Registration number:
Nick Potter Limited
for the Year Ended 31 December 2016
Belfry House
Champions Way
Hendon
London
NW4 1PX
Nick Potter Limited
Contents
Company Information |
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Director's Report |
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Accountants' Report |
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Balance Sheet |
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Notes to the Financial Statements |
Nick Potter Limited
Company Information
Director |
Mr N C Potter |
Company secretary |
Mr K Shah |
Registered office |
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Accountants |
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Page 1 |
Nick Potter Limited
Director's Report for the Year Ended 31 December 2016
The director presents his report and the financial statements for the year ended 31 December 2016.
Director of the company
The director who held office during the year was as follows:
Statement of Director's Responsibilities
The director acknowledges his responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to:
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select suitable accounting policies and apply them consistently; |
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make judgements and accounting estimates that are reasonable and prudent; |
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Small companies provision statement
This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
Approved by the Board on
.........................................
Mr N C Potter
Director
Page 2 |
Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of
Nick Potter Limited
for the Year Ended 31 December 2016
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Nick Potter Limited for the year ended 31 December 2016 as set out on pages 4 to 9 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/en/members/regulations-standards-and-guidance.
This report is made solely to the Board of Directors of Nick Potter Limited, as a body, in accordance with the terms of our engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Nick Potter Limited and state those matters that we have agreed to state to the Board of Directors of Nick Potter Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Nick Potter Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Nick Potter Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Nick Potter Limited. You consider that Nick Potter Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Nick Potter Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
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Champions Way
Hendon
London
NW4 1PX
Page 3 |
Nick Potter Limited
(Registration number: 03454746)
Balance Sheet as at 31 December 2016
Note |
2016 |
2015 |
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Fixed assets |
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Tangible assets |
- |
- |
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Current assets |
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Stocks |
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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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Net current 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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Net liabilities |
( |
( |
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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 |
( |
( |
For the financial year ending 31 December 2016 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 Companies Act 2006 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. The statement of income has not been delivered to the Registrar of Companies.
Approved and authorised by the
.........................................
Mr N C Potter
Director
Page 4 |
Nick Potter Limited
Notes to the Financial Statements for the Year Ended 31 December 2016
General information |
The company is a private company limited by share capital incorporated in England.
The principal place of business is:
White Cottage
Burtonhole Lane
Mill Hill
London
NW7 1AG
United Kingdom
The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.
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 where disclosed in the accounting policies certain items are shown at fair value.
Going concern
The director is of the opinion that the preparation of the financial statements on a going concern basis is justified on the grounds that assurance has been received from the shareholders that the company will continue to be supported for at least a year from the date of signing these accounts.
Foreign currency transactions and balances
Tax
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. The company's liability for current tax is calculated using tax rates and laws that have been enacted or substantively enacted by the end of the reporting period.
Page 5 |
Nick Potter Limited
Notes to the Financial Statements for the Year Ended 31 December 2016
Deferred tax is recognised on all timing differences arising between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
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.
Current and deferred tax assets and liabilities are not discounted.
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 |
Fixtures and fittings |
33.33% straight line basis |
Office equipment |
50% straight line basis |
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Stocks
Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised at the transaction price.
Pensions
The pension charge represents the amount paid by the company into the director's personal pension plan.
Page 6 |
Nick Potter Limited
Notes to the Financial Statements for the Year Ended 31 December 2016
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Tangible assets |
Fixtures and fittings |
Office equipment |
Total |
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Cost or valuation |
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At 1 January 2016 |
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At 31 December 2016 |
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Depreciation |
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At 1 January 2016 |
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At 31 December 2016 |
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Carrying amount |
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At 31 December 2016 |
- |
- |
- |
At 31 December 2015 |
- |
- |
- |
Page 7 |
Nick Potter Limited
Notes to the Financial Statements for the Year Ended 31 December 2016
Stocks |
2016 |
2015 |
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Finished goods |
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Debtors |
2016 |
2015 |
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Trade debtors |
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Other debtors |
- |
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Creditors |
2016 |
2015 |
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Due within one year |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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- |
Director's current accounts |
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Due after one year |
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Other creditors |
- |
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Related party transactions |
Loans from related parties
2016 |
Director |
Shareholder |
At start of period |
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Advanced |
- |
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Repaid |
( |
- |
At end of period |
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2015 |
Director |
Shareholder |
At start of period |
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Repaid |
( |
( |
At end of period |
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Page 8 |
Nick Potter Limited
Notes to the Financial Statements for the Year Ended 31 December 2016
Terms of loans from related parties
Transition to FRS 102 |
Page 9 |