Company Registration No. 10934817 (England and Wales)
Neutralpressure Limited
Unaudited
Financial Statements
for the year ended 30 June 2019
PAGES FOR FILING WITH REGISTRAR
Neutralpressure Limited
Contents
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 5
Neutralpressure Limited
Balance sheet
as at 30 June 2019
- 1 -
2019
2018
Notes
£
£
£
£
Fixed assets
Intangible assets
3
34,695
33,249
Tangible assets
4
15,905
18,712
50,600
51,961
Current assets
Stocks
48,986
60,000
Debtors
5
86,531
69,676
135,517
129,676
Creditors: amounts falling due within one year
6
(185,620)
(184,302)
Net current liabilities
(50,103)
(54,626)
Total assets less current liabilities
497
(2,665)
Capital and reserves
Called up share capital
7
100
100
Profit and loss reserves
397
(2,765)
Total equity
497
(2,665)
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 2019 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 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.
The financial statements were approved by the board of directors and authorised for issue on 9 March 2020 and are signed on its behalf by:
J E Lestner
Director
Company Registration No. 10934817
Neutralpressure Limited
Statement of Changes in Equity
for the year ended 30 June 2019
- 2 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 29 August 2017
-
-
-
Period ended 30 June 2018:
Loss and total comprehensive income for the period
-
(2,765)
(2,765)
Issue of share capital
7
100
-
100
Balance at 30 June 2018
100
(2,765)
(2,665)
Year ended 30 June 2019:
Profit and total comprehensive income for the year
-
1,716
1,716
Other movements
-
1,446
1,446
Balance at 30 June 2019
100
397
497
Neutralpressure Limited
Notes to the financial statements
for the year ended 30 June 2019
- 3 -
1
Accounting policies
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.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
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 and other sales related taxes. The fair
value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Turnover incorporates script income and over the counter sales and recognises them as part of the
revenue at the point of supply.
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less
accumulated impairment losses. Amortisation has not been provided on Goodwill as it is not considered necessary by the directors
.
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
15% reducing balance
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
.
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.
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.
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
Neutralpressure Limited
Notes to the financial statements (continued)
for the year ended 30 June 2019
1
Accounting policies
(continued)
- 4 -
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
Leases
Rentals payable under operating leases,
including
any lease incentives received, are charged to
profit or loss
on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease
s
asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 2 (2018 - 5).
3
Intangible fixed assets
Goodwill
£
Cost
At 1 July 2018 and 30 June 2019
34,695
Amortisation and impairment
At 1 July 2018
1,446
Transfers
(1,446)
At 30 June 2019
-
Carrying amount
At 30 June 2019
34,695
At 30 June 2018
33,249
4
Tangible fixed assets
Fixtures and fittings
£
Cost
At 1 July 2018 and 30 June 2019
21,656
Depreciation and impairment
At 1 July 2018
2,944
Depreciation charged in the year
2,807
At 30 June 2019
5,751
Carrying amount
At 30 June 2019
15,905
At 30 June 2018
18,712
Neutralpressure Limited
Notes to the financial statements (continued)
for the year ended 30 June 2019
- 5 -
5
Debtors
2019
2018
Amounts falling due within one year:
£
£
Trade debtors
82,537
58,080
Amounts owed by group undertakings
-
7,602
Prepayments and accrued income
3,994
3,994
86,531
69,676
6
Creditors: amounts falling due within one year
2019
2018
£
£
Trade creditors
25,849
47,888
Other creditors
159,771
135,664
Accruals and deferred income
-
750
185,620
184,302
7
Called up share capital
2019
2018
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary shares of £1 each
100
100
8
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2019
2018
£
£
19,170
11,592
9
Controlling party
The company's ultimate parent undertakings is Missionstart Limited, which is registered in England and Wales, its registered office is 8 Manor Road, Leeds, LS11 9AH.
The directors are considered to be the ultimate controlling party.
10
Company information
Neutralpressure Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
8 Manor Road, Leeds, West Yorkshire, LS11 9AH.