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Registration number: 06789637

Nationwide Silo Access Services Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2023

 

Nationwide Silo Access Services Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 8

 

Nationwide Silo Access Services Ltd

Company Information

Directors

Mrs Emma Maddock

Mr Christopher Frank Maddock

Registered office

Unit 18 Blythe Park, Cresswell Lane
Cresswell
Stoke-on-trent
Staffordshire
ST11 9RD

 

Nationwide Silo Access Services Ltd

(Registration number: 06789637)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

1,048,531

969,211

Current assets

 

Debtors

5

374,148

362,238

Cash at bank and in hand

 

713,486

298,793

 

1,087,634

661,031

Creditors: Amounts falling due within one year

6

(814,548)

(590,234)

Net current assets

 

273,086

70,797

Total assets less current liabilities

 

1,321,617

1,040,008

Creditors: Amounts falling due after more than one year

6

(323,654)

(373,430)

Provisions for liabilities

(210,498)

(157,582)

Net assets

 

787,465

508,996

Capital and reserves

 

Called up share capital

7

2

2

Retained earnings

787,463

508,994

Shareholders' funds

 

787,465

508,996

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 19 September 2024 and signed on its behalf by:
 

.........................................
Mr Christopher Frank Maddock
Director

   
     
 

Nationwide Silo Access Services 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 & Wales.

The address of its registered office is:
Unit 18 Blythe Park, Cresswell Lane
Cresswell
Stoke-on-trent
Staffordshire
ST11 9RD

These financial statements were authorised for issue by the Board on 19 September 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.

Going concern

The financial statements have been prepared on a going concern basis.

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 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.

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.

 

Nationwide Silo Access Services Ltd

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

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

Equipment

10% RB

Motor Vehicles

25% RB

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 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.

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.

 

Nationwide Silo Access Services Ltd

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

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 19 (2022 - 18).

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2023

924,808

1,214,573

2,139,381

Additions

53,535

239,453

292,988

At 31 December 2023

978,343

1,454,026

2,432,369

Depreciation

At 1 January 2023

442,893

727,277

1,170,170

Charge for the year

53,545

160,123

213,668

At 31 December 2023

496,438

887,400

1,383,838

Carrying amount

At 31 December 2023

481,905

566,626

1,048,531

At 31 December 2022

481,915

487,296

969,211

5

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

283,040

245,863

Amounts owed by related parties

10

971

26,221

Prepayments

 

-

2,000

Other debtors

 

90,137

88,154

   

374,148

362,238

 

Nationwide Silo Access Services Ltd

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

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Bank loans and overdrafts

8

351,209

368,076

Trade creditors

 

75,578

22,924

Taxation and social security

 

193,596

110,175

Accruals and deferred income

 

4,799

10,176

Other creditors

 

189,366

78,883

 

814,548

590,234

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured.

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

323,654

373,430

7

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary of £1 each

2

2

2

2

       

8

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

15,000

25,000

Hire purchase contracts

308,654

348,430

323,654

373,430

Current loans and borrowings

 

Nationwide Silo Access Services Ltd

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

2023
£

2022
£

Bank borrowings

10,000

10,000

Hire purchase contracts

173,837

160,482

Other borrowings

167,372

197,594

351,209

368,076

9

Dividends

2023

2022

£

£

Interim dividend of £121,000.00 (2022 - £75,000.00) per ordinary share

242,000

150,000

 

 

10

Related party transactions

Nationwide Silo Access Services Limited is a wholly owed subsiduary of CFM Nationwide Holdings Ltd. The group registered office is Unit 18 Blythe Park, Cresswell Lane, Cresswell, Stoke-on-Trent, Staffordshire, ST11 9RD.

 

Nationwide Silo Access Services Ltd

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

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

63,860

73,699

Contributions paid to money purchase schemes

492

529

64,352

74,228

Loans to related parties

2023

Parent
£

Entities with joint control or significant influence
£

Total
£

At start of period

16,943

9,277

26,220

Advanced

226,029

-

226,029

Repaid

(242,000)

(9,277)

(251,277)

At end of period

972

-

972

2022

Parent
£

Entities with joint control or significant influence
£

Total
£

At start of period

(14,757)

19,277

4,520

Advanced

195,022

-

195,022

Repaid

(163,322)

(10,000)

(173,322)

At end of period

16,943

9,277

26,220