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REGISTERED NUMBER: 01065772 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

FOR

NORTON ENGINEERING ALLOYS CO. LIMITED

NORTON ENGINEERING ALLOYS CO. LIMITED (REGISTERED NUMBER: 01065772)

CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31 March 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


NORTON ENGINEERING ALLOYS CO. LIMITED

COMPANY INFORMATION
for the Year Ended 31 March 2024







DIRECTOR: A J Green





REGISTERED OFFICE: Norton Grove Ind. Estate
Norton
Malton
North Yorkshire
YO17 9HQ





REGISTERED NUMBER: 01065772 (England and Wales)





ACCOUNTANTS: Sowerby
Chartered Accountants
Beckside Court
Annie Reed Road
Beverley
East Yorkshire
HU17 0LF

NORTON ENGINEERING ALLOYS CO. LIMITED (REGISTERED NUMBER: 01065772)

BALANCE SHEET
31 March 2024

2024 2023
as restated
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,610,862 484,600

CURRENT ASSETS
Stocks 684,967 517,624
Debtors 5 777,658 733,552
1,462,625 1,251,176
CREDITORS
Amounts falling due within one year 6 1,113,540 654,961
NET CURRENT ASSETS 349,085 596,215
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,959,947

1,080,815

PROVISIONS FOR LIABILITIES 191,470 -
NET ASSETS 1,768,477 1,080,815

CAPITAL AND RESERVES
Called up share capital 4,000 4,000
Retained earnings 1,764,477 1,076,815
SHAREHOLDERS' FUNDS 1,768,477 1,080,815

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

NORTON ENGINEERING ALLOYS CO. LIMITED (REGISTERED NUMBER: 01065772)

BALANCE SHEET - continued
31 March 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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 6 March 2025 and were signed by:





A J Green - Director


NORTON ENGINEERING ALLOYS CO. LIMITED (REGISTERED NUMBER: 01065772)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 March 2024


1. STATUTORY INFORMATION

Norton Engineering Alloys Co. Limited is a company incorporated and domiciled in England and has its registered office and principle place of business at Norton Grove Industrial Estate, Norton, YO17 9HQ.

The principal activity of the Company is manufacturing architectural metalwork.

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

2. ACCOUNTING POLICIES

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

Having regard to liquidity risk, current market conditions and other factors affecting the company, the use of the going concern basis of accounting is appropriate as, in the opinion of the directors, there are no material uncertainties related to events or conditions that may cast significant doubt about the ability of the company to continue as a going concern.

The directors, having taken into the factors discussed above as well as the uncertainties of the current economic environment, have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.

Changes in accounting policies
Effective 1 April 2023, the Company changed its accounting policy to measure its land and buildings using the revaluation model. Previously the Company measured its land and buildings using the cost model.

The change in policy has been made because it is management's opinion that the revaluation model more accurately reflects the current value than the cost model.

Turnover
Turnover is the amount derived from ordinary activities, measured at the fair value of the consideration received or receivable. Turnover excludes value added tax and trade discounts.

Turnover from the sale of goods is recognised at the point of sale.

Turnover from services is recognised on completion of service, or when those services span the year end date, by reference to the stage of completion at the balance sheet date.

Sales are recognised at the point which the company has fulfilled its contractual obligations and the risks and rewards attached to the product, have been transferred to the customer.

NORTON ENGINEERING ALLOYS CO. LIMITED (REGISTERED NUMBER: 01065772)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2024


2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Land and buildings - 2% on cost
Plant and machinery etc - 10% to 25% on cost and 20% to 25% on cost

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses.

Effective 1 April 2023, land and buildings are measured using the revaluation model and are shown at their fair value.

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell, after making due allowance for obsolete and slow moving items. 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. Stock is calculated on the first in first out basis.

In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacture/completion.

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 balance sheet date.

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.

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 36 (2023 - 52 ) .

NORTON ENGINEERING ALLOYS CO. LIMITED (REGISTERED NUMBER: 01065772)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2024


4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST OR VALUATION
At 1 April 2023 881,328 2,068,405 2,949,733
Additions - 4,315 4,315
Disposals - (199,640 ) (199,640 )
Revaluations 618,672 - 618,672
At 31 March 2024 1,500,000 1,873,080 3,373,080
DEPRECIATION
At 1 April 2023 560,826 1,904,307 2,465,133
Charge for year - 57,551 57,551
Eliminated on disposal - (199,640 ) (199,640 )
Revaluation adjustments (560,826 ) - (560,826 )
At 31 March 2024 - 1,762,218 1,762,218
NET BOOK VALUE
At 31 March 2024 1,500,000 110,862 1,610,862
At 31 March 2023 320,502 164,098 484,600

Cost or valuation at 31 March 2024 is represented by:

Plant and
Land and machinery
buildings etc Totals
£    £    £   
Valuation in 2024 618,672 - 618,672
Cost 881,328 1,873,080 2,754,408
1,500,000 1,873,080 3,373,080

NORTON ENGINEERING ALLOYS CO. LIMITED (REGISTERED NUMBER: 01065772)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2024


4. TANGIBLE FIXED ASSETS - continued

If freehold land and buildings had not been revalued it would have been included at the following historical cost:

2024 2023
as restated
£    £   
Cost 881,328 -
Aggregate depreciation 577,792 -

Value of land in freehold land and buildings 1,500,000 -

Freehold land and building were valued on an open market basis on 23 September 2024 by Cundalls .

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
as restated
£    £   
Trade debtors 296,363 213,615
Amounts owed by parent company 326,153 326,153
Other debtors 155,142 193,784
777,658 733,552

The amount owed by group undertakings is in respect of amounts due from parent companies. The balance does not attract interest and although strictly repayable on demand, £326,153 (2023: £326,153) will not be repaid within 12 months.

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
as restated
£    £   
Bank loans and overdrafts 481,334 255,498
Trade creditors 508,999 305,604
Taxation and social security 72,179 26,406
Other creditors 51,028 67,453
1,113,540 654,961

7. ULTIMATE CONTROLLING PARTY

Following group restructuring the company is under the control of it's directors by virtue of them owning all the shares in the ultimate holding company (Neaco Holdings Limited).