Company registration number 00562216 (England and Wales)
NEDERMAN FILTRATION LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
NEDERMAN FILTRATION LIMITED
CONTENTS
Page
Statement of financial position
1
Statement of changes in equity
2
Notes to the financial statements
3 - 7
NEDERMAN FILTRATION LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Current assets
Trade and other receivables
5
1
1,897,354
Net current assets
1
1,897,354
Equity
Called up share capital
6
1
1,667,640
Retained earnings
229,714
Total equity
1
1,897,354
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
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 18 March 2024 and are signed on its behalf by:
Mr P Rowlands
Director
Company Registration No. 00562216
NEDERMAN FILTRATION LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
Share capital
Retained earnings
Total
Notes
£
£
£
Balance at 1 January 2022
1,667,640
208,480
1,876,120
Year ended 31 December 2022:
Profit and total comprehensive income for the year
-
21,234
21,234
Balance at 31 December 2022
1,667,640
229,714
1,897,354
Year ended 31 December 2023:
Profit and total comprehensive income for the year
-
15,139
15,139
Dividends
-
(1,912,492)
(1,912,492)
Reduction of shares
6
(1,667,639)
1,667,639
Balance at 31 December 2023
1
1
NEDERMAN FILTRATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
1.1
Authorisation of financial statements and statement of compliance with FRS 101
The financial statements of Nederman Filtration Limited for the year end 31 December 2023 were authorised for issue by the board of directors on 18 March 2024 and the balance sheet was signed on the board's behalf by Mr P Rowlands. Nederman Filtration Limited is incorparted and domiciled in England and Wales.
Company information
Nederman Filtration Limited is a private company limited by shares incorporated in England and Wales. The registered office is 91 Seedlee Road, Walton Summit Centre, Bamber Bridge, Preston, Lancashire, United Kingdom, PR5 8AE.
The principal activity of the company was previously that of contracting and marketing of dust extraction equipment until 31 March 2011, at which point the trade was hived up into Nederman Limited and the company ceased trading.
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 £.
1.2
Basis of preparation
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 101 'Reduced Disclosure Framework' and the Companies Act.
Financial Reporting standard 101 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemptions under FRS 101:
the requirements of IFRS 7 Financial Instruments: Disclosures
the requirements of paragraph 91-99 of IFRS 13 Fair value Measurement
the requirement in paragraph 38 of IAS 1 'Presentation of Financial Statements' to present comparative information in respect of :
- paragraph 79(a)(iv) of IAS 1;
- paragraph 73(e) of IAS 16 Property, Plant and Equipment;
- paragraph 118(e) of IAS 18 Intangible Assets;
the requirements of paragraph 10(d), 10(f), 16, 38A, 38B, 38C, 38D, 40A, 40B, 40C, 40D, 111 and 134-136 of IAS 1 Presentation of Financial Statements
the requirements of IAS 7 Statement of Cash Flows
the requirements of paragraph 30 and 31 of IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors
the requirements in paragraph 17 of IAS 24 Related Party Disclosures
the requirements in IAS 24 Related Party Disclosures to disclose related party transactions entered into between two or more members of a group, provided that any subsidiary which is a party to the transaction is wholly owned by such member
the requirements of paragraphs 134(d)-134(f) and 135(c)-135(e) of IAS 36 Impairment of Assets
the requirements of IAS 1 roll forward reconciliations in respect of share capital.
1.3
Going concern
In previous years, the financial statements have been prepared on a going concern basis. However, on 1 April 2011, the trade and assets of the Company were acquired by its immediate parent at that date, Nederman Limited. As the directors do not intend to acquire a replacement trade and have started the process to dissolve the company, therefore they have not prepared the financial statements on a going concern basis. No adjustments were necessary to the amounts at which the remaining net assets are included in these financial statements.true
NEDERMAN FILTRATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.4
Financial instruments
Non-Derivative Financial Instruments
Non-Derivative Financial Instruments comprise financial assets.
Financial assets
Financial assets include amounts owed by group undertakings.
Financial assets are recorded at their original amount less provision for expected credit losses. The company has elected to apply the simplified version of the expected credit loss model permitted by IFRS9 in respect of financial assets, which involves assessing lifetime expected credit losses on all balances. The carrying amount of the receivable is reduced through the use of a provision account and movements in the provision are recognised in the Income Statement within administrative expenses.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
NEDERMAN FILTRATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
1.5
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 income statement 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. 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.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
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.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
2
2
4
Auditor's remuneration
The cost of the auditing the financial statements has been borne by the parent entity, Nederman Limited.
NEDERMAN FILTRATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
5
Trade and other receivables
2023
2022
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
1
1,897,354
6
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
1,667,640 ordinary shares of £1 each
1
1,667,640
The company passed a resolution in respect of the reduction in share capital during the year.
7
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.
Emphasis of matter in respect of going concern
We draw attention to note 1.3 to the financial statements which explains that the trade and assets of the Company were acquired by its immediate parent on April 1, 2011 and the directors do not intend to acquire a replacement trade and therefore do not consider it to be appropriate to adopt the going concern basis of accounting in preparing the financial statements. The process to dissolve the company is expected to be completed early in 2024. Accordingly, the financial statements have been prepared on a basis other than going concern as described in note 1.3. Our opinion is not modified in this respect of this matter.
Senior Statutory Auditor:
Graham Fitzgerald BA FCA DChA
Statutory Auditor:
Azets Audit Services
8
Events after the reporting date
The process to dissolve the company is ongoing, this is expected to be completed early in 2024.
9
Related party transactions
The company has taken advantage of the exemption under paragraph 8(k) of FRS 101 not to disclose transactions with fellow wholly owned subsidiaries.
No directors received remuneration for the year.
NEDERMAN FILTRATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
10
Parent company
The company is a subsidiary undertaking of Nederman Limited. The ultimate parent is Nederman Holding AB, a company incorporated in Sweden.
The largest and smallest group in which the results of the Company are consolidated is that headed by Nederman Holding AB. The consolidated accounts of this group are available to the public and may be obtained from Nederman Holding AB, Sydhamnsgatan 2, S-252 28, Sweden.