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REGISTERED NUMBER: 03542971 (England and Wales)












Unaudited Financial Statements

for the Year Ended 31 December 2023

for

Northern Ventilation Services Limited

Northern Ventilation Services Limited (Registered number: 03542971)






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




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Northern Ventilation Services Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: Mrs E M Mcfarlane
Mr E P Mcfarlane
Mrs A Mcfarlane





REGISTERED OFFICE: Planet Place,
George Stephenson Ind Estate
Newcastle Upon Tyne
Tyne and Wear
NE12 6EF





REGISTERED NUMBER: 03542971 (England and Wales)





ACCOUNTANTS: Evelyn Partners
17 Queens Lane
Newcastle upon Tyne
Tyne and Wear
NE1 1RN

Northern Ventilation Services Limited (Registered number: 03542971)

Balance Sheet
31 December 2023

2023 2022
Notes £    £   
FIXED ASSETS
Tangible assets 5 319,549 316,841

CURRENT ASSETS
Stocks 104,500 48,000
Debtors 6 1,180,735 1,500,019
Cash at bank 204,236 47
1,489,471 1,548,066
CREDITORS
Amounts falling due within one year 7 (668,504 ) (796,979 )
NET CURRENT ASSETS 820,967 751,087
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,140,516

1,067,928

CREDITORS
Amounts falling due after more than one
year

8

(21,399

)

(60,361

)

PROVISIONS FOR LIABILITIES (18,962 ) (13,540 )
NET ASSETS 1,100,155 994,027

CAPITAL AND RESERVES
Called up share capital 2,000 2,000
Revaluation reserve 168,524 172,128
Capital redemption reserve 3,000 3,000
Profit and loss account 926,631 816,899
SHAREHOLDERS' FUNDS 1,100,155 994,027

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 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.

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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 25 July 2024 and were signed on its behalf by:





Mr E P Mcfarlane - Director


Northern Ventilation Services Limited (Registered number: 03542971)

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

1. STATUTORY INFORMATION

Northern Ventilation Services 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 as modified by the revaluation of certain assets.

Turnover
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable from installation of ventilation systems, stated net of discounts and of value added tax.

The company recognises revenue when the amount of revenue can be measured reliably, when it is probable that future economic benefits will flow to the company.

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.
Land and buildings - in accordance with length of lease
Plant and machinery etc - 25% on cost and 12.5% on cost

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.

Impairment of assets
At each reporting date fixed 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 estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in profit or loss.

If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete. Cost comprises direct materials and, where applicable, direct labour costs and these overheads that have been incurred in bringing the stocks to their present location and condition.

Taxation
The tax expense represents the sum of the tax currently payable.

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 item 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 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

Northern Ventilation Services Limited (Registered number: 03542971)

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

3. ACCOUNTING POLICIES - continued

Leasing
Assets acquired under finance leases are capitalised and depreciated in the same manner as tangible fixed assets. The related obligations, net of future finance charges are included in creditors.

Rentals payable under operating leases are charged to the profit and loss account on a straight line basis over the term of the lease.

Employee benefits
Short term employee benefits, including contributions to defined contribution plans are recognised as an expense in the period in which they are incurred.

Financial instruments
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments on non-puttable ordinary shares.

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 profit or loss.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 40 (2022 - 33 ) .

5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST OR VALUATION
At 1 January 2023 250,000 382,092 632,092
Additions - 28,613 28,613
Disposals - (67,548 ) (67,548 )
At 31 December 2023 250,000 343,157 593,157
DEPRECIATION
At 1 January 2023 5,988 309,263 315,251
Charge for year 8,333 17,335 25,668
Eliminated on disposal - (67,311 ) (67,311 )
At 31 December 2023 14,321 259,287 273,608
NET BOOK VALUE
At 31 December 2023 235,679 83,870 319,549
At 31 December 2022 244,012 72,829 316,841

Land and buildings with a carrying amount of £235,679 were valued on 22 March 2022 by Youngs RPS Chartered Surveyors, independent valuers not connected with the company on the basis of market value. The valuation conforms to International Valuation Standards and was based on recent market transactions on arm's length terms for similar properties. An interim valuation is performed annually by the directors.

Cost or valuation at 31 December 2023 is represented by:

Plant and
Land and machinery
buildings etc Totals
£    £    £   
Valuation in 2022 108,122 - 108,122
Cost 141,878 343,157 485,035
250,000 343,157 593,157

Northern Ventilation Services Limited (Registered number: 03542971)

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

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 1,111,765 1,456,481
Other debtors 68,970 43,538
1,180,735 1,500,019

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 54,400 90,662
Finance leases (see note 9) 5,630 -
Trade creditors 458,630 653,803
Taxation and social security 123,369 38,817
Other creditors 26,475 13,697
668,504 796,979

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans 8,262 60,361
Finance leases (see note 9) 13,137 -
21,399 60,361

9. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Finance leases
2023 2022
£    £   
Net obligations repayable:
Within one year 5,630 -
Between one and five years 13,137 -
18,767 -

Non-cancellable operating leases
2023 2022
£    £   
Within one year 5,255 -
Between one and five years 8,758 -
14,013 -

10. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank overdraft - 38,524
Finance leases 18,767 -
18,767 38,524

The bank overdraft is secured by a fixed charge over the land and buildings.

The finance lease liability is secured against the assets to which it relates. The net book value of fixed assets held under finance lease at 31 December 2023 was £19,775 (2022 - £Nil).

Northern Ventilation Services Limited (Registered number: 03542971)

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

11. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 December 2023 and 31 December 2022:

2023 2022
£    £   
Mr E P Mcfarlane
Balance outstanding at start of year 6,986 -
Amounts advanced 52,956 14,371
Amounts repaid (34,309 ) (7,385 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 25,633 6,986

Mrs A Mcfarlane
Balance outstanding at start of year 6,986 -
Amounts advanced 52,956 14,371
Amounts repaid (34,309 ) (7,385 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 25,633 6,986

The above loans are interest free, unsecured and repayable on demand.