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Registration number: 03890096

Testex NDT Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

Testex NDT Limited

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 7

 

Testex NDT Limited

(Registration number: 03890096)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

768,912

547,209

Investments

5

279,953

279,953

 

1,048,865

827,162

Current assets

 

Debtors

6

896,339

1,001,816

Cash at bank and in hand

 

636,083

189,602

 

1,532,422

1,191,418

Creditors: Amounts falling due within one year

7

(1,281,546)

(1,018,977)

Net current assets

 

250,876

172,441

Total assets less current liabilities

 

1,299,741

999,603

Creditors: Amounts falling due after more than one year

7

(70,828)

(10,000)

Provisions for liabilities

(120,154)

(71,953)

Net assets

 

1,108,759

917,650

Capital and reserves

 

Called up share capital

8

34,202

34,202

Share premium reserve

34,138

34,138

Retained earnings

1,040,419

849,310

Shareholders' funds

 

1,108,759

917,650

For the financial year ending 31 December 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 30 July 2024 and signed on its behalf by:
 

.........................................
Simon Mackenzie
Director

 

Testex NDT Limited

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

1

General information

The Company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Maritime House
Lancaster Approach
North Killingholme
Grimsby
N E Lincolnshire
DN40 3JZ

These financial statements were authorised for issue by the Board on 30 July 2024.

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling which is the functional currency of the company and have been rounded to the nearest pound.

The financial statements have been prepared in sterling and are rounded to the nearest pound.

Group accounts not prepared

The company is part of a small group. The company has taken advantage of the exemption provided by Section 398 of the Companies Act 2006 and has not prepared group accounts.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the Company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The Company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the Company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are recorded at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the closing rates at the balance sheet date. All exchange differences are included in the profit and loss account.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Testex NDT Limited

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

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Tangible assets

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

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

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 basis

Fixtures and fittings

25% and 15% straight line basis

Motor vehicles

25% reducing balance basis

Buildings

2% straight line basis

Investments

Fixed asset investments are stated at historical cost less provision for any diminution in value.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the Company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

 

Testex NDT Limited

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

Defined contribution pension obligation

The company contributes into a group pension plan. Contributions are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the scheme.

3

Staff numbers

The average number of persons employed by the Company (including Directors) during the year, was 56 (2022 - 47).

4

Tangible assets

Land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2023

270,667

43,658

915,561

-

1,229,886

Additions

-

18,310

211,161

91,960

321,431

Disposals

-

(7,208)

(101,291)

-

(108,499)

At 31 December 2023

270,667

54,760

1,025,431

91,960

1,442,818

Depreciation

At 1 January 2023

12,000

16,126

654,551

-

682,677

Charge for the year

2,400

12,908

69,475

9,964

94,747

Eliminated on disposal

-

(6,880)

(96,638)

-

(103,518)

At 31 December 2023

14,400

22,154

627,388

9,964

673,906

Carrying amount

At 31 December 2023

256,267

32,606

398,043

81,996

768,912

At 31 December 2022

258,667

27,532

261,010

-

547,209

Included within the net book value of land and buildings above is £256,267 (2022 - £258,667) in respect of freehold land and buildings.
 

 

Testex NDT Limited

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

5

Investments

2023
£

2022
£

Investments in subsidiaries

279,953

279,953

Subsidiaries

£

Cost or valuation

At 1 January 2023

279,953

Provision

Carrying amount

At 31 December 2023

279,953

At 31 December 2022

279,953

6

Debtors

Current

2023
£

2022
£

Trade debtors

846,800

973,989

Prepayments

49,386

27,468

Other debtors

153

359

 

896,339

1,001,816

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

40,678

6,667

Trade creditors

 

401,484

333,944

Taxation and social security

 

428,995

338,254

Accruals and deferred income

 

100,037

187,767

Other creditors

 

310,352

152,345

 

1,281,546

1,018,977

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £40,678 (2022 - £6,667). The hire purchase is secured over the assets on which it relates to.

 

Testex NDT Limited

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

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

70,828

10,000

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £70,828 (2022 - £10,000). The hire purchase is secured over the assets on which it relates to.

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary A shares of £1 each

34,202

34,202

34,202

34,202

         

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Hire purchase contracts

70,828

10,000

2023
£

2022
£

Current loans and borrowings

Hire purchase contracts

40,678

6,667

10

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 £345,956 (2022 - £212,271).

11

Related party transactions

Transactions with Directors

2023

At 1 January 2023
£

Repayments by Director
£

At 31 December 2023
£

Loan account (no interest is due on this balance)

205

(205)

-

       
     

 

 

Testex NDT Limited

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

2022

At 1 January 2022
£

Advances to Director
£

Repayments by Director
£

At 31 December 2022
£

Loan account (no interest is due on this balance)

715

740

(1,250)

205