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Registration number: 04666520

Nest - Tec Ltd.

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2023

 

Nest - Tec Ltd.

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Nest - Tec Ltd.

Company Information

Directors

Mr Andrew Done

Mr Daniel James Donald Done

Company secretary

Mr Andrew Done

Registered office

Ings House
Ings Lane
Hibaldstow
North Lincolnshire
DN20 9PJ

Accountants

M Ball & Co Limited
The Hemington
Millhouse Business Centre
Station Road
Castle Donington
Derby
DE74 2NJ

 

Nest - Tec Ltd.

(Registration number: 04666520)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

4,715

5,547

Investment property

5

712,482

712,482

Investments

6

192,278

192,278

 

909,475

910,307

Current assets

 

Debtors

7

1,435

1,018

Cash at bank and in hand

 

21,336

23,018

 

22,771

24,036

Creditors: Amounts falling due within one year

8

(14,796)

(24,458)

Net current assets/(liabilities)

 

7,975

(422)

Total assets less current liabilities

 

917,450

909,885

Provisions for liabilities

(1,179)

(1,054)

Net assets

 

916,271

908,831

Capital and reserves

 

Called up share capital

9

2

2

Retained earnings

916,269

908,829

Shareholders' funds

 

916,271

908,831

 

Nest - Tec Ltd.

(Registration number: 04666520)
Balance Sheet as at 31 December 2023

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.

Approved and authorised by the Board on 22 August 2024 and signed on its behalf by:
 

.........................................
Mr Andrew Done
Company secretary and director

 

Nest - Tec Ltd.

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 and Wales.

The address of its registered office is:
Ings House
Ings Lane
Hibaldstow
North Lincolnshire
DN20 9PJ
England

These financial statements were authorised for issue by the Board on 22 August 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 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 except that as disclosed in the accounting policies certain items are shown at fair value.

Group accounts not prepared

The Company, and the Group heaed by it, qualify as small set out in section 383 of the Companies Act 2006 and the parent and Group are considered eligible for the exemptions to prepare consolidated 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.

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.

 

Nest - Tec Ltd.

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 tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

tangible assets

Tangible assets are stated in the balance sheet 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

15% reducing balance

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

 

Nest - Tec Ltd.

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

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

 

Nest - Tec Ltd.

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

4

tangible assets

Plant and machinery
£

Total
£

Cost or valuation

At 1 January 2023

17,210

17,210

At 31 December 2023

17,210

17,210

Depreciation

At 1 January 2023

11,663

11,663

Charge for the year

832

832

At 31 December 2023

12,495

12,495

Carrying amount

At 31 December 2023

4,715

4,715

At 31 December 2022

5,547

5,547

5

Investment properties

2023
£

At 1 January

712,482

At 31 December

712,482

There has been no valuation of investment property by an independent valuer.

6

Investments

2023
£

2022
£

Investments in subsidiaries

192,278

192,278

 

Nest - Tec Ltd.

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

Subsidiaries

£

Cost or valuation

At 1 January 2023

192,278

Provision

Carrying amount

At 31 December 2023

192,278

At 31 December 2022

192,278

7

Debtors

Current

2023
£

2022
£

Other debtors

1,435

1,018

 

Nest - Tec Ltd.

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

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Amounts owed to group undertakings and undertakings in which the company has a participating interest

890

-

Taxation and social security

 

6,434

15,993

Accruals and deferred income

 

3,286

4,370

Other creditors

 

4,186

4,095

 

14,796

24,458

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary Shares of £1 each

2

2

2

2

         

10

Dividends

   

2023

 

2022

   

£

 

£