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Registration number: 08955922

NAA Engineering Ltd

Unaudited Filleted Financial Statements

for the Year Ended 30 September 2024

 

NAA Engineering Ltd

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

NAA Engineering Ltd

(Registration number: 08955922)
Statement of Financial Position as at 30 September 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

182,963

209,101

Tangible assets

5

234,472

145,910

 

417,435

355,011

Current assets

 

Stocks

6

6,900

6,900

Debtors

7

103,895

100,117

Cash at bank and in hand

 

118,734

51,232

 

229,529

158,249

Creditors: Amounts falling due within one year

8

(206,232)

(174,837)

Net current assets/(liabilities)

 

23,297

(16,588)

Total assets less current liabilities

 

440,732

338,423

Creditors: Amounts falling due after more than one year

8

(147,799)

(90,856)

Provisions for liabilities

(43,771)

(26,944)

Net assets

 

249,162

220,623

Capital and reserves

 

Called up share capital

200

200

Share premium reserve

244,900

244,900

Profit and loss account

4,062

(24,477)

Shareholders' funds

 

249,162

220,623

 

NAA Engineering Ltd

(Registration number: 08955922)
Statement of Financial Position as at 30 September 2024 (continued)

For the financial year ending 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and 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 director has not delivered to the registrar a copy of the Statement of Comprehensive Income.

Approved and authorised by the director on 24 March 2025
 


Mrs S Alexander
Director

 

NAA Engineering Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Unit 8
Gilston Road
Saltash Industrial Estate
Saltash
Cornwall
PL12 6TW

Principal activity

The principal activity of the company is precision engineering.

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).

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.

The financial statements are prepared in sterling which is the functional currency of the entity.

 

NAA Engineering Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024 (continued)

2

Accounting policies (continued)

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.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

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 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.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position 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:

Asset class

Depreciation method and rate

Plant and machinery

15% reducing balance

Furniture, fixtures and equipment

25% reducing balance

 

NAA Engineering Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024 (continued)

2

Accounting policies (continued)

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, 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. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Costs include all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition. .

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. 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.

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.

 

NAA Engineering Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024 (continued)

2

Accounting policies (continued)

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 statement of financial position 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.

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.

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes 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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 7 (2023 - 7).

 

NAA Engineering Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024 (continued)

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 October 2023

261,377

261,377

At 30 September 2024

261,377

261,377

Amortisation

At 1 October 2023

52,276

52,276

Amortisation charge

26,138

26,138

At 30 September 2024

78,414

78,414

Carrying amount

At 30 September 2024

182,963

182,963

At 30 September 2023

209,101

209,101

 

NAA Engineering Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024 (continued)

5

Tangible assets

Property improvements
£

Fixtures, fittings and equipment
£

Plant and machinery
£

Total
£

Cost or valuation

At 1 October 2023

4,100

1,082

195,107

200,289

Additions

-

-

111,300

111,300

At 30 September 2024

4,100

1,082

306,407

311,589

Depreciation

At 1 October 2023

-

328

54,051

54,379

Charge for the year

-

189

22,549

22,738

At 30 September 2024

-

517

76,600

77,117

Carrying amount

At 30 September 2024

4,100

565

229,807

234,472

At 30 September 2023

4,100

754

141,056

145,910

6

Stocks

2024
£

2023
£

Work in progress

3,500

3,500

Finished goods and goods for resale

3,400

3,400

6,900

6,900

7

Debtors

Note

2024
£

2023
£

Trade debtors

 

85,826

100,117

Other debtors

 

9,298

-

Prepayments

 

234

-

Income tax asset

8,537

-

 

103,895

100,117

 

NAA Engineering Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024 (continued)

8

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Loans and borrowings

10,000

10,000

Trade creditors

 

39,307

26,235

Taxation and social security

 

4,188

20,598

Accruals and deferred income

 

6,309

6,826

Other creditors

 

146,428

111,178

 

206,232

174,837

The bounce back loan is secured by a government guarantee.

Creditors: amounts falling due after more than one year

2024
£

2023
£

Loans and borrowings

147,799

90,856

9

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.

10

Related party transactions

During the year the director entered into the following advances and credits with the company:

2024

At 1 October 2023
£

Advances from director
£

At 30 September 2024
£

Director

(83,321)

(3,765)

(87,086)

       
     

 

2023

At 1 October 2022
£

Advances from director
£

At 30 September 2023
£

Director

(74,907)

(8,414)

(83,321)