Nibsbuses Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 01351098 (England and Wales)

Financial Statements

for the Year Ended 31st July 2020

for

NIBSBUSES LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

Mr W Hiron

Mr G J Raven

SECRETARY:

Mr G J Raven

REGISTERED OFFICE:

Monometer House

Rectory Grove

Leigh-on-Sea

Essex

SS9 2HL

REGISTERED NUMBER:

01351098 (England and Wales)

AUDITORS:

Denmark Forrester Limited Statutory Auditor

Office 12, The Bentalls Centre

Colchester Road

Heybridge

Maldon

Essex

CM9 4GD

FIXED ASSETS

Tangible assets

4

525,491

953,581

CURRENT ASSETS

Stocks

47,846

45,260

Debtors

5

530,968

639,776

Cash at bank and in hand

2,195,485

2,527,292

2,774,299

3,212,328

CREDITORS

Amounts falling due within one year

6

940,676

1,591,812

NET CURRENT ASSETS

1,833,623

1,620,516

TOTAL ASSETS LESS CURRENT LIABILITIES

2,359,114

2,574,097

PROVISIONS FOR LIABILITIES

4,368

76,808

NET ASSETS

2,354,746

2,497,289

CAPITAL AND RESERVES

Called up share capital

9,375

9,375

Share premium

3,559

3,559

Revaluation reserve

8

163,623

258,866

Capital redemption reserve

15,625

15,625

Retained earnings

2,162,564

2,209,864

SHAREHOLDERS' FUNDS

2,354,746

2,497,289

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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29th April 2021 and were signed on its behalf by:

Mr W Hiron - Director

1.	STATUTORY INFORMATION

Nibsbuses 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

The turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before the revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

-

the Company has transferred the significant risks and rewards of ownership to the buyer;

-

the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

-

the amount of revenue can be measured reliably;

-

it is probable that the Company will receive the consideration due under the transaction; and

-

the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

-

the amount of revenue can be measured reliably;

-

it is probable that the Company will receive the consideration due under the contract;

-

the stage of completion of the contract at the end of the reporting period can be measured reliably; and

-

the costs incurred and the costs to complete the contract can be measured reliably.

Tangible fixed assets

Tangible fixed assets are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less residual value over their estimated useful lives, using either a straight line or reducing balance method, as indicated below.

Depreciation is provided on the following basis:

Plant and machinery

- 25% Reducing balance

Motor vehicles

- 25% Reducing balance

Leasehold Property

- Straight line over the life of the lease

The asset's residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If Stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit and loss.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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 year 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.

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.

Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants received.

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

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 debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

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 profit and loss.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Debtors

Basic financial assets, including trade and other debtors, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.

Cash and cash equivalents

Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and other short-term highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amount of cash with insignificant risk of change in value.

Creditors

Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related parties, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Such instruments are subsequently carried at amortised cost using effective interest method, less any impairment.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 44 (2019 - 48 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1st August 2019

2,754,597

Additions

57,039

Disposals

(58,000

)

At 31st July 2020

2,753,636

DEPRECIATION

At 1st August 2019

1,801,016

Charge for year

464,816

Eliminated on disposal

(37,687

)

At 31st July 2020

2,228,145

NET BOOK VALUE

At 31st July 2020

525,491

At 31st July 2019

953,581

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

(Unaudited)

£

£

Trade debtors

205,552

431,567

Other debtors

325,416

208,209

530,968

639,776

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

(Unaudited)

£

£

Trade creditors

166,920

236,866

Amounts owed to group undertakings

249,999

264,734

Taxation and social security

146,157

165,291

Other creditors

377,600

924,921

940,676

1,591,812

7.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2020

2019

(Unaudited)

£

£

Within one year

22,500

22,500

Between one and five years

54,375

76,875

76,875

99,375

8.

RESERVES

Revaluation

reserve

£

At 1st August 2019

258,866

Transfer between reserves

(95,243

)

At 31st July 2020

163,623

9.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Without modifying our opinion we wish to highlight that the corresponding figures are unaudited.

Robert Easby ACA (Senior Statutory Auditor)

for and on behalf of Denmark Forrester Limited Statutory Auditor

10.	RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

As at the balance sheet date there were directors' current account balances totalling £9,014 (2019: £nil).