Company No: 03542971 (England and Wales)

Contents

• Company Information
• Balance Sheet
• Notes to the Financial Statements

DIRECTORS	Mr E P McFarlane
	Mrs A McFarlane
	Mrs E M McFarlane

REGISTERED OFFICE	Planet Place
	George Stephenson Ind Estate
	Newcastle
	United Kingdom

COMPANY NUMBER

03542971 (England and Wales)

ACCOUNTANT	S&W Partners Newcastle Limited
	17 Queens Lane
	Newcastle
	NE1 1RN

	Note	2024		2023
		£		£
Fixed assets
Tangible assets	3	508,418		319,549
		508,418		319,549
Current assets
Stocks		36,084		104,500
Debtors	4	1,171,179		1,180,735
Cash at bank and in hand		454,270		204,236
		1,661,533		1,489,471
Creditors: amounts falling due within one year	5	( 589,675)		( 668,504)
Net current assets		1,071,858		820,967
Total assets less current liabilities		1,580,276		1,140,516
Creditors: amounts falling due after more than one year	6	( 178,789)		( 21,399)
Provision for liabilities		( 53,403)		( 18,962)
Net assets		1,348,084		1,100,155
Capital and reserves
Called-up share capital		2,000		2,000
Revaluation reserve		164,919		168,524
Capital redemption reserve		3,000		3,000
Profit and loss account		1,178,165		926,631
Total shareholders' funds		1,348,084		1,100,155

For the financial year ending 31 December 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• The members have not required the Company to obtain an audit of its financial statements for the financial year 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; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of Northern Ventilation Services Limited (registered number: 03542971) were approved and authorised for issue by the Board of Directors on 10 September 2025. They were signed on its behalf by:

Mr E P McFarlane Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Northern Ventilation Services Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Planet Place, George Stephenson Ind Estate, Newcastle, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with ‘The Financial Reporting Standard applicable in the UK and the Republic of Ireland’ issued by the Financial Reporting Council, including Section 1A of Financial Reporting Standard 102 (FRS102), and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The functional currency of Northern Ventilation Services Limited is considered to be pounds sterling because that is the currency of the primary economic environment in which the Company operates.

These financial statements are separate financial statements.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.

Revenue arising from the provision of services is recognised by reference to the stage of completion as follows:
[include details of the specific recognition and measurement policies for each significant type of service provided]
When the stage of completion cannot be measured reliably revenue is recognised up to the extent of recoverable expenses and accordingly no profit is recognised.

Employee benefits

Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised as an expense when the Company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on enacted or substantively enacted tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit. Deferred tax assets are recognised only to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings	depreciated over the life of the lease
Plant and machinery etc.	12.5 - 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Properties whose fair value can be measured reliably are held under the revaluation model and are carried at a revalued amount, being their fair value at the date of valuation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. The fair value of the land and buildings is usually considered to be their market value.

Revaluation gains and losses are recognised in other comprehensive income and accumulated in equity, except to the extent that a revaluation gain reverses a revaluation loss previously recognised in profit or loss or a revaluation loss exceeds the accumulated revaluation gains recognised in equity; such gains and losses are recognised in profit or loss.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

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.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

2. Employees

	2024		2023
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	45		40

3. Tangible assets

	Land and buildings		Plant and machinery etc.		Total
	£		£		£
Cost/Valuation
At 01 January 2024	250,000		343,157		593,157
Additions	0		266,206		266,206
Disposals	0		( 23,000)		( 23,000)
At 31 December 2024	250,000		586,363		836,363
Accumulated depreciation
At 01 January 2024	14,321		259,287		273,608
Charge for the financial year	8,333		48,879		57,212
Disposals	0		( 2,875)		( 2,875)
At 31 December 2024	22,654		305,291		327,945
Net book value
At 31 December 2024	227,346		281,072		508,418
At 31 December 2023	235,679		83,870		319,549

Revaluation of tangible assets

Land and buildings with a carrying amount of £235,679 were professionally valued by Youngs RPS Chartered Surveyors, an independent valuer, to fair value at 22 March 2022. The valuation conforms to International Valuation Standards and was based on market conditions on arms length terms for similar properties.
An interim valuation is performed annually by the directors.

	2024		2023
	£		£
Historical cost	728,241		485,035
Accumulated depreciation	(384,743)		(334,009)
Carrying value	343,498		151,026

4. Debtors

	2024		2023
	£		£
Trade debtors	823,340		912,362
Other debtors	347,839		268,373
	1,171,179		1,180,735

5. Creditors: amounts falling due within one year

	2024		2023
	£		£
Bank loans (secured)	12,825		54,400
Trade creditors	377,149		458,630
Taxation and social security	135,531		123,369
Obligations under finance leases and hire purchase contracts (secured)	48,910		5,630
Other creditors	15,260		26,475
	589,675		668,504

6. Creditors: amounts falling due after more than one year

	2024		2023
	£		£
Bank loans	0		8,262
Obligations under finance leases and hire purchase contracts (secured)	178,789		13,137
	178,789		21,399

The finance lease liability is secured against the asset to which it relates. The net book value of fixed assets held under the finance lease at 31 December 2024 is £221,795 (2023: £19,775).

7. Financial commitments

Commitments

	2024		2023
	£		£
Total future minimum lease payments under non-cancellable operating lease	8,758		14,013

8. Related party transactions

Transactions with the entity's directors

	2024		2023
	£		£
Mr E P McFarlane	0		0
Balance outstanding at the start of the year	25,633		6,986
Amounts advanced	31,946		52,956
Amounts repaid	(56,738)		(34,309)
Balance outstanding at the end of the year	841		25,633
	0		0
Mrs A Mcfarlane	0		0
Balance outstanding at the start of the year	25,633		6,986
Amounts advanced	31,945		52,956
Amounts repaid	(56,738)		(34,309)
Balance outstanding at the end of the year	840		25,633

The above loans are are interest free, unsecured and repayable on demand.