Company Registration No. 3153212 (England and Wales)
Neat Acoustics Limited
Unaudited accounts
for the period from 29 February 2016 to 28 February 2017
Neat Acoustics Limited
Unaudited accounts
Contents
Neat Acoustics Limited
Company Information
for the period from 29 February 2016 to 28 February 2017
Company Number
3153212 (England and Wales)
Registered Office
29B HARMIRE ENTERPRISE PARK
BARNARD CASTLE
COUNTY DURHAM
DL12 8XT
Accountants
JLA Accounting Limited
9 Flora Avenue
Darlington
DL3 8PF
Neat Acoustics Limited
Statement of financial position
as at
28 February 2017
Tangible assets
26,911
31,820
Inventories
217,878
190,180
Cash at bank and in hand
7,392
6,726
Creditors: amounts falling due within one year
(249,209)
(162,700)
Net current assets
31,980
57,810
Total assets less current liabilities
58,891
89,630
Creditors: amounts falling due after more than one year
(36,534)
(58,067)
Called up share capital
16,536
16,536
Profit and loss account
5,821
15,027
Shareholders' funds
22,357
31,563
For the period ending 28 February 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities.
Approved by the Board on 16 June 2017.
R Surgeoner
Director
Company Registration No. 3153212
Neat Acoustics Limited
Notes to the Accounts
for the period from 29 February 2016 to 28 February 2017
Neat Acoustics Limited is a private company, limited by shares, registered in England and Wales, registration number 3153212. The registered office and principal place of business is 29B HARMIRE ENTERPRISE PARK, BARNARD CASTLE, COUNTY DURHAM, DL12 8XT.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
These financial statements for the period from 29 February 2016 to 28 February 2017 are the first financial statements that comply with FRS 102 Section 1A Small Entities. The date of transition is 1 March 2015.
The transition to FRS 102 Section 1A Small Entities has resulted in a small number of changes in accounting policies to those used previously.
The nature of these changes and their impact on opening equity and profit for the comparative period are explained in the notes below.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Land & buildings
Leasehold - straight line over the life of the lease
Motor vehicles
25% straight line
Fixtures & fittings
20% per annum reducing balance
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
Neat Acoustics Limited
Notes to the Accounts
for the period from 29 February 2016 to 28 February 2017
4
Tangible fixed assets
Land & buildings
Motor vehicles
Fixtures & fittings
Total
Cost or valuation
At cost
At cost
At cost
At 29 February 2016
2,119
8,750
101,452
112,321
Additions
-
-
2,370
2,370
At 28 February 2017
2,119
8,750
103,822
114,691
At 29 February 2016
2,118
2,188
76,195
80,501
Charge for the period
-
2,188
5,091
7,279
At 28 February 2017
2,118
4,376
81,286
87,780
At 28 February 2017
1
4,374
22,536
26,911
At 28 February 2016
1
6,562
25,257
31,820
Finished goods
217,878
190,180
Trade debtors
29,878
9,739
Accrued income and prepayments
12,383
11,798
Other debtors
13,658
2,067
7
Creditors: amounts falling due within one year
2017
2016
Bank loans and overdrafts
75,500
72,488
Obligations under finance leases and hire purchase contracts
2,809
6,358
Trade creditors
121,180
58,039
Corporation tax
12,591
7,813
Other taxes and social security costs
13,824
4,728
Other creditors
22,861
11,964
8
Creditors: amounts falling due after more than one year
2017
2016
9
Average number of employees
During the period the average number of employees was 5 (2016: 4).