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REGISTERED NUMBER: 07092184 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 December 2023

for

NJR Tubular Solutions Limited

NJR Tubular Solutions Limited (Registered number: 07092184)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


NJR Tubular Solutions Limited

Company Information
for the Year Ended 31 December 2023







DIRECTOR: N J Robins





REGISTERED OFFICE: 8A Stowmarket Business Park
Needham Road
Stowmarket
Suffolk
IP14 2AH





REGISTERED NUMBER: 07092184 (England and Wales)





ACCOUNTANTS: Mead Accounting Limited
Chartered Certified Accountants
The Stables
Summer Road
Walsham Le Willows
Suffolk
IP31 3AJ

NJR Tubular Solutions Limited (Registered number: 07092184)

Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 538,700 569,204

CURRENT ASSETS
Stocks 20,500 22,000
Debtors 6 120,506 132,958
Cash at bank 71,218 274,683
212,224 429,641
CREDITORS
Amounts falling due within one year 7 208,653 355,258
NET CURRENT ASSETS 3,571 74,383
TOTAL ASSETS LESS CURRENT LIABILITIES 542,271 643,587

CREDITORS
Amounts falling due after more than one
year

8

(221,145

)

(248,018

)

PROVISIONS FOR LIABILITIES 11 (44,346 ) (48,793 )
NET ASSETS 276,780 346,776

CAPITAL AND RESERVES
Called up share capital 12 100 100
Retained earnings 276,680 346,676
SHAREHOLDERS' FUNDS 276,780 346,776

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 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.

NJR Tubular Solutions Limited (Registered number: 07092184)

Balance Sheet - continued
31 December 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 26 March 2024 and were signed by:





N J Robins - Director


NJR Tubular Solutions Limited (Registered number: 07092184)

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

1. STATUTORY INFORMATION

NJR Tubular Solutions 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 (£).


2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
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 taxes.

Revenue from the sales of goods and work done is recognised when the significant risks and rewards of ownership have passed to the customer, the amount of revenue can be measured reliably and when it is probable that future economic benefit will flow to the entity.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - 50 years straight line
Plant and machinery - 10% on reducing balance
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 20% on reducing balance

Impairment
At each reporting date, goodwill and other fixed assets, including tangible fixed assets and investments (but excluding investment properties), are assessed to determine whether there is an indication that those assets have suffered an impairment loss. If any indication arises, the recoverable amount is estimated and compared to its carrying amount to determine if an impairment loss has arisen.
If the recoverable amount is lower, the carrying amount of the asset is written down to its recoverable amount and an impairment loss is recognised in profit and loss.
Recoverable amount of the asset is the higher of its value in use and its net realisable value.

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

At each reporting date , an assessment is also made for impairment with any adjustments being recognised in the profit & loss account.

NJR Tubular Solutions Limited (Registered number: 07092184)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

3. ACCOUNTING POLICIES - continued

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 accounts receivable and payable, and loans from financial institutions or other related parties.

Debts instruments like loans and other accounts receivable and payable are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade payables or receivables, ,are measured initially and subsequently at the undiscounted amount of the cash or other consideration, expected to be paid or received. However if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in the case of an outright short-term loan not at market rate, the financial asset or liability is measured, initially and subsequently at the present value of the future payment discounted at a market rate of interest for a similar debt instrument.

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 the Statement of Comprehensive income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between as asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate, which is an approximation of the amount that the company would receive for the asset if it were to be sold at the balance sheet date.

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.

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.

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.

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


NJR Tubular Solutions Limited (Registered number: 07092184)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

3. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
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.

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.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11 (2022 - 11 ) .

5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 January 2023 355,000 424,847 779,847
Additions - 6,825 6,825
At 31 December 2023 355,000 431,672 786,672
DEPRECIATION
At 1 January 2023 42,600 168,043 210,643
Charge for year 7,100 30,229 37,329
At 31 December 2023 49,700 198,272 247,972
NET BOOK VALUE
At 31 December 2023 305,300 233,400 538,700
At 31 December 2022 312,400 256,804 569,204

In the opinion of the director, the current market value of the company's freehold property is approximately £145,000 more than the net book value shown in the financial statements.

NJR Tubular Solutions Limited (Registered number: 07092184)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

5. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
At 1 January 2023
and 31 December 2023 144,000
DEPRECIATION
At 1 January 2023 42,415
Charge for year 12,760
At 31 December 2023 55,175
NET BOOK VALUE
At 31 December 2023 88,825
At 31 December 2022 101,585

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 116,306 128,758
Other debtors 4,200 4,200
120,506 132,958

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans and overdrafts 23,805 14,000
Hire purchase contracts (see note 9) 9,043 27,650
Trade creditors 103,503 226,848
Taxation and social security 44,302 66,213
Other creditors 28,000 20,547
208,653 355,258

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans 131,630 153,159
Hire purchase contracts (see note 9) 7,589 14,983
Other creditors 81,926 79,876
221,145 248,018

NJR Tubular Solutions Limited (Registered number: 07092184)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued
31.12.23 31.12.22
£    £   
Amounts falling due in more than five years:

Repayable by instalments
Bank loans > 5 years 36,268 93,159
Other creditors > 5 years - 31,708
36,268 124,867

Included within creditors are loans due to the director amounting to £32,762 (2022 - £63,339).

9. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
31.12.23 31.12.22
£    £   
Net obligations repayable:
Within one year 9,043 27,650
Between one and five years 7,589 14,983
16,632 42,633

Non-cancellable operating leases
31.12.23 31.12.22
£    £   
Within one year - 9,600
Between one and five years 33,567 51,850
33,567 61,450

10. SECURED DEBTS

The following secured debts are included within creditors:

31.12.23 31.12.22
£    £   
Bank loans 155,435 167,159
Hire purchase contracts 16,632 42,633
172,067 209,792

11. PROVISIONS FOR LIABILITIES
31.12.23 31.12.22
£    £   
Deferred tax
Accelerated capital allowances 44,346 48,793

NJR Tubular Solutions Limited (Registered number: 07092184)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

11. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1 January 2023 48,793
Provided during year (4,447 )
Balance at 31 December 2023 44,346

12. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.23 31.12.22
value: £    £   
100 Ordinary £1 100 100