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REGISTERED NUMBER: SC205224 (Scotland)














UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

FOR

CONNECT NDT LIMITED

CONNECT NDT LIMITED (REGISTERED NUMBER: SC205224)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31 March 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3

Chartered Certified Accountants' Report 7

CONNECT NDT LIMITED

COMPANY INFORMATION
for the Year Ended 31 March 2023







DIRECTORS: Mr K R Davis
Mr G V Somers
Mr L Veitch
Mr S Murray





SECRETARY: Mr L Veitch





REGISTERED OFFICE: Cirrus Building 6 International Avenue
A B Z Business Park
Dyce
Aberdeen
AB21 0BH





REGISTERED NUMBER: SC205224 (Scotland)





ACCOUNTANTS: Acumen Accountants and Advisors Limited
Unit 1, Office 1 & 8
Blackhall Industrial Estate
Burghmuir Circle
Inverurie
Aberdeenshire
AB51 4FS

CONNECT NDT LIMITED (REGISTERED NUMBER: SC205224)

BALANCE SHEET
31 March 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 15,765 13,905

CURRENT ASSETS
Debtors 6 591,176 455,404
Cash at bank and in hand 14,336 14,998
605,512 470,402
CREDITORS
Amounts falling due within one year 7 384,954 203,448
NET CURRENT ASSETS 220,558 266,954
TOTAL ASSETS LESS CURRENT
LIABILITIES

236,323

280,859

CREDITORS
Amounts falling due after more than one year 8 (21,667 ) (31,667 )

PROVISIONS FOR LIABILITIES (3,941 ) (2,642 )
NET ASSETS 210,715 246,550

CAPITAL AND RESERVES
Called up share capital 12 240 240
Capital redemption reserve 18,290 18,290
Retained earnings 192,185 228,020
SHAREHOLDERS' FUNDS 210,715 246,550

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 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 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 3 October 2023 and were signed on its behalf by:



Mr K R Davis - Director


CONNECT NDT LIMITED (REGISTERED NUMBER: SC205224)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 March 2023

1. STATUTORY INFORMATION

Connect NDT Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

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

Turnover
Turnover is stated net of VAT and trade discounts. Turnover from the sale of goods is recognised when the goods are physically delivered to the customer. 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 value of the consideration due. Where the contract has only been partially completed at the balance sheet date turnover represents the value of the service provided to date based on a proportion of the total contract value. 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.

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
Motor vehicles - 25% reducing balance

Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.

The gain or loss arising on the disposal of an asset is determined as the difference between the proceeds and the carrying value of the asset and is included in the profit and loss account.

Taxation
Taxation for the year/period 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 taxation
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.

CONNECT NDT LIMITED (REGISTERED NUMBER: SC205224)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2023

3. ACCOUNTING POLICIES - continued

Leasing and hire purchase commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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 to defined contribution plans are expensed in the period to which they relate.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 27 (2022 - 22 ) .

5. TANGIBLE FIXED ASSETS
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 April 2022 147,578 17,826 165,404
Additions 7,289 - 7,289
At 31 March 2023 154,867 17,826 172,693
DEPRECIATION
At 1 April 2022 137,168 14,331 151,499
Charge for year 4,555 874 5,429
At 31 March 2023 141,723 15,205 156,928
NET BOOK VALUE
At 31 March 2023 13,144 2,621 15,765
At 31 March 2022 10,410 3,495 13,905

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 395,131 264,714
Amounts owed by associates 146,022 146,022
Other debtors - 1,833
Accrued income 36,486 30,423
Prepayments 13,537 12,412
591,176 455,404

CONNECT NDT LIMITED (REGISTERED NUMBER: SC205224)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2023

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts (see note 9) 254,753 116,893
Trade creditors 12,837 8,478
Tax 29,028 21,928
Social security and other taxes 18,151 13,116
Pensions 9,087 4,301
VAT 57,032 34,439
Accrued expenses 4,066 4,293
384,954 203,448

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans (see note 9) 21,667 31,667

9. LOANS

An analysis of the maturity of loans is given below:

2023 2022
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts 244,753 106,893
Bank loans 10,000 10,000
254,753 116,893

Amounts falling due between one and two years:
Bank loans - 1-2 years 10,000 10,000

Amounts falling due between two and five years:
Bank loans - 2-5 years 11,667 21,667

10. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 17,895 11,700
Between one and five years 18,330 975
36,225 12,675

CONNECT NDT LIMITED (REGISTERED NUMBER: SC205224)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2023

11. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Invoice financing advance 243,611 106,119

The company has granted a floating charge in favour of Clydesdale Bank PLC over all current and future property, assets and undertakings of the company.

The invoice factoring advance is secured against £49,896 (2022: £92,978) of the company's trade debtors under an Invoice Factoring Agreement with Clydesdale Bank Plc.

12. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
1,200 Ordinary £0.10 120 120
1,200 D Ordinary £0.10 120 120
240 240

13. RELATED PARTY DISCLOSURES

Connect NDT Congo SARL is a company registered in the Republic of Congo and under common control of the directors.

As at 31 March 2023 a balance of £146,022 (2022: £146,022) was due from Connect NDT Congo SARL to the company. The balance bears no interest and has no set repayment terms in place.

14. ULTIMATE CONTROLLING PARTY

The company is under the control of it's directors and their families by virtue of their combined ownership of 100% of the issued share capital.

CHARTERED CERTIFIED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS
ON THE UNAUDITED FINANCIAL STATEMENTS OF
CONNECT NDT LIMITED (REGISTERED NUMBER: SC205224)

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Connect NDT Limited for the year ended 31 March 2023 which comprise the Income Statement, Balance Sheet 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 Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook.

This report is made solely to the Board of Directors of Connect NDT Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Connect NDT Limited and state those matters that we have agreed to state to the Board of Directors of Connect NDT Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Connect NDT Limited 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 profit of Connect NDT Limited. You consider that Connect NDT Limited 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 Connect NDT Limited. 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.






Acumen Accountants and Advisors Limited
Unit 1, Office 1 & 8
Blackhall Industrial Estate
Burghmuir Circle
Inverurie
Aberdeenshire
AB51 4FS


3 October 2023