Company registration number 08219987 (England and Wales)
NPC SPECIAL PROJECTS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
PAGES FOR FILING WITH REGISTRAR
NPC SPECIAL PROJECTS LIMITED
CONTENTS
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 9
NPC SPECIAL PROJECTS LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
30 SEPTEMBER 2024
30 September 2024
- 1 -
2024
2023
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,387,089
591,642
Current assets
Stocks
4,000
3,000
Debtors
4
134,018
93,865
Cash at bank and in hand
23,014
1,226
161,032
98,091
Creditors: amounts falling due within one year
5
(410,168)
(205,964)
Net current liabilities
(249,136)
(107,873)
Total assets less current liabilities
1,137,953
483,769
Creditors: amounts falling due after more than one year
6
(907,844)
(354,036)
Provisions for liabilities
(75,002)
(49,624)
Net assets
155,107
80,109
Capital and reserves
Called up share capital
10
10
Profit and loss reserves
155,097
80,099
Total equity
155,107
80,109
NPC SPECIAL PROJECTS LIMITED
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT
30 SEPTEMBER 2024
30 September 2024
- 2 -

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

The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The director of the company has elected not to include a copy of the income statement within the financial statements.true

The financial statements were approved and signed by the director and authorised for issue on 26 June 2025
N Connell
Director
Company registration number 08219987 (England and Wales)
NPC SPECIAL PROJECTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 3 -
1
Accounting policies
Company information

NPC Special Projects Limited is a private company limited by shares incorporated in England and Wales. The registered office is 3 East Point, High Street, Seal, Sevenoaks, Kent, TN15 0EG.

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.

These financial statements for the year ended 30 September 2024 are the first financial statements of NPC Special Projects Limited prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 1 October 2022. An explanation of how transition to FRS 102 has affected the reported financial position and financial performance is given in note 7.

1.2
Prior period error

Some errors were identified in the accounting of fixed asset movements and financing thereof. These errors are further explained in note 8.

1.3
Turnover

Revenue comprises sales of goods or services provided to customers net of VAT less an appropriate deduction for actual and expected returns and discounts. Revenue is recognised when performance obligations are satisfied and the control of goods or services is transferred to the buyer. Where the performance obligation is satisfied over time, revenue is recognised in accordance with its progress towards complete satisfaction of that performance obligation.

1.4
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:

Plant and machinery
10 - 15% reducing balance
Equipment
20% reducing balance
Computers
33% straight line
Motor vehicles
10% reducing balance

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.

NPC SPECIAL PROJECTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 4 -
1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible 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). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.6
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.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Basic financial instruments

Debtors and creditors with no stated interest rate and receivable and payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

1.9
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.

1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

NPC SPECIAL PROJECTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 5 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement 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 income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity.

1.11
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.

1.12
Retirement benefits

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

1.13
Leases
As lessee

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

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the statement of financial position as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

NPC SPECIAL PROJECTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 6 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
10
10
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 October 2023
920,663
Additions
1,018,061
Disposals
(166,780)
At 30 September 2024
1,771,944
Depreciation and impairment
At 1 October 2023
329,021
Depreciation charged in the year
119,950
Eliminated in respect of disposals
(64,116)
At 30 September 2024
384,855
Carrying amount
At 30 September 2024
1,387,089
At 30 September 2023
591,642
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
134,018
92,649
Other debtors
-
0
1,216
134,018
93,865
NPC SPECIAL PROJECTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 7 -
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
15,053
11,519
Obligations under finance leases
271,054
114,251
Trade creditors
1,170
2,580
Taxation and social security
85,296
60,708
Other creditors
31,200
12,942
Accruals and deferred income
6,395
3,964
410,168
205,964
6
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
28,963
44,016
Obligations under finance leases
878,881
310,020
907,844
354,036
7
Reconciliations on adoption of FRS 102
Reconciliation of equity
1 October
30 September
2022
2023
Notes
£
£
Equity as reported under previous UK GAAP
73,520
87,755
Adjustments to prior year (note 8)
-
43,842
As restated
73,520
131,597
Adjustments arising from transition to FRS 102:
Deferred taxation
(i)
(16,887)
(49,624)
Holiday pay accrual
(ii)
(1,285)
(1,864)
Equity reported under FRS 102
55,348
80,109
NPC SPECIAL PROJECTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
7
Reconciliations on adoption of FRS 102
(Continued)
- 8 -
Reconciliation of profit for the financial period
2023
Notes
£
Profit as reported under previous UK GAAP
66,735
Adjustments to prior year (note 8)
43,842
As restated
110,577
Adjustments arising from transition to FRS 102:
Deferred taxation
(i)
(32,737)
Holiday pay accrual
(ii)
(579)
Profit reported under FRS 102
77,261
Notes to reconciliations on adoption of FRS 102
(i) Deferred taxation

Deferred taxation has been recognised on transition to FRS 102. This had not been a requirement under the company's previously adopted reporting regime.

(ii) Holiday pay accrual

A holiday pay accrual has been recognised on transition to FRS 102. This had not been a requirement under the company's previously adopted reporting regime.

8
Prior period adjustment
Reconciliation of changes in equity
1 October
30 September
2022
2023
Notes
£
£
Adjustments to prior year
Fixed asset disposal
(a)
-
43,842
Equity as previously reported
73,520
87,755
Equity as adjusted before transition adjustments
73,520
131,597
Analysis of the effect upon equity
Profit and loss reserves
-
43,842
NPC SPECIAL PROJECTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
8
Prior period adjustment
(Continued)
- 9 -
Reconciliation of changes in profit for the previous financial period
2023
Notes
£
Adjustments to prior year
Fixed asset disposal
(a)
43,842
Profit as previously reported
66,735
Profit as adjusted before transition adjustments
110,577
Notes to reconciliation
(a) Fixed asset disposal

A refinancing arrangement had been incorrectly accounted for as the disposal of an asset. This resulted in a loss on disposal being reported in error, together with the understatement of the depreciation charge as a result.

2024-09-302023-10-01falsefalsefalse27 June 2025CCH SoftwareCCH Accounts Production 2025.100No description of principal activityN Connell082199872023-10-012024-09-30082199872024-09-30082199872023-09-3008219987core:OtherPropertyPlantEquipment2024-09-3008219987core:OtherPropertyPlantEquipment2023-09-3008219987core:CurrentFinancialInstrumentscore:WithinOneYear2024-09-3008219987core:CurrentFinancialInstrumentscore:WithinOneYear2023-09-3008219987core:ShareCapital2024-09-3008219987core:ShareCapital2023-09-3008219987core:RetainedEarningsAccumulatedLosses2024-09-3008219987core:RetainedEarningsAccumulatedLosses2023-09-3008219987bus:Director12023-10-012024-09-3008219987core:PlantMachinery2023-10-012024-09-3008219987core:FurnitureFittings2023-10-012024-09-3008219987core:ComputerEquipment2023-10-012024-09-3008219987core:MotorVehicles2023-10-012024-09-30082199872022-10-012023-09-3008219987core:OtherPropertyPlantEquipment2023-09-3008219987core:OtherPropertyPlantEquipment2023-10-012024-09-3008219987core:CurrentFinancialInstruments2024-09-3008219987core:CurrentFinancialInstruments2023-09-3008219987core:WithinOneYear2024-09-3008219987core:WithinOneYear2023-09-3008219987core:Non-currentFinancialInstruments2024-09-3008219987core:Non-currentFinancialInstruments2023-09-3008219987bus:PrivateLimitedCompanyLtd2023-10-012024-09-3008219987bus:SmallCompaniesRegimeForAccounts2023-10-012024-09-3008219987bus:FRS1022023-10-012024-09-3008219987bus:AuditExemptWithAccountantsReport2023-10-012024-09-3008219987bus:FullAccounts2023-10-012024-09-30xbrli:purexbrli:sharesiso4217:GBP