Northern Carbide Specialists Ltd. 02640709 false 2022-09-01 2023-08-31 2023-08-31 The principal activity of the company is The manufacture of precision carbide and high speed steel tooling Digita Accounts Production Advanced 6.30.9574.0 true false 02640709 2022-09-01 2023-08-31 02640709 2023-08-31 02640709 bus:Revised 2023-08-31 02640709 core:CapitalRedemptionReserve 2023-08-31 02640709 core:RetainedEarningsAccumulatedLosses 2023-08-31 02640709 core:ShareCapital 2023-08-31 02640709 core:CurrentFinancialInstruments 2023-08-31 02640709 core:CurrentFinancialInstruments core:WithinOneYear 2023-08-31 02640709 core:MotorVehicles 2023-08-31 02640709 core:OfficeEquipment 2023-08-31 02640709 core:PlantMachinery 2023-08-31 02640709 bus:SmallEntities 2022-09-01 2023-08-31 02640709 bus:AuditExemptWithAccountantsReport 2022-09-01 2023-08-31 02640709 bus:FullAccounts 2022-09-01 2023-08-31 02640709 bus:SmallCompaniesRegimeForAccounts 2022-09-01 2023-08-31 02640709 bus:RegisteredOffice 2022-09-01 2023-08-31 02640709 bus:Director1 2022-09-01 2023-08-31 02640709 bus:PrivateLimitedCompanyLtd 2022-09-01 2023-08-31 02640709 core:FurnitureFittings 2022-09-01 2023-08-31 02640709 core:MotorVehicles 2022-09-01 2023-08-31 02640709 core:OfficeEquipment 2022-09-01 2023-08-31 02640709 core:PlantMachinery 2022-09-01 2023-08-31 02640709 1 2022-09-01 2023-08-31 02640709 countries:AllCountries 2022-09-01 2023-08-31 02640709 2022-08-31 02640709 core:MotorVehicles 2022-08-31 02640709 core:OfficeEquipment 2022-08-31 02640709 core:PlantMachinery 2022-08-31 02640709 2021-09-01 2022-08-31 02640709 2022-08-31 02640709 core:CapitalRedemptionReserve 2022-08-31 02640709 core:RetainedEarningsAccumulatedLosses 2022-08-31 02640709 core:ShareCapital 2022-08-31 02640709 core:CurrentFinancialInstruments 2022-08-31 02640709 core:CurrentFinancialInstruments core:WithinOneYear 2022-08-31 02640709 core:MotorVehicles 2022-08-31 02640709 core:OfficeEquipment 2022-08-31 02640709 core:PlantMachinery 2022-08-31 iso4217:GBP xbrli:pure

Registration number: 02640709

Northern Carbide Specialists Ltd.

Unaudited Financial Statements

for the Year Ended 31 August 2023

 

Northern Carbide Specialists Ltd.

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

Northern Carbide Specialists Ltd.

(Registration number: 02640709)
Statement of Financial Position as at 31 August 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

1,002,673

1,129,831

Current assets

 

Stocks

30,000

30,000

Debtors

5

359,586

913,117

Cash at bank and in hand

 

1,391,203

1,356,078

 

1,780,789

2,299,195

Creditors: Amounts falling due within one year

6

(283,473)

(428,743)

Net current assets

 

1,497,316

1,870,452

Total assets less current liabilities

 

2,499,989

3,000,283

Provisions for liabilities

(164,475)

(181,000)

Net assets

 

2,335,514

2,819,283

Capital and reserves

 

Called up share capital

1,000

1,000

Capital redemption reserve

75,000

75,000

Retained earnings

2,259,514

2,743,283

Shareholders' funds

 

2,335,514

2,819,283

 

Northern Carbide Specialists Ltd.

(Registration number: 02640709)
Statement of Financial Position as at 31 August 2023

For the financial year ending 31 August 2023 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. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Income Statement.

Approved and authorised by the director on 29 September 2023
 

.........................................
MP Hester
Director

 

Northern Carbide Specialists Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

1

General information

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

The address of its registered office is:
Greenbank Technology Park
Challenge Way
Blackburn
Lancashire
BB1 5QB
United Kingdom

These financial statements were authorised for issue by the director on 29 September 2023.

2

Accounting policies

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.

Key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

In the opinion of the director there are no critical accounting judgements..

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 in respect of the transactions can be measured reliably.

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.

 

Northern Carbide Specialists Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

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 statement of financial position 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

Plant and machinery

15% reducing balance

Furniture and fittings

15% reducing balance

Motor vehicles

25% reducing balance

Stocks

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

Stock is valued at the lower of cost and net realisable value.

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 income statement 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.

Finance Leases and Hire Purchase Contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset.

Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

 

Northern Carbide Specialists Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

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.

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 preayment will lead to a reduction in future payments or a cash refund.

Financial instruments

Classification
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently measured at amortised cost.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

 

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 15 (2022 - 15).

 

Northern Carbide Specialists Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

4

Tangible assets

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 September 2022

3,472,885

142,864

137,497

3,753,246

Additions

11,252

-

113,338

124,590

Disposals

-

-

(139,473)

(139,473)

At 31 August 2023

3,484,137

142,864

111,362

3,738,363

Depreciation

At 1 September 2022

2,453,598

84,959

84,858

2,623,415

Charge for the year

153,508

8,685

21,419

183,612

Eliminated on disposal

-

-

(71,337)

(71,337)

At 31 August 2023

2,607,106

93,644

34,940

2,735,690

Carrying amount

At 31 August 2023

877,031

49,220

76,422

1,002,673

At 31 August 2022

1,019,287

57,905

52,639

1,129,831

5

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

348,505

399,049

Amounts owed by related parties

8

-

503,435

Prepayments

 

11,081

10,633

   

359,586

913,117

 

Northern Carbide Specialists Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

-

31,218

Trade creditors

 

42,862

62,415

Taxation and social security

 

141,797

134,561

Accruals and deferred income

 

14,639

109,827

Other creditors

 

84,175

90,722

 

283,473

428,743

Hire purchase creditors amount to £0 (2022: £31,218) and were secured on the relevant assets.

7

Financial commitments, guarantees and contingencies

Amounts not provided for in the statement of financial position

The total amount of financial commitments not included in the statement of financial position is £170,000 (2022 - £220,000).

8

Related party transactions

At the start of the year £90,737 was owed to the directors and shareholders, there were various advances and credits to the loan accounts during the year. No interest was charged to the company in respect of these loans. At the balance sheet date £83,684 (2022: £90,737) was due to the directors and shareholders.

At the year end, the company was controlled by Northern Carbide Holdings Limited. Included within debtors is an amount of £0 (2022: £503,435) due from Northern Carbide Holdings Limited. The balance was written off during the year.

 

Northern Carbide Specialists Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

9

Parent and ultimate parent undertaking

The company's immediate parent is Northern Carbide Holdings Limited, incorporated in England.

  These financial statements are available upon request from Greenbank Technology Park, Challenge Way, Blackburn, Lancashire, BB1 5QB