Registered Number 06349270

NEWKEM INDUSTRIES LIMITED

Abbreviated Accounts

31 August 2016

NEWKEM INDUSTRIES LIMITED Registered Number 06349270

Abbreviated Balance Sheet as at 31 August 2016

Notes 2016 2015
€ €
Current assets
Stocks 22,585 22,655
Debtors 237,626 54,641
Cash at bank and in hand 28,714 84,040
288,925 161,336
Creditors: amounts falling due within one year (251,678) (140,647)
Net current assets (liabilities) 37,247 20,689
Total assets less current liabilities 37,247 20,689
Total net assets (liabilities) 37,247 20,689
Capital and reserves
Called up share capital 126 126
Profit and loss account 37,121 20,563
Shareholders' funds 37,247 20,689
  • For the year ending 31 August 2016 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.
  • The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
  • The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
  • These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

Approved by the Board on 28 July 2017

And signed on their behalf by:
Gary Stern, Director

NEWKEM INDUSTRIES LIMITED Registered Number 06349270

Notes to the Abbreviated Accounts for the period ended 31 August 2016

1Accounting Policies

Basis of measurement and preparation of accounts
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).

Turnover policy
Turnover represents amounts derived from the company's principal activity. Turnover is recognised upon completion of the contractual obligations between both parties.

Other accounting policies
Compliance with accounting standards

The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).

The company has not disclosed the ultimate controlling party which is a requirement of the Financial Reporting Standard for Smaller Entities (effective January 2015). This is a departure from accounting standards. The director is of the opinion that the non-disclosure of this information does not affect the truth and fairness of the financial statements.


Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Office equipment - 33.3% straight line


Stock

Stock is valued at the lower of cost and net realisable value. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.


Deferred taxation

Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.


Foreign currency translation

Monetary assets and liabilities denominated in foreign currencies are translated into euros at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to profit and loss account.


Share capital

Allotted, called up and fully paid
100 Ordinary shares for £1 each: €126 (2015: €126)