REGISTERED NUMBER: 04126555 (England and Wales)

Financial Statements

for the Year Ended 28 February 2023

for

Naylor Technical Solutions Ltd.

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

C M Simpson

E G Naylor

R Hadley

SECRETARY:

R Hadley

REGISTERED OFFICE:

Naylor House Valley Road

Wombwell

Barnsley

S73 0BS

REGISTERED NUMBER:

04126555 (England and Wales)

AUDITORS:

Wright Vigar Limited

Statutory Auditors

Chartered Accountants & Business Advisers

Office 1

Engine House

Marshalls Yard

Gainsborough

Lincolnshire

DN21 2NA

FIXED ASSETS

Tangible assets

4

530,758

261,275

CURRENT ASSETS

Stocks

334,060

218,711

Debtors

5

803,092

774,492

Cash at bank and in hand

997,420

225,205

2,134,572

1,218,408

CREDITORS

Amounts falling due within one year

6

2,130,298

853,867

NET CURRENT ASSETS

4,274

364,541

TOTAL ASSETS LESS CURRENT LIABILITIES

535,032

625,816

PROVISIONS FOR LIABILITIES

15,126

49,223

NET ASSETS

519,906

576,593

CAPITAL AND RESERVES

Called up share capital

112,500

112,500

Retained earnings

407,406

464,093

SHAREHOLDERS' FUNDS

519,906

576,593

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 13 June 2023 and were signed on its behalf by:

C M Simpson - Director

1.	STATUTORY INFORMATION

Naylor Technical Solutions Ltd. 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 the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

20% on cost

Office equipment

-

20% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

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

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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

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 taken into account in arriving at the operating result.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 24 (2022 - 23 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Office

machinery

equipment

Totals

£

£

£

COST

At 1 March 2022

516,060

50,556

566,616

Additions

310,589

-

310,589

At 28 February 2023

826,649

50,556

877,205

DEPRECIATION

At 1 March 2022

258,863

46,478

305,341

Charge for year

38,759

2,347

41,106

At 28 February 2023

297,622

48,825

346,447

NET BOOK VALUE

At 28 February 2023

529,027

1,731

530,758

At 28 February 2022

257,197

4,078

261,275

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade debtors

691,060

573,319

Amounts owed by group undertakings

7,183

-

Other debtors

104,849

201,173

803,092

774,492

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade creditors

115,322

126,615

Amounts owed to group undertakings

1,802,927

630,392

Taxation and social security

248

-

Other creditors

211,801

96,860

2,130,298

853,867

7.	LEASING AGREEMENTS

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

2023

2022

£

£

Within one year

133,124

133,124

Between one and five years

560,192

343,043

In more than five years

868,596

868,596

1,561,912

1,344,763

8.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was qualified on the following basis:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Due to a limitation of scope in the prior period ending 28 February 2022 we were not able to verify the existence and therefore the valuation of opening stock of £218,711 shown in the Company's 28 February 2023 financial statements.

Peter Harrison BTech FCA (Senior Statutory Auditor)

for and on behalf of Wright Vigar Limited

10.	ULTIMATE CONTROLLING PARTY

The controlling party is Naylor Specialist Plastics Limited, the registered office is Naylor House Valley Road, Wombwell, Barnsley, England, S73 0BS.

The ultimate controlling party is Naylor Industries Plc, the registered office is Clough Green, Cawthorne, Barnsley, South Yorkshire, S75 4AD.