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REGISTERED NUMBER: 07971121 (England and Wales)












Unaudited Financial Statements

for the Year Ended 29 February 2024

for

NCF Engineering Limited

NCF Engineering Limited (Registered number: 07971121)






Contents of the Financial Statements
for the Year Ended 29 February 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


NCF Engineering Limited

Company Information
for the Year Ended 29 February 2024







Directors: N S C Furno
G S Furno





Secretary: G S Furno





Registered office: Liddington Industrial Estate
Unit C2
Cheltenham
Gloucestershire
GL53 0DL





Registered number: 07971121 (England and Wales)





Accountants: Crowthers Chartered Accountants
15 St Georges Road
Cheltenham
Gloucestershire
GL50 3DT

NCF Engineering Limited (Registered number: 07971121)

Balance Sheet
29 February 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,800,502 1,652,645

CURRENT ASSETS
Stocks 150,000 100,000
Debtors 5 653,224 688,686
Cash at bank 455,779 328,089
1,259,003 1,116,775
CREDITORS: AMOUNTS FALLING DUE
WITHIN ONE YEAR

6

544,950

559,345
NET CURRENT ASSETS 714,053 557,430
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,514,555

2,210,075

CREDITORS: AMOUNTS FALLING DUE
AFTER MORE THAN ONE YEAR

7

(373,135

)

(375,091

)

PROVISIONS FOR LIABILITIES (450,665 ) (310,096 )
NET ASSETS 1,690,755 1,524,888

CAPITAL AND RESERVES
Called up share capital 8 250,100 250,100
Capital redemption reserve 11 11
Retained earnings 1,440,644 1,274,777
SHAREHOLDERS' FUNDS 1,690,755 1,524,888

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

NCF Engineering Limited (Registered number: 07971121)

Balance Sheet - continued
29 February 2024


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

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 4 October 2024 and were signed on its behalf by:





N S C Furno - Director


NCF Engineering Limited (Registered number: 07971121)

Notes to the Financial Statements
for the Year Ended 29 February 2024

1. STATUTORY INFORMATION

NCF Engineering Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:

Plant and machinery - 5% straight line
Fixtures and fittings - 20% straight line
Motor vehicles - 25% straight line
Computer equipment - 33% straight line

Government grants
Government grants are recognised based on the accrual model and are measured at fair value of the asset received or receivable. Grants are classified as relating to either revenue or to assets. Grants related to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred it is recognised as deferred income.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

NCF Engineering Limited (Registered number: 07971121)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

2. ACCOUNTING POLICIES - continued

Financial instruments
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

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

Basic financial assets
Basic financial assets, which include 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.

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

Basic financial liabilities
Basic financial liabilities, including 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 payment ts 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.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


NCF Engineering Limited (Registered number: 07971121)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Research and development
Expenditure on research and development is written off against profits in the year in which it is incurred.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 14 (2023 - 12 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
Cost
At 1 March 2023 2,644,258
Additions 299,897
At 29 February 2024 2,944,155
Depreciation
At 1 March 2023 991,613
Charge for year 152,040
At 29 February 2024 1,143,653
Net book value
At 29 February 2024 1,800,502
At 28 February 2023 1,652,645

NCF Engineering Limited (Registered number: 07971121)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 328,295 392,906
Amounts owed by group undertakings 305,163 270,828
Other debtors 19,766 24,952
653,224 688,686

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 82,000 82,000
Trade creditors 108,248 113,274
Taxation and social security 89,722 128,285
Other creditors 264,980 235,786
544,950 559,345

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 157,167 239,167
Other creditors 215,968 135,924
373,135 375,091

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
80 Ordinary A £1 80 80
20 Ordinary B £1 20 20
250,000 Preference £1 250,000 250,000
250,100 250,100

9. OTHER FINANCIAL COMMITMENTS

At the year end the company had financial commitments not reflected on the balance sheet of £11,250 (2023: £13,788).