Company Registration No. 3153212 (England and Wales)
Neat Acoustics Limited
Unaudited accounts
for the year ended 28 February 2019
Neat Acoustics Limited
Unaudited accounts
Contents
Neat Acoustics Limited
Company Information
for the year ended 28 February 2019
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 2019
Tangible assets
14,811
20,574
Inventories
171,434
213,775
Cash at bank and in hand
1,000
(432)
Creditors: amounts falling due within one year
(166,119)
(197,209)
Net current assets
100,237
122,690
Total assets less current liabilities
115,048
143,264
Creditors: amounts falling due after more than one year
(92,457)
(126,078)
Called up share capital
16,536
16,536
Profit and loss account
6,055
650
Shareholders' funds
22,591
17,186
For the year ending 28 February 2019 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. The profit and loss account has not been delivered to the Registrar of Companies.
Approved by the Board on 14 November 2019.
R Surgeoner
Director
Company Registration No. 3153212
Neat Acoustics Limited
Notes to the Accounts
for the year ended 28 February 2019
Neat Acoustics Limited is a private company, limited by shares, registered in England and Wales, registration number 3153212. The registered office 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.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
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
Computer equipment
33.33% straight line
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 year ended 28 February 2019
4
Tangible fixed assets
Land & buildings
Motor vehicles
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At cost
At 1 March 2018
2,119
8,750
104,243
-
115,112
At 28 February 2019
2,119
8,750
104,243
150
115,262
At 1 March 2018
2,118
6,564
85,856
-
94,538
Charge for the year
-
2,186
3,677
50
5,913
At 28 February 2019
2,118
8,750
89,533
50
100,451
At 28 February 2019
1
-
14,710
100
14,811
At 28 February 2018
1
2,186
18,387
-
20,574
Finished goods
171,434
213,775
Trade debtors
37,388
65,015
Accrued income and prepayments
5,224
5,367
Other debtors
51,310
36,174
7
Creditors: amounts falling due within one year
2019
2018
Bank loans and overdrafts
63,218
33,621
Obligations under finance leases and hire purchase contracts
283
1,800
Trade creditors
73,913
126,783
Taxes and social security
11,997
14,993
Other creditors
16,258
19,562
8
Creditors: amounts falling due after more than one year
2019
2018
Bank loans
92,457
126,078
Neat Acoustics Limited
Notes to the Accounts
for the year ended 28 February 2019
Brought
Forward
Advance/
credit
Repaid
Carried
Forward
Director's loan
3,472
49,853
44,711
8,614
3,472
49,853
44,711
8,614
During the year R Surgeoner had a director's loan as detailed above. This loan is fully repayable on demand.
10
Average number of employees
During the year the average number of employees was 6 (2018: 6).