Year Ended
Registration number:
Nike Engineering Limited
Balance Sheet
31 March 2021
Note |
2021 |
2020 |
|
Fixed assets |
|||
Tangible assets |
|
|
|
Current assets |
|||
Stocks |
|
|
|
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current liabilities |
( |
( |
|
Total assets less current liabilities |
( |
( |
|
Provisions for liabilities |
( |
- |
|
Net liabilities |
( |
( |
|
Capital and reserves |
|||
Called up share capital |
|
|
|
Profit and loss account |
( |
( |
|
Shareholders' deficit |
( |
( |
Approved and authorised by the
......................................... |
Company Registration Number: 04948289
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.
Nike Engineering Limited
Notes to the Financial Statements
Year Ended 31 March 2021
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
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. The financial statements are prepared in pounds sterling which is the functional currency of the company.
Nike Engineering Limited
Notes to the Financial Statements
Year Ended 31 March 2021
Going concern
In preparing and approving these financial statements the Board have given due consideration to going concern risks, and in particular the impact of the Coronavirus pandemic. The pandemic led to widespread, profound economic shocks, and significantly curtailed the operational activities of the Company. In reaching a conclusion on the going concern assumption the Board considered and factored in the following matters:
i) The Company continues to be supported financially by its parent company, Isles of Scilly Steamship Company Limited, via an intercompany loan and the parent company has committed to continue this support for the foreseeable future. There is a letter of support from the group and the Company is dependent on this support.
ii) During the year ended 31 March 2021, the Group accessed substantial grant funding from the Department for Transport in order to support the essential services provided by the Group during the initial lockdown period from April to June 2020 and also in January 2021. The Group received further contracted Government grant funding post year end. This assisted the Group up until 17 May 2021 when the leisure and tourism sector started to open up in accordance with the Government’s roadmap out of lockdown.
The grant funding meets the losses incurred from running a restricted service and to support the cash outflows that arose during the respective periods of lockdown. The Group remains in close contact with local representatives and the Department for Transport in relation to additional funding should the need arise.
iii) The Group have prepared budgets and cash flow forecasts (which include the results of the Company) in accordance with expected passenger numbers and freight volumes. This factors in any substantial changes that could arise from further lockdowns and increased competition.
iv) The Company continues to access the Government’s Job Retention Scheme which has assisted with reducing the costs incurred by the Company during the year to 31 March 2021 and post year end.
v) The Company continues to implement various cost saving measures to minimise the cost base.
vi) The Group have undertaken outline negotiations with lenders in order to establish the potential borrowings that would be available to the Group should the need arise.
vii) Operationally, various policies and procedures have been put in place to ensure the health and safety of the Company’s employees and passengers. Clearly, in some areas this has given rise to a financial cost, but these steps are necessary and are being adopted by the vast majority of businesses across the UK.
viii) There are business continuation plans in place to ensure that there is adequate cover for senior management should they become incapacitated.
After due consideration of these factors the directors are satisfied that the Company will be able to operate within the available facilities and continue as a going concern for the foreseeable future – being a period no less than 12 months from the date of approval of these financial statements.
Nike Engineering Limited
Notes to the Financial Statements
Year Ended 31 March 2021
Revenue recognition
Turnover represents charges for the supply of engineering services and the sale of automotive fuel. Revenue is recognised when the company fulfils its contractual obligations to customers by supplying goods or services and excludes Value Added Tax.
Government grants
Government grants in respect of capital expenditure are credited to a deferred income account and are released to profit over the expected useful lives of the relevant assets by equal annual instalments. Grants of a revenue nature are credited to income so as to match them with the expenditure to which they relate.
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Tangible assets
Tangible assets are stated in the balance sheet 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 less residual value, as follows:
Asset class |
Depreciation method and rate |
Plant and machinery |
20% straight line |
Leasehold property |
20% straight line |
Office equipment |
20% straight line |
Motor vehicles |
25% straight line |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Stocks
Stocks are stated at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on estimated selling price less any further costs expected to be incurred to completion and selling costs.
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.
Nike Engineering Limited
Notes to the Financial Statements
Year Ended 31 March 2021
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Defined contribution pension obligation
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Financial instruments
Classification
• Short term trade and other debtors and creditors;
• 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.
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Nike Engineering Limited
Notes to the Financial Statements
Year Ended 31 March 2021
Tangible assets |
Long leasehold land and buildings |
Motor vehicles |
Plant and machinery |
Total |
|
Cost or valuation |
||||
At 1 April 2020 |
|
|
|
|
Additions |
- |
|
- |
|
Disposals |
- |
( |
- |
( |
At 31 March 2021 |
|
|
|
|
Depreciation |
||||
At 1 April 2020 |
|
|
|
|
Charge for the year |
- |
|
|
|
Eliminated on disposal |
- |
( |
- |
( |
At 31 March 2021 |
|
|
|
|
Carrying amount |
||||
At 31 March 2021 |
- |
|
|
|
At 31 March 2020 |
- |
|
|
|
Stocks |
2021 |
2020 |
|
Other inventories |
5,394 |
5,338 |
Debtors |
2021 |
2020 |
|
Trade debtors |
|
|
Prepayments |
|
|
|
|
Nike Engineering Limited
Notes to the Financial Statements
Year Ended 31 March 2021
Creditors |
Creditors: amounts falling due within one year
2021 |
2020 |
|
Due within one year |
||
Trade creditors |
|
|
Amounts due to group undertakings |
|
|
Social security and other taxes |
|
|
Outstanding defined contribution pension costs |
|
|
Accrued expenses |
|
|
|
|
Share capital |
Allotted, called up and fully paid shares
2021 |
2020 |
|||
No. |
£ |
No. |
£ |
|
Ordinary shares of £1 each |
100 |
100 |
100 |
100 |
Nike Engineering Limited
Notes to the Financial Statements
Year Ended 31 March 2021
Financial commitments, guarantees and contingencies |
Amounts not provided for in the balance sheet
The total amount of financial commitments not included in the balance sheet is £
In addition, there was a capital commitment at the year end of £51,710 (2020 - £nil).
Parent and ultimate parent undertaking |
The company's immediate parent is
These financial statements are available upon request from
Hugh Town
St Mary's
Isles of Scilly
TR21 0LJ
Audit report |