Nicholson McLaren Engineering Limited - Period Ending 2019-09-30
Nicholson McLaren Engineering Limited - Period Ending 2019-09-30
Registration number:
for the
Year Ended
Nicholson McLaren Engineering Limited
(Registration number: 05922792)
Balance Sheet as at 30 September 2019
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2019 |
2018 |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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For the financial year ending 30 September 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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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.
Approved and authorised by the
Director
Nicholson McLaren Engineering Limited
Notes to the Financial Statements for the Year Ended 30 September 2019
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
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 for, where disclosed in these accounting policies, certain items that are shown at fair value.
The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.
Going concern
After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.
Judgements and key sources of estimation uncertainty
No significant judgements or key sources of estimation uncertainty have been made by management in preparing these financial statements. |
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.
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.
Nicholson McLaren Engineering Limited
Notes to the Financial Statements for the Year Ended 30 September 2019
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 all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.
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.
Financial instruments
Classification
Recognition and measurement
Impairment
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was as follows:
2019 |
2018 |
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Average number of employees |
3 |
3 |
Stocks |
2019 |
2018 |
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Raw materials and consumables |
- |
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Nicholson McLaren Engineering Limited
Notes to the Financial Statements for the Year Ended 30 September 2019
Debtors |
2019 |
2018 |
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Trade debtors |
- |
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Other debtors |
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Called up share capital not paid |
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Creditors |
Creditors: amounts falling due within one year
2019 |
2018 |
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Due within one year |
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Trade creditors |
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Other creditors |
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Accrued expenses |
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Corporation tax liability |
487 |
294 |
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Related party transactions |
Summary of transactions with other related parties
During the year, Nicholson McLaren Engineering Limited incurred costs totalling £147,321 (2018: £206,198) from Nicholson McLaren Engines Limited for work carried out during the year.
At 30 September 2019, the company was owed £283,700 (2018: £118,500) to Nicholson McLaren Aviation Limited, for loans and expenses incurred on the company's behalf. No interest was charged and this is repayable on demand.
During the year to 30 September 2019, invoices totalling £189,017 (2018: £217,384) were raised to Endean Enterprises Limited, for work carried out in the year.
All companies are controlled by M B Endean.
Non adjusting events after the financial period |
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