NorthGen Power Solutions (NI) Ltd Filleted accounts for Companies House (small and micro)

NORTHGEN POWER SOLUTIONS (NI) LTD - Company Information

1 false false false false false false false false false true false false false false false false No description of principal activity 2019-09-01 Sage Accounts Production Advanced 2020 - FRS102_2019 5,528 824 6,352 4,346 731 5,077 1,275 1,182 15,818 288 16,106 16,106 15,818 xbrli:pure xbrli:shares iso4217:GBP NI047684 2019-09-01 2020-08-31 NI047684 2020-08-31 NI047684 2019-08-31 NI047684 2018-09-01 2019-08-31 NI047684 2019-08-31 NI047684 core:FurnitureFittings 2019-09-01 2020-08-31 NI047684 bus:Director1 2019-09-01 2020-08-31 NI047684 core:FurnitureFittings 2019-08-31 NI047684 core:FurnitureFittings 2020-08-31 NI047684 core:WithinOneYear 2020-08-31 NI047684 core:WithinOneYear 2019-08-31 NI047684 core:ShareCapital 2020-08-31 NI047684 core:ShareCapital 2019-08-31 NI047684 core:RetainedEarningsAccumulatedLosses 2020-08-31 NI047684 core:RetainedEarningsAccumulatedLosses 2019-08-31 NI047684 core:CostValuation core:Non-currentFinancialInstruments 2019-08-31 NI047684 core:AdditionsToInvestments core:Non-currentFinancialInstruments 2020-08-31 NI047684 core:CostValuation core:Non-currentFinancialInstruments 2020-08-31 NI047684 core:Non-currentFinancialInstruments 2020-08-31 NI047684 core:Non-currentFinancialInstruments 2019-08-31 NI047684 core:FurnitureFittings 2019-08-31 NI047684 bus:SmallEntities 2019-09-01 2020-08-31 NI047684 bus:AuditExemptWithAccountantsReport 2019-09-01 2020-08-31 NI047684 bus:FullAccounts 2019-09-01 2020-08-31 NI047684 bus:SmallCompaniesRegimeForAccounts 2019-09-01 2020-08-31 NI047684 bus:PrivateLimitedCompanyLtd 2019-09-01 2020-08-31

COMPANY REGISTRATION NUMBER: NI047684

NorthGen Power Solutions (NI) Ltd

Filleted Unaudited Financial Statements

31 August 2020

NorthGen Power Solutions (NI) Ltd

Statement of Financial Position

31 August 2020

	2020		2019
Note	£	£	£

Fixed assets

Tangible assets	5	1,275	1,182
Investments	6	16,106	15,818
		--------	--------
		17,381	17,000

Current assets

Stocks		2,750	4,590
Debtors	7	34,377	64,550
Cash at bank and in hand		45,823	21,336
		--------	--------
		82,950	90,476

Creditors: amounts falling due within one year	8	( 41,800)		( 57,044)
		--------		--------
Net current assets			41,150	33,432
			--------	--------
Total assets less current liabilities			58,531	50,432
			--------	--------
Net assets			58,531	50,432
			--------	--------

Capital and reserves

Called up share capital	100	100
Profit and loss account	58,431	50,332
	--------	--------
Shareholders funds	58,531	50,432
	--------	--------

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 Section 1A of 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 statement of income and retained earnings has not been delivered.

For the year ending 31 August 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

NorthGen Power Solutions (NI) Ltd

Statement of Financial Position (continued)

31 August 2020

These financial statements were approved by the board of directors and authorised for issue on 5 May 2021 , and are signed on behalf of the board by:

Owen Elliott
Director

Company registration number: NI047684

NorthGen Power Solutions (NI) Ltd

Notes to the Financial Statements

Year ended 31 August 2020

1. General information

The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is Northgen Power Solutions (NI) Ltd, Unit 16 The Courtyard, Galgorm Castle, Ballymena, Co Antrim, BT42 1HL.

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.

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

Transactions in foreign currencies are translated at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the rate of exchange ruling at the balance sheet date. Exchange differences arising on the settlement of monetary items and on the retranslation of monetary items are 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:

	Fixtures & fittings	-	25% straight line

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

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.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.

Financial instruments

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 entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

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 1 (2019: 1 ).

5. Tangible assets

	Fixtures and fittings	Total
	£	£
Cost
At 1 September 2019	5,528	5,528
Additions	824	824
	-------	-------
At 31 August 2020	6,352	6,352
	-------	-------
Depreciation
At 1 September 2019	4,346	4,346
Charge for the year	731	731
	-------	-------
At 31 August 2020	5,077	5,077
	-------	-------
Carrying amount
At 31 August 2020	1,275	1,275
	-------	-------
At 31 August 2019	1,182	1,182
	-------	-------

6. Investments

	Other investments other than loans
	£
Cost
At 1 September 2019	15,818
Additions	288
	--------
At 31 August 2020	16,106
	--------
Impairment
At 1 September 2019 and 31 August 2020	–
	--------

Carrying amount
At 31 August 2020	16,106
	--------
At 31 August 2019	15,818
	--------

7. Debtors

	2020	2019
	£	£
Trade debtors	32,872	63,085
Other debtors	1,505	1,465
	--------	--------
	34,377	64,550
	--------	--------

8. Creditors: amounts falling due within one year

	2020	2019
	£	£
Trade creditors	27,093	44,791
Corporation tax	10,577	4,881
Social security and other taxes	1,830	4,992
Other creditors	2,300	2,380
	--------	--------
	41,800	57,044
	--------	--------