REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
FOR |
NW FIRECONTROL LTD |
REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
FOR |
NW FIRECONTROL LTD |
NW FIRECONTROL LTD (REGISTERED NUMBER: 06314891) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the Year Ended 31 March 2024 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 3 |
NW FIRECONTROL LTD |
COMPANY INFORMATION |
for the Year Ended 31 March 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Statutory Auditor |
Chartered Accountants |
Douglas Bank House |
Wigan Lane |
Wigan |
Lancashire |
WN1 2TB |
NW FIRECONTROL LTD (REGISTERED NUMBER: 06314891) |
STATEMENT OF FINANCIAL POSITION |
31 March 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PENSION ASSET | 11 |
NET ASSETS |
RESERVES |
Income and expenditure account | 9 |
In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
NW FIRECONTROL LTD (REGISTERED NUMBER: 06314891) |
NOTES TO THE FINANCIAL STATEMENTS |
for the Year Ended 31 March 2024 |
1. | STATUTORY INFORMATION |
NW Firecontrol Ltd is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Going Concern |
The impact of disclosure requirements of the Retirement Benefits Scheme in the comparative year (2023) resulted in an increase in the pension cost included in the profit and loss account over the contribution paid which thus results in a deficit before actuarial gains . During the current year (2024) the pension cost was less than the contributions made resulting in a surplus before actuarial losses. The company has an agreement with each of the authorities (who jointly control the company) that contains obligations about the ongoing funding of the company, including pension contributions. |
The company has net current liabilities of £467,221 (2023 £946,778), the directors do not consider this an indication of going concern issues as included in creditors amounts falling due within one year is a capital grant of £565,579 (2023 £1,131,157) relating to intangible fixed assets which is being released to the income and expenditure account in line with the depreciation of the asset. |
After making enquiries and consideration of the points above, post balance sheet events and future developments the Directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future, being a period of twelve months after the date on which the report and financial statements are signed. For this reason, it continues to adopt the going concern basis in the financial statements. |
Critical accounting judgements and key sources of estimation uncertainty |
The directors consider there to be no items in the financial statements where they have had to make significant judgements in the process of applying the group's accounting policies or key sources of estimations uncertainty, other than as stated below: |
The present value of the defined benefit pension scheme liability depends on a number of factors that are determined on an actuarial basis using a variety of assumptions. The assumptions used in determining the net cost for pensions include the discount rate. Any changes in these assumptions, which are disclosed in note 12 will impact the carrying amount of the pension liability. Furthermore, a roll forward approach which projects results from the latest full actuarial valuations performed at 31 March 2022 has been used by the actuary in valuing the pensions liability at 31 March 2023. Any differences between the figures derived from the roll forward and approach and a full actuarial valuation would impact on the carrying amount of the pension asset/(liability). |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
NW FIRECONTROL LTD (REGISTERED NUMBER: 06314891) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 March 2024 |
2. | ACCOUNTING POLICIES - continued |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Patents and Licences are being amortised evenly over their estimated useful life of five years. |
Computer software is being amortised from 1 June 2014 as the software was brought into operation during May 2014. Computer software is being amortised evenly over its estimated useful life of seven years. |
Tangible fixed assets |
Fixtures and fittings | - |
Computer equipment | - |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to surplus or deficit on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
Employees of NW Firecontrol Limited participate in the Cheshire Pension Fund which is a defined benefit pension scheme. The scheme is a Local Government Pensions Scheme managed by Cheshire West and Chester Borough Council. The assets of the scheme are invested and managed independently of the finances of the company. |
The operating costs of providing retirement benefits to employees are recognised in the accounting periods in which the benefits are earned. The related finance costs, expected return on assets and any other changes in fair value of the assets and liabilities, are recognised in the accounting period in which they arise. The operating costs, finance costs and expected return on assets are recognised in the statement of comprehensive income with any other changes in fair value of assets and liabilities being recognised in other comprehensive income. |
A pension scheme surplus is recognised as an asset in the balance sheet to the extent that the employer can recover a surplus through reduced contributions or refunds in accordance with paragraph 28.22 of FRS 102. |
Financial instruments |
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities such as trade and other accounts receivable and payable. Basic financial instruments are recognised at cost. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
NW FIRECONTROL LTD (REGISTERED NUMBER: 06314891) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 March 2024 |
4. | INTANGIBLE FIXED ASSETS |
Patents |
and | Computer |
licences | software | Totals |
£ | £ | £ |
COST |
At 1 April 2023 |
Additions |
At 31 March 2024 |
AMORTISATION |
At 1 April 2023 |
Amortisation for year |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
5. | TANGIBLE FIXED ASSETS |
Fixtures |
and | Computer |
fittings | equipment | Totals |
£ | £ | £ |
COST |
At 1 April 2023 |
and 31 March 2024 |
DEPRECIATION |
At 1 April 2023 |
Charge for year |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Other debtors |
NW FIRECONTROL LTD (REGISTERED NUMBER: 06314891) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 March 2024 |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
Amounts received in advance | 2024 | 2023 |
£ | £ |
Capital grants | 257,298 | 166,254 |
Contributions received in advance from Fire and Rescue Services (FRS) | 405,969 | 278,803 |
Implementation funding (general purpose) | - | - |
FRS forward maintenance plan | - | - |
ESMCP Capital grant | 565,578 | 1,131,157 |
1,228,845 | 1,567,214 |
Included in other creditors are grants and contributions received in advance as detailed above, the remaining balance is accrued expenses. |
8. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2024 | 2023 |
£ | £ |
Within one year |
Between one and five years |
In more than five years |
The lease is for a term of 25 years with effect from 14 July 2008. The rent is subject to a review on each fifth year of the term when the rent will increase by a multiple of 1.025. The company currently pays rent of £432,397 per quarter. |
From 1 April 2014 there is a grant in place from DCLG which will provide an ongoing contribution of 66% of the rental costs for the duration of the lease. The disclosures above are disclosed gross of the grant. |
NW FIRECONTROL LTD (REGISTERED NUMBER: 06314891) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 March 2024 |
9. | RESERVES |
Income |
and |
expenditure |
account |
£ |
At 1 April 2023 |
Surplus for the year |
Actuarial surplus/(deficit) | (366,100 | ) |
At 31 March 2024 |
10. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
11. | EMPLOYEE BENEFIT OBLIGATIONS |
The Pension Scheme had a surplus at the balance sheet date of £1,267,100 (2023 £287,100). Due to the significant increase in the asset the directors have applied FRS 102 section 28.22 and assessed the maximum amount of asset that should be recognised to be equal to the discounted value of the economic benefit available as a reduction in future contributions, being £Nil (2023 no restriction). |
These restrictions have resulted in a charge to other comprehensive income of £1,267,100 (2023 £Nil) |
The amounts recognised in the balance sheet are as follows: |
Defined benefit |
pension plans |
2024 | 2023 |
£ | £ |
Present value of funded obligations | ( |
) | ( |
) |
Fair value of plan assets |
1,267,100 | 287,100 |
Present value of unfunded obligations |
Effect of asset ceiling cap on net pension scheme asset |
(1,267,100 |
) |
- |
Surplus |
Net asset |
NW FIRECONTROL LTD (REGISTERED NUMBER: 06314891) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 March 2024 |
11. | EMPLOYEE BENEFIT OBLIGATIONS - continued |
The amounts recognised in surplus or deficit are as follows: |
Defined benefit |
pension plans |
2024 | 2023 |
£ | £ |
Current service cost |
Net interest from net defined benefit asset/liability |
(15,000 |
) |
150,000 |
Past service cost |
432,000 | 1,191,000 |
Actual return on plan assets |
Changes in the present value of the defined benefit obligation are as follows: |
Defined benefit |
pension plans |
2024 | 2023 |
£ | £ |
Opening defined benefit obligation |
Current service cost |
Contributions by scheme participants |
Interest cost |
Benefits paid | ( |
) | ( |
) |
Remeasurements: |
Actuarial (gains)/losses from changes in demographic assumptions |
(81,000 |
) |
(339,000 |
) |
Actuarial (gains)/losses from changes in financial assumptions |
(1,015,000 |
) |
(9,412,000 |
) |
Other experience remeasurement | 395,000 | 1,355,000 |
NW FIRECONTROL LTD (REGISTERED NUMBER: 06314891) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 March 2024 |
11. | EMPLOYEE BENEFIT OBLIGATIONS - continued |
Changes in the fair value of scheme assets are as follows: |
Defined benefit |
pension plans |
2024 | 2023 |
£ | £ |
Opening fair value of scheme assets |
Contributions by employer |
Contributions by scheme participants |
Expected return | 628,000 | 401,000 |
Benefits paid | (207,000 | ) | (189,000 | ) |
Remeasurements: |
Return on plan assets (excluding interest income) |
200,000 |
(1,708,000 |
) |
Assets other remeasurement | - | (552,000 | ) |
The amounts recognised in other comprehensive income are as follows: |
Defined benefit |
pension plans |
2024 | 2023 |
£ | £ |
Actuarial (gains)/losses from changes in demographic assumptions |
81,000 |
339,000 |
Actuarial (gains)/losses from changes in financial assumptions |
1,015,000 |
9,412,000 |
Other experience remeasurement | (395,000 | ) | (1,355,000 | ) |
Return on plan assets (excluding interest income) |
200,000 |
(1,708,000 |
) |
Assets other remeasurement | - | (552,000 | ) |
Effect of asset ceiling on net pension scheme asset |
( |
) |
(366,100 | ) | 6,136,000 |
The major categories of scheme assets as a percentage of total scheme assets are as follows: |
Defined benefit |
pension plans |
2024 | 2023 |
Equities | 50% | 48% |
Bonds | 36% | 36% |
Property | 12% | 13% |
Cash | 2% | 3% |
100% | 100% |
NW FIRECONTROL LTD (REGISTERED NUMBER: 06314891) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 March 2024 |
11. | EMPLOYEE BENEFIT OBLIGATIONS - continued |
Principal actuarial assumptions at the balance sheet date (expressed as weighted averages): |
2024 | 2023 |
Discount rate |
Future salary increases |
Future pension increases |
12. | CONTINGENT LIABILITIES |
The Manchester Arena Public Inquiry in respect of the Manchester Arena attack commenced on 7th September 2020 . The Public Inquiry is an independent public inquiry, established on 22 October 2019 by the Home Secretary. Its purpose is to investigate the deaths of the victims of the 2017 Manchester Arena attack. There are currently no claims against NW Firecontrol Ltd in respect of this. The costs of legal representation has been met by the company and recharged to the Fire and Rescue Services on the same basis as other company costs.During the year NWFC provided the Inquiry with the necessary updates and a witness statements as recommended. The Inquiry was formally closed and handed over to the Secretary of State for the Home Department on 1st August 2023. |
13. | CAPITAL COMMITMENTS |
2024 | 2023 |
£ | £ |
Contracted but not provided for in the |
financial statements |
NW FIRECONTROL LTD (REGISTERED NUMBER: 06314891) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 March 2024 |
14. | RELATED PARTY DISCLOSURES |
Greater Manchester Combined Authority (GMCA) |
Lead authority for North West Region |
S31 Funding is provided by the Department for Levelling Up, Housing and Communities (DLUHC) (Previously -Department of Communities and Local Government (DCLG)) annually to cover 66% of the building lease. This is paid to GMCA from DLUHC as the lead authority for the North West region .In the period under review, the required grant was £1,112,700 (2023 £1,011,508) the company received £1,109,699 (2023 £1,011,718) leaving a cumulative balance owing of £4,789 (2023 £1,788). |
Grant funding owed | 2024 | 2023 |
£ | £ |
DCLG lease grant | 4,789 | 1,788 |
Other grant funding | - | - |
4,789 | 1,788 |
Greater Manchester Combined Authority |
Subscriber member |
During the year amounts were received and receivable from this subscriber member as follows: |
2024 | 2023 |
£ | £ |
Service charges | 3,059,767 | 2,624,998 |
Use of facilities | 132 | - |
Recharge of costs | 69,676 | 129,338 |
3,129,575 | 2,754,336 |
2024 | 2023 |
£ | £ |
Amount due from related party at the balance sheet date | 2,442 | 2,442 |
Purchases of £478,339 (2023: £1,399,261) were made from this subscriber member. |
2024 | 2023 |
£ | £ |
Amount due to related party at the balance sheet date | - | - |
Cheshire Fire Authority |
NW FIRECONTROL LTD (REGISTERED NUMBER: 06314891) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 March 2024 |
Subscriber member |
During the year amounts were received and receivable from this subscriber member as follows: |
2024 | 2023 |
£ | £ |
Service charges | 1,135,584 | 974,226 |
Use of facilities | 860 | 1,237 |
Project funding | - | 13,752 |
ESMCP capital grant | - | 126,697 |
Recharged costs | 25,859 | 48,281 |
1,162,303 | 1,164,193 |
2024 | 2023 |
£ | £ |
Amount due from related party at the balance sheet date | 1,229 | 3,554 |
Purchases of £Nil (2023: £Nil) were made from this subscriber member. |
2024 | 2023 |
£ | £ |
Amount due to related party at the balance sheet date | - | 175 |
Lancashire Combined Authority |
Subscriber member |
During the year amounts were received and receivable from this subscriber member as follows: |
2024 | 2023 |
£ | £ |
Service charges | 1,608,744 | 1,380,154 |
Use of facilities | - | 81 |
Recharged costs | 36,634 | 75,836 |
1,645,378 | 1,456,071 |
Purchases of £Nil (2022: £Nil) were made from this subscriber member. |
2024 | 2023 |
£ | £ |
Amount due from related party at the balance sheet date | 1,602 | 11,522 |
Cumbria Commissioner Fire and Rescue Authority |
Subscriber member |
During the year amounts were received and receivable from this subscriber member as follows: |
2024 | 2023 |
NW FIRECONTROL LTD (REGISTERED NUMBER: 06314891) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 March 2024 |
£ | £ |
Service charges | 504,704 | 432,989 |
Use of facilities | - | - |
Recharged costs | 11,493 | 20,779 |
516,197 | 453,768 |
Purchases of £Nil (2023: £Nil) were made from this subscriber member. |
2024 | 2023 |
£ | £ |
Amount due from related party at the balance sheet date | 158,906 | 1,967 |
15. | FRC ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES |
In common with many other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements. |
16. | ULTIMATE CONTROLLING PARTY |
The controlling parties are the four subscriber members being Cheshire Fire Authority, Cumbria Commissioner Fire and Rescue Authority, Greater Manchester Combined Authority and Lancashire Combined Fire Authority each with 25% control and as such there is no singular ultimate controlling party. |
17. | LIMITED BY GUARANTEE |
The Company is limited by guarantee and does not have any share capital. The liability of the four subscriber members is limited. Each member of the Company undertakes to contribute an amount not exceeding £1 in the event of a winding up. |