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REGISTERED NUMBER: 03878524 (England and Wales)










Northern Escalator Installations Limited

Unaudited Financial Statements

for the Year Ended 28 February 2023






Northern Escalator Installations Limited (Registered number: 03878524)






Contents of the Financial Statements
for the year ended 28 February 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Chartered Accountants' Report 10

Northern Escalator Installations Limited

Company Information
for the year ended 28 February 2023







DIRECTOR: K M Johnson





SECRETARY: I M Hartley





REGISTERED OFFICE: Unit 4 Riverside Business Park
Royd Ings Avenue
Keighley
BD21 4AF





REGISTERED NUMBER: 03878524 (England and Wales)





ACCOUNTANTS: Walkers Accountants Limited
Aireside House
Aireside Business Centre
Royd Ings Avenue
Keighley
West Yorkshire
BD21 4BZ

Northern Escalator Installations Limited (Registered number: 03878524)

Balance Sheet
28 February 2023

28.2.23 28.2.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 837,757 324,206

CURRENT ASSETS
Debtors 5 1,889,675 1,415,835
Cash at bank and in hand 785,434 436,387
2,675,109 1,852,222
CREDITORS
Amounts falling due within one year 6 771,715 599,087
NET CURRENT ASSETS 1,903,394 1,253,135
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,741,151

1,577,341

CREDITORS
Amounts falling due after more than one
year

7

(140,191

)

(5,480

)

PROVISIONS FOR LIABILITIES 10 (141,682 ) -
NET ASSETS 2,459,278 1,571,861

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 2,459,178 1,571,761
SHAREHOLDERS' FUNDS 2,459,278 1,571,861

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

Northern Escalator Installations Limited (Registered number: 03878524)

Balance Sheet - continued
28 February 2023


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 director and authorised for issue on 27 November 2023 and were signed by:





K M Johnson - Director


Northern Escalator Installations Limited (Registered number: 03878524)

Notes to the Financial Statements
for the year ended 28 February 2023

1. STATUTORY INFORMATION

Northern Escalator Installations Limited 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.

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


The Company changed its financial year end from 30 November to 28 February for operational reasons and 2022 was the first period adopting the new year-end date. The financial statements presented for the prior period are for the 15 month period ending 28 February 2022, therefore the comparative amounts presented in the financial statements (including the related notes) are not entirely comparable.

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.

Revenue recognition
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised.

Sale of goods
Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
- the Company has transferred the significant risks and rewards of the ownership to the buyer;
- the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the good sold;
- the amount of revenue can be measured reliably;
- it is probable that the Company will receive the consideration due under the transaction; and
- the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all the following conditions are satisfied:
- the amount of revenue can be measured reliably;
- it is probable that the Company will receive the consideration due under the contract;
- the stage of completion of the contract at the end of the reporting period can be measured reliably; and
- the costs incurred and the costs to complete the contract can be measured reliably.

Northern Escalator Installations Limited (Registered number: 03878524)

Notes to the Financial Statements - continued
for the year ended 28 February 2023

2. ACCOUNTING POLICIES - continued

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
Fixtures and fittings - 10% on cost
Motor vehicles - 25% on reducing balance
Office equipment - 25% on cost

All tangible fixed assets are at cost less accumulated depreciation. Cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Assets held under finance lease are depreciated in the same manner as owned assets.

Renewals, repairs and maintenance are charged to profit and loss during the period in which they are incurred.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using a mixture of methods. The depreciation bases are as detailed above.

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposal are determined by comparing the proceeds with the carrying amount and are credited or charged to the income statement.

Impairment of fixed assets
At each balance sheet date, the Company reviews the carrying amounts of its property, plant and equipment to determine whether there is any indication that any items of property, plant and equipment have suffered an impairment loss. If any such indications exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any. Where it is not possible to estimate the recoverable amount of the asset, the Company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

If the recoverable amount of an asset is estimated to be less that its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. Impairment loss is recognised as an expense immediately.

Where an impairment loss subsequently reserves, the carrying amount of the asset is increased to the revised estimate of its recoverable amount that would have been determined (net of depreciation) had no impairment loss been recognised for the asset in the prior years. A reversal of an impairment loss is recognised as income immediately.

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.


Northern Escalator Installations Limited (Registered number: 03878524)

Notes to the Financial Statements - continued
for the year ended 28 February 2023

2. ACCOUNTING POLICIES - continued
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 plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in the profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 43 (2022 - 48 ) .

Northern Escalator Installations Limited (Registered number: 03878524)

Notes to the Financial Statements - continued
for the year ended 28 February 2023

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Office
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 March 2022 938,302 157,048 612,643 181,502 1,889,495
Additions 157,455 - 532,770 2,114 692,339
Disposals (27,985 ) - (117,416 ) - (145,401 )
At 28 February 2023 1,067,772 157,048 1,027,997 183,616 2,436,433
DEPRECIATION
At 1 March 2022 920,839 15,182 459,229 170,039 1,565,289
Charge for year 24,723 15,283 88,405 5,637 134,048
Eliminated on disposal (27,985 ) - (72,676 ) - (100,661 )
At 28 February 2023 917,577 30,465 474,958 175,676 1,598,676
NET BOOK VALUE
At 28 February 2023 150,195 126,583 553,039 7,940 837,757
At 28 February 2022 17,463 141,866 153,414 11,463 324,206

The net book value of assets held under finance leases or hire purchase contracts, included in motor vehicles, are as follows: 2023: £ 198,071.27 (2022: £ 43,533)

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
28.2.23 28.2.22
£    £   
Trade debtors 863,326 577,661
Amounts owed by group undertakings 639,227 527,562
Other debtors 146,955 33,003
Directors' current accounts - 32,537
VAT 70,335 70,964
Deferred tax asset - 67,931
Prepayments and accrued income 169,832 106,177
1,889,675 1,415,835

Amounts due by group undertakings are repayable on demand with no interest accrued on amounts due

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
28.2.23 28.2.22
£    £   
Hire purchase contracts (see note 8) 59,136 15,318
Trade creditors 572,082 269,781
Taxation and social security 65,113 37,555
Other creditors 75,384 276,433
771,715 599,087

Northern Escalator Installations Limited (Registered number: 03878524)

Notes to the Financial Statements - continued
for the year ended 28 February 2023

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
28.2.23 28.2.22
£    £   
Hire purchase contracts (see note 8) 140,191 5,480

8. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
28.2.23 28.2.22
£    £   
Net obligations repayable:
Within one year 59,136 15,318
Between one and five years 140,191 5,480
199,327 20,798

Non-cancellable operating leases
28.2.23 28.2.22
£    £   
Within one year 192,242 193,185
Between one and five years 430,845 623,087
623,087 816,272

9. SECURED DEBTS

The following secured debts are included within creditors:

28.2.23 28.2.22
£    £   
Hire purchase contracts 199,327 20,798

The obligations under hire purchase contracts are secured on the assets which they relate to.

10. PROVISIONS FOR LIABILITIES
28.2.23
£   
Deferred tax 141,682

Deferred
tax
£   
Balance at 1 March 2022 (67,931 )
Provided during year 209,613
Balance at 28 February 2023 141,682

Northern Escalator Installations Limited (Registered number: 03878524)

Notes to the Financial Statements - continued
for the year ended 28 February 2023

11. PENSION COMMITMENTS

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £48,997 (2022 -: £54,573.) Contributions totalling £NIL (2022 - £9,892) were payable to the fund at the reporting date and are included in other creditors.

12. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the year ended 28 February 2023 and the period ended 28 February 2022:

28.2.23 28.2.22
£    £   
K M Johnson
Balance outstanding at start of year 32,537 -
Amounts advanced 79,128 32,537
Amounts repaid (161,665 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (50,000 ) 32,537

The balance is accruing interest and is repayable on demand

13. RELATED PARTY DISCLOSURES

Included within debtors is an amount of £ 45,206.48 (2022: £NIL) due to a company controlled by the director. The balance is interest free and repayable on demand.

Included within other creditors is an amount of £NIL (2022: £ 240,000) due to a company controlled by the director. The balance is interest free and repayable on demand.

Included within other creditors is an amount of £ 2,400 (2022: £NIL) due to a related company. The balance is interest free and repayable on demand.

14. ULTIMATE CONTROLLING PARTY

The company is a wholly owned subsidiary of Northern Escalator Installations Holdings Limited. This company's registered office is Unit 4, Riverside Business park, Royd Ings Avenue, Keighley, BD21 4AF.

Chartered Accountants' Report to the Director
on the Unaudited Financial Statements of
Northern Escalator Installations Limited

The following reproduces the text of the report prepared for the director 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 Director 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 Northern Escalator Installations Limited for the year ended 28 February 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 Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the director of Northern Escalator Installations Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Northern Escalator Installations Limited and state those matters that we have agreed to state to the director of Northern Escalator Installations Limited in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Northern Escalator Installations Limited and its director for our work or for this report.

It is your duty to ensure that Northern Escalator Installations 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 Northern Escalator Installations Limited. You consider that Northern Escalator Installations 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 Northern Escalator Installations 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.






Walkers Accountants Limited
Aireside House
Aireside Business Centre
Royd Ings Avenue
Keighley
West Yorkshire
BD21 4BZ


Date: .............................................