Company registration number 07388403 (England and Wales)
FORMAT NDT LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
PAGES FOR FILING WITH REGISTRAR
FORMAT NDT LTD
COMPANY INFORMATION
Directors
Mr B J Justice
Mr S M Justice
Company number
07388403
Registered office
Units 25-27
Brindley Road
Reginald Road Industrial Park
St.Helens
Merseyside
United Kingdom
WA9 4HY
Accountants
BK Plus Limited
7 Waterside Court
St. Helens
Merseyside
United Kingdom
WA9 1UA
FORMAT NDT LTD
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 7
FORMAT NDT LTD
REPORT TO THE DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY ACCOUNTS OF FORMAT NDT LTD
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Format NDT Ltd for the year ended 31 July 2024 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/gb/en/member/standards/rules-and-standards/rulebook.html.
This report is made solely to the board of directors of Format NDT Ltd, as a body, in accordance with the terms of our engagement letter dated 18 May 2020. Our work has been undertaken solely to prepare for your approval the financial statements of Format NDT Ltd and state those matters that we have agreed to state to the board of directors of Format NDT Ltd, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at https://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Format NDT Ltd and its board of directors as a body for our work or for this report.
It is your duty to ensure that Format NDT Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Format NDT Ltd. You consider that Format NDT Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Format NDT Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
BK Plus Limited
Chartered Certified Accountants
7 Waterside Court
St. Helens
Merseyside
WA9 1UA
United Kingdom
16 July 2025
FORMAT NDT LTD
BALANCE SHEET
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
6,303
7,897
Current assets
Stocks
358
1,288
Debtors
4
150,807
157,274
Cash at bank and in hand
7,275
5,025
158,440
163,587
Creditors: amounts falling due within one year
5
(127,375)
(127,086)
Net current assets
31,065
36,501
Total assets less current liabilities
37,368
44,398
Creditors: amounts falling due after more than one year
6
(23,130)
(30,908)
Provisions for liabilities
(764)
(983)
Net assets
13,474
12,507
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
13,374
12,407
Total equity
13,474
12,507
FORMAT NDT LTD
BALANCE SHEET (CONTINUED)
- 3 -
For the financial year ended 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
The directors acknowledge their 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 directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 16 July 2025 and are signed on its behalf by:
Mr B J Justice
Director
Company registration number 07388403 (England and Wales)
FORMAT NDT LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
- 4 -
1
Accounting policies
Company information
Format NDT Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Units 25-27, Brindley Road, Reginald Road Industrial Park, St.Helens, Merseyside, United Kingdom, WA9 4HY.
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 have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
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.
1.3
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 equipment
20% Reducing balance
Office equipment
33% Straight line
Motor vehicles
25% Reducing balance
1.4
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.
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.
1.5
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.
FORMAT NDT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 5 -
1.6
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
6
5
3
Tangible fixed assets
Plant and equipment
Office equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 August 2023 and 31 July 2024
51,886
1,690
6,911
60,487
Depreciation and impairment
At 1 August 2023
44,240
1,690
6,660
52,590
Depreciation charged in the year
1,531
63
1,594
At 31 July 2024
45,771
1,690
6,723
54,184
Carrying amount
At 31 July 2024
6,115
188
6,303
At 31 July 2023
7,646
251
7,897
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
60,870
55,390
Other debtors
89,937
101,884
150,807
157,274
FORMAT NDT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 6 -
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
13,925
14,883
Trade creditors
12,467
11,851
Corporation tax
43,797
40,887
Other creditors
57,186
59,465
127,375
127,086
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
23,130
30,908
7
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:
2024
2023
£
£
14,838
4,340
8
Directors' transactions
The below loans are unsecured, interest free and repayable on demand. All the figures are disclosed on an aggregate basis.
2024
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
B Justice - director's loan
3,055
-
(3,055)
-
S Justice - director's loan
76,998
1,000
(9,892)
68,106
80,053
1,000
(12,947)
68,106
FORMAT NDT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
8
Directors' transactions
(Continued)
- 7 -
2023
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
B Justice - director's loan
3,993
19,062
(20,000)
3,055
S Justice - director's loan
68,495
8,503
-
76,998
72,488
27,565
(20,000)
80,053