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COMPANY REGISTRATION NUMBER: 10027124
Neil Shortland Limited
Unaudited Financial Statements
28 February 2018
Neil Shortland Limited
Financial Statements
Year Ended 28 February 2018
Contents
Page
Officers and Professional Advisers
1
Directors' Report
2
Chartered Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements
3
Statement of Comprehensive Income
4
Statement of Financial Position
5
Statement of Changes in Equity
6
Notes to the Financial Statements
7
Neil Shortland Limited
Officers and Professional Advisers
The Board of Directors
G Shortland
N Shortland
R Shortland
Registered Office
12 South Meade
Timperley
Altrincham
WA15 6QL
Accountants
Downham Mayer Clarke Limited
Chartered Accountants
41 Greek Street
Stockport
Cheshire
SK3 8AX
Neil Shortland Limited
Directors' Report
Year Ended 28 February 2018
The directors present their report and the unaudited financial statements of the company for the year ended 28 February 2018 .
Directors
The directors who served the company during the year were as follows:
G Shortland
N Shortland
R Shortland
Small Company Provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 13 November 2018 and signed on behalf of the board by:
G Shortland
N Shortland
Director
Director
Registered office:
12 South Meade
Timperley
Altrincham
WA15 6QL
Neil Shortland Limited
Chartered Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Neil Shortland Limited
Year Ended 28 February 2018
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Neil Shortland Limited for the year ended 28 February 2018, which comprise the statement of comprehensive income, statement of financial position, statement of changes in equity and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the Board of Directors of Neil Shortland Limited, as a body, in accordance with the terms of our engagement letter dated 12 April 2016. Our work has been undertaken solely to prepare for your approval the financial statements of Neil Shortland Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Neil Shortland Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that Neil Shortland Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Neil Shortland Limited. You consider that Neil Shortland Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of Neil Shortland Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Downham Mayer Clarke Limited Chartered Accountants
41 Greek Street Stockport Cheshire SK3 8AX
13 November 2018
Neil Shortland Limited
Statement of Comprehensive Income
Year Ended 28 February 2018
Period from
Year to
25 Feb 16 to
28 Feb 18
28 Feb 17
Note
£
£
Turnover
33,573
----
--------
Gross Profit
33,573
Administrative expenses
1,626
7,728
-------
--------
Operating (Loss)/Profit
( 1,626)
25,845
-------
--------
(Loss)/Profit Before Taxation
( 1,626)
25,845
Tax on (loss)/profit
( 325)
5,169
-------
--------
(Loss)/Profit for the Financial Year and Total Comprehensive Income
( 1,301)
20,676
-------
--------
All the activities of the company are from continuing operations.
The company has no other recognised items of income and expenses other than the results for the year as set out above.
Neil Shortland Limited
Statement of Financial Position
28 February 2018
2018
2017
Note
£
£
£
Current Assets
Debtors
4
325
706
Cash at bank and in hand
9,680
----
--------
325
10,386
Creditors: amounts falling due within one year
5
240
5,700
----
--------
Net Current Assets
85
4,686
----
-------
Total Assets Less Current Liabilities
85
4,686
----
-------
Net Assets
85
4,686
----
-------
Capital and Reserves
Called up share capital
10
10
Profit and loss account
75
4,676
----
-------
Shareholders Funds
85
4,686
----
-------
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
For the year ending 28 February 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their 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 13 November 2018 , and are signed on behalf of the board by:
G Shortland
N Shortland
Director
Director
Company registration number: 10027124
Neil Shortland Limited
Statement of Changes in Equity
Year Ended 28 February 2018
Called up share capital
Profit and loss account
Total
£
£
£
At 25 February 2016
Profit for the year
20,676
20,676
----
--------
--------
Total Comprehensive Income for the Year
20,676
20,676
Issue of shares
10
10
Dividends paid and payable
( 16,000)
( 16,000)
----
--------
--------
Total Investments by and Distributions to Owners
10
( 16,000)
( 15,990)
At 28 February 2017
10
4,676
4,686
Loss for the year
( 1,301)
( 1,301)
----
--------
--------
Total Comprehensive Income for the Year
( 1,301)
( 1,301)
Dividends paid and payable
( 3,300)
( 3,300)
----
-------
-------
Total Investments by and Distributions to Owners
( 3,300)
( 3,300)
----
-------
-------
At 28 February 2018
10
75
85
----
-------
-------
Neil Shortland Limited
Notes to the Financial Statements
Year Ended 28 February 2018
1. General Information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 12 South Meade, Timperley, Altrincham, WA15 6QL.
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.
Judgements and Key Sources of Estimation Uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue Recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income Tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
4. Debtors
2018
2017
£
£
Trade debtors
706
Other debtors
325
----
----
325
706
----
----
5. Creditors: amounts falling due within one year
2018
2017
£
£
Corporation tax
5,169
Other creditors
240
531
----
-------
240
5,700
----
-------
6. Related Party Transactions
Dividends of £3,000 (2017 - £16,000) were paid to the directors.