Nonwovens Innovation & Research Institut - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: 05019027 (England and Wales)

Unaudited Financial Statements

for the Year Ended

31 May 2017

for

Nonwovens Innovation & Research

Institute Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

M C Rogers

C E Fowler

Professor S J Russell

M J Tipper

SECRETARY:

M C Rogers

REGISTERED OFFICE:

169 Meanwood Road

Leeds

West Yorkshire

LS7 1SR

REGISTERED NUMBER:

05019027 (England and Wales)

FIXED ASSETS

Tangible assets

4

67,417

16,902

Investments

5

459

460

67,876

17,362

CURRENT ASSETS

Debtors

6

469,646

355,323

Cash at bank and in hand

325,560

399,215

795,206

754,538

CREDITORS

Amounts falling due within one year

7

240,497

233,335

NET CURRENT ASSETS

554,709

521,203

TOTAL ASSETS LESS CURRENT LIABILITIES

622,585

538,565

PROVISIONS FOR LIABILITIES

7,869

-

NET ASSETS

614,716

538,565

CAPITAL AND RESERVES

Called up share capital allotted, issued and fully paid

196

196

Share premium

129,868

129,868

Retained earnings

484,652

408,501

SHAREHOLDERS' FUNDS

614,716

538,565

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors on 29 September 2017 and were signed on its behalf by:

M C Rogers - Director

C E Fowler - Director

Professor S J Russell - Director

M J Tipper - Director

1.	STATUTORY INFORMATION

Nonwovens Innovation & Research Institute Limited 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 Financial Reporting Standard 102

"The Financial Reporting Standard applicable in UK and Republic of Ireland" and the Companies Act

2006 as applicable to companies subject to the small companies regime. The disclosure requirements

of section 1A of FRS 102 have been applied other than where additional disclosure is required to show

a true and fair view.

The financial statements have been prepared under the historical cost convention.

This is the first year in which the financial statements have been prepared under FRS 102. Refer to

note 9 below for an explanation of the transition.

The functional and presentational currency of the company is considered to be pounds sterling.

Preparation of consolidated financial statements

The financial statements contain information about Nonwovens Innovation & Research Institute Limited

as an individual company and do not contain consolidated financial information as the parent of a

group. The company has taken the option under Section 398 of the Companies Act 2006 not to

prepare consolidated financial statements.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts

and value added tax.

Turnover from the supply of services represents the value of services provided under contracts to the

extent that there is a right to consideration and is recorded at the fair value of the consideration

received or receivable. Where a contract has only been partially completed at the balance sheet date

turnover represents the fair value of the service provided to date based on the stage of completion and

the contract activity at the balance sheet date. Where payments are received from customers in

advance of services provided, the amounts are recorded as deferred income and included as part of

creditors due within one year.

Grants receivable

Grants relating to revenue are recognised in income over the period in which the related costs are

recognised.

Tangible fixed assets

Tangible fixed assets are stated at purchase cost, net of depreciation.

Depreciation is provided on all tangible assets at rates calculated to write off the cost less estimated

residual value of each asset on a straight line basis over its expected useful life as follows:

Improvements to property

- 10% on cost

Fixtures and fittings

- 33% on cost, 25% on cost, 20% on cost and 12.5% on cost

Computer equipment

- 33% on cost, 25% on cost and 20% on cost

Residual value represents the estimated amount which would currently be obtained from disposal of an

asset after deducting estimated costs of disposal, if the asset were already at an age and in the

condition expected at the end of its estimated useful life.

The gain or loss arising on the disposal of an asset is determined on the difference between the sale

proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

Investments in associates

Investments in associates are measured at cost less impairment.

Where the value of other investments can be reliably measured they are measured at fair value

through the profit and loss account. Where fair value cannot be measured reliably other investments

are measured at cost less impairment.

Taxation

Current tax, including UK corporation tax is provided at amounts expected to be paid (or recovered)

using the tax rates and laws that have been enacted or substantively enacted by the balance sheet

date.

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

the balance sheet date where transactions or events that result in an obligation to pay more tax in the

future or a right to pay less tax in the future have occurred at the balance sheet date. Timing

differences are differences between the company's taxable profits and its results as stated in the

financial statements that arise from the inclusion of gains and losses in tax assessments in periods

different from those in which they are recognised in the financial statements. Deferred tax is measured

using the tax rates and laws that have been enacted or substantively enacted by the balance sheet

date and are expected to apply to the reversal of the timing difference.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at

the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of

exchange ruling at the date of transaction. Exchange differences are recognised in the profit and loss

account.

Leasing commitments

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the

payments are not made on such basis. Benefits received and receivable as an incentive to sign an

operating lease are similarly spread on a straight-line basis over the lease term.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the

company's pension scheme and that of directors' personal pension schemes are charged to profit or

loss in the period to which they relate.

Financial instruments

Financial assets and financial liabilities are recognised when the company becomes a party to the

contractual provisions of the instrument.

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 company after deducting all of its liabilities.

All financial assets and liabilities are initially measured at transaction price (including transaction

costs), except for those financial assets classified as at fair value through profit and loss, which are

initially measured at fair value (which is normally the transaction price excluding transaction costs),

unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing

transaction, the financial asset or financial liability is measured at the present value of the future

payments discounted at a market rate of interest for a similar debt instrument.

The following assets and liabilities are classified as basic financial instruments - trade debtors, other

debtors, cash and bank balances, trade creditors and other creditors.

Trade debtors, other debtors, cash and bank balances, trade creditors and other creditors are

measured at the amortised cost equivalent to the undiscounted amount of cash or other consideration

expected to be paid or received.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each

balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in

profit and loss as described below.

Non financial assets

An asset is impaired when there is objective evidence that, as a result of one or more events that

occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The

recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

Financial assets

For financial assets carried at cost less impairment, the impairment loss is the difference between the

asset's carrying amount and the best estimate of the amount that would be received for the asset if it

were sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively

to an event occurring after the impairment was recognised, the prior impairment loss is tested to

determine reversal. An impairment loss is reversed on an individual impaired financial asset to the

extent that the revised recoverable value does not lead to a revised carrying amount higher than the

carrying value had the impairment loss not been recognised.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 24 (2016 - 26 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 June 2016

88,813

Additions

61,994

Disposals

(31,755

)

At 31 May 2017

119,052

DEPRECIATION

At 1 June 2016

71,911

Charge for year

11,479

Eliminated on disposal

(31,755

)

At 31 May 2017

51,635

NET BOOK VALUE

At 31 May 2017

67,417

At 31 May 2016

16,902

5.	FIXED ASSET INVESTMENTS

Interest

in

Other

associates

investments

Totals

£

£

£

COST

At 1 June 2016

396

64

460

Impairments

(1

)

-

(1

)

At 31 May 2017

395

64

459

NET BOOK VALUE

At 31 May 2017

395

64

459

At 31 May 2016

396

64

460

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

293,893

209,593

Other debtors

175,753

145,730

469,646

355,323

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade creditors

34,648

69,576

Taxation and social security

48,533

52,029

Other creditors

157,316

111,730

240,497

233,335

8.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2017

2016

£

£

Within one year

58,368

84,127

Between one and five years

201,513

6,918

259,881

91,045

9.	FIRST YEAR ADOPTION

This is the first year that the Company has presented its financial statements under Financial

Reporting Standard 102 (FRS 102) issued by the Financial Reporting Council. The last financial

statements prepared under the previous UK GAAP were for the year ended 31 May 2016 and the date

of transition was therefore 1 June 2015. As a consequence of adopting FRS 102 the Directors are of

the opinion that no changes need to be made upon transition to this accounting standard as the effect

of any changes are not material.