N L C Nova Lift Co. Ltd - Accounts to registrar - small 17.2

REGISTERED NUMBER: 03423173 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2017

FOR

N L C NOVA LIFT CO. LTD

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

Mr T G Binger

Mr G Price

Mrs J M Binger

Mrs D J Price

Mr M S Hadlow

REGISTERED OFFICE:

Nova House

162 Pratling Street

Aylesford

Kent

ME20 7DH

REGISTERED NUMBER:

03423173 (England and Wales)

ACCOUNTANTS:

George & Co.

Chartered Accountants

Thornhill House

26 Fisher Street

Maidstone

Kent

ME14 2SU

FIXED ASSETS

Intangible assets

4

7,800

10,400

Property, plant and equipment

5

52,038

70,271

Investments

6

762,429

762,429

822,267

843,100

CURRENT ASSETS

Debtors

7

704,858

425,551

Cash at bank and in hand

134,844

33,112

839,702

458,663

CREDITORS

Amounts falling due within one year

8

916,659

676,227

NET CURRENT LIABILITIES

(76,957

)

(217,564

)

TOTAL ASSETS LESS CURRENT LIABILITIES

745,310

625,536

CREDITORS

Amounts falling due after more than one year

9

(578,316

)

(598,500

)

PROVISIONS FOR LIABILITIES

10

(8,985

)

(12,895

)

NET ASSETS

158,009

14,141

CAPITAL AND RESERVES

Called up share capital

11

278

278

Retained earnings

12

157,731

13,863

SHAREHOLDERS' FUNDS

158,009

14,141

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2017 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 of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 18 August 2017 and were signed on its behalf by:

Mr T G Binger - Director

Mr G Price - Director

1.	STATUTORY INFORMATION

N L C Nova Lift Co. Ltd 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 the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Revenue

Revenue represents the total value, excluding value added tax, of sales earned during the year.

Goodwill

Acquired goodwill is written off in equal annual instalments over its estimated useful economic life of 10 years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost

less any accumulated amortisation and any accumulated impairment losses.

Property, plant and equipment

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Motor vehicles

-

25% on reducing balance

Office equipment

-

25% on reducing balance

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the

statement of financial position 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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held

under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases

are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element

of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 44 .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2016

and 31 March 2017

169,800

AMORTISATION

At 1 April 2016

159,400

Amortisation for year

2,600

At 31 March 2017

162,000

NET BOOK VALUE

At 31 March 2017

7,800

At 31 March 2016

10,400

5.	PROPERTY, PLANT AND EQUIPMENT

Plant and

machinery

etc

£

COST

At 1 April 2016

and 31 March 2017

194,650

DEPRECIATION

At 1 April 2016

124,379

Charge for year

18,233

At 31 March 2017

142,612

NET BOOK VALUE

At 31 March 2017

52,038

At 31 March 2016

70,271

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

machinery

etc

£

COST

At 1 April 2016

93,080

Transfer to ownership

(93,080

)

At 31 March 2017

-

DEPRECIATION

At 1 April 2016

39,045

Transfer to ownership

(39,045

)

At 31 March 2017

-

NET BOOK VALUE

At 31 March 2017

-

At 31 March 2016

54,035

6.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 April 2016

and 31 March 2017

762,429

NET BOOK VALUE

At 31 March 2017

762,429

At 31 March 2016

762,429

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

640,150

364,707

Other debtors

64,708

60,844

704,858

425,551

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Hire purchase contracts

-

25,066

Trade creditors

225,616

165,545

Taxation and social security

203,187

167,916

Other creditors

487,856

317,700

916,659

676,227

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2017

2016

£

£

Amounts owed to group undertakings

578,316

598,500

10.	PROVISIONS FOR LIABILITIES

2017

2016

£

£

Deferred tax

8,985

12,895

Deferred

tax

£

Balance at 1 April 2016

12,895

Credit to Income Statement during year

(3,910

)

Balance at 31 March 2017

8,985

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2017

2016

value:

£

£

198

Ordinary A

£1

198

198

80

Ordinary B

£1

80

80

278

278

12.

RESERVES

Retained

earnings

£

At 1 April 2016

13,863

Profit for the year

448,275

Dividends

(304,407

)

At 31 March 2017

157,731

13.	RELATED PARTY DISCLOSURES

During the year, the company charged its subsidiary, Landmark Lifts Ltd, £130,000 management fees (2016,

£120,000) and received dividends of £325,000 (2016, £175,000). At the end of the year, the company owed

Landmark Lifts Ltd £578,316 (2016, £598,500). There are no formal terms for the repayment of this loan and no

interest is being charged.

14.	ULTIMATE CONTROLLING PARTY

The controlling party is the Board of Directors by virtue of the directors' shareholdings.

15.	FIRST YEAR ADOPTION

There have been no adjustments required to the amounts included in the financial statements as a result of the

transition from UK GAAP to FRS 102 accounting standards. As such, there is no need for Reconciliation of

Equity and Reconciliation of Profit and Loss statements.