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Registration number: 07956222

NABBD Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 28 February 2018

Thomas Alexander & Co Ltd
590 Green Lanes
Palmers Green
London
N13 5RY

 

NABBD Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 8

 

NABBD Ltd

Company Information

Director

P Thompson

Registered office

1 Bedford Villas
Whitehead Close
Wandsworth
London
SW18 3EP

Accountants

Thomas Alexander & Co Ltd
590 Green Lanes
Palmers Green
London
N13 5RY

 

NABBD Ltd

(Registration number: 07956222)
Balance Sheet as at 28 February 2018

Note

2018
£

2017
£

Fixed assets

 

Tangible assets

4

5,185

6,745

Current assets

 

Stocks

5

29,250

15,672

Debtors

6

59,038

54,245

Cash at bank and in hand

 

12,837

3,640

 

101,125

73,557

Creditors: Amounts falling due within one year

7

(124,345)

(121,400)

Net current liabilities

 

(23,220)

(47,843)

Net liabilities

 

(18,035)

(41,098)

Capital and reserves

 

Called up share capital

1

1

Profit and loss account

(18,036)

(41,099)

Total equity

 

(18,035)

(41,098)

For the financial 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.

Director's 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 director acknowledges her 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 director on 30 September 2018
 

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

P Thompson

Director

 

NABBD Ltd

Notes to the Financial Statements for the Year Ended 28 February 2018

1

General information

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

The address of its registered office is:
1 Bedford Villas
Whitehead Close
Wandsworth
London
SW18 3EP

The principal place of business is:
174 Arthur Road
Wimbledon Park
London
SW19 8AQ

These financial statements were authorised for issue by the director on 30 September 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, the validity of which is based upon the continued support of the company director.

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.

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.

 

NABBD Ltd

Notes to the Financial Statements for the Year Ended 28 February 2018

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

IT and Website

33.33% Reducing balance method

Fixtures and fittings

25% Reducing balance method

Leasehold property

20% Reducing balance method

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.

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.

 

NABBD Ltd

Notes to the Financial Statements for the Year Ended 28 February 2018

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.

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.

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 the director) during the year, was 2 (2017 - 2).

 

NABBD Ltd

Notes to the Financial Statements for the Year Ended 28 February 2018

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 March 2017

13,159

9,774

22,933

At 28 February 2018

13,159

9,774

22,933

Depreciation

At 1 March 2017

8,748

7,440

16,188

Charge for the year

882

678

1,560

At 28 February 2018

9,630

8,118

17,748

Carrying amount

At 28 February 2018

3,529

1,656

5,185

At 28 February 2017

4,411

2,334

6,745

Included within the net book value of land and buildings above is £3,529 (2017 - £4,411) in respect of leasehold land and buildings.
 

5

Stocks

2018
£

2017
£

Other inventories

29,250

15,672

6

Debtors

2018
£

2017
£

Trade debtors

54,545

49,799

Prepayments

1,243

1,196

Other debtors

3,250

3,250

59,038

54,245

 

NABBD Ltd

Notes to the Financial Statements for the Year Ended 28 February 2018

7

Creditors

Creditors: amounts falling due within one year

2018
£

2017
£

Due within one year

Trade creditors

33,746

33,184

Bank overdrafts

14,499

13,321

Bank loans

32,968

17,778

Taxation and social security

15,296

11,771

Accruals and deferred income

5,992

1,400

Other creditors

1,940

2,229

Director loan account

19,904

41,717

124,345

121,400

8

Share capital

Allotted, called up and fully paid shares

 

2018

2017

 

No.

£

No.

£

Ordinary shares of £1 each

1

1

1

1

         
 

NABBD Ltd

Notes to the Financial Statements for the Year Ended 28 February 2018

9

Related party transactions

Directors' remuneration

The director's remuneration for the year was as follows:

2018
£

2017
£

Remuneration

11,000

10,767

Summary of transactions with other related parties

During the year the company made the following related party transactions:
 Polly Thompson (Director)
At the balance sheet date the amount due to Polly Thompson was £19,904 (2017: £41,717).