REGISTERED NUMBER:
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NC ASSOCIATES (LEEDS) LIMITED |
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FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2019 |
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REGISTERED NUMBER:
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NC ASSOCIATES (LEEDS) LIMITED |
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FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2019 |
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NC ASSOCIATES (LEEDS) LIMITED (REGISTERED NUMBER: 11303029) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 OCTOBER 2019 |
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Page |
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Company Information | 1 |
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Statement of Financial Position | 2 |
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Notes to the Financial Statements | 3 |
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NC ASSOCIATES (LEEDS) LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 OCTOBER 2019 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITORS: |
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Chartered Accountants |
Statutory Auditors |
The Exchange |
5 Bank Street |
Bury |
BL9 0DN |
NC ASSOCIATES (LEEDS) LIMITED (REGISTERED NUMBER: 11303029) |
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STATEMENT OF FINANCIAL POSITION |
31 OCTOBER 2019 |
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2019 | 2018 |
Notes | £ | £ |
CURRENT ASSETS |
Inventories |
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Debtors | 4 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 5 | ( |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings |
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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 and authorised for issue on
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NC ASSOCIATES (LEEDS) LIMITED (REGISTERED NUMBER: 11303029) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 OCTOBER 2019 |
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1. | STATUTORY INFORMATION |
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NC Associates (Leeds) Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 11303029 and its registered office address is Military House, 24 Castle Street, Chester, Cheshire, CH1 3DS. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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The directors have considered the impact of the global Covid-19 pandemic on the company and recognise that the future cannot be predicted with certainty. However, the directors expect the company to continue trading as all staff are able to work in a safe environment, including remotely, and the principal activity of the company can continue. The directors continue to monitor and where possible reduce costs and review the ongoing working capital to ensure that they can continue trading within the available facilities. The directors have considered the existing sources of business funding, and have no reason to believe that they will not continue to be available on similar terms for the next 12 months, and are satisfied that they will be able to operate within these facilities. |
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The directors will make use of any government financial assistance available during this period. The directors believe that the company is well placed to face the risks at these challenging times and therefore continues to adopt a going concern basis in preparing these financial statements. |
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Significant judgements and estimates |
There are currently no significant judgements and estimates applied by the directors which are considered key to the preparation of the financial statements. |
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Revenue |
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Revenue is recognised when the services have been provided to the customer. |
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Inventories |
Work in progress is valued at the cost of the service provided. |
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Financial instruments |
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties and loans to related parties. |
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Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the income statement. |
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Basic financial liabilities are initially measured at transaction price and subsequently measured at amortised cost, being the transaction price less any amounts settled. |
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NC ASSOCIATES (LEEDS) LIMITED (REGISTERED NUMBER: 11303029) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 OCTOBER 2019 |
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2. | ACCOUNTING POLICIES - continued |
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 statement of financial position 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 statement of financial position 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. |
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Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to the income statement 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 benefit contribution pension scheme. Contributions payable to the company's pension scheme are charged to the income statement in the period to which they relate. |
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Dividends |
Equity dividends are recognised when they become legally payable and are no longer at the discretion of the company. |
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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. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Trade debtors |
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Amounts owed by group undertakings |
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Other debtors |
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NC ASSOCIATES (LEEDS) LIMITED (REGISTERED NUMBER: 11303029) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 OCTOBER 2019 |
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5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Trade creditors |
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Amounts owed to group undertakings |
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Taxation and social security |
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Other creditors |
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6. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
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The Report of the Auditors was unqualified. |
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for and on behalf of
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7. | RELATED PARTY DISCLOSURES |
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Group undertakings |
During the course of the year, the company received recharged costs totalling £24,286 (2018: £nil) from group undertakings and recharged costs to group undertakings totalling £39,620 (2018: £nil). |
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Included within debtors at the year end is an amount due from group undertakings of £98,310 (2018 - £nil) |
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Included within creditors at the year end is an amount due to group undertakings of £96,254 (2018 - £22,034). |
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8. | POST BALANCE SHEET EVENTS |
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Post year end saw the outbreak of Covid-19 in China which has become a global pandemic. The directors expect the company to continue trading through this pandemic, and although the future impact is uncertain, the directors have been taking and will continue to take all possible steps to mitigate the risks of it to the business. |
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9. | ULTIMATE CONTROLLING PARTY |
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At the period end the immediate and ultimate parent company and controlling party was Bluestones Investment Group Limited, a company registered in England & Wales. The results of the company are included within the consolidated financial statements of Bluestones Investment Group Limited, copies of which can be obtained from Companies House. The company's registered office is Military House, 24 Castle Street, Chester, Cheshire, CH1 2DS. |