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REGISTERED NUMBER: 01562213 (England and Wales)















Financial Statements for the Year Ended 31 December 2023

for

NHC Technology Limited

NHC Technology Limited (Registered number: 01562213)






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


NHC Technology Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: P J Ellin
Mrs L Parry





SECRETARY: D R Jones





REGISTERED OFFICE: Unit 1 Colomendy Industrial Estate
Rhyl Road
Denbigh
Denbighshire
Clwyd
LL16 5TS





REGISTERED NUMBER: 01562213 (England and Wales)





AUDITORS: JWR Audit Limited
Statutory Auditor
24 Picton House
Hussar Court
Waterlooville
Hampshire
PO7 7SQ

NHC Technology Limited (Registered number: 01562213)

Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 2,306,600 1,472,895
2,306,600 1,472,895

CURRENT ASSETS
Stocks 1,030,178 989,445
Debtors 6 1,587,057 1,912,096
Cash in hand 1,199 2,866
2,618,434 2,904,407
CREDITORS
Amounts falling due within one year 7 515,138 538,932
NET CURRENT ASSETS 2,103,296 2,365,475
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,409,896

3,838,370

CREDITORS
Amounts falling due after more than one
year

8

(55,717

)

-

PROVISIONS FOR LIABILITIES (19,597 ) (117,342 )
NET ASSETS 4,334,582 3,721,028

CAPITAL AND RESERVES
Called up share capital 50 50
Share premium 215,675 215,675
Revaluation reserve 9 841,053 363,415
Other reserves 1,000 1,000
Retained earnings 3,276,804 3,140,888
SHAREHOLDERS' FUNDS 4,334,582 3,721,028

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 12 September 2024 and were signed on its behalf by:





P J Ellin - Director


NHC Technology Limited (Registered number: 01562213)

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

1. STATUTORY INFORMATION

NHC Technology 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. ACCOUNTING POLICIES

Basis of preparing the financial statements
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. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Monetary amounts in these financial statements are rounded to the nearest whole £1, except where otherwise indicated.

Turnover
Turnover represents the value of goods sold and services supplied to customers during the year net of discounts and value added tax. Turnover is recognised upon delivery of goods. Turnover on services is recognised on completion of the service at the customers' premises.

Patents and trademarks
Where appropriate expenditure on trademarks is written off in the year in which it is incurred.

The cost of patents are amortised over their expected useful economic lives on a straight line basis. Any permanent impairment in carrying value is written off through the profit and loss account.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on cost
Plant and machinery - at varying rates on cost
Fixtures and fittings - at varying rates on cost
Motor vehicles - 25% on cost

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks
Stocks are stated at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost is determined on a true cost basis.

The cost of finished goods and goods for resale comprises of materials, direct labour and attributable production overheads. Net realisable value is based on estimated selling price less any further costs expected to be incurred to completion and disposal.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


NHC Technology Limited (Registered number: 01562213)

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

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Going concern
The company's business activities, together with the factors likely to affect its future development and position, are set out in the Business Review section of the directors report in the consolidated financial statements.

The company is expected to continue to generate positive cash flows on its own accounts for the foreseeable future. The company participates in the group's centralised treasury arrangements and so shares banking arrangements with its parent and fellow subsidiaries.

The directors, having assessed the responses of the directors of the company's parent NHC Holdings Limited to their enquiries have no reason to believe that a material uncertainty exists that may cast significant doubt about the ability of the NHC Holdings Limited group to continue as a going concern or its ability to continue with the current banking arrangements.

On the basis of their assessment of the company's financial position and of the enquiries made of the directors of NHC Holdings Limited, the company directors have a reasonable expectation that the company will be able to continue in the operational existence for the foreseeable future. Thus the going concern basis of accounting in preparing the annual financial statements has been used.

Warranty provision
Provision is made for liabilities arising in respect of expected warranty claims.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 52 (2022 - 56 ) .

NHC Technology Limited (Registered number: 01562213)

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

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 January 2023
and 31 December 2023 200,000
AMORTISATION
At 1 January 2023
and 31 December 2023 200,000
NET BOOK VALUE
At 31 December 2023 -
At 31 December 2022 -

5. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST OR VALUATION
At 1 January 2023 1,501,802 1,001,501 382,297 385,941 3,271,541
Additions 24,501 2,400 - 182,970 209,871
Revaluations 473,697 - - - 473,697
At 31 December 2023 2,000,000 1,003,901 382,297 568,911 3,955,109
DEPRECIATION
At 1 January 2023 223,490 864,807 335,835 374,514 1,798,646
Charge for year - 32,850 11,891 28,612 73,353
Charge written back (223,490 ) - - - (223,490 )
At 31 December 2023 - 897,657 347,726 403,126 1,648,509
NET BOOK VALUE
At 31 December 2023 2,000,000 106,244 34,571 165,785 2,306,600
At 31 December 2022 1,278,312 136,694 46,462 11,427 1,472,895

The freehold property was revalued by Legat Owen in October 2023 and was valued at £2,000,000.

If the freehold properties had not been revalued, they would have been included in the balance sheet at cost of £1,287,476 (2022: £1,287,476) and cumulative depreciation of £223,618 (2022; £191,342).
The net book value of assets held on finance leases and hire purchase contracts is £133,284 (2022: £11,428). The depreciation charge for the year for fixed assets held on finance leases and hire purchase contracts is £8,886 (2022: £45,712).

NHC Technology Limited (Registered number: 01562213)

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

5. TANGIBLE FIXED ASSETS - continued

Cost or valuation at 31 December 2023 is represented by:

Fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
Valuation in 2015 14,462 - - - 14,462
Valuation in 2016 199,864 - - - 199,864
Valuation in 2023 473,697 - - - 473,697
Cost 1,311,977 1,003,901 382,297 568,911 3,267,086
2,000,000 1,003,901 382,297 568,911 3,955,109

If freehold properties had not been revalued they would have been included at the following historical cost:

31.12.23 31.12.22
£    £   
Cost 1,287,476 1,287,476
Aggregate depreciation 223,618 191,342

Value of land in freehold land and buildings 40,921 40,921

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 17,270 22,443
Amounts owed by group undertakings 1,444,201 1,698,745
Other debtors 125,586 190,908
1,587,057 1,912,096

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans and overdrafts - 20
Hire purchase contracts 12,040 39,137
Trade creditors 237,165 243,702
Taxation and social security 59,398 54,746
Other creditors 206,535 201,327
515,138 538,932

A provision has been recognised for expected claims against product guarantees. It is expected that this expenditure will be incurred over the period of the guarantee. The provision, the amount of which has not been disclosed as it is considered to be commercially sensitive, has not been discounted since the effect of discounting is not material.

NHC Technology Limited (Registered number: 01562213)

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

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.12.23 31.12.22
£    £   
Hire purchase contracts 55,717 -

9. RESERVES

Share Premium
This reserve records the amount above the nominal value of shares sold, less transaction costs.

Revaluation reserve
The revaluation reserve relates to a surplus on revaluation of freehold properties.

Share Capital Redemption
This reserve records the nominal value of shares repurchased by the company.

10. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

K S Wood (Senior Statutory Auditor)
for and on behalf of JWR Audit Limited

11. CONTINGENT LIABILITIES

The company has given composite cross guarantees relating to the bank borrowing of certain subsidiary companies. These borrowings amounted to £nil at the year end.

12. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

NHC Holdings Limited, whose registered office is the same as NHC Technology Limited, is the ultimate parent company and draws up consolidated group financial statements of which NHC Technology Limited is a member.

13. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is the board of directors.