Company Registration No. 05542064 (England and Wales)
NICTON LIMITED
ABRIDGED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2018
NICTON LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
NICTON LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2018
31 December 2018
- 1 -
2018
2017
Notes
£
£
£
£
Fixed assets
Tangible assets
3
3,462,718
3,175,477
Current assets
Stocks
1,477,274
1,229,594
Debtors
1,078,488
874,829
Cash at bank and in hand
1,129,172
1,010,018
3,684,934
3,114,441
Creditors: amounts falling due within one year
(798,376)
(665,778)
Net current assets
2,886,558
2,448,663
Total assets less current liabilities
6,349,276
5,624,140
Creditors: amounts falling due after more than one year
4
(52,406)
-
Provisions for liabilities
6
(44,301)
(23,615)
Net assets
6,252,569
5,600,525
Capital and reserves
Called up share capital
7
1
1
Profit and loss reserves
6,252,568
5,600,524
Total equity
6,252,569
5,600,525
In accordance with section 444 of the Companies Act 2006 all
of
the members of the company have consented to the
preparation of abridged financial statements pursuant to paragraph 1A of Schedule 1 to the Small Companies and Groups (Accounts and Directors’ Report) Regulations (S.I. 2008/409)(b).
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 December 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
NICTON LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2018
31 December 2018
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 12 June 2019 and are signed on its behalf by:
N D Skelton
Director
Company Registration No. 05542064
NICTON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2018
- 3 -
1
Accounting policies
Company information
Nicton Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Ardencote Farm, Shelfield Green, Shelfield, Alcester, B49 6JR.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods
and services
provided in the normal course of business and is shown net of VAT.
1.3
Tangible fixed assets
Tangible fixed assets
are
measured at cost net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Freehold Land and buildings
See note 3 of these accounts
Expenditure on Leasehold property
2% Straight line balance basis
Plant & equipment
20% Reducing balance basis
Motor vehicles
25% Reducing balance basis
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.4
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible and assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss.
1.5
Stock
Stock is
stated at the lower of cost and
estimated selling price less costs to complete and sell
.
1.6
Cash at bank and in hand
Cash at bank and in hand
are basic financial assets
and
include cash in hand
and
deposits held at call with banks
.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
NICTON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
1
Accounting policies
(Continued)
- 4 -
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price including transaction costs
.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including
creditors,
are
recognised at transaction price
.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities. Trade creditors are recognised at transaction price
.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations
expire or are discharged or cancelled.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.10
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair
value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
NICTON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
1
Accounting policies
(Continued)
- 5 -
1.11
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the profit and loss account for the
financial year.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 5 (2017 - 3).
3
Tangible fixed assets
Total
£
Cost
At 1 January 2018
3,326,737
Additions
365,808
Disposals
(40,395)
At 31 December 2018
3,652,150
Depreciation
At 1 January 2018
151,260
Depreciation charged in the year
65,330
Eliminated in respect of disposals
(27,158)
At 31 December 2018
189,432
Carrying amount
At 31 December 2018
3,462,718
At 31 December 2017
3,175,477
No depreciation has been charged in the current or previous year on the freehold land and buildings as the
directors consider the estimated residual value of the assets exceeds their present carrying values.
No depreciation has been charged on the Expenditure on Leasehold property as it had not been brought into use as at the 2018 year end and is due to be completed in the next financial year.
4
Creditors: amounts falling due after more than one year
2018
2017
£
£
Obligations under finance lease
52,406
-
52,406
-
NICTON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
- 6 -
5
Provisions for liabilities
2018
2017
£
£
Deferred tax liabilities
6
44,301
23,615
6
Deferred taxation
The following are the deferred tax liabilities recognised by the company and movements
thereon:
Liabilities
Liabilities
2018
2017
Balances:
£
£
Accelerated capital allowances
44,301
23,615
2018
Movements in the year:
£
Liability at 1 January 2018
23,615
Charge to profit or loss
20,686
Liability at 31 December 2018
44,301
7
Called up share capital
2018
2017
£
£
Ordinary share capital
Issued and fully paid
1 Ordinary share of £1
1
1