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REGISTERED NUMBER: SC107281 (Scotland)














UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

NORTHERM INSULATION
ENGINEERS LIMITED

NORTHERM INSULATION
ENGINEERS LIMITED (REGISTERED NUMBER: SC107281)






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




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3

Chartered Certified Accountants' Report 7

NORTHERM INSULATION
ENGINEERS LIMITED

COMPANY INFORMATION
for the Year Ended 31 December 2023







DIRECTORS: William Irvine McGuigan
Eileen McGuigan





REGISTERED OFFICE: Johnstone House
52-54 Rose Street
Aberdeen
AB10 1HA





REGISTERED NUMBER: SC107281 (Scotland)





ACCOUNTANTS: Acumen Accountants and Advisors Limited
Bankhead Drive
City South Office Park
Portlethen
Aberdeenshire
AB12 4XX

NORTHERM INSULATION
ENGINEERS LIMITED (REGISTERED NUMBER: SC107281)

BALANCE SHEET
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 3,089 3,290
Investments 5 4,399,216 3,972,246
4,402,305 3,975,536

CURRENT ASSETS
Stocks 1,000 1,000
Debtors 6 172,595 135,812
Cash at bank 773,434 623,657
947,029 760,469
CREDITORS
Amounts falling due within one year 7 179,692 172,781
NET CURRENT ASSETS 767,337 587,688
TOTAL ASSETS LESS CURRENT LIABILITIES 5,169,642 4,563,224

PROVISIONS FOR LIABILITIES 444,279 266,051
NET ASSETS 4,725,363 4,297,173

CAPITAL AND RESERVES
Called up share capital 2,550 2,550
Capital redemption reserve 2,450 2,450
Fair value reserve 1,329,961 1,130,995
Retained earnings 3,390,402 3,161,178
SHAREHOLDERS' FUNDS 4,725,363 4,297,173

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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 15 April 2024 and were signed on its behalf by:



William Irvine McGuigan - Director


NORTHERM INSULATION
ENGINEERS LIMITED (REGISTERED NUMBER: SC107281)

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

1. STATUTORY INFORMATION

Northerm Insulation Engineers 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. 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 as modified by the revaluation of certain assets.

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
Motor vehicles - 25% on cost
Computer equipment - 20% on cost

The assets' residual values and useful lives are reviewed and adjusted, if appropriate, at the end of each reporting period. The effect of any change is accounted for prospectively.

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

Financial instruments
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument.

Basic financial assets
Basic financial assets which include trade & other debtors, cash and bank balances are measured at transaction price including transaction costs.

Financial assets are derecognised when the contractual rights to cash flows from the asset expire or are settled or when the company transfers significant risk and reward of ownership to another entity.

Basic financial liabilities
Basic financial liabilities which include trade and other creditors are recognised at transaction price including transaction cost.

Financial liabilities are derecognised when the company's contractual obligations are discharged.

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.


NORTHERM INSULATION
ENGINEERS LIMITED (REGISTERED NUMBER: SC107281)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 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.

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.

Listed investments
Listed investments are originally recognised at cost with subsequent adjustments to fair value being recognised in profit and loss.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2022 - 7 ) .

4. TANGIBLE FIXED ASSETS
Plant and Motor Computer
machinery vehicles equipment Totals
£    £    £    £   
COST
At 1 January 2023 30,436 62,755 1,662 94,853
Additions 1,167 - - 1,167
At 31 December 2023 31,603 62,755 1,662 96,020
DEPRECIATION
At 1 January 2023 27,787 62,755 1,021 91,563
Charge for year 1,166 - 202 1,368
At 31 December 2023 28,953 62,755 1,223 92,931
NET BOOK VALUE
At 31 December 2023 2,650 - 439 3,089
At 31 December 2022 2,649 - 641 3,290

5. FIXED ASSET INVESTMENTS
Listed
investments
£   
COST OR VALUATION
At 1 January 2023 3,972,247
Additions 49,922
Revaluations 377,047
At 31 December 2023 4,399,216
NET BOOK VALUE
At 31 December 2023 4,399,216
At 31 December 2022 3,972,247

NORTHERM INSULATION
ENGINEERS LIMITED (REGISTERED NUMBER: SC107281)

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

5. FIXED ASSET INVESTMENTS - continued

Cost or valuation at 31 December 2023 is represented by:

Listed
investments
£   
Valuation in 2015 345,575
Valuation in 2016 394,371
Valuation in 2017 281,578
Valuation in 2018 (272,504 )
Valuation in 2019 387,468
Valuation in 2020 135,786
Valuation in 2021 602,898
Valuation in 2022 (478,191 )
Valuation in 2023 377,047
Cost 2,625,188
4,399,216

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 163,361 129,058
Other debtors 9,234 6,754
172,595 135,812

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 39,494 38,096
Taxation and social security 124,932 124,274
Other creditors 15,266 10,411
179,692 172,781

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

8. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 December 2023 and 31 December 2022:

2023 2022
£    £   
William Irvine McGuigan
Balance outstanding at start of year (312 ) (312 )
Amounts advanced - 312
Amounts repaid (1,792 ) (312 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (2,104 ) (312 )

NORTHERM INSULATION
ENGINEERS LIMITED (REGISTERED NUMBER: SC107281)

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

8. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES - continued

Eileen McGuigan
Balance outstanding at start of year - -
Amounts repaid (234 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (234 ) -

The above loans are interest free and have no fixed terms of repayment.

9. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is William Irvine McGuigan.

CHARTERED CERTIFIED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS
ON THE UNAUDITED FINANCIAL STATEMENTS OF
NORTHERM INSULATION
ENGINEERS LIMITED

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 Northerm Insulation Engineers Limited for the year ended 31 December 2023 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity 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 Northerm Insulation Engineers 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 Northerm Insulation Engineers Limited and state those matters that we have agreed to state to the Board of Directors of Northerm Insulation Engineers 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 Northerm Insulation Engineers 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 Northerm Insulation Engineers Limited. You consider that Northerm Insulation Engineers 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 Northerm Insulation Engineers 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
Bankhead Drive
City South Office Park
Portlethen
Aberdeenshire
AB12 4XX


15 April 2024