COMPANY REGISTRATION NUMBER:
SC649022
New City Vision (MMR) Contracts Limited
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Filleted Unaudited Financial Statements
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New City Vision (MMR) Contracts Limited
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Statement of Financial Position
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31 January 2021
Current assets
Stocks
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1,338,611
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Debtors
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5
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2,417
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------------
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1,341,028
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Creditors: amounts falling due within one year
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6
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1,342,565
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------------
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Net current liabilities
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1,537
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-------
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Total assets less current liabilities
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(
1,537)
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-------
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Net liabilities
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(
1,537)
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-------
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Capital and reserves
Called up share capital
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8
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1
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Profit and loss account
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(
1,538)
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-------
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Shareholders deficit
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(
1,537)
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-------
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These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the period ending 31 January 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476
;
-
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
These financial statements were approved by the
board of directors
and authorised for issue on
6 September 2021
, and are signed on behalf of the board by:
Mr H J O'Donnell
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Director
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Company registration number:
SC649022
New City Vision (MMR) Contracts Limited
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Notes to the Financial Statements
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Period from 6 December 2019 to 31 January 2021
1.
General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 13 Newton Place, Glasgow, G3 7PR.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going Concern The financial statements have been prepared on a going concern basis. The directors have assessed the Company's ability to continue as a going concern and have reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial assets, which include trade and other receivables and cash and bank balances, are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future receipts discounted at the market rate of interest for a similar debt instrument. Basic financial liabilities, which include trade creditors and other payables, are initially recognised at the transaction price, unless the arrangement constitute a financing transaction, where it is recognised at the present value of the future receipts discounted at the market rate of interest for a similar debt instrument.
At each reporting date the company assesses whether there is objective evidence that any financial asset has been impaired. A provision for impairment is established when there is objective evidence that the company will not be able to collect all amounts due. The amount of the provision is recognised immediately in profit or loss.
4.
Employee numbers
The average number of persons employed by the company during the period amounted to 1.
5.
Debtors
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31 Jan 21
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£
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Other debtors
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2,417
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-------
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6.
Creditors:
amounts falling due within one year
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31 Jan 21
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£
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Trade creditors
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9,193
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Amounts owed to group undertakings and undertakings in which the company has a participating interest
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1,328,821
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Social security and other taxes
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3,551
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Other creditors
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1,000
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1,342,565
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7.
Deferred tax
There is an unrecognised deferred tax asset of £221. This arises as a result of losses carried forward. Losses can only be offset against future profits, which cannot be determined with certainty.
8.
Called up share capital
Issued, called up and fully paid
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31 Jan 21
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No.
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£
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Ordinary shares of £ 1 each
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1
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1
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9.
Going concern
In March 2020 the United Kingdom entered a public health crisis in the form of COVID-19. At the time of signing the full impact of this is unknown however the director believes at this point in time, the financial statements should be prepared on a going concern basis.