Registered number: 09162247
NATIONWIDE SPECIALIST PROJECTS LIMITED
Financial statements
Information for filing with the registrar
For the period ended 31 December 2023
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NATIONWIDE SPECIALIST PROJECTS LIMITED
Registered number: 09162247
Balance sheet
As at 31 December 2023
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Debtors: amounts falling due after more than one year
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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Provisions for liabilities
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Capital redemption reserve
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The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
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 statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
Page 1
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NATIONWIDE SPECIALIST PROJECTS LIMITED
Registered number: 09162247
Balance sheet (continued)
As at 31 December 2023
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
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J J Twigg
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The notes on pages 3 to 9 form part of these financial statements.
Page 2
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NATIONWIDE SPECIALIST PROJECTS LIMITED
Notes to the financial statements
For the period ended 31 December 2023
Nationwide Specialist Projects Limited is a private company limited by shares incorporated in the United Kingdom. The address of the registered office is given in the company information of these financial statements. The nature of the company's operations and principal activity is the installation of smoke control and ventilation systems.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared in accordance with applicable accounting standards including Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The financial statements have been prepared on a going concern basis under the historical cost convention.
The financial statements cover the period from 1 October 2022 to 31 December 2023. The comparative figures cover the year from 1 October 2021 to 30 September 2022. As a result, the comparatives are not entirely comparable.
The financial statements are presented in sterling which is the functional currency of the Company and rounded to the nearest £1.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies.
The following principal accounting policies have been applied:
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:
Sale of goods
Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
∙the Company has transferred the significant risks and rewards of ownership to the buyer;
∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
∙the amount of revenue can be measured reliably;
∙it is probable that the Company will receive the consideration due under the transaction; and
∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from contracts
For contracts with customers which have the characteristics of long term contacts, revenue represents the total amount receivable in respect of work done, including certified amounts recoverable on contracts. Profit on contracts is taken at the point the outcome of contract can be estimated reliably, which is based on the level of completion of the contract at the balance sheet date.
Losses are recognised as soon as they are foreseeable.
Page 3
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NATIONWIDE SPECIALIST PROJECTS LIMITED
Notes to the financial statements
For the period ended 31 December 2023
2.Accounting policies (continued)
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.
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.
Depreciation is provided on the following basis:
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.
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Operating leases: the Company as lessee
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Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
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Leased assets: the Company as lessee
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Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
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.
Page 4
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NATIONWIDE SPECIALIST PROJECTS LIMITED
Notes to the financial statements
For the period ended 31 December 2023
2.Accounting policies (continued)
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Short term debtors and creditors
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Debtors and creditors with no stated interest rate and receivable or payable within one year arerecorded at transaction price. Any losses arising from impairment are recognised in the Statement of comprehensive income in other administrative expenses.
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Cash and cash equivalents
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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.
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.
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Current and deferred taxation
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The tax expense for the period 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 is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
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.
Page 5
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NATIONWIDE SPECIALIST PROJECTS LIMITED
Notes to the financial statements
For the period ended 31 December 2023
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The average monthly number of employees, including directors, during the period/year was 19 (2022 - 20).
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Charge for the period on owned assets
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Charge for the period on financed assets
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The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:
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Page 6
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NATIONWIDE SPECIALIST PROJECTS LIMITED
Notes to the financial statements
For the period ended 31 December 2023
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Due after more than one year
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Amounts owed by group undertakings
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Prepayments and accrued income
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Other taxation and social security
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Obligations under finance lease and hire purchase contracts
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Accruals and deferred income
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Obligations under finance lease and hire purchase contracts are secured upon the assets to which they relate.
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Page 7
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NATIONWIDE SPECIALIST PROJECTS LIMITED
Notes to the financial statements
For the period ended 31 December 2023
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Creditors: Amounts falling due after more than one year
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Obligations under finance lease and hire purchase contracts
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Hire purchase and finance leases
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Minimum lease payments under hire purchase fall due as follows:
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Page 8
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NATIONWIDE SPECIALIST PROJECTS LIMITED
Notes to the financial statements
For the period ended 31 December 2023
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Allotted, called up and fully paid
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190 (2022 - 200) Ordinary shares of £1.00 each
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During the period, the Company repurchased 10 Ordinary shares for consideration of £228,130.
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The Company operates a defined contribution pension scheme. The pension cost charge for the period/year represents contributions payable by the Company to the scheme, and amounted to £83,161 (2022 - £76,594).
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Related party transactions
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During the period, the Company paid rent of £12,750 (2022 - £Nil) to a company with Directors in common. The Company was also recharged expenses totalling £610 (2022 - £Nil) by this related party. At the reporting date there was an amount of £Nil (2022 - £Nil) due to the Company.
During the period, the Company paid rent of £67,210 (2022 - £Nil) to another company with Directors in common. At the reporting date there was an amount of £Nil (2022 - £26,173) due to the Company.
During the period, the Company made purchases of £46,072 (2022 - £45,566) from and sales of £25,820 (2022 - £Nil) to another company with Directors in common. At the reporting date there was an amount of £Nil (2022 - £Nil) due to the Company.
The Company has taken advantage of the exemption under FRS 102 Section 33.1A Related Party Disclosures from disclosing transactions with other wholly owned members of the group.
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The auditors' report on the financial statements for the period ended 31 December 2023 was unqualified.
The audit report was signed on 25 November 2024 by James Bagley (Senior statutory auditor) on behalf of PKF Smith Cooper Audit Limited.
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