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Registration number: 06386639

Nationwide Fire & Security (UK) Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 October 2023

 

Nationwide Fire & Security (UK) Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 11

 

Nationwide Fire & Security (UK) Ltd

Company Information

Directors

Mrs J A Small

Mr N J Small

Mr S Small

Registered office

10 Centre Court
Vine Lane
Halesowen
West Midlands
B63 3EB

Accountants

Rotherham Taylor Limited
Chartered Accountants
21 Navigation Business Village
Navigation Way
Ashton-on-Ribble
Preston
PR2 2YP

 

Nationwide Fire & Security (UK) Ltd

(Registration number: 06386639)
Balance Sheet as at 31 October 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

94,883

37,356

Current assets

 

Stocks

5

83,531

50,000

Debtors

6

545,921

313,850

Cash at bank and in hand

 

204,293

326,798

 

833,745

690,648

Creditors: Amounts falling due within one year

7

(388,592)

(275,565)

Net current assets

 

445,153

415,083

Total assets less current liabilities

 

540,036

452,439

Creditors: Amounts falling due after more than one year

7

(64,491)

(27,118)

Provisions for liabilities

(21,130)

(5,003)

Net assets

 

454,415

420,318

Capital and reserves

 

Called up share capital

200

200

Retained earnings

454,215

420,118

Shareholders' funds

 

454,415

420,318

For the financial year ending 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their 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.

 

Nationwide Fire & Security (UK) Ltd

(Registration number: 06386639)
Balance Sheet as at 31 October 2023

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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 12 March 2024 and signed on its behalf by:
 

.........................................
Mr N J Small
Director

 

Nationwide Fire & Security (UK) Ltd

Notes to the Financial Statements for the Year Ended 31 October 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:
10 Centre Court
Vine Lane
Halesowen
West Midlands
B63 3EB

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.

Government grants

Grants are recognised in income on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

Nationwide Fire & Security (UK) Ltd

Notes to the Financial Statements for the Year Ended 31 October 2023

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.

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

Fixtures and fittings

20% on cost

Plant and machinery

25% on cost

Motor vehicles

20% on cost

Office equipment

25% on cost

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.

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.

 

Nationwide Fire & Security (UK) Ltd

Notes to the Financial Statements for the Year Ended 31 October 2023

Stocks

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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.

 

Nationwide Fire & Security (UK) Ltd

Notes to the Financial Statements for the Year Ended 31 October 2023

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.

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss. Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 21 (2022 - 17).

 

Nationwide Fire & Security (UK) Ltd

Notes to the Financial Statements for the Year Ended 31 October 2023

4

tangible assets

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Cost or valuation

At 1 November 2022

2,249

42,871

11,015

151,252

Additions

1,660

13,454

3,145

86,842

Disposals

(2,249)

-

-

(28,802)

At 31 October 2023

1,660

56,325

14,160

209,292

Depreciation

At 1 November 2022

2,197

38,654

8,917

120,263

Charge for the year

332

6,007

1,966

36,287

Eliminated on disposal

(2,197)

-

-

(25,872)

At 31 October 2023

332

44,661

10,883

130,678

Carrying amount

At 31 October 2023

1,328

11,664

3,277

78,614

At 31 October 2022

52

4,217

2,098

30,989

Total
£

Cost or valuation

At 1 November 2022

207,387

Additions

105,101

Disposals

(31,051)

At 31 October 2023

281,437

Depreciation

At 1 November 2022

170,031

Charge for the year

44,592

Eliminated on disposal

(28,069)

At 31 October 2023

186,554

Carrying amount

At 31 October 2023

94,883

At 31 October 2022

37,356

 

Nationwide Fire & Security (UK) Ltd

Notes to the Financial Statements for the Year Ended 31 October 2023

5

stocks

2023
£

2022
£

Stocks

83,531

50,000

6

debtors

2023
£

2022
£

Trade debtors

511,567

294,697

Prepayments

6,683

13,627

Other debtors

27,671

5,526

 

545,921

313,850

 

Nationwide Fire & Security (UK) Ltd

Notes to the Financial Statements for the Year Ended 31 October 2023

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Bank loans and borrowings

8

40,398

29,500

Trade creditors

 

169,037

119,253

Taxation and social security

 

130,425

82,187

Other creditors

 

48,732

44,625

 

388,592

275,565

Due after one year

 

Loans and borrowings

8

64,491

27,118

8

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

15,833

25,833

Hire purchase contracts

48,658

1,285

64,491

27,118

2023
£

2022
£

Current loans and borrowings

Bank borrowings

10,000

10,000

HP and finance lease liabilities

24,118

13,217

Director's current account

6,280

6,283

40,398

29,500

The Director's current account is non-interest bearing and has no formal repayment terms.

9

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £41,828 (2022 - £22,201).

 

Nationwide Fire & Security (UK) Ltd

Notes to the Financial Statements for the Year Ended 31 October 2023

10

Off-balance sheet arrangements

Employee benefit trust
On the 7 May 2019 70% of the issued share capital of the company was sold, by virtue of this transaction the company is now "employee owned". To facilitate the change in ownership a new trustee company named Nationwide F & S Trustees Limited was incorporated which acts as a trustee of the Nationwide Fire & Security (UK) Limited Employee Ownership Trust ("EOT").

The funding of this transaction was achieved through a loan from the previous majority shareholders of £1,303,400. The loan was held within the EOT however the funding for the repayments of this loan were made by Nationwide Fire & Security (UK) Limited. The loan was repaid in the year. Payments made to the EOT in relation to the repayment of this loan during the current year amount to £178,000 (2022: £308,000).

Payments made to the EOT have been disclosed as a gift of profits from the company, disclosure is made via the Statement of Changes in Equity.

It has been determined that the EOT has the legal and beneficial ownership of the shares in Nationwide Fire & Security (UK) Limited as a result of the influence it has over the future decisions of the company. As a result of this, the above loan has not been recognised as a liability within the accounts.