NG Drayton Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 10207817 (England and Wales)

NG Drayton Limited

Unaudited Financial Statements

for the period

1 June 2019 to 30 April 2020

Page

Company Information

1

Balance Sheet

2

to

3

Notes to the Financial Statements

4

to

7

DIRECTOR:

N R Gurney

REGISTERED OFFICE:

Yare House

62-64 Thorpe Road

Norwich

Norfolk

NR1 1RY

REGISTERED NUMBER:

10207817 (England and Wales)

ACCOUNTANTS:

Haines Watts

Chartered Accountants

Yare House

62-64 Thorpe Road

Norwich

Norfolk

NR1 1RY

FIXED ASSETS

Intangible assets

4

53,507

40,994

Tangible assets

5

663

860

54,170

41,854

CURRENT ASSETS

Stocks

10,520

12,360

Debtors

6

3,000

4,922

Cash at bank and in hand

25,320

12,260

38,840

29,542

CREDITORS

Amounts falling due within one year

7

(15,669

)

(25,179

)

NET CURRENT ASSETS

23,171

4,363

TOTAL ASSETS LESS CURRENT LIABILITIES

77,341

46,217

PROVISIONS FOR LIABILITIES

(126

)

(163

)

NET ASSETS

77,215

46,054

CAPITAL AND RESERVES

Called up share capital

8

1

1

Retained earnings

9

77,214

46,053

SHAREHOLDERS' FUNDS

77,215

46,054

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 30 April 2020.

The members have not required the company to obtain an audit of its financial statements for the period ended 30 April 2020 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 12 January 2021 and were signed by:

N R Gurney - Director

1.	STATUTORY INFORMATION

NG Drayton Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2017, is being amortised evenly over its estimated useful life of ten years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

25% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the period 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.

Current or deferred taxation assets and liabilities are not discounted.

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.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

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 period end and that are expected to apply to the reversal of the timing difference.

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.

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.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was 6 (2019 - 6 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 June 2019

48,610

Additions

19,305

At 30 April 2020

67,915

AMORTISATION

At 1 June 2019

7,616

Amortisation for period

6,792

At 30 April 2020

14,408

NET BOOK VALUE

At 30 April 2020

53,507

At 31 May 2019

40,994

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

£

COST

At 1 June 2019

and 30 April 2020

1,465

DEPRECIATION

At 1 June 2019

605

Charge for period

197

At 30 April 2020

802

NET BOOK VALUE

At 30 April 2020

663

At 31 May 2019

860

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

-

1,374

Other debtors

3,000

3,548

3,000

4,922

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Taxation and social security

10,757

12,745

Other creditors

4,912

12,434

15,669

25,179

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2020

2019

value:

£

£

100

Ordinary A

£0.01

1

1

9.

RESERVES

Retained

earnings

£

At 1 June 2019

46,053

Profit for the period

31,161

At 30 April 2020

77,214

10.	RELATED PARTY DISCLOSURES

Included in other creditors is £3,043 (2019: £11,282) payable to the director N R Gurney. This is interest free and there are no fixed repayment terms.

Included in debtors is £3,000 (2019: £3,000) repayable by NG Properties (Norfolk) Ltd, a company in which

the director has a majority shareholding. This is interest free and there are no fixed repayment terms.