Nonwovens Innovation & Research Institut - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 05019027 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 May 2020

for

Nonwovens Innovation & Research

Institute Limited

Page

Balance Sheet

1

Notes to the Financial Statements

3

FIXED ASSETS

Tangible assets

4

269,813

282,943

Investments

5

459

459

270,272

283,402

CURRENT ASSETS

Debtors

6

389,430

189,581

Cash at bank and in hand

260,756

424,072

650,186

613,653

CREDITORS

Amounts falling due within one year

7

204,058

115,654

NET CURRENT ASSETS

446,128

497,999

TOTAL ASSETS LESS CURRENT LIABILITIES

716,400

781,401

CREDITORS

Amounts falling due after more than one year

8

(28,183

)

(43,762

)

PROVISIONS FOR LIABILITIES

(33,186

)

(40,531

)

NET ASSETS

655,031

697,108

CAPITAL AND RESERVES

Called up share capital

11

196

196

Share premium

129,868

129,868

Retained earnings

524,967

567,044

SHAREHOLDERS' FUNDS

655,031

697,108

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2020 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 22 December 2020 and were signed on its behalf by:

M C Rogers - Director

C E Fowler - Director

Professor S J Russell - Director

M J Tipper - Director

1.	STATUTORY INFORMATION

Nonwovens Innovation & Research Institute Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number:

05019027

Registered office:

169 Meanwood Road

Leeds

West Yorkshire

LS7 1SR

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 UK and Republic of Ireland" and the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements have been prepared under the historical cost convention.

Preparation of consolidated financial statements

The financial statements contain information about Nonwovens Innovation & Research Institute Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Related party exemption

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.

Turnover

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

Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Where a contract has only been partially completed at the balance sheet date turnover represents the fair value of the service provided to date based on the stage of completion and the contract activity at the balance sheet date. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

Grants receivable

Grants relating to revenue are recognised in income over the period in which the related costs are recognised.

Tangible fixed assets

Tangible fixed assets are stated at purchase cost, net of depreciation.

Depreciation is provided on all tangible assets at rates calculated to write off the cost less estimated residual value of each asset on a straight line basis over its expected useful life as follows:

Improvements to property

-

20% on cost, 12.5% on cost and 10% on cost

Fixtures and fittings

-

100% on cost, 33% on cost, 25% on cost, 20% on cost and 12.5% on cost

Computer equipment

-

33% on cost, 25% on cost and 20% on cost

Residual value represents the estimated amount which would currently be obtained from disposal of an asset after deducting estimated costs of disposal, if the asset were already at an age and in the condition expected at the end of its estimated useful life.

The gain or loss arising on the disposal of an asset is determined on the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

Investments in subsidiaries

Investments in subsidiaries are measured at cost less impairment.

Other investments

Where the value of other investments can be reliably measured they are measured at fair value through the profit and loss account. Where fair value cannot be measured reliably other investments are measured at cost less impairment.

Taxation

Current tax, including UK corporation tax is provided at amounts expected to be paid (or recovered) using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events that result in an obligation to pay more tax in the future or a right to pay less tax in the future have occurred at the balance sheet date. Timing differences are differences between the company's taxable profits and its results as stated in the financial statements that arise from the inclusion of gains and losses in tax assessments in periods different from those in which they are recognised in the financial statements. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date and are expected to apply to the reversal of the timing difference.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are recognised in the profit and loss account.

Leasing commitments

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme and that of directors' personal pension schemes are charged to profit or loss in the period to which they relate.

Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

Where material, the cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.

Financial instruments

Financial assets and financial liabilities are recognised when the company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

All financial assets and liabilities are initially measured at transaction price (including transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

The following assets and liabilities are classified as basic financial instruments - trade debtors, other debtors, cash and bank balances, trade creditors and other creditors.

Trade debtors, other debtors, cash and bank balances, trade creditors and other creditors are measured at the amortised cost equivalent to the undiscounted amount of cash or other consideration expected to be paid or received.

Impairment of assets

Assets are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit and loss as described below.

Non financial assets

An asset is impaired when there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

Financial assets

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset's carrying amount and the best estimate of the amount that would be received for the asset if it were sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had the impairment loss not been recognised.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 17 (2019 - 16 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 June 2019

414,546

Additions

52,430

Disposals

(5,667

)

At 31 May 2020

461,309

DEPRECIATION

At 1 June 2019

131,603

Charge for year

65,424

Eliminated on disposal

(5,531

)

At 31 May 2020

191,496

NET BOOK VALUE

At 31 May 2020

269,813

At 31 May 2019

282,943

The net book value of tangible fixed assets includes £ 61,606 (2019 - £ 72,425 ) in respect of assets held under hire purchase contracts.

5.	FIXED ASSET INVESTMENTS

Shares in

group

Other

undertakings

investments

Totals

£

£

£

COST

At 1 June 2019

and 31 May 2020

395

64

459

NET BOOK VALUE

At 31 May 2020

395

64

459

At 31 May 2019

395

64

459

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

204,615

110,309

Other debtors

184,815

79,272

389,430

189,581

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Hire purchase contracts (see note 9)

15,579

15,579

Trade creditors

13,328

14,347

Taxation and social security

32,223

29,843

Other creditors

142,928

55,885

204,058

115,654

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2020

2019

£

£

Hire purchase contracts (see note 9)

28,183

43,762

9.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts

2020

2019

£

£

Net obligations repayable:

Within one year

15,579

15,579

Between one and five years

28,183

43,762

43,762

59,341

Non-cancellable

operating leases

2020

2019

£

£

Within one year

51,450

51,450

Between one and five years

47,163

98,613

98,613

150,063

10.	SECURED DEBTS

The following secured debts are included within creditors:

2020

2019

£

£

Hire purchase contracts

43,762

59,341

Hire purchase contracts are secured over the tangible fixed assets to which they relate.

11.	CALLED UP SHARE CAPITAL

2020

2019

£

£

Allotted, issued and fully paid

196

196