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COMPANY REGISTRATION NUMBER: 12534270
NGAGE RESOURCING LTD
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 July 2023
NGAGE RESOURCING LTD
FINANCIAL STATEMENTS
Year ended 31 July 2023
CONTENTS
PAGE
Balance sheet
1
Notes to the financial statements
3
NGAGE RESOURCING LTD
BALANCE SHEET
31 July 2023
2023
2022
(restated)
Note
£
£
FIXED ASSETS
Tangible assets
5
393,682
179,520
CURRENT ASSETS
Debtors
6
3,537,323
3,352,279
Cash at bank and in hand
507,107
81,695
------------
------------
4,044,430
3,433,974
CREDITORS: amounts falling due within one year
7
( 4,014,875)
( 2,538,109)
------------
------------
NET CURRENT ASSETS
29,555
895,865
---------
------------
TOTAL ASSETS LESS CURRENT LIABILITIES
423,237
1,075,385
CREDITORS: amounts falling due after more than one year
8
( 25,550)
( 36,287)
PROVISIONS
( 16,504)
( 11,393)
---------
------------
NET ASSETS
381,183
1,027,705
---------
------------
CAPITAL AND RESERVES
Called up share capital
1
1
Profit and loss account
381,182
1,027,704
---------
------------
SHAREHOLDERS FUNDS
381,183
1,027,705
---------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the profit and loss account has not been delivered.
For the year ending 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- 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 Act with respect to accounting records and the preparation of financial statements .
NGAGE RESOURCING LTD
BALANCE SHEET (continued)
31 July 2023
These financial statements were approved by the board of directors and authorised for issue on 30 October 2024 , and are signed on behalf of the board by:
Mrs E A Thomas
Director
Company registration number: 12534270
NGAGE RESOURCING LTD
NOTES TO THE FINANCIAL STATEMENTS
Year ended 31 July 2023
1. GENERAL INFORMATION
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is 148 High Street, Merthyr Tydfil, CF47 8DP.
2. STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Exceptional items
Exceptional items are disclosed separately in the financial statements in order to provide further understanding of the financial performance of the entity. They are material items of income or expense that have been shown separately because of their nature or amount.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
20% straight line
Motor vehicles
-
20% straight line
Computer equipment
-
33% straight line
Leasehold improvements
-
20% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the balance sheet as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the balance sheet and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to 14 (2022: 12 ).
5. TANGIBLE ASSETS
Plant and machinery
Motor vehicles
Equipment
Leasehold improvements
Total
£
£
£
£
£
Cost
At 1 August 2022 (as restated)
37,035
104,397
29,377
75,153
245,962
Additions
260,962
23,200
6,695
290,857
---------
---------
--------
--------
---------
At 31 July 2023
297,997
127,597
36,072
75,153
536,819
---------
---------
--------
--------
---------
Depreciation
At 1 August 2022
6,306
23,521
14,069
22,546
66,442
Charge for the year
29,202
22,040
10,423
15,030
76,695
---------
---------
--------
--------
---------
At 31 July 2023
35,508
45,561
24,492
37,576
143,137
---------
---------
--------
--------
---------
Carrying amount
At 31 July 2023
262,489
82,036
11,580
37,577
393,682
---------
---------
--------
--------
---------
At 31 July 2022
30,729
80,876
15,308
52,607
179,520
---------
---------
--------
--------
---------
6. DEBTORS
2023
2022
(restated)
£
£
Trade debtors
2,044,690
1,282,082
Amounts owed by group undertakings and undertakings in which the company has a participating interest
100,920
Other debtors
1,391,713
2,070,197
------------
------------
3,537,323
3,352,279
------------
------------
7. CREDITORS: amounts falling due within one year
2023
2022
(restated)
£
£
Trade creditors
279,802
123,960
Amounts owed to group undertakings and undertakings in which the company has a participating interest
99
99
Corporation tax
469,351
292,203
Social security and other taxes
1,770,276
974,232
Other creditors
1,495,347
1,147,615
------------
------------
4,014,875
2,538,109
------------
------------
The above includes secured creditors of £10,028 (2022 - £10,028). These balances are secured over the assets to which they relate. Included within other creditors is an amount of £1,019,954 (2022 - £744,644) which is secured on debtors.
8. CREDITORS: amounts falling due after more than one year
2023
2022
(restated)
£
£
Other creditors
25,550
36,287
--------
--------
The above includes secured creditors of £25,550 (2022 - £36,287). These balances are secured over the assets to which they relate.
9. PRIOR PERIOD ERRORS
The prior period figures have been restated to removed sales recorded in error. As a result net assets and the profit and loss account has decreased by £128,843.
10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES
Included within debtors are balances totalling £445,465 (2022 - £193,230) due from the directors. The following transactions took place between the directors and the company during the year:
Ms E A Thomas Mr B Sparks
£ £
Opening balance 216,883 58,799
Dividends - (146,800)
Capital introduced (650,911) -
Drawings 434,028 281,231
Closing balance (3,828) 449,293
11. RELATED PARTY TRANSACTIONS
The company has taken advantage of the exemption provided by Section 33 of Financial Reporting Standard 102 from the requirement to disclose transactions between wholly owned members of the same group. Included within creditors due within one year is a balance of £415,484 (2022 - £347,000) due to Ngage Rail Limited, a company registered in England & Wales. The director Ms E A Thomas has a material interest in this company. Included within debtors is a balance of £– (2022 - £289,375) due from Ngage Construction Inc., a company registered in Canada. The director Ms E A Thomas has a material interest in this company.
12. CONTROLLING PARTY
In the opinion of the directors, the company's ultimate parent company is Ngage Holdings Limited, a company registered in England & Wales which owns 100% of the allotted share capital. Ashton James Homes Inc. & Mr B Sparks own the allotted share capital of Ngage Holdings Limited. Ashton James Homes Inc. is registered in Canada, and the director Ms E A Thomas has a material interest in this company.