NEXUS DESIGN & PRINT LIMITED Small abridged accounts

NEXUS DESIGN & PRINT LIMITED Small abridged accounts

NEXUS DESIGN & PRINT LIMITED - Company Information

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Statement of Consent to Prepare Abridged Financial Statements
All of the members of NEXUS DESIGN & PRINT LIMITED have consented to the preparation of the abridged statement of comprehensive income and the abridged statement of financial position for the period ending 30 November 2016 in accordance with Section 444(2A) of the Companies Act 2006.
COMPANY REGISTRATION NUMBER: 03810828
NEXUS DESIGN & PRINT LIMITED
Unaudited Abridged Financial Statements
30 November 2016
BRAINWAVES
Adur Business Centre, Ropetackle
Little High Street
Shoreham-by-Sea
West Sussex
BN43 5EG
NEXUS DESIGN & PRINT LIMITED
Abridged Financial Statements
Period from 1 April 2016 to 30 November 2016
Contents
Page
Report to the director on the preparation of the unaudited statutory abridged financial statements
1
Abridged statement of financial position
2
Notes to the abridged financial statements
4
NEXUS DESIGN & PRINT LIMITED
Report to the Director on the Preparation of the Unaudited Statutory Abridged Financial Statements of NEXUS DESIGN & PRINT LIMITED
Period from 1 April 2016 to 30 November 2016
As described on the abridged statement of financial position, the director of the company is responsible for the preparation of the abridged financial statements for the period ended 30 November 2016, which comprise the abridged statement of financial position and the related notes. You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these abridged financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
BRAINWAVES
Adur Business Centre, Ropetackle Little High Street Shoreham-by-Sea West Sussex BN43 5EG
6 February 2017
NEXUS DESIGN & PRINT LIMITED
Abridged Statement of Financial Position
30 November 2016
30 Nov 16
31 Mar 16
Note
£
£
£
Fixed assets
Tangible assets
6
19,598
25,940
Current assets
Stocks
9,365
6,064
Debtors
197,885
134,627
Cash at bank and in hand
5,853
4,772
---------
---------
213,103
145,463
Creditors: amounts falling due within one year
122,873
138,675
---------
---------
Net current assets
90,230
6,788
---------
--------
Total assets less current liabilities
109,828
32,728
Creditors: amounts falling due after more than one year
13,449
7,752
Provisions
Taxation including deferred tax
2,378
2,523
---------
--------
Net assets
94,001
22,453
---------
--------
Capital and reserves
Called up share capital
7,500
7,500
Profit and loss account
86,501
14,953
--------
--------
Members funds
94,001
22,453
--------
--------
These abridged 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 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 abridged statement of comprehensive income has not been delivered.
For the period ending 30 November 2016 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 abridged financial statements for the period in question in accordance with section 476 ;
- The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .
NEXUS DESIGN & PRINT LIMITED
Abridged Statement of Financial Position (continued)
30 November 2016
These abridged financial statements were approved by the board of directors and authorised for issue on 6 February 2017 , and are signed on behalf of the board by:
Ms C Young
Director
Company registration number: 03810828
NEXUS DESIGN & PRINT LIMITED
Notes to the Abridged Financial Statements
Period from 1 April 2016 to 30 November 2016
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Basepoint Business Centre, Little High Street, Shoreham by Sea, BN43 5EG.
2. Statement of compliance
These abridged financial statements have been prepared in compliance with the provisions of FRS 102 Section 1A, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The abridged 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 abridged financial statements are prepared in sterling, which is the functional currency of the entity.
Transition to FRS 102
The entity transitioned from previous UK GAAP to FRS 102 as at 1 August 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 9.
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.
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:
Leasehold Property
-
25% reducing balance
Plant & Machinery
-
15% reducing balance
Fixtures & Fittings
-
20% reducing balance
Motor Vehicles
-
25% reducing balance
Equipment
-
33% straight line
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.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the abridged statement of financial position 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.
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 abridged statement of financial position 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.
4. Staff costs
The average number of persons employed by the company during the period, including the director, amounted to 8 (2016: 8).
5. Profit before taxation
Profit/(loss) before taxation is stated after charging:
Period from
Period from
1 Apr 16 to
1 Aug 15 to
30 Nov 16
31 Mar 16
£
£
Depreciation of tangible assets
4,164
6,068
-------
-------
6. Tangible assets
£
Cost
At 1 April 2016
45,630
Disposals
( 8,124)
--------
At 30 November 2016
37,506
--------
Depreciation
At 1 April 2016
19,690
Charge for the period
4,164
Disposals
( 5,946)
--------
At 30 November 2016
17,908
--------
Carrying amount
At 30 November 2016
19,598
--------
At 31 March 2016
25,940
--------
Capital commitments
30 Nov 16
31 Mar 16
£
£
Contracted for but not provided for in the abridged financial statements
52,642
–
--------
----
7. Director's advances, credits and guarantees
Mr S Wadman retired as a director on 18 April 2016. At 30 November 2016 he owed the company nothing, at 31 March 2016 he owed the company £337.
8. Related party transactions
The company was under the control of Mr S Wadman throughout the previous period, and Ms C Young throughout the current period. Ms C Young was appointed director on 18 April 2016 and Mr S Wadman resigned as director on 18 April 2016. At the balance sheet date Ms C Young was the sole director and shareholder, controlling 100% of the company. At the balance sheet date, the company owed Ms C Young £ 1,374 . In the period, dividends were paid to the director in her capacity as shareholder.
9. Transition to FRS 102
These are the first abridged financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 August 2015.
No transitional adjustments were required in equity or profit or loss for the period.