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REGISTERED NUMBER: 01983363 (England and Wales)















Unaudited Financial Statements for the Year Ended 30 April 2024

for

N.V.C.S. Ltd

N.V.C.S. Ltd (Registered number: 01983363)

Contents of the Financial Statements
for the Year Ended 30 April 2024










Page

Balance Sheet 1

Notes to the Financial Statements 3


N.V.C.S. Ltd (Registered number: 01983363)

Balance Sheet
30 April 2024

2024 2023
Notes £ £
Fixed assets
Intangible assets 5 54,057 103,190
Tangible assets 6 1,007,396 917,148
Investment property 7 220,000 220,000
1,281,453 1,240,338

Current assets
Stocks 646,458 667,165
Debtors 8 850,165 913,415
Cash at bank and in hand 1,912,602 1,344,999
3,409,225 2,925,579
Creditors
Amounts falling due within one year 9 (948,921 ) (765,411 )
Net current assets 2,460,304 2,160,168
Total assets less current liabilities 3,741,757 3,400,506

Provisions for liabilities (237,314 ) (195,253 )
Net assets 3,504,443 3,205,253

Capital and reserves
Called up share capital 1,100 1,100
Retained earnings 3,503,343 3,204,153
3,504,443 3,205,253

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 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.

N.V.C.S. Ltd (Registered number: 01983363)

Balance Sheet - continued
30 April 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 27 November 2024 and were signed on its behalf by:




Mr R B Gore - Director



Mr C J Skipper - Director


N.V.C.S. Ltd (Registered number: 01983363)

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


1. Statutory information

N.V.C.S. Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 01983363

Registered office: Unit 1, Green Farm
Rackheath Industrial Estate
Rackheath
Norwich
Norfolk
NR13 6LQ

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


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

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Critical accounting judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Turnover
Turnover represents net invoiced sales of goods and services, excluding value added tax.

Goodwill
Goodwill, being amounts paid in connection with the acquisition of various businesses, are being amortised evenly over their estimated useful life of three years.

N.V.C.S. Ltd (Registered number: 01983363)

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


3. Accounting policies - continued

Tangible fixed assets
Tangible fixed 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 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:

Improvements to property- at varying rates on cost
Plant and machinery- 20-25% on cost
Fixtures, fittings &equipment- 20-25% on cost and 10% on cost
Motor vehicles- 33% on cost

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks
Stocks are valued at the lower of cost and net realisable value on a First In First out (FIFO) basis, after making due allowance for obsolete and slow moving items.

N.V.C.S. Ltd (Registered number: 01983363)

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


3. Accounting policies - continued

Financial instruments
A financial asset or a financial liability is recognised only when the entity 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.

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. 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 entity after deducting all of its financial liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

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.


N.V.C.S. Ltd (Registered number: 01983363)

Notes to the Financial Statements - continued
for the Year Ended 30 April 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 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.

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.

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.

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.

4. Employees and directors

The average number of employees during the year was 62 (2023 - 59 ) .

5. Intangible fixed assets
Goodwill
£
Cost
At 1 May 2023
and 30 April 2024 192,397
Amortisation
At 1 May 2023 89,207
Amortisation for year 49,133
At 30 April 2024 138,340
Net book value
At 30 April 2024 54,057
At 30 April 2023 103,190

N.V.C.S. Ltd (Registered number: 01983363)

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


6. Tangible fixed assets
Fixtures,
Improvements Plant and fittings & Motor
to property machinery equipment vehicles Totals
£ £ £ £ £
Cost
At 1 May 2023 203,003 1,478,197 478,876 1,048,521 3,208,597
Additions - 223,244 11,133 345,616 579,993
Disposals - - - (74,017 ) (74,017 )
At 30 April 2024 203,003 1,701,441 490,009 1,320,120 3,714,573
Depreciation
At 1 May 2023 168,664 1,168,119 335,087 619,579 2,291,449
Charge for year 4,488 185,801 32,263 261,173 483,725
Eliminated on disposal - - - (67,997 ) (67,997 )
At 30 April 2024 173,152 1,353,920 367,350 812,755 2,707,177
Net book value
At 30 April 2024 29,851 347,521 122,659 507,365 1,007,396
At 30 April 2023 34,339 310,078 143,789 428,942 917,148

Fixed assets included in the plant and machinery category are held for use in operating lease contracts.

7. Investment property
Total
£
Fair value
At 1 May 2023
and 30 April 2024 220,000
Net book value
At 30 April 2024 220,000
At 30 April 2023 220,000

Investment property is included in the financial statements at fair value as valued by the directors. A further review by the directors indicated no significant change in the value at 30 April 2024.

Fair value at 30 April 2024 is represented by:
£
Valuation in 2017 175,000
Valuation in 2018 20,000
Valuation in 2021 25,000
220,000

N.V.C.S. Ltd (Registered number: 01983363)

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


8. Debtors: amounts falling due within one year
2024 2023
£ £
Trade debtors 529,082 551,190
Amounts owed by associates 100,000 -
Other debtors 221,083 362,225
850,165 913,415

9. Creditors: amounts falling due within one year
2024 2023
£ £
Trade creditors 459,847 466,705
Taxation and social security 344,455 179,015
Other creditors 144,619 119,691
948,921 765,411

10. Leasing agreements

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£ £
Within one year 64,500 60,000

11. Directors' advances, credits and guarantees

At the year end a balance of £nil (2023 - £180,000) was due from a Director of the company. During the year the Director made repayments relating to an outstanding loan from the company - these repayments amounted to £180,000 (2023 - £nil).

Interest on the loan to the Director was charged at HMRC's official rate for beneficial loans.

12. Related party disclosures

The company paid rent of £52,000 in the year (2023 - £52,000) to a company owned and controlled by some of the directors of NVCS Ltd and their associates. At the year end an amount of £nil (2023 - £nil) was owing from that company.