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Company Registration number: 07388403

Format NDT Ltd

Filleted Unaudited Financial Statements

for the Year Ended 30 July 2023

 

Format NDT Ltd

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 9

 

Format NDT Ltd

Company Information

Directors

Mr S M Justice

Mr B J Justice

Registered office

Units 25-27 Brindley Road
Reginald Road Industrial Park
St.Helens
Merseyside
WA9 4HY

Accountants

BK Plus Limited
Chartered Certified Accountants
7 Waterside Court
St. Helens
Merseyside
WA9 1UA

 

Chartered Certified Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Format NDT Ltd
for the Year Ended 30 July 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Format NDT Ltd for the year ended 30 July 2023 as set out on pages 3 to 9 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 https://www.accaglobal.com/gb/en/member/standards/rules-and-standards/rulebook.html.

This report is made solely to the Board of Directors of Format NDT Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Format NDT Ltd and state those matters that we have agreed to state to the Board of Directors of Format NDT Ltd, 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/gb/en/technical-activities/technical-resources-search/2009/
october/factsheet-163-audit-exempt-companies.html. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Format NDT Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Format NDT Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Format NDT Ltd. You consider that Format NDT Ltd 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 accounts of Format NDT Ltd. 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 accounts.

......................................

BK Plus Limited
Chartered Certified Accountants
7 Waterside Court
St. Helens
Merseyside
WA9 1UA

29 July 2024

 

Format NDT Ltd

(Registration number: 07388403)
Balance Sheet as at 30 July 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

7,897

9,852

Current assets

 

Stocks

1,288

920

Debtors

5

157,273

143,362

Cash at bank and in hand

 

5,025

3,501

 

163,586

147,783

Creditors: Amounts falling due within one year

6

(127,085)

(141,262)

Net current assets

 

36,501

6,521

Total assets less current liabilities

 

44,398

16,373

Creditors: Amounts falling due after more than one year

6

(30,908)

(43,894)

Provisions for liabilities

(983)

(954)

Net assets/(liabilities)

 

12,507

(28,475)

Capital and reserves

 

Called up share capital

100

100

Retained earnings

12,407

(28,575)

Shareholders' funds/(deficit)

 

12,507

(28,475)

For the financial year ending 30 July 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.

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 29 July 2024 and signed on its behalf by:
 

 

Format NDT Ltd

(Registration number: 07388403)
Balance Sheet as at 30 July 2023

.........................................
Mr B J Justice
Director

   
     
 

Format NDT Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 July 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:
Units 25-27 Brindley Road
Reginald Road Industrial Park
St.Helens
Merseyside
WA9 4HY

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.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover comprises the fair value of the sale of services net of value added tax, returns, rebates and discounts. Sales of services are recognised when the company has delivered the services to the customer.

Government grants

Government grants are accounted for using the accruals model under FRS102. Government grants, in respect of the Coronavirus Job Retention Scheme, are included in the period to which the grant relates.

Deferred Tax

Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax has not been discounted.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation.

 

Format NDT Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 July 2023

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

Plant and machinery

20% reducing balance

Motor vehicles

25% reducing balance

Office equipment

33% straight line

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 5 (2022 - 7).

 

Format NDT Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 July 2023

4

Tangible assets

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 31 July 2022

51,886

1,690

6,911

60,487

At 30 July 2023

51,886

1,690

6,911

60,487

Depreciation

At 31 July 2022

42,329

1,690

6,616

50,635

Charge for the year

1,911

-

44

1,955

At 30 July 2023

44,240

1,690

6,660

52,590

Carrying amount

At 30 July 2023

7,646

-

251

7,897

At 30 July 2022

9,557

-

295

9,852

5

Debtors

2023
£

2022
£

Trade debtors

55,390

49,239

Other debtors

101,883

94,123

157,273

143,362

 

Format NDT Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 July 2023

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

14,883

21,550

Trade creditors

 

11,851

13,689

Corporation tax

 

40,887

22,643

Other creditors

 

59,464

83,380

 

127,085

141,262

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

30,908

43,894

7

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 £4,340 (2022 - £11,784). This relates to the total future minimum lease payments under none cancellable operating leases.

 

Format NDT Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 July 2023

8

Related party transactions

Transactions with directors

2023

At 31 July 2022
£

Advances to director
£

Repayments by director
£

At 30 July 2023
£

Mr B J Justice

Directors loan

3,993

19,063

(20,000)

3,056

         
       

Mr S M Justice

Directors loan

68,495

8,503

-

76,998

         
       

 

2022

At 31 July 2021
£

Advances to director
£

Repayments by director
£

At 30 July 2022
£

Mr B J Justice

Directors loan

32,907

1,086

(30,000)

3,993

         
       

Mr S M Justice

Directors loan

56,846

11,649

-

68,495

         
       

 

The above loans are unsecured, interest free and repayable on demand. All the figures are disclosed on an aggregate basis.