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REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2019 |
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NIBEK LIMITED |
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REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2019 |
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FOR |
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NIBEK LIMITED |
NIBEK LIMITED (REGISTERED NUMBER: 02579497) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 28 FEBRUARY 2019 |
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Balance Sheet | 1 | to | 2 |
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Notes to the Financial Statements | 3 | to | 6 |
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NIBEK LIMITED (REGISTERED NUMBER: 02579497) |
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BALANCE SHEET |
28 FEBRUARY 2019 |
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28.2.19 | 28.2.18 |
Notes | £ | £ |
FIXED ASSETS |
Property, plant and equipment | 4 |
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Investments | 5 |
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CURRENT ASSETS |
Inventories |
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Debtors | 6 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 7 | ( |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
8 |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings |
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The directors acknowledge their responsibilities for: |
(a) |
ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the
Companies Act 2006 and |
(b) |
preparing financial statements which give a true and fair view of the state of affairs of the company as
at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
NIBEK LIMITED (REGISTERED NUMBER: 02579497) |
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BALANCE SHEET - continued |
28 FEBRUARY 2019 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors on
its behalf by: |
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NIBEK LIMITED (REGISTERED NUMBER: 02579497) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 28 FEBRUARY 2019 |
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1. | STATUTORY INFORMATION |
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NIBEK LIMITED is a
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company's registered number and registered office address are as below: |
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Registered number: | 02579497 |
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Registered office: | Unit 5 |
Whieldon Road Industrial Est |
Whieldon Road |
Stoke on Trent |
Staffordshire |
ST4 4JP |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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The financial statements are prepared in sterling, which is the functional currency of the entity. |
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Significant judgements and estimates |
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. |
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Significant judgements |
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The judgements (apart from those involving estimations) that management has made in the process |
of applying the entity's accounting policies and that have the most significant effect on the amounts |
recognised in the financial statements are as follows: |
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(i) Estimated useful lives and residual values of fixed assets |
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Depreciation of tangible fixed assets has been based on estimated useful lives and residual values |
deemed appropriate by the directors. Estimated useful lives and residual values are reviewed annually |
and revised as appropriate. Revisions take into account estimated useful lives used by other |
companies operating in the sector and actual asset lives and residual values, as evidenced by |
disposals during the current and prior accounting periods. |
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Revenue recognition |
Turnover is measured at the fair value of the consideration received or receivable and represents |
amounts receivable for goods supplied and services rendered, stated net of discounts and of Value |
Added Tax. |
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Revenue from the rendering of services is recognised by reference to the stage of completion at the |
balance sheet date; 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. |
NIBEK LIMITED (REGISTERED NUMBER: 02579497) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 28 FEBRUARY 2019 |
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2. | ACCOUNTING POLICIES - continued |
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Tangible fixed assets |
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Plant and machinery | - |
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Fixtures and fittings | - |
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Motor vehicles | - |
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Computer equipment | - |
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Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated |
depreciation and impairment losses. |
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Stocks |
Inventories are valued at the lower of cost and net realisable value, after making due allowance for |
obsolete and slow moving items. |
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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. |
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Basic financial instruments 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 payments |
discounted at a market rate of interest for a similar debt instrument. |
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Debt instruments are subsequently measured at amortised cost. |
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Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of |
impairment at the end of each reporting date. If there is objective evidence of impairment, an |
impairment loss is recognised in profit or loss immediately. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, |
except to the extent that it relates to items recognised in other comprehensive income or directly in |
equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been |
enacted or substantively enacted by the balance sheet date. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at |
the balance sheet date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods |
different from those in which they are recognised in financial statements. Deferred tax is measured |
using tax rates and laws that have been enacted or substantively enacted by the year end and that are |
expected to apply to the reversal of the timing difference. |
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Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is |
probable that they will be recovered against the reversal of deferred tax liabilities or other future |
taxable profits. |
NIBEK LIMITED (REGISTERED NUMBER: 02579497) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 28 FEBRUARY 2019 |
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2. | ACCOUNTING POLICIES - continued |
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Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at |
the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of |
exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at |
the operating result. |
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Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the |
period of the lease. |
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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the |
company's pension scheme are charged to profit or loss in the period to which they relate. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | PROPERTY, PLANT AND EQUIPMENT |
Fixtures |
Plant and | and | Motor | Computer |
machinery | fittings | vehicles | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 March 2018 |
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Additions |
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Disposals |
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At 28 February 2019 |
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DEPRECIATION |
At 1 March 2018 |
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Charge for year |
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Eliminated on disposal |
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At 28 February 2019 |
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NET BOOK VALUE |
At 28 February 2019 |
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At 28 February 2018 |
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5. | FIXED ASSET INVESTMENTS |
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Investments (neither listed nor unlisted) were as follows: |
28.2.19 | 28.2.18 |
£ | £ |
Other investments other than |
loans | 45,000 | 45,000 |
NIBEK LIMITED (REGISTERED NUMBER: 02579497) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 28 FEBRUARY 2019 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
28.2.19 | 28.2.18 |
£ | £ |
Trade debtors |
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Amounts owed by group undertakings |
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Other debtors |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
28.2.19 | 28.2.18 |
£ | £ |
Bank loans and overdrafts |
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Hire purchase contracts |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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8. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
28.2.19 | 28.2.18 |
£ | £ |
Hire purchase contracts |
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9. | SECURED DEBTS |
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The hire purchase is secured over the company asset. |
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The bank overdraft in 2018 was secured by a floating charge over the movable plant, machinery, |
fixtures and goodwill of the company. |
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10. | RELATED PARTY DISCLOSURES |
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All transactions undertaken with the directors are deemed to be conducted under normal market |
conditions and/or are not material. |
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The company has taken advantage of the exemption from the disclosures required by paragraph |
33.1A of Financial Reporting Standard 102 regarding transactions between fellow group companies. |
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11. | ULTIMATE CONTROLLING PARTY |
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Service (Engineers) Limited is the company's ultimate parent undertaking. The parent undertaking's |
registered office is c/o DPC, Stone House, Stone Road Business Park, Stone Road, Stoke on Trent, |
Staffordshire, England, ST4 6SR. The address of the principal place of business is Unit 5 Whieldon |
Road Industrial Estate, Whieldon Road, Stoke on Trent, Staffordshire, ST4 4JP. |