Company registration number 10513937 (England and Wales)
N-TECH ENGINEERING SOLUTIONS LTD.
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
N-TECH ENGINEERING SOLUTIONS LTD.
CONTENTS
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 8
N-TECH ENGINEERING SOLUTIONS LTD.
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Non-current assets
Intangible assets
3
3,208
4,308
Property, plant and equipment
4
33,884
44,363
37,092
48,671
Current assets
Inventories
1,250
2,254
Trade and other receivables
5
111,356
95,358
Cash and cash equivalents
6,835
27,517
119,441
125,129
Current liabilities
Borrowings
3,089
3,089
Obligations under finance leases
8
7,380
8,130
Taxation and social security
50,635
42,323
Other payables
51,587
53,652
112,691
107,194
Net current assets
6,750
17,935
Total assets less current liabilities
43,842
66,606
Non-current liabilities
Borrowings
19,193
23,141
Obligations under finance leases
8
16,559
23,189
(35,752)
(46,330)
Provisions for liabilities
(7,661)
(3,373)
Net assets
429
16,903
Equity
Called up share capital
100
100
Retained earnings
329
16,803
Total equity
429
16,903
N-TECH ENGINEERING SOLUTIONS LTD.
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT
31 DECEMBER 2023
31 December 2023
- 2 -

For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 26 September 2024 and are signed on its behalf by:
Mr J D Nettell
Director
Company registration number 10513937 (England and Wales)
N-TECH ENGINEERING SOLUTIONS LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information

N-Tech Engineering Solutions Ltd. is a private company limited by shares incorporated in England and Wales. The registered office is FFB House Cornmill Road, Evesham, Worcestershire, United Kingdom, WR11 2LL.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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 £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Revenue

Revenue is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

1.3
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

 

 

1.4
Property, plant and equipment

Property, plant and equipment are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings
25% reducing balance
Computers
33% straight line
Motor vehicles
25% reducing balance

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.

1.5
Impairment of non-current assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.6
Inventories

Inventories are stated at the lower of cost and estimated selling price less costs to complete and sell.

N-TECH ENGINEERING SOLUTIONS LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.7
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 current liabilities.

1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

N-TECH ENGINEERING SOLUTIONS LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
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.

1.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.12
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the statement of financial position as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
5
4
N-TECH ENGINEERING SOLUTIONS LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
3
Intangible fixed assets
Goodwill
£
Cost
At 1 January 2023 and 31 December 2023
11,000
Amortisation and impairment
At 1 January 2023
6,692
Amortisation charged for the year
1,100
At 31 December 2023
7,792
Carrying amount
At 31 December 2023
3,208
At 31 December 2022
4,308
4
Property, plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
Cost
At 1 January 2023
12,724
5,069
40,489
58,282
Additions
-
0
1,360
-
0
1,360
At 31 December 2023
12,724
6,429
40,489
59,642
Depreciation and impairment
At 1 January 2023
4,982
4,329
4,608
13,919
Depreciation charged in the year
1,936
933
8,970
11,839
At 31 December 2023
6,918
5,262
13,578
25,758
Carrying amount
At 31 December 2023
5,806
1,167
26,911
33,884
At 31 December 2022
7,742
740
35,881
44,363
5
Trade and other receivables
2023
2022
Amounts falling due within one year:
£
£
Trade receivables
55,622
64,354
Other receivables
55,734
31,004
111,356
95,358
N-TECH ENGINEERING SOLUTIONS LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
6
Current liabilities
2023
2022
£
£
Bank loans
3,089
3,089
Obligations under finance leases
8
7,380
8,130
Trade payables
23,636
20,240
Corporation tax
21,239
11,557
Other taxation and social security
29,396
30,766
Other payables
25,011
30,849
Accruals and deferred income
2,940
2,563
112,691
107,194
7
Non-current liabilities
2023
2022
Notes
£
£
Bank loans and overdrafts
19,193
23,141
Obligations under finance leases
8
16,559
23,189
35,752
46,330
8
Finance lease obligations
2023
2022
Future minimum lease payments due under finance leases:
£
£
Within one year
9,164
9,164
In two to five years
20,450
29,415
29,614
38,579
Less: future finance charges
(5,675)
(7,260)
23,939
31,319

Finance lease payments represent rentals payable by the company for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

9
Directors' transactions

Dividends totalling £30,000 (2022 - £42,000) were paid in the year in respect of shares held by the company's directors.

Advances or credits have been granted by the company to its directors as follows:

Description
% Rate
Opening balance
Amounts advanced
Interest charged
Amounts repaid
Closing balance
£
£
£
£
£
N-TECH ENGINEERING SOLUTIONS LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
9
Directors' transactions
(Continued)
- 8 -
Loan
2.25
31,004
43,051
1,101
(30,000)
45,156
31,004
43,051
1,101
(30,000)
45,156
2023-12-312023-01-01false26 September 2024CCH SoftwareCCH Accounts Production 2024.210Engineering

Mr J D NettellL C Allenfalsefalse
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