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Registration number: 01261170

A.W. Nevile Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2018

J W Smith & Co Ltd
Chartered Accountants
Oberon House
Ferries Street
Hull
HU9 1RL

 

A.W. Nevile Limited

Contents

Balance Sheet

1 to 2

Notes to the Financial Statements

3 to 9

 

A.W. Nevile Limited

(Registration number: 01261170)
Balance Sheet as at 31 March 2018

Note

2018
£

2017
£

Fixed assets

 

Tangible assets

4

469,569

452,272

Current assets

 

Stocks

5

156,336

149,163

Debtors

6

49,024

67,017

Cash at bank and in hand

 

1,715

993

 

207,075

217,173

Creditors: Amounts falling due within one year

7

(411,581)

(354,065)

Net current liabilities

 

(204,506)

(136,892)

Total assets less current liabilities

 

265,063

315,380

Creditors: Amounts falling due after more than one year

7

(10,153)

(24,523)

Provisions for liabilities

(35,823)

(38,908)

Net assets

 

219,087

251,949

Capital and reserves

 

Called up share capital

80,000

80,000

Share premium reserve

33,650

33,650

Profit and loss account

105,437

138,299

Total equity

 

219,087

251,949

For the financial year ending 31 March 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their 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.

 

A.W. Nevile Limited

(Registration number: 01261170)
Balance Sheet as at 31 March 2018

Approved and authorised by the Board on 16 August 2018 and signed on its behalf by:
 

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

Mr Frank Harris

Director

 

A.W. Nevile Limited

Notes to the Financial Statements for the Year Ended 31 March 2018

1

General information

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

The address of its registered office is:
A W Nevile Ltd T/a Tfm Countrystore
Thorpe Road
Whisby
Lincoln
LN6 9BT
England

These financial statements were authorised for issue by the Board on 16 August 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.

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.

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

A.W. Nevile Limited

Notes to the Financial Statements for the Year Ended 31 March 2018

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

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.

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

Freehold property

1% on cost

Motor Vehicles

25% on reducing balance

Plant & Machinery

15% on reducing balance

Computer Equipment

Various rates on reducing balance

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.

 

A.W. Nevile Limited

Notes to the Financial Statements for the Year Ended 31 March 2018

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.

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.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

A.W. Nevile Limited

Notes to the Financial Statements for the Year Ended 31 March 2018

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 directors) during the year, was 10 (2017 - 10).

 

A.W. Nevile Limited

Notes to the Financial Statements for the Year Ended 31 March 2018

4

Tangible assets

Land and buildings
£

Office Equipment
£

Motor vehicles
 £

Plant and Machinery
£

Total
£

Cost or valuation

At 1 April 2017

178,058

27,374

50,202

445,479

701,113

Additions

-

16,984

31,620

36,057

84,661

Disposals

-

-

(28,704)

(28,611)

(57,315)

At 31 March 2018

178,058

44,358

53,118

452,925

728,459

Depreciation

At 1 April 2017

21,024

12,774

32,275

182,768

248,841

Charge for the year

1,781

4,314

6,842

37,976

50,913

Eliminated on disposal

-

-

(23,394)

(17,470)

(40,864)

At 31 March 2018

22,805

17,088

15,723

203,274

258,890

Carrying amount

At 31 March 2018

155,253

27,270

37,395

249,651

469,569

At 31 March 2017

157,034

14,600

17,927

262,711

452,272

Included within the net book value of land and buildings above is £155,253 (2017 - £157,034) in respect of freehold land and buildings.
 

 

A.W. Nevile Limited

Notes to the Financial Statements for the Year Ended 31 March 2018

5

Stocks

2018
£

2017
£

Finished goods and goods for resale

156,336

149,163

6

Debtors

2018
£

2017
£

Trade debtors

47,838

65,831

Other debtors

1,186

1,186

49,024

67,017

 

A.W. Nevile Limited

Notes to the Financial Statements for the Year Ended 31 March 2018

7

Creditors

Note

2018
£

2017
£

Due within one year

 

Bank loans and overdrafts

8

299,195

268,688

Trade creditors

 

81,700

63,034

Taxation and social security

 

18,186

12,408

Accruals and deferred income

 

7,101

7,295

Other creditors

 

5,399

2,640

 

411,581

354,065

Due after one year

 

Loans and borrowings

8

10,153

24,523

8

Loans and borrowings

2018
£

2017
£

Current loans and borrowings

Bank overdrafts

13,736

14,494

Finance lease liabilities

44,103

37,118

Other borrowings

241,356

217,076

299,195

268,688

2018
£

2017
£

Non-current loans and borrowings

Finance lease liabilities

10,153

24,523