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Registration number: 08918457

Prepared for the registrar (filleted)

Neill's Materials Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2018

 

Neill's Materials Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 9

 

Neill's Materials Limited

Company Information

Directors

Mr J Neill

Mr NR Gorton

Mrs K Neill

Mrs L Gorton

Registered office

Unit 2 Lark Valley Trade Park
Lamdin Road
Bury St Edmunds
Ipswich
IP32 6NU

 

Neill's Materials Limited

(Registration number: 08918457)
Balance Sheet as at 31 March 2018

Note

2018
£

2017
£

Fixed assets

 

Tangible assets

4

20,779

9,484

Current assets

 

Stocks

5

87,055

40,601

Debtors

6

74,909

17,820

Cash at bank and in hand

 

6,626

1,086

 

168,590

59,507

Creditors: Amounts falling due within one year

7

(248,536)

(107,791)

Net current liabilities

 

(79,946)

(48,284)

Total assets less current liabilities

 

(59,167)

(38,800)

Creditors: Amounts falling due after more than one year

7

(9,640)

-

Provisions for liabilities

(1,634)

(1,562)

Net liabilities

 

(70,441)

(40,362)

Capital and reserves

 

Called up share capital

4

4

Profit and loss account

(70,445)

(40,366)

Total equity

 

(70,441)

(40,362)

 

Neill's Materials Limited

(Registration number: 08918457)
Balance Sheet as at 31 March 2018

For the financial year ending 31 March 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 12 November 2018 and signed on its behalf by:
 

.........................................

Mr J Neill

Director

.........................................

Mr NR Gorton

Director

 

Neill's Materials Limited

Notes to the Financial Statements for the Year Ended 31 March 2018

1

General information

The company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
Unit 2 Lark Valley Trade Park
Lamdin Road
Bury St Edmunds
Ipswich
IP32 6NU

These financial statements were authorised for issue by the Board on 12 November 2018.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Neill's Materials Limited

Notes to the Financial Statements for the Year Ended 31 March 2018

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

25% Reducing Balance

Fixtures and fittings

25% Reducing Balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Neill's Materials Limited

Notes to the Financial Statements for the Year Ended 31 March 2018

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease. Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Neill's Materials Limited

Notes to the Financial Statements for the Year Ended 31 March 2018

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 6 (2017 - 5).

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other property, plant and equipment
 £

Total
£

Cost or valuation

At 1 April 2017

17,277

-

3,000

20,277

Additions

583

13,698

-

14,281

At 31 March 2018

17,860

13,698

3,000

34,558

Depreciation

At 1 April 2017

9,059

-

1,734

10,793

Charge for the year

2,098

571

317

2,986

At 31 March 2018

11,157

571

2,051

13,779

Carrying amount

At 31 March 2018

6,703

13,127

949

20,779

At 31 March 2017

8,218

-

1,266

9,484

 

Neill's Materials Limited

Notes to the Financial Statements for the Year Ended 31 March 2018

5

Stocks

2018
£

2017
£

Finished goods and goods for resale

87,055

40,601

6

Debtors

2018
£

2017
£

Trade debtors

31,172

11,570

Other debtors

43,737

6,250

74,909

17,820

7

Creditors

Creditors: amounts falling due within one year

Note

2018
£

2017
£

Due within one year

 

Bank loans and overdrafts

8

6,391

-

Trade creditors

 

129,374

45,129

Taxation and social security

 

2,095

3,250

Accruals and deferred income

 

1,351

-

Other creditors

 

109,325

59,412

 

248,536

107,791

Creditors: amounts falling due after more than one year

Note

2018
£

2017
£

Due after one year

 

Loans and borrowings

8

9,640

-

 

Neill's Materials Limited

Notes to the Financial Statements for the Year Ended 31 March 2018

8

Loans and borrowings

2018
£

2017
£

Non-current loans and borrowings

Finance lease liabilities

9,640

-

2018
£

2017
£

Current loans and borrowings

Bank overdrafts

3,891

-

Finance lease liabilities

2,500

-

6,391

-

9

Related party transactions

Transactions with directors

2018

At 1 April 2017
£

Advances to directors
£

Repayments by director
£

Other payments made to company by director
£

At 31 March 2018
£

Mr J Neill

-

-

-

3,449

3,449

           
         

Mrs K Neill

-

-

-

52,999

52,999

           
         

Mrs L Gorton

11,700

(11,700)

-

-

-

           
         

Mr NR Gorton

40,541

(53,627)

18,400

-

5,314