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REGISTERED NUMBER: 01082111 (England and Wales)












Unaudited Financial Statements

for the Year Ended 28 February 2024

for

Niphos Metal Finishing Co. Limited

Niphos Metal Finishing Co. Limited (Registered number: 01082111)






Contents of the Financial Statements
for the year ended 28 February 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


Niphos Metal Finishing Co. Limited

Company Information
for the year ended 28 February 2024







DIRECTORS: J W E Wilcox
R H Wilcox
Mrs P Wilcox





SECRETARY: J W E Wilcox





REGISTERED OFFICE: 25 Hope Street
Crewe
Cheshire
CW2 7DR





REGISTERED NUMBER: 01082111 (England and Wales)





ACCOUNTANTS: Banks Sheridan
Datum House
Electra Way
Crewe
Cheshire
CW1 6ZF

Niphos Metal Finishing Co. Limited (Registered number: 01082111)

Statement of Financial Position
28 February 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 269,392 227,522

CURRENT ASSETS
Stocks 400 688
Debtors 6 1,585 8,451
1,985 9,139
CREDITORS
Amounts falling due within one year 7 109,304 79,912
NET CURRENT LIABILITIES (107,319 ) (70,773 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

162,073

156,749

PROVISIONS FOR LIABILITIES 9 21,946 25,669
NET ASSETS 140,127 131,080

CAPITAL AND RESERVES
Called up share capital 720 720
Revaluation reserve 10 277,395 228,408
Capital redemption reserve 2,280 2,280
Retained earnings (140,268 ) (100,328 )
SHAREHOLDERS' FUNDS 140,127 131,080

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 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.

Niphos Metal Finishing Co. Limited (Registered number: 01082111)

Statement of Financial Position - continued
28 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 Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 27 November 2024 and were signed on its behalf by:





R H Wilcox - Director


Niphos Metal Finishing Co. Limited (Registered number: 01082111)

Notes to the Financial Statements
for the year ended 28 February 2024

1. STATUTORY INFORMATION

Niphos Metal Finishing Company Limited ('The Company') is primarily engaged in the provision of services in the electrochemical plating industry.

The company is a private company limited by shares and is incorporated in England and Wales. The address of the principle place of business and the registered office is 25 Hope Street, Crewe, Cheshire, CW2 7DR. The registered number can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£). Monetary amounts in these financial statements are rounded to the nearest £.

2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Summary of significant accounting policies
The principle accounting policies applied in the preparation of these financial statements are set out below.

These policies have been consistently applied to all years presented, unless otherwise stated.

Basis of preparation
The financial statements are prepared on the going concern basis under the historical cost convention and comply with the United Kingdom Accounting Standards and Companies Act 2006.

Going concern
The company meets it's day to day working capital requirements through a bank overdraft which is repayable on demand. The directors consider that the facility will continue to be made available within which the company will be able to operate. These views are based on the company's plans, financial projections and discussions with the company's bankers.

On this basis the directors consider it appropriate to prepare the financial statements on the going concern basis.

Revenue recognition
Revenue (described as turnover) is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.

Income is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them.

Niphos Metal Finishing Co. Limited (Registered number: 01082111)

Notes to the Financial Statements - continued
for the year ended 28 February 2024

3. ACCOUNTING POLICIES - continued

Tangible fixed assets
Tangible fixed assets are stated at historical cost less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Freehold property is stated at fair value.

Depreciation is provided at the following annual rates so as to write off their cost less residual amounts over their estimated useful economic lives. Assets are also reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the assets carrying amount exceeds its recoverable amount.

Freehold property- 2.5% on cost
Plant & machinery- 25% on reducing balance
Motor vehicles- 25% on reducing balance
Computer equipment- 33% on cost

The residual values and useful lives of assets are reviewed and adjusted if appropriate at each year end.

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell (net realisable value).

Financial instruments
The following assets and liabilities are classified as financial instruments - trade debtors, trade creditors, bank loans and directors' loans.

Bank loans are initially measured at the present value of future payments, discounted at a market rate of interest, and subsequently at amortised cost using the effective interest method.

Directors' loans (being repayable on demand), trade debtors and trade creditors are measured at the discounted amount of the cash or other consideration expected to be paid or received.

Financial assets that are measured at amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the statement of comprehensive income and retained earnings.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 year end.


Niphos Metal Finishing Co. Limited (Registered number: 01082111)

Notes to the Financial Statements - continued
for the year ended 28 February 2024

3. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the
year end.

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.

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.

Impairment of assets
Assets not measured at fair value are reviewed for any indications that the asset maybe impaired at each statement of financial position date. If such indications exists the recoverable amount of the asset or the assets cash generating unit is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

Any losses arising from impairment are recognised in the statement of comprehensive income under the appropriate heading.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2023 - 4 ) .

5. TANGIBLE FIXED ASSETS
Freehold Plant and Motor Computer
property machinery vehicles equipment Totals
£    £    £    £    £   
COST OR VALUATION
At 1 March 2023 250,000 21,160 16,203 4,084 291,447
Revaluations 50,000 - - - 50,000
At 28 February 2024 300,000 21,160 16,203 4,084 341,447
DEPRECIATION
At 1 March 2023 25,000 20,468 14,373 4,084 63,925
Charge for year 7,500 173 457 - 8,130
At 28 February 2024 32,500 20,641 14,830 4,084 72,055
NET BOOK VALUE
At 28 February 2024 267,500 519 1,373 - 269,392
At 28 February 2023 225,000 692 1,830 - 227,522

Niphos Metal Finishing Co. Limited (Registered number: 01082111)

Notes to the Financial Statements - continued
for the year ended 28 February 2024

5. TANGIBLE FIXED ASSETS - continued

Cost or valuation at 28 February 2024 is represented by:

Freehold Plant and Motor Computer
property machinery vehicles equipment Totals
£    £    £    £    £   
Valuation in 2024 50,000 - - - 50,000
Cost 250,000 21,160 16,203 4,084 291,447
300,000 21,160 16,203 4,084 341,447

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 1,585 7,586
Other debtors - 865
1,585 8,451

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 23,614 22,114
Trade creditors 1,265 1,243
Taxation and social security 386 763
Other creditors 84,039 55,792
109,304 79,912

8. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank overdrafts 23,614 22,114

9. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 21,946 25,669

Niphos Metal Finishing Co. Limited (Registered number: 01082111)

Notes to the Financial Statements - continued
for the year ended 28 February 2024

9. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1 March 2023 25,669
Utilised during year (3,723 )
Balance at 28 February 2024 21,946

10. RESERVES
Revaluation
reserve
£   
At 1 March 2023 228,408
Revaluation reserve 50,000
Transfer (1,013 )

At 28 February 2024 277,395