Niramax Rubber Products Limited Filleted accounts for Companies House (small and micro)

NIRAMAX RUBBER PRODUCTS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 10413576

Niramax Rubber Products Limited

Filleted Financial Statements

31 March 2019

Niramax Rubber Products Limited

Balance Sheet

31 March 2019

	2019	2018
Note	£	£

Fixed assets

Tangible assets	6	150,790	166,667

Current assets

Debtors	7	150,657	164,965
Cash at bank and in hand		217,411	255,573
		---------	---------
		368,068	420,538

Creditors: amounts falling due within one year	8	( 167,035)	( 359,853)
		---------	---------
Net current assets		201,033	60,685
		---------	---------
Total assets less current liabilities		351,823	227,352

Provisions	9	( 1,803)	( 1,879)
		---------	---------
Net assets		350,020	225,473
		---------	---------

Capital and reserves

Called up share capital	11	1	1
Profit and loss account		350,019	225,472
		---------	---------
Shareholder funds		350,020	225,473
		---------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the profit and loss account has not been delivered.

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.

These financial statements were approved by the board of directors and authorised for issue on 19 December 2019 , and are signed on behalf of the board by:

Mr M E Betts

Director

Company registration number: 10413576

Niramax Rubber Products Limited

Notes to the Financial Statements

Year ended 31 March 2019

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Niramax House Site, 6-8 Tofts Road West, Hartlepool, County Durham, TS25 2BQ.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Disclosure exemptions

The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. Its financial statements are consolidated into the financial statements of Niramax Holdings Limited which can be obtained from Companies House. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102: No cash flow statement has been presented for the company. Disclosures in respect of financial instruments have not been presented.

Judgements and key sources of estimation uncertainty

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.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); 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.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Plant and machinery	-	20% straight line
Motor vehicles	-	25% straight line

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the balance sheet and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 6 (2018: 4 ).

5. Tax on profit

Major components of tax expense

	2019	2018
	£	£

Current tax:

UK current tax expense	29,291	26,883

Deferred tax:

Origination and reversal of timing differences	( 76)	499
	--------	--------
Tax on profit	29,215	27,382
	--------	--------

Reconciliation of tax expense

The tax assessed on the profit on ordinary activities for the year is the same as (2018: lower than) the standard rate of corporation tax in the UK of 19 % (2018: 19 %).

	2019	2018
	£	£
Profit on ordinary activities before taxation	153,762	144,483
	---------	---------
Profit on ordinary activities by rate of tax	29,215	27,452
Effect of capital allowances and depreciation	76	( 569)
Deferred tax movement	( 76)	499
	---------	---------
Tax on profit	29,215	27,382
	---------	---------

6. Tangible assets

	Plant and machinery	Motor vehicles	Total
	£	£	£
Cost
At 1 April 2018	206,509	1,778	208,287
Additions	15,544	–	15,544
	---------	-------	---------
At 31 March 2019	222,053	1,778	223,831
	---------	-------	---------
Depreciation
At 1 April 2018	41,027	593	41,620
Charge for the year	30,976	445	31,421
	---------	-------	---------
At 31 March 2019	72,003	1,038	73,041
	---------	-------	---------
Carrying amount
At 31 March 2019	150,050	740	150,790
	---------	-------	---------
At 31 March 2018	165,482	1,185	166,667
	---------	-------	---------

7. Debtors

	2019	2018
	£	£
Trade debtors	116,859	148,361
Other debtors	33,798	16,604
	---------	---------
	150,657	164,965
	---------	---------

8. Creditors: amounts falling due within one year

	2019	2018
	£	£
Trade creditors	78,585	65,410
Amounts owed to group undertakings and undertakings in which the company has a participating interest	11,502	242,835
Corporation tax	29,291	26,883
Social security and other taxes	23,884	16,830
Other creditors	23,773	7,895
	---------	---------
	167,035	359,853
	---------	---------

9. Provisions

	Deferred tax (note 10)
	£
At 1 April 2018	1,879
Charge against provision	( 76)
	-------
At 31 March 2019	1,803
	-------

10. Deferred tax

The deferred tax included in the balance sheet is as follows:

	2019	2018
	£	£
Included in provisions (note 9)	1,803	1,879
	-------	-------

The deferred tax account consists of the tax effect of timing differences in respect of:

	2019	2018
	£	£
Accelerated capital allowances	1,803	1,879
	-------	-------

11. Called up share capital

Issued, called up and fully paid

	2019		2018
	No.	£	No.	£
Ordinary shares of £ 1 each	1	1	1	1
	----	----	----	----

12. Summary audit opinion

The auditor's report for the year dated 19 December 2019 was unqualified.

The senior statutory auditor was Graeme Richard Boagey BA FCA CTA , for and on behalf of Chipchase Manners .

13. Related party transactions

The company has taken advantage of the available exemption from disclosing transactions that are part of the Niramax Holdings Limited group. All related party transactions are undertaken under normal commercial terms and on an arms-length basis.

14. Controlling party

The ultimate parent undertaking is Niramax Holdings Limited, a company registered in England and Wales. There is no ultimate controlling party. Copies of the group financial statements, which include this company, can be obtained from Companies House.