N.K. Fencing Limited NI014866 false 2023-05-01 2024-04-30 2024-04-30 The principal activity of the company is the manufacture and installation of fencing and access control systems. Digita Accounts Production Advanced 6.30.9574.0 true true NI014866 2023-05-01 2024-04-30 NI014866 2024-04-30 NI014866 bus:OrdinaryShareClass1 2024-04-30 NI014866 core:FinanceLeases core:CurrentFinancialInstruments 2024-04-30 NI014866 core:FinanceLeases core:Non-currentFinancialInstruments 2024-04-30 NI014866 core:CurrentFinancialInstruments 2024-04-30 NI014866 core:CurrentFinancialInstruments core:WithinOneYear 2024-04-30 NI014866 core:Non-currentFinancialInstruments 2024-04-30 NI014866 core:Non-currentFinancialInstruments core:AfterOneYear 2024-04-30 NI014866 core:WithinOneYear 2024-04-30 NI014866 core:FurnitureFittings 2024-04-30 NI014866 core:LandBuildings core:ShortLeaseholdAssets 2024-04-30 NI014866 core:PlantMachinery 2024-04-30 NI014866 bus:SmallEntities 2023-05-01 2024-04-30 NI014866 bus:Audited 2023-05-01 2024-04-30 NI014866 bus:FullAccounts 2023-05-01 2024-04-30 NI014866 bus:SmallCompaniesRegimeForAccounts 2023-05-01 2024-04-30 NI014866 bus:RegisteredOffice 2023-05-01 2024-04-30 NI014866 bus:Director5 2023-05-01 2024-04-30 NI014866 bus:Director6 2023-05-01 2024-04-30 NI014866 bus:OrdinaryShareClass1 2023-05-01 2024-04-30 NI014866 bus:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 NI014866 core:FurnitureFittings 2023-05-01 2024-04-30 NI014866 core:LandBuildings core:ShortLeaseholdAssets 2023-05-01 2024-04-30 NI014866 core:LeaseholdImprovements 2023-05-01 2024-04-30 NI014866 core:PlantMachinery 2023-05-01 2024-04-30 NI014866 countries:AllCountries 2023-05-01 2024-04-30 NI014866 2023-04-30 NI014866 core:FurnitureFittings 2023-04-30 NI014866 core:LandBuildings core:ShortLeaseholdAssets 2023-04-30 NI014866 core:PlantMachinery 2023-04-30 NI014866 2022-05-01 2023-04-30 NI014866 2023-04-30 NI014866 bus:OrdinaryShareClass1 2023-04-30 NI014866 core:FinanceLeases core:CurrentFinancialInstruments 2023-04-30 NI014866 core:FinanceLeases core:Non-currentFinancialInstruments 2023-04-30 NI014866 core:CurrentFinancialInstruments 2023-04-30 NI014866 core:CurrentFinancialInstruments core:WithinOneYear 2023-04-30 NI014866 core:Non-currentFinancialInstruments 2023-04-30 NI014866 core:Non-currentFinancialInstruments core:AfterOneYear 2023-04-30 NI014866 core:WithinOneYear 2023-04-30 NI014866 core:FurnitureFittings 2023-04-30 NI014866 core:LandBuildings core:ShortLeaseholdAssets 2023-04-30 NI014866 core:PlantMachinery 2023-04-30 iso4217:GBP xbrli:pure xbrli:shares

Registration number: NI014866

N.K. Fencing Limited

Filleted Financial Statements

for the Year Ended 30 April 2024

 

N.K. Fencing Limited

Contents

Balance Sheet

1

Notes to the Financial Statements

2 to 10

 

N.K. Fencing Limited

(Registration number: NI014866)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

670,002

593,332

Current assets

 

Stocks

5

623,780

803,330

Debtors

6

2,032,103

2,156,014

Cash at bank and in hand

 

403,846

862,759

 

3,059,729

3,822,103

Creditors: Amounts falling due within one year

7

(2,743,186)

(2,649,790)

Net current assets

 

316,543

1,172,313

Total assets less current liabilities

 

986,545

1,765,645

Creditors: Amounts falling due after more than one year

7

(328,939)

(299,723)

Provisions for liabilities

(92,783)

(66,537)

Net assets

 

564,823

1,399,385

Capital and reserves

 

Called up share capital

8

57,667

57,667

Capital redemption reserve

42,333

42,333

Retained earnings

464,823

1,299,385

Shareholders' funds

 

564,823

1,399,385

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Statement of Comprehensive Income.

Approved and authorised by the Board on 14 November 2024 and signed on its behalf by:
 

.........................................
Allan Davidson
Director

.........................................
Paul Davidson
Director

 
     
 

N.K. Fencing Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

1

General information

The company is a private company limited by share capital, incorporated in Northern Ireland.

The address of its registered office is:
40 Trailcock Road
Carrickfergus
County Antrim
BT38 7NU
Northern Ireland

These financial statements were authorised for issue by the Board on 14 November 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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 £.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

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.

Audit report

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 14 November 2024 was Brian Stewart, who signed for and on behalf of RBCA Limited.

 

N.K. Fencing Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
●The amount of revenue can be reliably measured;
● It is probable that future economic benefits will flow to the entity; and
● Specific criteria have been met for each of the company's activities.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

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 company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

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 when the company has 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

 

N.K. Fencing Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

Asset class

Depreciation method and rate

Leasehold improvements

10% per annum straight line

Plant and equipment

20% per annum straight line

Fixtures and fittings

15% per annum straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method. The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories 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, stocks are assessed for impairment. If stocks are 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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

N.K. Fencing Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the statement of comprehensive income over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the statement of comprehensive income and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

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

 

N.K. Fencing Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

Financial instruments
The company 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 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 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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 64 (2023 - 58).

 

N.K. Fencing Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

4

Tangible assets

Leasehold improvements
£

Plant and machinery
£

Fixtures and fittings
£

Total
£

Cost or valuation

At 1 May 2023

100,959

2,028,580

261,295

2,390,834

Additions

-

366,103

4,674

370,777

Disposals

-

(293,967)

-

(293,967)

At 30 April 2024

100,959

2,100,716

265,969

2,467,644

Depreciation

At 1 May 2023

100,294

1,478,332

218,876

1,797,502

Charge for the year

665

176,924

22,540

200,129

Eliminated on disposal

-

(199,989)

-

(199,989)

At 30 April 2024

100,959

1,455,267

241,416

1,797,642

Carrying amount

At 30 April 2024

-

645,449

24,553

670,002

At 30 April 2023

665

550,248

42,419

593,332

5

Stocks

2024
£

2023
£

Other inventories

623,780

803,330

6

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

1,424,850

1,450,929

Amounts owed by group undertakings

12

235,749

226,721

Prepayments and accrued income

 

280,716

365,501

Other debtors

 

90,788

112,863

   

2,032,103

2,156,014

 

N.K. Fencing Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

186,649

169,261

Trade creditors

 

1,153,521

1,409,866

Amounts owed to group undertakings

12

1,017,691

553,097

Corporation tax

 

23,048

44,611

Other taxation and social security

 

87,648

68,186

Accruals and deferred income

 

242,901

361,872

Other creditors

 

31,728

42,897

 

2,743,186

2,649,790

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

328,453

299,186

Government grants

 

486

537

 

328,939

299,723

8

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary shares of £1 each

57,667

57,667

57,667

57,667

         

9

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

-

47,012

Finance lease liabilities

328,453

252,174

328,453

299,186

 

N.K. Fencing Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

2024
£

2023
£

Current loans and borrowings

Bank borrowings

47,445

48,027

Finance lease liabilities

139,204

121,234

186,649

169,261

Bank borrowings

Bank loans are secured by a floating charge over the assets and undertakings of the company and a fixed charge over the book debts of the company.

10

Obligations under leases and hire purchase contracts

Operating leases

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

2024
£

2023
£

196,647

807,672

Obligations under finance leases are secured on the assets to which they relate.

11

Commitments and contingencies

The company has given an unlimited guarantee in respect of the bank borrowings of N.K. Holdings Limited, the parent company. As at 30 April 2024 N.K Holdings Limited bank borrowings are £766,198.

12

Related party transactions

As the company is a wholly owned subsidiary, the directors have taken advantage of the exemption from disclosing related party transactions with other wholly owned group companies, in accordance with FRS 102.

No other transactions with related parties were undertaken that are required to be disclosed under FRS 102 Section 1A.

 

N.K. Fencing Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

13

Parent company

N.K. Holdings Limited, a company incorporated in Northern Ireland, is considered by the directors as being the company's controlling party and ultimate parent company.

N.K. Holdings Limited has included the results of N.K. Fencing Limited in its group financial statements, copies of which are available from its registered office at 40 Trailcock Road, Carrickfergus, BT38 7NU.