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Registration number: 04660165

NS Tooling Services Limited

Filleted Unaudited Financial Statements

for the Year Ended 31 March 2022

 

NS Tooling Services Limited

(Registration number: 04660165)
Balance Sheet as at 31 March 2022

Note

2022
£

2021
£

Fixed assets

 

Tangible assets

4

148,982

88,043

Investments

5

40

40

 

149,022

88,083

Current assets

 

Stocks

6

4,610

4,525

Debtors

7

284,351

259,123

Cash at bank and in hand

 

119,790

53,811

 

408,751

317,459

Creditors: Amounts falling due within one year

8

(260,764)

(220,406)

Net current assets

 

147,987

97,053

Total assets less current liabilities

 

297,009

185,136

Creditors: Amounts falling due after more than one year

8

(67,618)

(13,932)

Provisions for liabilities

(28,307)

(16,729)

Net assets

 

201,084

154,475

Capital and reserves

 

Called up share capital

10

100

100

Retained earnings

200,984

154,375

Shareholders' funds

 

201,084

154,475

For the financial year ending 31 March 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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

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.

 

NS Tooling Services Limited

(Registration number: 04660165)
Balance Sheet as at 31 March 2022

Approved and authorised by the director on 5 September 2022
 


Mr N Shipley
Director

   
 

NS Tooling Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

1

General information

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

The address of its registered office is:
N.S.T. House
Moorwell Business Park
Moorwell Road
Scunthorpe
North Lincolnshire
DN17 2RU

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

NS Tooling Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Furniture, fittings and equipment

15% on cost

Motor vehicles

25% on reducing balance

Investments

Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

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.

 

NS Tooling Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

NS Tooling Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year was 14 (2021 - 12).

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2021

139,007

100,593

239,600

Additions

87,897

-

87,897

Disposals

-

(9,444)

(9,444)

At 31 March 2022

226,904

91,149

318,053

Depreciation

At 1 April 2021

111,456

40,101

151,557

Charge for the year

9,531

15,124

24,655

Eliminated on disposal

-

(7,141)

(7,141)

At 31 March 2022

120,987

48,084

169,071

Carrying amount

At 31 March 2022

105,917

43,065

148,982

At 31 March 2021

27,551

60,492

88,043

 

NS Tooling Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

5

Investments

2022
£

2021
£

Investments in associates

40

40

Associates

£

Cost

At 1 April 2021

40

At 31 March 2022

40

Provision

Carrying amount

At 31 March 2022

40

At 31 March 2021

40

6

Stocks

2022
£

2021
£

Other inventories

4,610

4,525

7

Debtors

2022
£

2021
£

Trade debtors

259,664

244,842

Other debtors

24,687

13,207

Social security and other taxes

-

1,074

284,351

259,123

 

NS Tooling Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

8

Creditors

Note

2022
£

2021
£

Due within one year

 

Loans and borrowings

9

27,716

11,165

Trade creditors

 

219,647

169,446

Taxation and social security

 

9,358

34,989

Other creditors

 

4,043

4,806

 

260,764

220,406

Due after one year

 

Loans and borrowings

9

67,618

13,932

9

Loans and borrowings

2022
£

2021
£

Current loans and borrowings

Hire purchase contracts

27,716

11,165

2022
£

2021
£

Non-current loans and borrowings

Hire purchase contracts

67,618

13,932

The hire purchase contracts are secured upon the assets to which they relate.

10

Share capital

Allotted, called up and fully paid shares

 

2022

2021

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

         
 

NS Tooling Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

11

Related party transactions

Advances to director

2022

At 1 April 2021
£

Advances to director
£

Repayments by director
£

At 31 March 2022
£

Mr N Shipley

Director's loan account

13,207

24,135

(13,207)

24,135

         
       

 

2021

At 1 April 2020
£

Advances to director
£

At 31 March 2021
£

Mr N Shipley

Director's loan account

-

13,207

13,207