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REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2017 |
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NORTECH PARTNERS LTD |
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REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2017 |
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FOR |
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NORTECH PARTNERS LTD |
NORTECH PARTNERS LTD (REGISTERED NUMBER: 07237916) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2017 |
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Balance sheet | 1 |
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Notes to the financial statements | 3 |
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NORTECH PARTNERS LTD (REGISTERED NUMBER: 07237916) |
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BALANCE SHEET |
31 DECEMBER 2017 |
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2017 | 2016 |
Notes | £ | £ | £ | £ |
Fixed assets |
Intangible assets | 4 |
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Tangible assets | 5 |
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Current assets |
Stocks |
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Debtors | 6 |
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Cash at bank |
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Creditors |
Amounts falling due within one year | 7 |
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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 | 8 |
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Net assets |
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Capital and reserves |
Called up share capital | 11 |
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Retained earnings |
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Shareholders' funds |
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The director acknowledges his responsibilities for: |
(a) |
ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006
and |
(b) |
preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each
financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
NORTECH PARTNERS LTD (REGISTERED NUMBER: 07237916) |
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BALANCE SHEET - continued |
31 DECEMBER 2017 |
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In accordance with Section 444 of the Companies Act 2006, the Statement of comprehensive income has not been delivered. |
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The financial statements were approved by the director on
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NORTECH PARTNERS LTD (REGISTERED NUMBER: 07237916) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2017 |
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1. | Statutory information |
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Nortech Partners Ltd is a private company, limited by shares, registered in England and Wales. The company's registered |
number is 07237916. The registered office is 7 & 8 Church Street, Wimborne, Dorset, BH21 1JH and business address is Unit |
5, Riverside Park, Wimborne, Dorset, BH21 1QU. |
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2. | Accounting policies |
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Basis of preparing the financial statements |
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Turnover |
Turnover represents amounts receivable for the manufacture and distribution of jump ropes, net of VAT and trade |
discounts. |
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Goodwill |
Acquired goodwill is written off in equal annual instalments over its estimated useful life. This is deemed to be 20 years. |
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Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any |
accumulated amortisation and any accumulated impairment losses. |
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Tangible fixed assets |
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Plant and machinery | - |
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Fixtures and fittings | - |
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Motor vehicles | - |
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Stocks |
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all purchase, |
costs of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using |
the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent |
that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that that have been enacted or |
substantively enacted by the balance sheet date. |
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Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet |
date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in |
which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been |
enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be |
recovered against the reversal of deferred tax liabilities or other future taxable profits. |
NORTECH PARTNERS LTD (REGISTERED NUMBER: 07237916) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2017 |
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2. | Accounting policies - continued |
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Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire |
purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over |
their estimated useful lives or the lease term, whichever is the shorter. |
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The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the |
future payments is treated as a liability. |
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Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
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Financial instruments |
Basic financial instruments are initially recognised at transaction price and accounted for according to the substance of the |
contractual arrangement, as either financial assets, liabilities or equity instruments. An equity instrument is any contract |
that evidences a residual interest in the assets of the company, after deducting all liabilities. |
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At each balance sheet date, financial instruments are measured at amortised cost using the effective interest method. Any |
losses arising from impairment are recognised in the profit and loss account in the period to which they relate. |
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3. | Employees and directors |
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The average number of employees during the year was
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4. | Intangible fixed assets |
Goodwill |
£ |
Cost |
At 1 January 2017 |
and 31 December 2017 |
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Amortisation |
At 1 January 2017 |
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Charge for year |
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At 31 December 2017 |
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Net book value |
At 31 December 2017 |
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At 31 December 2016 |
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NORTECH PARTNERS LTD (REGISTERED NUMBER: 07237916) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2017 |
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5. | Tangible fixed assets |
Fixtures |
Plant and | and | Motor |
machinery | fittings | vehicles | Totals |
£ | £ | £ | £ |
Cost |
At 1 January 2017 |
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Additions |
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At 31 December 2017 |
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Depreciation |
At 1 January 2017 |
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Charge for year |
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At 31 December 2017 |
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Net book value |
At 31 December 2017 |
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At 31 December 2016 |
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Fixed assets, included in the above, which are held under finance leases are as follows: |
Motor |
vehicles |
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Cost |
At 1 January 2017 |
and 31 December 2017 |
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Depreciation |
At 1 January 2017 |
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Charge for year |
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At 31 December 2017 |
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Net book value |
At 31 December 2017 |
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At 31 December 2016 |
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6. | Debtors: amounts falling due within one year |
2017 | 2016 |
£ | £ |
Trade debtors |
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Other debtors |
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VAT |
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Accrued income |
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Prepayments |
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NORTECH PARTNERS LTD (REGISTERED NUMBER: 07237916) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2017 |
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7. | Creditors: amounts falling due within one year |
2017 | 2016 |
£ | £ |
Finance leases (see note 9) |
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Trade creditors |
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Tax |
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Social security and other taxes |
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VAT | - | 649 |
Other creditors |
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Directors' current accounts | 134,893 | 133,236 |
Accruals and deferred income |
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8. | Creditors: amounts falling due after more than one year |
2017 | 2016 |
£ | £ |
Finance leases (see note 9) |
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9. | Leasing agreements |
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Minimum lease payments fall due as follows: |
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Finance leases |
2017 | 2016 |
£ | £ |
Net obligations repayable: |
Within one year |
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Between one and five years |
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Non-cancellable operating |
leases |
2017 | 2016 |
£ | £ |
Within one year |
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Between one and five years |
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10. | Secured debts |
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The following secured debts are included within creditors: |
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2017 | 2016 |
£ | £ |
Finance leases | 30,685 | 37,847 |
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All monies due to or to become due to Barclays Bank Plc are secured by way of a fixed and floating charge over all assets of |
the Company, dated 12 December 2013. There were no amounts owed at the balance sheet date. |
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Amounts owing under finance lease contracts are secured against the assets to which they relate. |
NORTECH PARTNERS LTD (REGISTERED NUMBER: 07237916) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2017 |
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11. | Called up share capital |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2017 | 2016 |
value: | £ | £ |
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Ordinary | £1.00 | 100 | 100 |
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12. | Ultimate controlling party |
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The company is controlled by the sole director, Dr D Norton, who owns 100% of the voting share capital. |