Company Registration No. 05842958 (England and Wales)
NORCOTT INSTRUMENTATION LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2017
PAGES FOR FILING WITH REGISTRAR
NORCOTT INSTRUMENTATION LIMITED
COMPANY INFORMATION
Directors
Mrs H Adkins
Mr P Lomas
Secretary
Mrs H Adkins
Company number
05842958
Registered office
Unit 1
Sunset Business Centre
Waterloo Road
Widnes
Cheshire
England
WA8 0QR
Accountants
Morris & Co
Chester House
Lloyd Drive
Cheshire Oaks Business Park
Ellesmere Port
Cheshire
CH65 9HQ
NORCOTT INSTRUMENTATION LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
NORCOTT INSTRUMENTATION LIMITED
BALANCE SHEET
AS AT
30 JUNE 2017
30 June 2017
- 1 -
2017
2016
Notes
£
£
£
£
Current assets
Stocks
4,244
5,408
Debtors
3
37
1,541
Cash at bank and in hand
3,192
2,632
7,473
9,581
Creditors: amounts falling due within one year
4
(737)
(1,387)
Net current assets
6,736
8,194
Creditors: amounts falling due after more than one year
5
(8,500)
(11,000)
Net liabilities
(1,764)
(2,806)
Capital and reserves
Called up share capital
6
29,400
29,400
Profit and loss reserves
(31,164)
(32,206)
Total equity
(1,764)
(2,806)
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 30 June 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
T
he directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
T
he members have 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.
NORCOTT INSTRUMENTATION LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 JUNE 2017
30 June 2017
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 28 February 2018 and are signed on its behalf by:
Mrs H Adkins
Mr P Lomas
Director
Director
Company Registration No. 05842958
NORCOTT INSTRUMENTATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2017
- 3 -
1
Accounting policies
Company information
Norcott Instrumentation Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Unit 1, Sunset Business Centre, Waterloo Road, Widnes, Cheshire, England, WA8 0QR.
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 are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
These financial statements for the year ended 30 June 2017
are the
first
financial statements of Norcott Instrumentation Limited prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 1 July 2015. The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102.
1.2
Going concern
The company is dependent upon the support of the director P Lomas and his common law partner, whose interests in the company as at 30 June 2017 were £8,500 (2016 - £11,000). The financial statements have been prepared on a going concern basis assuming that this support will be forthcoming.
1.3
Turnover
Turnover represents net invoiced sales of services, excluding VAT.
1.4
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of replacement cost and cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.5
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
NORCOTT INSTRUMENTATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2017
1
Accounting policies
(Continued)
- 4 -
1.6
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.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs. As all financial assets are classified within one year, they are not amortised but carried at face value.
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 and bank loans are initially recognised at transaction price. Financial liabilities classified as payable within one year are carried at face value.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts 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 initially at transaction price and continue to be measured at face value.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
NORCOTT INSTRUMENTATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2017
- 5 -
2
Intangible fixed assets
Amortisation
£
Cost
At 1 July 2016 and 30 June 2017
6,050
Amortisation and impairment
At 1 July 2016 and 30 June 2017
6,050
Carrying amount
At 30 June 2017
-
At 30 June 2016
-
3
Debtors
2017
2016
Amounts falling due within one year:
£
£
Trade debtors
-
1,541
Other debtors
37
-
37
1,541
4
Creditors: amounts falling due within one year
2017
2016
£
£
Trade creditors
89
195
Other taxation and social security
14
561
Other creditors
634
631
737
1,387
5
Creditors: amounts falling due after more than one year
2017
2016
£
£
Other creditors
8,500
11,000
NORCOTT INSTRUMENTATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2017
- 6 -
6
Called up share capital
2017
2016
£
£
Ordinary share capital
Issued and fully paid
29,400 Ordinary of £1 each
29,400
29,400
7
Related party transactions
S Greenwood - Common law partner of the director P Lomas
At the year end there was an outstanding commercial loan due to S Greenwood of £8,500 (2016 - £11,000) included within long term liabilities. During the year interest of £276 (2016 - £510) was paid on the loan.
Norcott Technologies Limited - Common directors
During the year the company were recharged costs from Norcott Technologies Limited, a company related by virtue of common directors, to the value of £1,633 (2016 - £8,944). At the year end the amount outstanding was £89 (2016 - £195).