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REGISTERED NUMBER: 06847979 (England and Wales)


















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2023

FOR

NORLEC SHEET METAL LIMITED

NORLEC SHEET METAL LIMITED (REGISTERED NUMBER: 06847979)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 30 June 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


NORLEC SHEET METAL LIMITED

COMPANY INFORMATION
for the Year Ended 30 June 2023







DIRECTORS: J F Haworth
A J Haworth





REGISTERED OFFICE: Unit 87 Bison Place
Moss Side
Leyland
Lancashire
PR26 7QR





REGISTERED NUMBER: 06847979 (England and Wales)





ACCOUNTANTS: Fairhurst
Chartered Accountants
Douglas Bank House
Wigan Lane
Wigan
Lancashire
WN1 2TB

NORLEC SHEET METAL LIMITED (REGISTERED NUMBER: 06847979)

STATEMENT OF FINANCIAL POSITION
30 June 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 2,250,880 2,545,588
2,250,880 2,545,588

CURRENT ASSETS
Stocks 78,156 61,209
Debtors 6 2,287,976 2,511,882
Cash at bank and in hand 908,239 484,958
3,274,371 3,058,049
CREDITORS
Amounts falling due within one year 7 1,584,638 2,744,618
NET CURRENT ASSETS 1,689,733 313,431
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,940,613

2,859,019

CREDITORS
Amounts falling due after more than one
year

8

(1,044,064

)

(690,415

)

PROVISIONS FOR LIABILITIES 10 (500,000 ) (550,000 )
NET ASSETS 2,396,549 1,618,604

CAPITAL AND RESERVES
Called up share capital 70 70
Capital redemption reserve 30 30
Retained earnings 2,396,449 1,618,504
SHAREHOLDERS' FUNDS 2,396,549 1,618,604

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 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.

NORLEC SHEET METAL LIMITED (REGISTERED NUMBER: 06847979)

STATEMENT OF FINANCIAL POSITION - continued
30 June 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 12 March 2024 and were signed on its behalf by:





J F Haworth - Director


NORLEC SHEET METAL LIMITED (REGISTERED NUMBER: 06847979)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 30 June 2023

1. STATUTORY INFORMATION

Norlec Sheet Metal 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.

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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales.

Intangible assets
Goodwill, being the amount paid in connection with the acquisition of a business in 2009, has been fully amortised.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 20% on cost and 10% on cost
Fixtures and fittings - 20% on cost
Motor vehicles - 25% on cost
Computer equipment - 33.3% straight line

Tangible fixed assets are recorded at cost less depreciation and impairment.

Impairment of assets
At each reporting date assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If the estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in the profit and loss.

Where an impairment loss subsequently reverses, the carrying amount of each asset is increased to the revised estimate of its recoverable amount, to the extent that the increased carrying amount does not exceed the carrying amount that would have been determined (net of depreciation) had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised as income immediately.

Stocks
Stocks are valued at the lower of cost and estimated selling price less costs to complete and sell.

Financial instruments
Trade and other debtors are initially recognised at the transaction price and thereafter stated at amortised cost using effective interest method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases, the receivables are stated at cost less impairment losses for bad and doubtful debts.

Short term trade creditors are measured at transaction price. Financial liabilities that have no stated interest rate and are payable within one year shall be measured at the undiscounted amount due.

Related party loans have no stated interest rate, are payable on demand and are measured at the undiscounted amount due.


NORLEC SHEET METAL LIMITED (REGISTERED NUMBER: 06847979)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 June 2023

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Leases
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.

Short term employee benefits
Short-term employee benefits are recognised as an expense in the period in which they are incurred.

The company operates a defined contribution pension scheme. Contributions payable for the year are charged in the income statement.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 81 (2022 - 76 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 July 2022
and 30 June 2023 3
AMORTISATION
At 1 July 2022
and 30 June 2023 3
NET BOOK VALUE
At 30 June 2023 -
At 30 June 2022 -

NORLEC SHEET METAL LIMITED (REGISTERED NUMBER: 06847979)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 June 2023

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 July 2022 4,910,528
Additions 96,230
Disposals (323,514 )
At 30 June 2023 4,683,244
DEPRECIATION
At 1 July 2022 2,364,940
Charge for year 390,938
Eliminated on disposal (323,514 )
At 30 June 2023 2,432,364
NET BOOK VALUE
At 30 June 2023 2,250,880
At 30 June 2022 2,545,588


6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 1,698,982 2,263,413
Amounts owed by group undertakings - 80,000
Other debtors 588,994 168,469
2,287,976 2,511,882

Included in trade debtors are certain debts under an invoice discounting agreement.

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 81,818 81,818
Hire purchase contracts 347,790 206,639
Trade creditors 755,312 2,069,107
Amounts owed to associates - 3,075
Taxation and social security 207,432 228,490
Other creditors 192,286 155,489
1,584,638 2,744,618

NORLEC SHEET METAL LIMITED (REGISTERED NUMBER: 06847979)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 June 2023

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 156,818 238,637
Hire purchase contracts 887,246 451,778
1,044,064 690,415

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 238,636 320,455
Hire purchase contracts 1,235,036 658,417
1,473,672 978,872

Hire purchase contracts are secured on the asset concerned.

Bank loans are secured by fixed and floating charges over all the assets of the company.

10. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 500,000 550,000

Deferred
tax
£   
Balance at 1 July 2022 550,000
Credit to Statement of Income and Retained Earnings during year (50,000 )
Balance at 30 June 2023 500,000

11. OTHER FINANCIAL COMMITMENTS

The company has operating lease commitments totalling £600,299 (2022: £800,842).

NORLEC SHEET METAL LIMITED (REGISTERED NUMBER: 06847979)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 June 2023

12. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 June 2023 and 30 June 2022:

2023 2022
£    £   
A J Haworth
Balance outstanding at start of year - -
Amounts advanced 306,102 -
Amounts repaid (10,772 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 295,330 -

Interest has been charged at 2.5%.

13. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

During the year the company hired plant and machinery from a company in which the spouse of a director is a director and shareholder of £70,558 (2022: £70,658). £nil (2022: £nil) remains outstanding at the year end.

During the year the company sold goods and services to a company in which a director holds a material financial interest, amounting to £42,664 (2022: £61,104) of which £86,615 (2022: £109,568) remains outstanding at the year end. £75,000 (2022: £98,614) of the debt has been provided against.

Included in Other Creditors is £475 (2022 - £301) due to directors.

14. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is J F Haworth.

15. ULTIMATE PARENT COMPANY

The ultimate parent is JFH Holdings Limited, a company registered in England & Wales. The company registered office and principal place of business is Unit 87 Bison Place, Moss Side, Leyland, Lancashire, PR26 7QR.