Silverfin false false 31/12/2023 01/01/2023 31/12/2023 N L Lawton 17/12/2018 17 September 2024 The principal activity of the Company during the financial year was the installation of fire sprinklers. 11731244 2023-12-31 11731244 bus:Director1 2023-12-31 11731244 2022-12-31 11731244 core:CurrentFinancialInstruments 2023-12-31 11731244 core:CurrentFinancialInstruments 2022-12-31 11731244 core:Non-currentFinancialInstruments 2023-12-31 11731244 core:Non-currentFinancialInstruments 2022-12-31 11731244 core:ShareCapital 2023-12-31 11731244 core:ShareCapital 2022-12-31 11731244 core:RetainedEarningsAccumulatedLosses 2023-12-31 11731244 core:RetainedEarningsAccumulatedLosses 2022-12-31 11731244 core:PlantMachinery 2022-12-31 11731244 core:Vehicles 2022-12-31 11731244 core:OfficeEquipment 2022-12-31 11731244 core:PlantMachinery 2023-12-31 11731244 core:Vehicles 2023-12-31 11731244 core:OfficeEquipment 2023-12-31 11731244 core:CurrentFinancialInstruments 1 2023-12-31 11731244 core:CurrentFinancialInstruments 1 2022-12-31 11731244 2023-01-01 2023-12-31 11731244 bus:FilletedAccounts 2023-01-01 2023-12-31 11731244 bus:SmallEntities 2023-01-01 2023-12-31 11731244 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 11731244 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 11731244 bus:Director1 2023-01-01 2023-12-31 11731244 core:PlantMachinery core:TopRangeValue 2023-01-01 2023-12-31 11731244 core:Vehicles core:TopRangeValue 2023-01-01 2023-12-31 11731244 core:OfficeEquipment core:TopRangeValue 2023-01-01 2023-12-31 11731244 2022-01-01 2022-12-31 11731244 core:PlantMachinery 2023-01-01 2023-12-31 11731244 core:Vehicles 2023-01-01 2023-12-31 11731244 core:OfficeEquipment 2023-01-01 2023-12-31 11731244 core:CurrentFinancialInstruments 2023-01-01 2023-12-31 11731244 core:Non-currentFinancialInstruments 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure

Company No: 11731244 (England and Wales)

NL FIRE PROTECTION LTD

Unaudited Financial Statements
For the financial year ended 31 December 2023
Pages for filing with the registrar

NL FIRE PROTECTION LTD

Unaudited Financial Statements

For the financial year ended 31 December 2023

Contents

NL FIRE PROTECTION LTD

BALANCE SHEET

As at 31 December 2023
NL FIRE PROTECTION LTD

BALANCE SHEET (continued)

As at 31 December 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 85,846 75,418
85,846 75,418
Current assets
Debtors 4 607,057 534,540
Cash at bank and in hand 34,144 157,871
641,201 692,411
Creditors: amounts falling due within one year 5 ( 191,794) ( 188,951)
Net current assets 449,407 503,460
Total assets less current liabilities 535,253 578,878
Creditors: amounts falling due after more than one year 6 ( 50,576) ( 33,741)
Provision for liabilities ( 21,393) ( 18,855)
Net assets 463,284 526,282
Capital and reserves
Called-up share capital 100 100
Profit and loss account 463,184 526,182
Total shareholders' funds 463,284 526,282

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.

Director's responsibilities:

The financial statements of NL Fire Protection Ltd (registered number: 11731244) were approved and authorised for issue by the Director on 17 September 2024. They were signed on its behalf by:

N L Lawton
Director
NL FIRE PROTECTION LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
NL FIRE PROTECTION LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

NL Fire Protection Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Cridlands Kingswood, Stogumber, Taunton, TA4 3TP, England, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for fire sprinkler installation services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date. Tax is recognised in the profit and loss account, 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.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit. Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery 4 years straight line
Vehicles 5 years straight line
Office equipment 4 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Borrowing costs

Borrowing costs that are directly attributable to acquisition, construction or production of qualifying assets, are capitalised as part of the cost of those assets. Capitalisation begins when both finance costs and expenditures for the asset are being incurred and activities that are necessary to get the asset ready for use are in progress. Capitalisation ceases when substantially all the activities that are necessary to get the asset ready for use are complete.

All other borrowing costs are recognised in profit or loss in the period in which they are incurred.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. 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.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including the director 7 7

3. Tangible assets

Plant and machinery Vehicles Office equipment Total
£ £ £ £
Cost
At 01 January 2023 46,821 118,508 3,270 168,599
Additions 0 70,485 0 70,485
Disposals 0 ( 62,462) 0 ( 62,462)
At 31 December 2023 46,821 126,531 3,270 176,622
Accumulated depreciation
At 01 January 2023 28,410 62,112 2,659 93,181
Charge for the financial year 11,284 24,150 611 36,045
Disposals 0 ( 38,450) 0 ( 38,450)
At 31 December 2023 39,694 47,812 3,270 90,776
Net book value
At 31 December 2023 7,127 78,719 0 85,846
At 31 December 2022 18,411 56,396 611 75,418

4. Debtors

2023 2022
£ £
Trade debtors 133,856 284,024
Other debtors 473,201 250,516
607,057 534,540

5. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 9,016 746
CIS withheld 29,370 0
Taxation and social security 65,555 116,283
Obligations under finance leases and hire purchase contracts (secured) 17,760 16,891
Other creditors 70,093 55,031
191,794 188,951

Hire purchase liabilities are secured against the assets being funded.

6. Creditors: amounts falling due after more than one year

2023 2022
£ £
Obligations under finance leases and hire purchase contracts (secured) 50,576 33,741

Hire purchase liabilities are secured against the assets being funded.

7. Related party transactions

Transactions with the entity's director

Advances

The Directors loan account is repayable on demand and interest is charged on overdrawn balances exceeding £10,000 at the official HMRC rates.

At 1 January 2023, the balance owed by the director was £81,151. During the year, £119,266 was advanced to the director, and £100,800 was repaid by the director. At 31 December 2023, the balance owed by the director was £99,617.

At 1 January 2022, the balance owed by the director was £53,679. During the year, £132,022 was advanced to the director, and £104,550 was repaid by the director. At 31 December 2022, the balance owed by the director was £81,151.

Other related party transactions

2023 2022
£ £
Loans to related parties 243,215 52,641

At 1 January 2023, the balance owed by related parties was £52,641. During the year, £448,492 was advanced to related parties, and £257,918 was repaid by related parties. At 31 December 2023, the balance owed by related parties was £243,215.

At 1 January 2022, the balance owed by related parties was £43,318. During the year, £75,505 was advanced to related parties, and £66,182 was repaid by related parties. At 31 December 2022, the balance owed by related parties was £52,641.