Company registration number 10758946 (England and Wales)
NATIONAL TRENCH SAFETY UK LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
NATIONAL TRENCH SAFETY UK LIMITED
COMPANY INFORMATION
Directors
P S Mason
(resigned 11 January 2024)
V A Welch
(resigned 13 September 2024)
P Flannery
(appointed 11 January 2024)
J B Kapple
(appointed 13 September 2024)
P Pinena
(appointed 13 September 2024)
Company number
10758946
Registered office
Unit 28, Moor Lane Trading Estate
Moxon Way
Sherburn in Elmet
Leeds
United Kingdom
LS25 6ES
Auditor
Azets Audit Services
Crown House
Bridgewater Close
Burnley
Lancashire
United Kingdom
BB11 5TE
Business address
Unit 28, Moor Lane Trading Estate
Moxon Way
Sherburn in Elmet
Leeds
United Kingdom
LS25 6ES
NATIONAL TRENCH SAFETY UK LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
5
4,967,162
4,154,880
Investments
6
1
1
4,967,163
4,154,881
Current assets
Stocks
69,347
144,537
Debtors
8
2,164,661
1,266,123
Cash at bank and in hand
456,684
148,216
2,690,692
1,558,876
Creditors: amounts falling due within one year
9
(1,318,825)
(7,962,649)
Net current assets/(liabilities)
1,371,867
(6,403,773)
Net assets/(liabilities)
6,339,030
(2,248,892)
Capital and reserves
Called up share capital
11
101
100
Share premium account
6,999,999
Profit and loss reserves
(661,070)
(2,248,992)
Total equity
6,339,030
(2,248,892)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 29 January 2025 and are signed on its behalf by:
P Flannery
J B Kapple
Director
Director
Company Registration No. 10758946
NATIONAL TRENCH SAFETY UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information
National Trench Safety UK Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 28, Moor Lane Trading Estate, Moxon Way, Sherburn in Elmet, Leeds, United Kingdom, LS25 6ES.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
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 £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
1.2
Going concern
Atruet 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.
The company continues to be financed by intercompany loans from group undertakings in the USA who have have confirmed they are able and willing to continue providing financial support to the company for the foreseeable future.
On the basis of this continued financial support being in place the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from fleet hire agreements is recognised on a straight line basis over the length of the agreement.
1.4
Intangible fixed assets other than goodwill
Intangible assets acquired are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
NATIONAL TRENCH SAFETY UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Software
3 years straight line
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold improvements
over the life of the lease
Plant and equipment
1 - 12 years straight line
Fixtures and fittings
3 years straight line
Computers
3 years straight line
Motor vehicles
3 years straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.6
Fixed asset investments
Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.7
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply.
1.8
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks 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, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.9
Cash and cash equivalents
Cash at bank and in hand are basic financial assets and include cash in hand and deposits held at call with banks.
NATIONAL TRENCH SAFETY UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.10
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.
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 and loans from fellow group companies are initially recognised at transaction price. 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.
1.11
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.12
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.
NATIONAL TRENCH SAFETY UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
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.
1.13
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.14
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.15
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.16
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
There are no key accounting estimates.
NATIONAL TRENCH SAFETY UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
22
17
4
Intangible fixed assets
Software
£
Cost
At 1 January 2023 and 31 December 2023
39,175
Amortisation and impairment
At 1 January 2023 and 31 December 2023
39,175
Carrying amount
At 31 December 2023
At 31 December 2022
5
Tangible fixed assets
Leasehold improvements
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 January 2023
138,437
6,408,504
29,342
14,184
281,363
6,871,830
Additions
31,852
1,635,336
65,337
926
62,875
1,796,326
Disposals
(18,585)
(450)
(19,035)
At 31 December 2023
170,289
8,025,255
94,679
14,660
344,238
8,649,121
Depreciation and impairment
At 1 January 2023
53,577
2,455,338
29,342
10,219
168,474
2,716,950
Depreciation charged in the year
12,593
854,009
16,528
2,172
79,832
965,134
Eliminated in respect of disposals
(125)
(125)
At 31 December 2023
66,170
3,309,347
45,870
12,266
248,306
3,681,959
Carrying amount
At 31 December 2023
104,119
4,715,908
48,809
2,394
95,932
4,967,162
At 31 December 2022
84,860
3,953,166
3,965
112,889
4,154,880
NATIONAL TRENCH SAFETY UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
6
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
1
1
7
Subsidiaries
Details of the company's subsidiaries at 31 December 2023 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Shore and Pour Limited
28 Old Office Block, Moor Lane Trading Estate, Moxon Way, Sherburn In Elmet, Leeds, LS25 6ES
Ordinary shares
100.00
8
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
1,119,955
845,575
Amounts owed by group undertakings
336,852
332,772
Other debtors
16,300
15,100
Prepayments and accrued income
166,554
72,676
1,639,661
1,266,123
Deferred tax asset (note 10)
525,000
2,164,661
1,266,123
9
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
132,441
188,719
Amounts owed to group undertakings
887,183
7,556,507
Taxation and social security
143,071
171,135
Other creditors
156,130
46,288
1,318,825
7,962,649
Amounts owed to group undertakings are interest free and repayable on demand.
NATIONAL TRENCH SAFETY UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
10
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Assets
Assets
2023
2022
Balances:
£
£
Tax losses
525,000
-
2023
Movements in the year:
£
Liability at 1 January 2023
-
Credit to profit or loss
(525,000)
Asset at 31 December 2023
(525,000)
The deferred tax asset set out above is expected to reverse within 12 months and relates to the utilisation of tax losses against future expected profits of the same period.
11
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
101
100
101
100
One Ordinary share of £1 each was allotted on 31 December 2023 for a total consideration of £7,000,000.
12
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Jonathan Ward
Statutory Auditor:
Azets Audit Services
NATIONAL TRENCH SAFETY UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 9 -
13
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2023
2022
£
£
321,166
403,166
14
Parent company
The immediate parent company is NTS Mikedon LLC, the ultimate parent company is TPRC Acquisition Inc.
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