Company Registration No. 01480469 (England and Wales)
NORTHERN COMPONENTS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
PAGES FOR FILING WITH REGISTRAR
NORTHERN COMPONENTS LIMITED
COMPANY INFORMATION
Directors
Mr J M Smith
Mrs W M Smith
Secretary
Mrs W M Smith
Company number
01480469
Registered office
Unit 3 Carcroft Industrial Estate
Bentley Moor Lane
Carcroft
Doncaster
South Yorkshire
UK
DN6 7BH
Accountants
John Harrison (Worksop) Limited
78 Carlton Road
Worksop
Nottinghamshire
UK
S80 1PH
NORTHERN COMPONENTS LIMITED
BALANCE SHEET
AS AT
31 MARCH 2020
31 March 2020
- 1 -
2020
2019
Notes
£
£
£
£
Fixed assets
Tangible assets
3
4,913
5,914
Current assets
Stocks
352,662
368,545
Debtors
4
27,686
33,833
Cash at bank and in hand
-
146
380,348
402,524
Creditors: amounts falling due within one year
5
(110,417)
(86,255)
Net current assets
269,931
316,269
Total assets less current liabilities
274,844
322,183
Creditors: amounts falling due after more than one year
6
(5,000)
-
Provisions for liabilities
(1,400)
-
Net assets
268,444
322,183
Capital and reserves
Called up share capital
4,800
-
Profit and loss reserves
263,644
322,183
Total equity
268,444
322,183
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 31 March 2020 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.
NORTHERN COMPONENTS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2020
31 March 2020
2020
2019
Notes
£
£
£
£
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 4 September 2020 and are signed on its behalf by:
Mr J M Smith
Director
Company Registration No. 01480469
NORTHERN COMPONENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
- 3 -
1
Accounting policies
Company information
Northern Components Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Unit 3 Carcroft Industrial Estate, Bentley Moor Lane, Carcroft, Doncaster, South Yorkshire, UK, DN6 7BH.
1.1
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.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
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.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer
(usually on dispatch of the goods)
, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that
it is probable will be
recover
ed
.
1.3
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:
Leasehold land and buildings
2% Straight Line
Plant and equipment
25% 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
.
NORTHERN COMPONENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
1
Accounting policies
(Continued)
- 4 -
1.4
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.
Stocks held for distribution at no or nominal consideration are measured at the lower of replacement cost and cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.5
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2020
2019
Number
Number
Total
10
10
NORTHERN COMPONENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
- 5 -
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 April 2019 and 31 March 2020
561
15,143
15,704
Depreciation and impairment
At 1 April 2019
299
9,491
9,790
Depreciation charged in the year
11
989
1,000
Eliminated in respect of disposals
-
1
1
At 31 March 2020
310
10,481
10,791
Carrying amount
At 31 March 2020
251
4,662
4,913
At 31 March 2019
262
5,652
5,914
4
Debtors
2020
2019
Amounts falling due within one year:
£
£
Trade debtors
27,686
33,833
5
Creditors: amounts falling due within one year
2020
2019
£
£
Bank loans and overdrafts
2,146
-
Trade creditors
25,858
23,292
Taxation and social security
5,886
4,758
Other creditors
76,527
58,205
110,417
86,255
6
Creditors: amounts falling due after more than one year
2020
2019
£
£
Bank loans and overdrafts
5,000
-