1 Nelson Road Developments Limited - Period Ending 2016-12-31

1 Nelson Road Developments Limited

Annual Report and Unaudited Financial Statements
Year Ended 31 December 2016

Registration number: 07880701

1 Nelson Road Developments Limited

Contents

Balance Sheet	1 to 2
Notes to the Financial Statements	3 to 5

1 Nelson Road Developments Limited

Balance Sheet

31 December 2016

	Note	2016 £	2015 £
Current assets
Stocks	3	666,044	645,005
Debtors	4	862	507
Cash at bank and in hand		1,611	14,213
		668,517	659,725
Creditors: Amounts falling due within one year	5	(405,422)	(395,150)
Net assets		263,095	264,575
Capital and reserves
Called up share capital		4	4
Profit and loss account		263,091	264,571
Total equity		263,095	264,575

The notes on pages 3 to 5 form an integral part of these financial statements.

Page 1

1 Nelson Road Developments Limited

Balance Sheet

31 December 2016

For the financial year ending 31 December 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 28 September 2017 and signed on its behalf by:
 

 

G Fletcher

Director

Company Registration Number: 07880701

The notes on pages 3 to 5 form an integral part of these financial statements.

Page 2

1 Nelson Road Developments Limited

Notes to the Financial Statements

Year Ended 31 December 2016

1	General information

The company is a private company limited by share capital incorporated in England.

The address of its registered office is:
Townsgate House
2-8 Parkstone Road
Poole
Dorset
BH21 7RE
England

The principal place of business is:
Silvertrees
Organford Road
Organford
Poole
Dorset
BH16 6LA
England

These financial statements were authorised for issue by the Board on 28 September 2017.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Change in basis of accounting

The company's financial statements have been prepared in accordance with FRS102 - the Financial Reporting Standard applicable in the UK and Republic of Ireland. The company has transferred from previously extant UK GAAP to FRS102 as at 1 January 2015.

Page 3

1 Nelson Road Developments Limited

Notes to the Financial Statements

Year Ended 31 December 2016

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.


 

3

Stocks

	2016 £	2015 £
Work in progress	666,044	645,005

4

Debtors

	2016  £	2015  £
Other debtors	792	507
Prepayments	70	-
	862	507

Page 4

1 Nelson Road Developments Limited

Notes to the Financial Statements

Year Ended 31 December 2016

5

Creditors

	Note	2016  £	2015  £
Due within one year
Other creditors		404,222	353,188
Accrued expenses		1,200	34,073
Corporation tax		-	7,889
		405,422	395,150

6	Transition to FRS 102

This is the first year the accounts have been prepared under FRS102, however, this has not affected the financial position of the comparative figures.

Page 5