the UK and Republic of Ireland. The company has transferred from previously extant UK GAAP to FRS102 as at 1 December 2015. There is no material impact on the reported financial position and financial performance.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the provision of garden services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Page 4 |
Noyce Associates Limited
Notes to the Financial Statements
Year Ended 30 November 2017
Tax
Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
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 |
Motor vehicles |
25% Reducing balance |
Fixtures, fittings and equipment |
15% Reducing balance |
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease. Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Page 5 |
Noyce Associates Limited
Notes to the Financial Statements
Year Ended 30 November 2017
Financial instruments
Classification
• Short term trade and other debtors and creditors;
• Bank loans; and
• Cash and bank balances.
All financial instruments are classified as basic.
Recognition and measurement
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.
Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.
Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Page 6 |
Noyce Associates Limited
Notes to the Financial Statements
Year Ended 30 November 2017
Tangible assets |
Furniture, fittings and equipment |
Motor vehicles |
Total |
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Cost or valuation |
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At 1 December 2016 |
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Additions |
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- |
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Disposals |
- |
( |
( |
At 30 November 2017 |
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Depreciation |
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At 1 December 2016 |
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Charge for the year |
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Eliminated on disposal |
- |
( |
( |
At 30 November 2017 |
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Carrying amount |
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At 30 November 2017 |
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At 30 November 2016 |
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Debtors |
2017 |
2016 |
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Trade debtors |
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Other debtors |
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- |
Prepayments |
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Page 7 |
Noyce Associates Limited
Notes to the Financial Statements
Year Ended 30 November 2017
Creditors |
Creditors: amounts falling due within one year
Note |
2017 |
2016 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Corporation tax |
7,160 |
8,796 |
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Social security and other taxes |
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Outstanding defined contribution pension costs |
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- |
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Other creditors |
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Accrued expenses |
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Due after one year |
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Loans and borrowings |
- |
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Creditors: amounts falling due after more than one year
Note |
2017 |
2016 |
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Due after one year |
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Loans and borrowings |
- |
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Loans and borrowings |
2017 |
2016 |
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Loans and borrowings due after one year |
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Finance lease liabilities |
- |
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2017 |
2016 |
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Current loans and borrowings |
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Finance lease liabilities |
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Page 8 |
Noyce Associates Limited
Notes to the Financial Statements
Year Ended 30 November 2017
Transition to FRS 102 |
Reconciliation of Equity at 1 December 2015 |
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£ |
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Funds attributable to members at 1 December 2015 under previous UK GAAP |
11,545 |
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Deferred tax provision |
(5,510) |
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Funds attributable to members at 1 December 2015 under FRS 102 |
6,035 |
Reconciliation of Equity at 30 November 2016 |
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£ |
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Funds attributable to members at 30 November 2016 under previous UK GAAP |
12,414 |
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Deferred tax provision |
(4,686) |
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Funds attributable to members at 30 November 2016 under FRS 102 |
7,728 |
Reconciliation of Profit and Loss at 30 November 2016 |
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£ |
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Profit for the year ended 30 November 2016 under previous UK GAAP |
30,871 |
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Deferred tax provision |
824 |
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Profit for the year ended 30 November 2016 under FRS 102 |
31,695 |
Page 9 |