Company Registration No. 03351282 (England and Wales)
NAS PLANT LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
3 Acorn Business Centre
Northarbour Road
Cosham
Portsmouth
PO6 3TH
NAS PLANT LIMITED
CONTENTS
Page
Company information
1
Balance sheet
2 - 3
Statement of changes in equity
4
Notes to the financial statements
5 - 11
NAS PLANT LIMITED
COMPANY INFORMATION
- 1 -
Directors
Ms. C Schofield
Mr. T Brenton
Mr. J Maynard
Secretary
Ms. C Schofield
Company number
03351282
Registered office
Yelfs Yard
Botley Road
Bishops Waltham
Southampton
United Kingdom
SO32 1DR
Auditor
TC Group
3 Acorn Business Centre
Northarbour Road
Cosham
Portsmouth
Hampshire
PO6 3TH
NAS PLANT LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
1,760,932
2,045,471
Current assets
Debtors
5
2,265,249
1,650,560
Cash at bank and in hand
397,040
1,098,840
2,662,289
2,749,400
Creditors: amounts falling due within one year
6
(1,250,297)
(1,348,138)
Net current assets
1,411,992
1,401,262
Total assets less current liabilities
3,172,924
3,446,733
Creditors: amounts falling due after more than one year
7
(417,047)
(678,158)
Provisions for liabilities
(217,337)
(211,410)
Net assets
2,538,540
2,557,165
Capital and reserves
Called up share capital
8
50
50
Capital redemption reserve
50
50
Profit and loss reserves
2,538,440
2,557,065
Total equity
2,538,540
2,557,165
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
NAS PLANT LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2023
31 December 2023
- 3 -
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 22 July 2024 and are signed on its behalf by:
Mr. J Maynard
Director
Company Registration No. 03351282
The notes on pages 5 to 11 form part of these financial statements
NAS PLANT LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 January 2022
50
50
4,123,569
4,123,669
Year ended 31 December 2022:
Profit and total comprehensive income for the year
-
-
393,496
393,496
Dividends
-
-
(1,960,000)
(1,960,000)
Balance at 31 December 2022
50
50
2,557,065
2,557,165
Year ended 31 December 2023:
Loss and total comprehensive income for the year
-
-
(18,625)
(18,625)
Balance at 31 December 2023
50
50
2,538,440
2,538,540
The notes on pages 5 to 11 form part of these financial statements
NAS PLANT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
1
Accounting policies
Company information
NAS Plant Limited is a private company limited by shares incorporated in England and Wales. The registered office is Yelfs Yard, Botley Road, Bishops Waltham, Southampton, United Kingdom, SO32 1DR.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:
- Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures
The financial statements of the company are consolidated in the financial statements of Baram JTC Limited. These consolidated financial statements are available from its registered office Yelfs Yard, Botley Road, Bishops Waltham, Southampton, SO32 1DR.
1.2
Turnover
The turnover shown in the profit and loss account represents amounts invoiced during the year, exclusive
of Value Added Tax.
NAS PLANT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 6 -
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold Building
50 years straight line
Plant & Machinery
25% straight line
Motor Vehicles
25% straight line
The land element of Freehold Building is not depreciated.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
1.5
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
NAS PLANT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 7 -
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
NAS PLANT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 8 -
1.9
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Critical judgements
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities are outlined below.
Useful economic lives of tangible assets
The annual deprecation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual value of the assets. The useful economic lives and residual values are reassessed annually.
3
Employees
The average monthly number of persons employed (including directors) by the company during the year was:
2023
2022
Number
Number
Total
3
3
NAS PLANT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 9 -
4
Tangible fixed assets
Freehold Building
Plant & Machinery
Motor Vehicles
Total
£
£
£
£
Cost
At 1 January 2023
543,999
5,216,173
36,422
5,796,594
Additions
9,748
9,748
Disposals
(547,361)
(547,361)
At 31 December 2023
543,999
4,678,560
36,422
5,258,981
Depreciation and impairment
At 1 January 2023
48,160
3,666,541
36,422
3,751,123
Depreciation charged in the year
6,880
235,077
241,957
Eliminated in respect of disposals
(495,031)
(495,031)
At 31 December 2023
55,040
3,406,587
36,422
3,498,049
Carrying amount
At 31 December 2023
488,959
1,271,973
1,760,932
At 31 December 2022
495,839
1,549,632
2,045,471
The net carrying value of tangible fixed assets includes the following in respect of assets held under hire purchase contracts.
2023
2022
£
£
Plant & Machinery
1,262,358
1,528,444
1,262,358
1,528,444
Depreciation charge for the year in respect of assets held under hire purchase contracts
231,819
397,177
NAS PLANT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 10 -
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
2,140
1,660
Amounts due from group undertakings
2,261,636
1,610,411
Other debtors
1,473
-
VAT recoverable
-
38,489
2,265,249
1,650,560
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
26,844
26,181
Trade creditors
45,726
36,097
Amounts owed to group undertakings
938,821
939,542
Corporation tax
3,438
Other taxation and social security
6,248
Other creditors
232,658
342,880
1,250,297
1,348,138
The bank loan is secured on the assets of the company.
The hire purchase contracts are secured by the assets to which they relate.
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
178,851
205,695
Other creditors
238,196
472,463
417,047
678,158
The bank loan is secured on the assets of the company.
The hire purchase contracts are secured by the assets to which they relate.
NAS PLANT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 11 -
8
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
50 Ordinary shares of £1 each
50
50
50
50
9
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Graham Figgins FCA
Statutory Auditor:
TC Group
10
Ultimate controlling party
The ultimate parent company is Baram JTC Limited, a company registered in England and Wales.
2023-12-312023-01-01false22 July 2024CCH SoftwareCCH Accounts Production 2024.100No description of principal activityThis audit opinion is unqualifiedMr. T BrentonMr. J MaynardMr James MaynardMs. C Schofieldfalsefalse033512822023-01-012023-12-3103351282bus:CompanySecretaryDirector12023-01-012023-12-3103351282bus:Director12023-01-012023-12-3103351282bus:Director22023-01-012023-12-3103351282bus:CompanySecretary12023-01-012023-12-3103351282bus:Director32023-01-012023-12-3103351282bus:RegisteredOffice2023-01-012023-12-31033512822023-12-31033512822022-12-3103351282core:LandBuildingscore:OwnedOrFreeholdAssets2023-12-3103351282core:PlantMachinery2023-12-3103351282core:MotorVehicles2023-12-3103351282core:LandBuildingscore:OwnedOrFreeholdAssets2022-12-3103351282core:PlantMachinery2022-12-3103351282core:MotorVehicles2022-12-3103351282core:Non-currentFinancialInstruments2023-12-3103351282core:Non-currentFinancialInstruments2022-12-3103351282core:CurrentFinancialInstruments2023-12-3103351282core:CurrentFinancialInstruments2022-12-3103351282core:ShareCapital2023-12-3103351282core:ShareCapital2022-12-3103351282core:CapitalRedemptionReserve2023-12-3103351282core:CapitalRedemptionReserve2022-12-3103351282core:RetainedEarningsAccumulatedLosses2023-12-3103351282core:RetainedEarningsAccumulatedLosses2022-12-3103351282core:ShareCapital2021-12-3103351282core:RetainedEarningsAccumulatedLosses2021-12-31033512822021-12-3103351282core:ShareCapitalOrdinaryShares2023-12-3103351282core:ShareCapitalOrdinaryShares2022-12-31033512822022-01-012022-12-3103351282core:RetainedEarningsAccumulatedLosses2022-01-012022-12-3103351282core:LandBuildingscore:OwnedOrFreeholdAssets2023-01-012023-12-3103351282core:PlantMachinery2023-01-012023-12-3103351282core:MotorVehicles2023-01-012023-12-3103351282core:LandBuildingscore:OwnedOrFreeholdAssets2022-12-3103351282core:PlantMachinery2022-12-3103351282core:MotorVehicles2022-12-31033512822022-12-3103351282bus:OrdinaryShareClass42023-12-3103351282bus:OrdinaryShareClass42023-01-012023-12-3103351282bus:PrivateLimitedCompanyLtd2023-01-012023-12-3103351282bus:SmallCompaniesRegimeForAccounts2023-01-012023-12-3103351282bus:FRS1022023-01-012023-12-3103351282bus:Audited2023-01-012023-12-3103351282bus:FullAccounts2023-01-012023-12-31xbrli:purexbrli:sharesiso4217:GBP