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Registered number: 04141535










NATION WILCOX SYSTEMS LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 JANUARY 2024

 
NATION WILCOX SYSTEMS LIMITED
REGISTERED NUMBER: 04141535

BALANCE SHEET
AS AT 31 JANUARY 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 5 
8,217
11,341

  
8,217
11,341

Current assets
  

Stocks
  
20,000
20,000

Debtors: amounts falling due within one year
 6 
1,127,871
1,136,339

Cash at bank and in hand
 7 
57,616
26,661

  
1,205,487
1,183,000

Creditors: amounts falling due within one year
 8 
(370,710)
(362,746)

Net current assets
  
 
 
834,777
 
 
820,254

Total assets less current liabilities
  
842,994
831,595

Provisions for liabilities
  

Deferred tax
  
(2,054)
(2,155)

  
 
 
(2,054)
 
 
(2,155)

Net assets
  
840,940
829,440


Capital and reserves
  

Called up share capital 
 10 
2
2

Profit and loss account
  
840,938
829,438

  
840,940
829,440


Page 1

 
NATION WILCOX SYSTEMS LIMITED
REGISTERED NUMBER: 04141535
    
BALANCE SHEET (CONTINUED)
AS AT 31 JANUARY 2024

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




Mr A N Nation
Director

Date: 29 October 2024

The notes on pages 3 to 10 form part of these financial statements.

Page 2

 
NATION WILCOX SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

1.


General information

Nation Wilcox Systems Limited is a private company limited by shares incorporated in England and Wales.The registered office is 196 Boldmere Road, Sutton Coldfield, West Midlands, United Kingdom, B73 5UE

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 3

 
NATION WILCOX SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)

 
2.5

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.6

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.7

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 4

 
NATION WILCOX SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)


2.8
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis and straight line.

Depreciation is provided on the following basis:

Plant and machinery
-
33%
straight line
Fixtures and fittings
-
15%
reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.9

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.10

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.11

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.12

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 5

 
NATION WILCOX SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)

 
2.13

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Deferred tax liabilities are also presented within provisions but are measured in accordance with the accounting policy on taxation.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.14

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.


3.


Employees

The average monthly number of employees, including directors, during the year was 16 (2023 - 15).

Page 6

 
NATION WILCOX SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

4.


Intangible assets




Goodwill

£



Cost


At 1 February 2023
100,000



At 31 January 2024

100,000



Amortisation


At 1 February 2023
100,000



At 31 January 2024

100,000



Net book value



At 31 January 2024
-



At 31 January 2023
-



Page 7

 
NATION WILCOX SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

5.


Tangible fixed assets





Plant and machinery
Fixtures and fittings
Total

£
£
£



Cost or valuation


At 1 February 2023
68,749
13,518
82,267


Additions
-
2,975
2,975



At 31 January 2024

68,749
16,493
85,242



Depreciation


At 1 February 2023
62,247
8,678
70,925


Charge for the year on owned assets
4,928
1,172
6,100



At 31 January 2024

67,175
9,850
77,025



Net book value



At 31 January 2024
1,574
6,643
8,217



At 31 January 2023
6,502
4,840
11,342


6.


Debtors

2024
2023
£
£


Trade debtors
160,842
196,380

Amounts owed by group undertakings
2,760
90

Amounts owed by joint ventures and associated undertakings
955,908
932,311

Prepayments and accrued income
8,361
7,558

1,127,871
1,136,339


Page 8

 
NATION WILCOX SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

7.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
57,616
26,661

57,616
26,661



8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
29,791
51,183

Amounts owed to group undertakings
142,130
170,085

Other taxation and social security
142,931
82,239

Other creditors
55,858
59,239

370,710
362,746



9.


Deferred taxation




2024


£






At beginning of year
(2,155)


Charged to profit or loss
101



At end of year
(2,054)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(2,054)
(2,155)

(2,054)
(2,155)

Page 9

 
NATION WILCOX SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

10.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



2 (2023 - 2) Ordinary shares of £1.00 each
2
2



11.


Related party transactions

During the year the company entered into the following transactions with related parties:


2024
2023
£
£

Rent to directors' pension scheme
25,000
25,000
Management charges payable
10,500
44,000
Management charges receivable
235,500
135,500
Fellow subsidaries
142,130
170,085
Parent company
958,668
976,311
Directors' pension scheme
-
-
958,668
976,311


12.


Controlling party

The company is under the control of Nation Wilcox Limited, who holds 100% of the share capital. Nation Wilcox Limited is a private company, limited by shares, and incorporated in England and Wales. Its registered office address St.Michaels House 196 Boldmere Road, Boldmere, Sutton Coldfield, West Midlands, B73 5UE.
The ultimate parent company is Nation Wilcox Family Holdings Limited, a private company, limited by shares, and incorporated in England and Wales. Its registered office address St.Michaels House 196 Boldmere Road, Boldmere, Sutton Coldfield, West Midlands, B73 5UE.
The company is under the ultimate control of Andrew Nation, director.

 
Page 10