NPS ENGINEERING GROUP LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
Company Registration No. 10128688 (England and Wales)
NPS ENGINEERING GROUP LIMITED
COMPANY INFORMATION
Directors
Andrew Smith
Barry Smith
Rachel Laycock
Company number
10128688
Registered office
Upper Castle Street
Bradford
West Yorkshire
BD5 7RN
Auditor
Azets Audit Services
Carlton House
Grammar School Street
Bradford
BD1 4NS
Business address
Upper Castle Street
Bradford
West Yorkshire
BD5 7RN
NPS ENGINEERING GROUP LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Profit and loss account
8
Group statement of comprehensive income
9
Group balance sheet
10
Company balance sheet
11
Group statement of changes in equity
12
Company statement of changes in equity
13
Group statement of cash flows
14
Notes to the financial statements
15 - 31
NPS ENGINEERING GROUP LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 JANUARY 2024
- 1 -

The directors present the strategic report for the year ended 31 January 2024.

Review of the business

The directors aim to present a balanced and comprehensive review of the development and performance of our business during the year and the position at the year end. Our review is consistent with the size and non-complex nature of our business and is written in the context of the risks and uncertainties we face.

 

The directors are pleased with the performance of the company throughout the year and consider it to be well placed to take advantage of opportunities and potential new markets going forward.

 

Since the start of the year the company continues to see an increase in supply chain costs in-line with many other sectors in the economy. The management team is taking appropriate steps to mitigate the impact on the business.

 

Labour challenges remain. Retention of staff is considered an ongoing high priority. Recruitment costs are significantly higher, and the management look to mitigate the impact in future years with further investment into this area. Through continued design and development, the business is looking to further enhance its service/​​product offering to new and current customers.

 

The company has been successful in implementing internally developed new products as well as acquiring rights to new equipment to enhance into its product range whilst continuing to refine its manufacturing processes. The acquisition will benefit the business in future years and aid development of inhouse products. The business has reduced its undertaking in selling distributed products in the final quarter. The disinvestment has incurred cost but will improve overall financial performance in future years. Profit margins have increased as a result of efficiencies achieved on processes and favourable reductions in some raw material costs through enhanced supplier agreements. The company has continued to invest in new plant and machinery during the year.

 

The company's financial assets and liabilities consist of trade debtors and creditors, cash balances, bank loans and finance leases. The directors manage the company's exposure to financial risk by researching the credit worthiness of customers and by seeking advice from the company's providers of finance and it's other external financial advisers.

Principal risks and uncertainties

The directors are confident that they have put sufficient measures in place to address the risk associated with foreign currency fluctuations when capital and working capital acquisitions are made from abroad.

 

However, as we move into 2024 /​ 25 many of the economic and socio-political issues that affected the past year are still of concern. That being said our activity level remains high but the challenges of Brexit remain. The directors are mindful that the economic outlook might change unexpectedly.

NPS ENGINEERING GROUP LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 2 -
Key performance indicators

The directors consider the main financial performance indicators are those that communicate the financial performance and strength of the group as a whole, these being turnover, operating profit margin and return of capital employed.

 

Turnover achieved in the year was £17.9 million (2023 - £14.9 million) and overall operating profit was £3.6 million (20.0%) (2023 - £2.6 million (17.4%)). Profit before tax was £3.6 million (2023 - £2.6 million).

 

Return on capital employed has increased to 50.9% from 48.1%, calculated as operating profit divided by capital employed.

 

The directors are satisfied with these ratios and the company's performance during the year on ordinary activities.

On behalf of the board

Rachel Laycock
Director
25 October 2024
NPS ENGINEERING GROUP LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 JANUARY 2024
- 3 -

The directors present their annual report and financial statements for the year ended 31 January 2024.

Principal activities

The principal activity of the company and group continued to be that of a holding company.

Results and dividends

The results for the year are set out on page 8.

Ordinary dividends were paid amounting to £1,079,250. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Andrew Smith
Barry Smith
Rachel Laycock
Auditor

Naylor Wintersgill LimitedAzets Audit Services were appointed as auditor to the group and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

Strategic report

The truegroup has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the group's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of the fair review of the business.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

On behalf of the board
Rachel Laycock
Director
25 October 2024
NPS ENGINEERING GROUP LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 JANUARY 2024
- 4 -

The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

NPS ENGINEERING GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF NPS ENGINEERING GROUP LIMITED
- 5 -
Opinion

We have audited the financial statements of NPS Engineering Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 January 2024 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

NPS ENGINEERING GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF NPS ENGINEERING GROUP LIMITED
- 6 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

NPS ENGINEERING GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF NPS ENGINEERING GROUP LIMITED
- 7 -

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

 

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework.  Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion.  This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

 

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

 

 

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation.  This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.  The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Colin Whitehead (Senior Statutory Auditor)
For and on behalf of Azets Audit Services
25 October 2024
Chartered Accountants
Statutory Auditor
Carlton House
Grammar School Street
Bradford
BD1 4NS
NPS ENGINEERING GROUP LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 JANUARY 2024
- 8 -
2024
2023
Notes
£
£
Turnover
3
17,891,380
14,899,276
Cost of sales
(13,024,906)
(11,121,354)
Gross profit
4,866,474
3,777,922
Administrative expenses
(1,285,527)
(1,205,735)
Other operating income
4,167
20,893
Operating profit
4
3,585,114
2,593,080
Interest payable and similar expenses
8
(5,773)
(7,594)
Profit before taxation
3,579,341
2,585,486
Tax on profit
9
(871,463)
(486,761)
Profit for the financial year
2,707,878
2,098,725
Profit for the financial year is all attributable to the owners of the parent company.
NPS ENGINEERING GROUP LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 JANUARY 2024
- 9 -
2024
2023
£
£
Profit for the year
2,707,878
2,098,725
Other comprehensive income
-
-
Total comprehensive income for the year
2,707,878
2,098,725
Total comprehensive income for the year is all attributable to the owners of the parent company.
NPS ENGINEERING GROUP LIMITED
GROUP BALANCE SHEET
AS AT 31 JANUARY 2024
31 January 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
11
676,512
501,841
Current assets
Stocks
15
722,458
504,282
Debtors
16
6,784,324
4,687,882
Cash at bank and in hand
4,292,414
3,013,125
11,799,196
8,205,289
Creditors: amounts falling due within one year
17
(5,428,336)
(3,317,967)
Net current assets
6,370,860
4,887,322
Total assets less current liabilities
7,047,372
5,389,163
Creditors: amounts falling due after more than one year
18
(9,385)
(29,375)
Provisions for liabilities
Deferred tax liability
20
137,819
88,248
(137,819)
(88,248)
Net assets
6,900,168
5,271,540
Capital and reserves
Called up share capital
23
7
7
Profit and loss reserves
6,900,161
5,271,533
Total equity
6,900,168
5,271,540
The financial statements were approved by the board of directors and authorised for issue on 25 October 2024 and are signed on its behalf by:
25 October 2024
Rachel Laycock
Director
Company registration number 10128688 (England and Wales)
NPS ENGINEERING GROUP LIMITED
COMPANY BALANCE SHEET
AS AT 31 JANUARY 2024
31 January 2024
- 11 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
12
2,407
2,407
Current assets
Cash at bank and in hand
148
148
Creditors: amounts falling due within one year
17
(160)
(160)
Net current liabilities
(12)
(12)
Net assets
2,395
2,395
Capital and reserves
Called up share capital
23
7
7
Profit and loss reserves
2,388
2,388
Total equity
2,395
2,395

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £1,079,250 (2023 - £1,150,000 profit).

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

The financial statements were approved by the board of directors and authorised for issue on 25 October 2024 and are signed on its behalf by:
25 October 2024
Rachel Laycock
Director
Company registration number 10128688 (England and Wales)
NPS ENGINEERING GROUP LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2024
- 12 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 February 2022
7
4,322,808
4,322,815
Year ended 31 January 2023:
Profit and total comprehensive income
-
2,098,725
2,098,725
Dividends
10
-
(1,150,000)
(1,150,000)
Balance at 31 January 2023
7
5,271,533
5,271,540
Year ended 31 January 2024:
Profit and total comprehensive income
-
2,707,878
2,707,878
Dividends
10
-
(1,079,250)
(1,079,250)
Balance at 31 January 2024
7
6,900,161
6,900,168
NPS ENGINEERING GROUP LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2024
- 13 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 February 2022
7
2,388
2,395
Year ended 31 January 2023:
Profit and total comprehensive income for the year
-
1,150,000
1,150,000
Dividends
10
-
(1,150,000)
(1,150,000)
Balance at 31 January 2023
7
2,388
2,395
Year ended 31 January 2024:
Profit and total comprehensive income
-
1,079,250
1,079,250
Dividends
10
-
(1,079,250)
(1,079,250)
Balance at 31 January 2024
7
2,388
2,395
NPS ENGINEERING GROUP LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JANUARY 2024
- 14 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
26
3,177,469
2,239,826
Interest paid
(5,773)
(7,594)
Income taxes paid
(514,445)
(349,279)
Net cash inflow from operating activities
2,657,251
1,882,953
Investing activities
Purchase of tangible fixed assets
(274,532)
(48,741)
Proceeds from disposal of tangible fixed assets
44,627
44,385
Net cash used in investing activities
(229,905)
(4,356)
Financing activities
Payment of finance leases obligations
(68,807)
(62,890)
Dividends paid to equity shareholders
(1,079,250)
(1,150,000)
Net cash used in financing activities
(1,148,057)
(1,212,890)
Net increase in cash and cash equivalents
1,279,289
665,707
Cash and cash equivalents at beginning of year
3,013,125
2,347,418
Cash and cash equivalents at end of year
4,292,414
3,013,125
NPS ENGINEERING GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
- 15 -
1
Accounting policies
Company information

NPS Engineering Group Limited (“the company”) is a private company limited by shares, domiciled and incorporated in England and Wales. The registered office is Upper Castle Street, Bradford, West Yorkshire, BD5 7RN.

 

The group consists of NPS Engineering Group Limited and all of its subsidiaries.

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.

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, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

 

1.2
Business combinations

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

 

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

NPS ENGINEERING GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 16 -
1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company NPS Engineering Group Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 31 January 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

1.4
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.5
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and 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.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.6
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

1.7
Tangible fixed assets

Tangible fixed assets 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:

Leasehold land and buildings
10% straight line
Leasehold improvements
10% straight line
Plant and equipment
25% & 33% reducing balance
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 recognised in the profit and loss account.

NPS ENGINEERING GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 17 -
1.8
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

 

Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the group’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.

 

Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.

 

In the parent company financial statements, investments in associates are accounted for at cost less impairment.

Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.9
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible 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). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

NPS ENGINEERING GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 18 -

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.10
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.11
Construction contracts

Where the outcome of a construction contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the reporting end date. Variations in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably and its receipt is considered probable.

 

When it is probable that total contract costs will exceed total contract turnover, the expected loss is recognised as an expense immediately.

 

Where the outcome of a construction contract cannot be estimated reliably, contract revenue is recognised to the extent of contract costs incurred where it is probable that they will be recoverable. Contract costs are recognised as expenses in the period in which they are incurred. When costs incurred in securing a contract are recognised as an expense in the period in which they are incurred, they are not included in contract costs if the contract is obtained in a subsequent period.

The “percentage of completion method” is used to determine the appropriate amount to recognise in a given period. The stage of completion is measured by the proportion of contract costs incurred for work performed to date compared to the estimated total contract costs. Costs incurred in the year in connection with future activity on a contract are excluded from contract costs in determining the stage of completion. These costs are presented as stocks, prepayments or other assets depending on their nature, and provided it is probable they will be recovered.

1.12
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.

NPS ENGINEERING GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 19 -
1.13
Financial instruments

The group 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 group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and 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 debtors 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.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

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 group after deducting all of its liabilities.

NPS ENGINEERING GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 20 -
Basic financial liabilities

Basic financial liabilities, including creditors, 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 creditors 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 creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value though profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.14
Equity instruments

Equity instruments issued by the group 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 group.

1.15
Taxation

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

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account 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 group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

NPS ENGINEERING GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 21 -
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 profit and loss account, 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 if, and only if, there is 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.

1.16
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.17
Retirement benefits

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

1.18
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 balance sheet 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 leased asset are consumed.

1.19
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

NPS ENGINEERING GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 22 -
1.20
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Manufacture & supply of pumps and pumping systems
16,302,561
12,683,720
Manufacture of plastic products
1,509,753
2,129,144
Manufacture of metal structures
79,066
86,412
17,891,380
14,899,276
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
17,891,380
14,899,276
2024
2023
£
£
Other revenue
Grants received
4,167
6,056
NPS ENGINEERING GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 23 -
4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Research and development costs
30,083
17,225
Government grants
(4,167)
(6,056)
Depreciation of owned tangible fixed assets
98,380
180,835
Profit on disposal of tangible fixed assets
(43,146)
(39,524)
Operating lease charges
228,944
205,589
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
17,000
14,000
6
Employees

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

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Production
86
75
-
-
Administration
-
4
-
-
Total
86
79
-
0
-
0

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
2,980,186
2,645,790
-
0
-
0
Social security costs
294,314
278,956
-
-
Pension costs
96,376
76,712
-
0
-
0
3,370,876
3,001,458
-
0
-
0
NPS ENGINEERING GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 24 -
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
41,597
37,745

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2020 : 2).

8
Interest payable and similar expenses
2024
2023
£
£
Interest on finance leases and hire purchase contracts
5,773
7,594
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
821,892
514,445
Deferred tax
Origination and reversal of timing differences
49,571
(27,684)
Total tax charge
871,463
486,761
NPS ENGINEERING GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
9
Taxation
(Continued)
- 25 -

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
3,579,341
2,585,486
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.00%)
894,835
491,242
Tax effect of expenses that are not deductible in determining taxable profit
7,868
721
Tax effect of income not taxable in determining taxable profit
(1,042)
-
0
Tax effect of utilisation of tax losses not previously recognised
(18)
-
0
Effect of change in corporation tax rate
(33,172)
-
Group relief
(31)
-
0
Depreciation add back
24,596
34,359
Capital allowances
(71,144)
(11,877)
Deferred tax
49,571
(27,684)
Taxation charge
871,463
486,761

An increase in the UK corporation tax rate from 19% to 25% was enacted in the Finance Act 2021, which is due to be effective from 1st April 2023. Consequently deferred tax has been calculated using that rate.

10
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Interim paid
1,079,250
1,150,000
NPS ENGINEERING GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 26 -
11
Tangible fixed assets
Group
Leasehold land and buildings
Leasehold improvements
Plant and equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 February 2023
230,952
23,931
679,915
561,202
1,496,000
Additions
-
0
46,234
59,355
168,943
274,532
Disposals
-
0
-
0
-
0
(140,101)
(140,101)
At 31 January 2024
230,952
70,165
739,270
590,044
1,630,431
Depreciation and impairment
At 1 February 2023
141,634
10,666
443,616
398,243
994,159
Depreciation charged in the year
18,520
2,239
51,514
26,107
98,380
Eliminated in respect of disposals
-
0
-
0
-
0
(138,620)
(138,620)
At 31 January 2024
160,154
12,905
495,130
285,730
953,919
Carrying amount
At 31 January 2024
70,798
57,260
244,140
304,314
676,512
At 31 January 2023
89,318
13,265
236,299
162,959
501,841
The company had no tangible fixed assets at 31 January 2024 or 31 January 2023.

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

Group
Company
2024
2023
2024
2023
£
£
£
£
Plant and equipment
-
0
10,007
-
0
-
0
Motor vehicles
-
0
110,491
-
0
-
0
-
120,498
-
-
12
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
13
-
0
-
0
2,407
2,407
NPS ENGINEERING GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
12
Fixed asset investments
(Continued)
- 27 -
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 February 2023 and 31 January 2024
2,407
Carrying amount
At 31 January 2024
2,407
At 31 January 2023
2,407
13
Subsidiaries

Details of the company's subsidiaries at 31 January 2024 are as follows:

Name of undertaking
Nature of business
Class of
shares held
Direct
Northern Pump Suppliers Limited
Manufacture and supply of pumps
Ordinary
100.00
NPS GRP Limited
Manufacture of plastic products
Ordinary
100.00
NPS Fabrications Limited
Manufacture of metal structures
Ordinary
100.00
Northern Pumps Limited
Dormant
Ordinary
100.00
NPS Pumps Limited
Dormant
Ordinary
100.00
NPS Systems Limited
Dormant
Ordinary
100.00
NPS Bradford Limited
Dormant
Ordinary
100.00

The registered office address for all subsidiaries is Upper Castle Street, Bradford, BD5 7RN.

14
Financial instruments
Group
Company
2024
2023
2024
2023
£
£
£
£
Carrying amount of financial assets
Debt instruments measured at amortised cost
6,523,622
4,609,600
n/a
n/a
Carrying amount of financial liabilities
Measured at amortised cost
4,289,102
2,424,138
n/a
n/a
NPS ENGINEERING GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 28 -
15
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Work in progress
284,063
154,997
-
-
Finished goods and goods for resale
438,395
349,285
-
0
-
0
722,458
504,282
-
-
16
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
5,217,288
4,597,888
-
0
-
0
Other debtors
1,389,733
11,712
-
0
-
0
Prepayments and accrued income
177,303
78,282
-
0
-
0
6,784,324
4,687,882
-
-
17
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Obligations under finance leases
19
19,543
68,360
-
0
-
0
Payments received on account
559,987
37,723
-
0
-
0
Trade creditors
2,763,625
1,797,129
-
0
-
0
Amounts owed to group undertakings
-
0
-
0
160
160
Corporation tax payable
821,892
514,445
-
0
-
0
Other taxation and social security
169,542
184,340
-
-
Deferred income
21
157,185
224,419
-
0
-
0
Other creditors
5,847
4,926
-
0
-
0
Accruals and deferred income
930,715
486,625
-
0
-
0
5,428,336
3,317,967
160
160

Amounts due under finance lease agreements are secured against the assets to which they relate.

NPS ENGINEERING GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 29 -
18
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Obligations under finance leases
19
9,305
29,295
-
0
-
0
Other creditors
80
80
-
0
-
0
9,385
29,375
-
-
19
Finance lease obligations
Group
Company
2024
2023
2024
2023
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
19,543
68,360
-
0
-
0
In two to five years
9,305
29,295
-
0
-
0
28,848
97,655
-
-

Finance lease payments represent rentals payable by the company or group 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. The average lease term is 3 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

20
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
137,819
88,248
The company has no deferred tax assets or liabilities.
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 February 2023
88,248
-
Charge to profit or loss
49,571
-
Liability at 31 January 2024
137,819
-
NPS ENGINEERING GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
20
Deferred taxation
(Continued)
- 30 -
21
Deferred income
Group
Company
2024
2023
2024
2023
£
£
£
£
Arising from government grants
2,778
6,944
-
-
Other deferred income
154,407
217,475
-
-
157,185
224,419
-
-
22
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
96,376
76,712

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

23
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of 0.1p each
2,000
2,000
1
1
Ordinary A of 0.1p each
650
650
1
1
Ordinary B of 0.1p each
650
650
1
1
Ordinary C of 0.1p each
1,850
1,850
2
2
Ordinary D of 0.1p each
1,850
1,850
2
2
7,000
7,000
7
7

All shares in issue have attached to them full voting, dividend and capital distribution rights and are not redeemable.

24
Reserves

Share capital represents the number of shares issued at nominal price.

 

The profit and loss account represents accumulated comprehensive income for the year and prior periods, after deduction of dividends paid.

NPS ENGINEERING GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 31 -
25
Operating lease commitments
Lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
636,284
294,322
-
-
Between two and five years
2,374,439
1,196,780
-
-
In over five years
2,372,262
-
-
-
5,382,985
1,491,102
-
-
26
Cash generated from group operations
2024
2023
£
£
Profit for the year after tax
2,707,878
2,098,725
Adjustments for:
Taxation charged
871,463
486,761
Finance costs
5,773
7,594
Gain on disposal of tangible fixed assets
(43,146)
(39,524)
Depreciation and impairment of tangible fixed assets
98,380
180,835
Movements in working capital:
(Increase)/decrease in stocks
(218,176)
316,921
Increase in debtors
(2,096,442)
(824,218)
Increase/(decrease) in creditors
1,918,973
(211,687)
(Decrease)/increase in deferred income
(67,234)
224,419
Cash generated from operations
3,177,469
2,239,826
27
Analysis of changes in net funds - group
1 February 2023
Cash flows
31 January 2024
£
£
£
Cash at bank and in hand
3,013,125
1,279,289
4,292,414
Obligations under finance leases
(97,655)
68,807
(28,848)
2,915,470
1,348,096
4,263,566
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