Nibblers (UK) Ltd Company Accounts

COMPANY REGISTRATION NUMBER: 04025092

Nibblers (UK) Ltd

Filleted Unaudited Financial Statements

30 June 2017

Nibblers (UK) Ltd

Financial Statements

Year ended 30 June 2017

Contents	Page

Statement of financial position	1

Statement of changes in equity	3

Notes to the financial statements	4

The following pages do not form part of the financial statements

Chartered accountants report to the board of directors on the preparation of the unaudited statutory financial statements	10

Nibblers (UK) Ltd

Statement of Financial Position

30 June 2017

	2017		2016
Note	£	£	£

Fixed assets

Tangible assets	5	30,649	46,625
Investments	6	47,000	47,000
		--------	--------
		77,649	93,625

Current assets

Stocks		36,472	44,000
Debtors	7	204,192	183,444
Cash at bank and in hand		769	187,811
		---------	---------
		241,433	415,255

Creditors: amounts falling due within one year	8	316,695		291,491
		---------		---------
Net current (liabilities)/assets			( 75,262)	123,764
			--------	---------
Total assets less current liabilities			2,387	217,389

Creditors: amounts falling due after more than one year	9		–	197,056

Provisions

Taxation including deferred tax	4,999	13,651
	-------	---------
Net (liabilities)/assets	( 2,612)	6,682
	-------	---------

Capital and reserves

Called up share capital	1,000	1,000
Revaluation reserve	36,957	36,957
Profit and loss account	( 40,569)	( 31,275)
	--------	--------
Shareholders (deficit)/funds	( 2,612)	6,682
	--------	--------

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 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 statement of comprehensive income has not been delivered.

For the year ending 30 June 2017 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 financial statements for the year in question in accordance with section 476 ;

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

Nibblers (UK) Ltd

Statement of Financial Position (continued)

30 June 2017

These financial statements were approved by the board of directors and authorised for issue on 1 December 2017 , and are signed on behalf of the board by:

Mr D P Christopherson

Director

Company registration number: 04025092

Nibblers (UK) Ltd

Statement of Changes in Equity

Year ended 30 June 2017

			Called up share capital	Revaluation reserve	Profit and loss account	Total
Note			£	£	£	£
At 1 July 2015			1,000	–	82,703	83,703

Loss for the year					( 113,978)	( 113,978)
Other comprehensive income for the year:
	Revaluation of tangible assets	5	–	36,957	–	36,957
			-------	--------	---------	---------
Total comprehensive income for the year			–	36,957	( 113,978)	( 77,021)

At 30 June 2016			1,000	36,957	( 31,275)	6,682

Loss for the year					( 9,294)	( 9,294)
			-------	--------	---------	---------
Total comprehensive income for the year			–	–	( 9,294)	( 9,294)

			-------	--------	---------	---------
At 30 June 2017			1,000	36,957	( 40,569)	( 2,612)
			-------	--------	---------	---------

Nibblers (UK) Ltd

Notes to the Financial Statements

Year ended 30 June 2017

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Oakley House, Tetbury Road, Cirencester, Gloucestershire, GL7 1US.

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.

Going concern

The financial statements have been prepared on a going concern basis. The company meets its day to day needs upon the continued support of its directors to provide the necessary funds to enable it to trade for the foreseeable future.

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

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

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:

Plant and machinery	-	20% straight line
Motor vehicles	-	25% reducing balance
Equipment	-	33% straight line

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

Investments in associates

Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.

Investments in joint ventures

Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.

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.

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.

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 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.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

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 7 (2016: 7 ).

5. Tangible assets

	Plant and machinery	Motor vehicles	Equipment	Total
	£	£	£	£
Cost
At 1 July 2016 and 30 June 2017	209,423	5,495	7,400	222,318
	---------	-------	-------	---------
Depreciation
At 1 July 2016	164,423	4,051	7,219	175,693
Charge for the year	15,434	361	181	15,976
	---------	-------	-------	---------
At 30 June 2017	179,857	4,412	7,400	191,669
	---------	-------	-------	---------
Carrying amount
At 30 June 2017	29,566	1,083	–	30,649
	---------	-------	-------	---------
At 30 June 2016	45,000	1,444	181	46,625
	---------	-------	-------	---------

6. Investments

	Other investments other than loans
	£
Cost
At 1 July 2016 and 30 June 2017	47,000
	--------
Impairment
At 1 July 2016 and 30 June 2017	–
	--------

Carrying amount
At 30 June 2017	47,000
	--------
At 30 June 2016	47,000
	--------

7. Debtors

	2017	2016
	£	£
Trade debtors	185,447	154,933
Other debtors	18,745	28,511
	---------	---------
	204,192	183,444
	---------	---------

8. Creditors: amounts falling due within one year

	2017	2016
	£	£
Bank loans and overdrafts	160,217	35,703
Trade creditors	116,284	238,417
Social security and other taxes	33,341	13,996
Other creditors	6,853	3,375
	---------	---------
	316,695	291,491
	---------	---------

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

	2017	2016
	£	£
Bank loans and overdrafts	–	197,056
	----	---------

10. Directors' advances, credits and guarantees

During the year the directors entered into the following advances and credits with the company:

	2017
	Balance brought forward	Amounts repaid	Balance outstanding
	£	£	£
Mr D P Christopherson	( 995)	( 3,034)	( 4,029)
	----	-------	-------

	2016
	Balance brought forward	Amounts repaid	Balance outstanding
	£	£	£
Mr D P Christopherson	141,375	( 142,370)	( 995)
	---------	---------	----

Nibblers (UK) Ltd

Management Information

Year ended 30 June 2017

The following pages do not form part of the financial statements.

Nibblers (UK) Ltd

Chartered Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Nibblers (UK) Ltd

Year ended 30 June 2017

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Nibblers (UK) Ltd for the year ended 30 June 2017, which comprise the statement of financial position, statement of changes in equity and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the Board of Directors of Nibblers (UK) Ltd, as a body, in accordance with the terms of our engagement letter dated 14 June 2013. Our work has been undertaken solely to prepare for your approval the financial statements of Nibblers (UK) Ltd and state those matters that we have agreed to state to you, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Nibblers (UK) Ltd and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Nibblers (UK) Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Nibblers (UK) Ltd. You consider that Nibblers (UK) Ltd is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of Nibblers (UK) Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

McGILLS Chartered Accountants

Oakley House Tetbury Road Cirencester Gloucestershire GL7 1US

4 December 2017