Niramax Rubber Products Limited Filleted accounts for Companies House (small and micro)

NIRAMAX RUBBER PRODUCTS LIMITED - Company Information

5 24 August 2022 false false false false false false false false false true false false true false true true true true No description of principal activity 2021-04-01 Sage Accounts Production Advanced 2021 - FRS102_2021 25,533 2,287 27,820 xbrli:pure xbrli:shares iso4217:GBP 10413576 2021-04-01 2022-03-31 10413576 2022-03-31 10413576 2021-03-31 10413576 2020-04-01 2021-03-31 10413576 2021-03-31 10413576 core:LandBuildings core:OwnedOrFreeholdAssets 2021-04-01 2022-03-31 10413576 core:PlantMachinery 2021-04-01 2022-03-31 10413576 core:FurnitureFittings 2021-04-01 2022-03-31 10413576 core:MotorVehicles 2021-04-01 2022-03-31 10413576 bus:OrdinaryShareClass1 2021-04-01 2022-03-31 10413576 bus:Director2 2021-04-01 2022-03-31 10413576 core:LandBuildings core:OwnedOrFreeholdAssets 2021-03-31 10413576 core:PlantMachinery 2021-03-31 10413576 core:FurnitureFittings 2021-03-31 10413576 core:MotorVehicles 2021-03-31 10413576 core:LandBuildings core:OwnedOrFreeholdAssets 2022-03-31 10413576 core:PlantMachinery 2022-03-31 10413576 core:FurnitureFittings 2022-03-31 10413576 core:MotorVehicles 2022-03-31 10413576 core:DeferredTaxation 2021-04-01 2022-03-31 10413576 core:WithinOneYear 2022-03-31 10413576 core:WithinOneYear 2021-03-31 10413576 core:AfterOneYear 2022-03-31 10413576 core:AfterOneYear 2021-03-31 10413576 core:UKTax 2021-04-01 2022-03-31 10413576 core:UKTax 2020-04-01 2021-03-31 10413576 core:ShareCapital 2022-03-31 10413576 core:ShareCapital 2021-03-31 10413576 core:RetainedEarningsAccumulatedLosses 2022-03-31 10413576 core:RetainedEarningsAccumulatedLosses 2021-03-31 10413576 core:AcceleratedTaxDepreciationDeferredTax 2022-03-31 10413576 core:AcceleratedTaxDepreciationDeferredTax 2021-03-31 10413576 core:LandBuildings core:OwnedOrFreeholdAssets 2021-03-31 10413576 core:PlantMachinery 2021-03-31 10413576 core:FurnitureFittings 2021-03-31 10413576 core:MotorVehicles 2021-03-31 10413576 core:LeasedAssetsHeldAsLessee core:PlantMachinery 2022-03-31 10413576 core:LeasedAssetsHeldAsLessee core:PlantMachinery 2021-03-31 10413576 core:DeferredTaxation 2021-03-31 10413576 core:DeferredTaxation 2022-03-31 10413576 bus:SmallEntities 2021-04-01 2022-03-31 10413576 bus:Audited 2021-04-01 2022-03-31 10413576 bus:FullAccounts 2021-04-01 2022-03-31 10413576 bus:SmallCompaniesRegimeForAccounts 2021-04-01 2022-03-31 10413576 bus:PrivateLimitedCompanyLtd 2021-04-01 2022-03-31 10413576 bus:OrdinaryShareClass1 2022-03-31 10413576 bus:OrdinaryShareClass1 2021-03-31

COMPANY REGISTRATION NUMBER: 10413576

Niramax Rubber Products Limited

Filleted Financial Statements

31 March 2022

Niramax Rubber Products Limited

Balance Sheet

31 March 2022

	2022	2021
Note	£	£

Fixed assets

Tangible assets	6	943,754	1,083,526

Current assets

Debtors	7	170,204	188,125
Cash at bank and in hand		561,926	356,536
		---------	---------
		732,130	544,661

Creditors: amounts falling due within one year	8	( 740,743)	( 811,426)
		---------	---------
Net current liabilities		( 8,613)	( 266,765)
		---------	------------
Total assets less current liabilities		935,141	816,761

Creditors: amounts falling due after more than one year	9	( 108,808)	( 167,670)

Provisions	10	( 27,820)	( 25,533)
		---------	---------
Net assets		798,513	623,558
		---------	---------

Capital and reserves

Called up share capital	13	1	1
Profit and loss account		798,512	623,557
		---------	---------
Shareholder funds		798,513	623,558
		---------	---------

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 profit and loss account has not been delivered.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

These financial statements were approved by the board of directors and authorised for issue on 24 August 2022 , and are signed on behalf of the board by:

Mr M E Betts

Director

Company registration number: 10413576

Niramax Rubber Products Limited

Notes to the Financial Statements

Year ended 31 March 2022

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Niramax House Site, 6-8 Tofts Road West, Hartlepool, County Durham, TS25 2BQ.

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.

Disclosure exemptions

The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. Its financial statements are consolidated into the financial statements of Niramax Holdings Limited which can be obtained from Companies House. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102: No cash flow statement has been presented for the company. Disclosures in respect of financial instruments have not been presented.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

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

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being 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:

Freehold property	-	5% straight line
Plant and machinery	-	20% straight line
Fixtures and fittings	-	25% straight line
Motor vehicles	-	25% straight line

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.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the balance sheet as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

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. 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.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the balance sheet and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

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 5 (2021: 6 ).

5. Tax on profit

Major components of tax expense

	2022	2021
	£	£

Current tax:

UK current tax expense	42,789	34,270

Deferred tax:

Origination and reversal of timing differences	2,287	25,533
	--------	--------
Tax on profit	45,076	59,803
	--------	--------

Reconciliation of tax expense

The tax assessed on the profit on ordinary activities for the year is higher than (2021: higher than) the standard rate of corporation tax in the UK of 19 % (2021: 19 %).

	2022	2021
	£	£
Profit on ordinary activities before taxation	220,031	303,886
	---------	---------
Profit on ordinary activities by rate of tax	41,806	57,738
Effect of expenses not deductible for tax purposes	2,526	–
Effect of capital allowances and depreciation	( 1,543)	( 19,184)
Effect of revenue exempt from tax	–	( 4,284)
Deferred tax movement	2,287	25,533
	---------	---------
Tax on profit	45,076	59,803
	---------	---------

6. Tangible assets

	Freehold property	Plant and machinery	Fixtures and fittings	Motor vehicles	Total
	£	£	£	£	£
Cost
At 1 April 2021	683,060	595,285	3,625	16,778	1,298,748
Additions	–	86,839	–	8,000	94,839
Disposals	–	( 145,668)	–	–	( 145,668)
	---------	---------	-------	--------	------------
At 31 March 2022	683,060	536,456	3,625	24,778	1,247,919
	---------	---------	-------	--------	------------
Depreciation
At 1 April 2021	66,213	139,532	198	9,279	215,222
Charge for the year	34,153	181,002	911	5,250	221,316
Disposals	–	( 132,373)	–	–	( 132,373)
	---------	---------	-------	--------	------------
At 31 March 2022	100,366	188,161	1,109	14,529	304,165
	---------	---------	-------	--------	------------
Carrying amount
At 31 March 2022	582,694	348,295	2,516	10,249	943,754
	---------	---------	-------	--------	------------
At 31 March 2021	616,847	455,753	3,427	7,499	1,083,526
	---------	---------	-------	--------	------------

Finance leases and hire purchase contracts

Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:

	Plant and machinery
	£
At 31 March 2022	267,826
	---------
At 31 March 2021	325,170
	---------

7. Debtors

	2022	2021
	£	£
Trade debtors	128,156	136,694
Other debtors	42,048	51,431
	---------	---------
	170,204	188,125
	---------	---------

8. Creditors: amounts falling due within one year

	2022	2021
	£	£
Trade creditors	143,715	172,076
Amounts owed to group undertakings and undertakings in which the company has a participating interest	447,004	525,097
Corporation tax	42,789	34,270
Social security and other taxes	26,940	1,621
Other creditors	80,295	78,362
	---------	---------
	740,743	811,426
	---------	---------

9. Creditors: amounts falling due after more than one year

	2022	2021
	£	£
Other creditors	108,808	167,670
	---------	---------

10. Provisions

	Deferred tax (note 11)
	£
At 1 April 2021	25,533
Additions	2,287
	--------
At 31 March 2022	27,820
	--------

11. Deferred tax

The deferred tax included in the balance sheet is as follows:

	2022	2021
	£	£
Included in provisions (note 10)	27,820	25,533
	--------	--------

The deferred tax account consists of the tax effect of timing differences in respect of:

	2022	2021
	£	£
Accelerated capital allowances	27,820	25,533
	--------	--------

12. Government grants

The amounts recognised in the financial statements for government grants are as follows:

	2022	2021
	£	£

Recognised in other operating income:

Government grants recognised directly in income	–	20,823
	----	--------

The grant income above consists of the amounts received from the Coronavirus Job Retention Scheme.

13. Called up share capital

Issued, called up and fully paid

	2022		2021
	No.	£	No.	£
Ordinary shares of £ 1 each	1	1	1	1
	----	----	----	----

14. Summary audit opinion

The auditor's report for the year dated 24 August 2022 was unqualified .

The senior statutory auditor was Graeme Boagey BA FCA CTA , for and on behalf of Chipchase Manners .

15. Related party transactions

The company has taken advantage of the available exemption from disclosing transactions that are part of the Niramax Holdings Limited group. All related party transactions are undertaken under normal commercial terms and on an arms-length basis.

16. Controlling party

The ultimate parent undertaking is Niramax Holdings Limited, a company registered in England and Wales. The ultimate controlling party is Mr N Elliott by virtue of his shareholding in the parent company. Copies of the group financial statements, which include this company, can be obtained from Companies House.