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Registered number: 07089105
NLS Contracts Limited
Financial Statements
For The Year Ended 30 November 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—7
Page 1
Balance Sheet
Registered number: 07089105
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 1,060,218 860,354
1,060,218 860,354
CURRENT ASSETS
Stocks 5 19,831 29,808
Debtors 6 174,589 85,834
Cash at bank and in hand 254 10,139
194,674 125,781
Creditors: Amounts Falling Due Within One Year 7 (578,064 ) (517,067 )
NET CURRENT ASSETS (LIABILITIES) (383,390 ) (391,286 )
TOTAL ASSETS LESS CURRENT LIABILITIES 676,828 469,068
Creditors: Amounts Falling Due After More Than One Year 8 (326,131 ) (207,595 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (175,812 ) (144,835 )
NET ASSETS 174,885 116,638
CAPITAL AND RESERVES
Called up share capital 10 2 2
Revaluation reserve 13 86,960 86,960
Profit and Loss Account 87,923 29,676
SHAREHOLDERS' FUNDS 174,885 116,638
Page 1
Page 2
For the year ending 30 November 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 in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Nathan Stones
Director
01/08/2025
The notes on pages 3 to 7 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
NLS Contracts Limited is a private company, limited by shares, incorporated in England & Wales, registered number 07089105 . The registered office is High Gatherley Farm Gatherley Road, Brompton On Swale, Richmond, North Yorkshire, DL10 7JJ.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Excavators and Large Machinery 25% Reducing Balance
Plant & Machinery 25% Reducing Balance
Motor Vehicles 25% Reducing Balance
Fixtures & Fittings 5% Reducing Balance
Capital Improvements 25% Reducing Balance
2.4. Investment Properties
All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.
2.5. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the profit and loss account as incurred.
2.6. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
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2.7. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 7 (2023: 6)
7 6
4. Tangible Assets
Excavators & Large Machinery Plant & Machinery Motor Vehicles Fixtures & Fittings
£ £ £ £
Cost or Valuation
As at 1 December 2023 626,450 377,217 153,066 73,645
Additions 324,500 7,303 - 22,872
Disposals (67,750 ) (1,472 ) - -
As at 30 November 2024 883,200 383,048 153,066 96,517
Depreciation
As at 1 December 2023 46,764 254,157 69,836 8,171
Provided during the period 36,047 31,434 20,808 3,895
Disposals (8,760 ) (61 ) - -
As at 30 November 2024 74,051 285,530 90,644 12,066
Net Book Value
As at 30 November 2024 809,149 97,518 62,422 84,451
As at 1 December 2023 579,686 123,060 83,230 65,474
Page 4
Page 5
Capital Improvements Total
£ £
Cost or Valuation
As at 1 December 2023 14,265 1,244,643
Additions - 354,675
Disposals - (69,222 )
As at 30 November 2024 14,265 1,530,096
Depreciation
As at 1 December 2023 5,361 384,289
Provided during the period 2,226 94,410
Disposals - (8,821 )
As at 30 November 2024 7,587 469,878
Net Book Value
As at 30 November 2024 6,678 1,060,218
As at 1 December 2023 8,904 860,354
5. Stocks
2024 2023
£ £
Work in progress 19,831 29,808
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 106,979 22,560
Prepayments and accrued income 22,802 17,140
S455 Debtor 1,187 1,187
Other debtors (1) - 5,340
Directors' loan accounts 43,621 39,607
174,589 85,834
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 198,915 238,312
Trade creditors 75,681 36,627
Bank loans and overdrafts 67,643 105,964
Other loans 20,000 20,000
Corporation tax (2,989 ) (2,989 )
PAYE 104,492 56,661
VAT 102,679 51,237
Net wages 287 -
...CONTINUED
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Page 6
Other creditors 8,001 8,001
Pensions Payable - 558
Accruals and deferred income 3,355 2,696
578,064 517,067
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 292,798 144,262
Bank loans 5,000 15,000
Other loans 28,333 48,333
326,131 207,595
9. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year 198,915 238,312
Later than one year and not later than five years 292,798 144,262
491,713 382,574
491,713 382,574
10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 2 2
11. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 December 2023 Amounts advanced Amounts repaid Amounts written off As at 30 November 2024
£ £ £ £ £
Mrs Anne Stones 19,803 68,621 66,613 - 21,811
Mr Nathan Stones 19,803 68,621 66,613 - 21,811
The above loans are unsecured and repayable on demand, interest has been charged on the average balance at the HMRC Official Rate of Interest.
Dividends paid to directors
2024 2023
£ £
Mr Nathan Stones 45,000 75,000
Mrs Anne Stones 45,000 75,000
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12. Dividends
2024 2023
£ £
On equity shares:
Interim dividend paid - 75,000
Final dividend paid 90,000 75,000
90,000 150,000
13. Reserves
Revaluation Reserve
£
As at 1 December 2023 86,960
As at 30 November 2024 86,960
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