NESC Ltd


Directors	Mr J Q Adjetey
	Mr G J Barlow
	Mr D J Bentley
	Mr R J Carrick
	Mrs J E Chalmers
	Mr R W Curry
	Mr J Hall
	Mrs H Harris
	Mr J P Harris
	Mr S H Macphail
	Mr R A Maguire
	Mr C O Marriott
	Mr M P Robinson
	Mr B D Sidman


Registered Address	Plymouth Science Park 1 Davy Road
	Derriford
	Plymouth
	PL6 8BX


Registered Number	08811878 (England and Wales)

Notes to the Financial Statements
for the year ended 31 January 2026

1.	Accounting policies

	Statutory information
	The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

	Statement of compliance
	These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and with the Companies Act 2006.

	Basis of preparation
	The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

	Functional and presentation currency
	The financial statements are prepared in sterling, which is the functional currency of the entity.

	Turnover policy
	Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Turnover policy

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

	Operating leases
	Where, substantially, all the risks and rewards of ownership of the asset do not transfer from the lessor to the company, the lease is treated as an operating lease. Rentals payable under operating leases are charged to the profit and loss account on a straight-line basis over the period of the lease.

	Employee benefits
	Short-term employee benefits are measured at the undiscounted amount expected to be paid in exchange for the employee's services to the company. Where employees have accrued short-term benefits which the entity has not paid by the balance sheet date, an accrual is recognised within creditors: amounts falling due within one year together with an associated expense in profit or loss. The liabilities are classified as current obligations in the statement of financial position because they are expected to be settled wholly within twelve months after the end of the period.

Employee benefits

Short-term employee benefits are measured at the undiscounted amount expected to be paid in exchange for the employee's services to the company. Where employees have accrued short-term benefits which the entity has not paid by the balance sheet date, an accrual is recognised within creditors: amounts falling due within one year together with an associated expense in profit or loss. The liabilities are classified as current obligations in the statement of financial position because they are expected to be settled wholly within twelve months after the end of the period.

	Current taxation
	Current tax is recognised in profit or loss, except for taxes related to revaluations of land and buildings which are recognised in other comprehensive income. The taxation expense represents the current tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Current taxation

Current tax is recognised in profit or loss, except for taxes related to revaluations of land and buildings which are recognised in other comprehensive income.

The taxation expense represents the current tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

	Deferred tax
	Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Deferred tax

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax
losses and other 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. Deferred tax is
measured using the tax rates and laws that have been enacted or substantively enacted by the
reporting date that are expected to apply to the reversal of the timing difference.

	Tangible fixed assets and depreciation
	Tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss. Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life. If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.

Tangible fixed assets and depreciation

Tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.

Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life. If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.


	Reducing balance (%)	Straight line (years)
Plant and machinery	-	33.33
Fixtures and fittings	15	-
Vehicles	25	-

	Impairment of non-financial assets policy
	A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.

Impairment of non-financial assets policy

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.

	Finance leases and hire purchase contracts
	Assets held under finance leases which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the balance sheet. They are depreciated over the shorter of their useful lives or the term of the lease.

	Financial instruments
	A financial asset or a financial liability is recognised only when the company becomes a 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. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Financial instruments

A financial asset or a financial liability is recognised only when the company becomes a 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.
Debt instruments are subsequently measured at amortised cost.
Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss.
All other such investments are subsequently measured at cost less impairment.
Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics.
Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

	Related parties
	For the purposes of these financial statements, a related party could be a person or an entity. Careful consideration is given to the definition of a related party to ensure that all related party relationships, transactions and balances are identified.

2.	Average number of employees


		2026		2025
	Average number of employees during the year	46		37

3.	Tangible fixed assets

	Vehicles	Fixtures & fittings	Office Equipment	Total
	£	£	£	£
Cost or valuation
At 01 February 25	601,613	37,728	121,541	760,882
Additions	255,880	16,529	25,004	297,413
At 31 January 26	857,493	54,257	146,545	1,058,295
Depreciation and impairment
At 01 February 25	168,111	14,892	97,677	280,680
Charge for year	143,542	5,028	17,867	166,437
At 31 January 26	311,653	19,920	115,544	447,117
Net book value
At 31 January 26	545,840	34,337	31,001	611,178
At 31 January 25	433,502	22,836	23,864	480,202

4.	Debtors: amounts due within one year

	2026	2025
	£	£
Trade debtors / trade receivables	607,037	1,026,871
Amounts owed by group undertakings	408,843	400,169
Amounts owed by associates and joint ventures / participating interests	222,833	212,099
Other debtors	1,069,222	475,304
Prepayments and accrued income	241,057	206,555
Total	2,548,992	2,320,998

5.	Creditors: amounts due within one year

	2026	2025
	£	£
Trade creditors / trade payables	58,306	78,138
Bank borrowings and overdrafts	12,765	75,400
Amounts owed to related parties	1,695	10,607
Taxation and social security	951,743	580,563
Finance lease and HP contracts	201,341	103,981
Other creditors	281,678	281,010
Accrued liabilities and deferred income	31,199	49,157
Total	1,538,727	1,178,856

6.	Creditors: amounts due after one year

	2026	2025
	£	£
Bank borrowings and overdrafts	18,621	31,385
Other creditors	430,223	406,874
Total	448,844	438,259

7.	Secured creditors
	Creditors include hire purchase liabilities of £315,065 (2025: £425,771) secured against certain fixed assets without a director's personal guarantee. Creditors includes hire purchase liabilities of £195,790 (2025: £85,084) secured against certain fixed asset as well as by a director's personal guarantee. Creditors includes liabilities of £250,097 (2025: £253,640) secured by way of a fixed and floating charge over the company's assets.

Secured creditors

Creditors include hire purchase liabilities of £315,065 (2025: £425,771) secured against certain fixed assets without a director's personal guarantee.

Creditors includes hire purchase liabilities of £195,790 (2025: £85,084) secured against certain fixed asset as well as by a director's personal guarantee.

Creditors includes liabilities of £250,097 (2025: £253,640) secured by way of a fixed and floating charge over the company's assets.

8.	Obligations under finance leases

		2026		2025
		£		£
	Finance lease and HP contracts	631,564		510,855

9.	Provisions for liabilities

	2026	2025
	£	£
Net deferred tax liability (asset)	-	2,780
Total	-	2,780

10.	Directors advances, credits and guarantees
	Debtors includes unsecured, interest free loans, repayable on demand to directors of the company. This consists of a brought forward amount of £341,829 (2025: £478,803), Advances in the period of £460,000 (2025: £3,653), Amounts repaid in the period of £14,041 (2025: £140,627), with a total amount outstanding at the end of the period being £787,788 (2025: £341,829)

11.	Related party transactions
	Debtors includes an interest free loan, repayable on demand, to two group undertakings of £408,713 (2025: £400,169) and £131.00 (2025: £0) Debtors includes an interest free loan, repayable on demand, to a connected company with common directors of £222,833 (2025: £212,099). Creditors includes interest free loans, repayable on demand, from two group undertakings of £0 (2025: £6,171) and £1,695 (2025: £4,436).

11.

Related party transactions

Debtors includes an interest free loan, repayable on demand, to two group undertakings of £408,713 (2025: £400,169) and £131.00 (2025: £0)

Debtors includes an interest free loan, repayable on demand, to a connected company with common directors of £222,833 (2025: £212,099).

Creditors includes interest free loans, repayable on demand, from two group undertakings of £0 (2025: £6,171) and £1,695 (2025: £4,436).

12.	Controlling party
	The company is a subsidiary of Primary Assets Holdings Ltd, a company registered in England number 11065321. It's registered office address is 2 Endeavour House, Parkway Court, Longbridge Road, Plymouth, PL6 8LR.

	Notes	2026		2025
		£	£	£	£
Fixed assets
Tangible assets	3		611,178		480,202
			611,178		480,202
Current assets
Debtors	4	2,548,992		2,320,998
Cash at bank and on hand		957,500		260,367
		3,506,492		2,581,365
Creditors amounts falling due within one year	5	(1,538,727)		(1,178,856)
Net current assets (liabilities)			1,967,765		1,402,509
Total assets less current liabilities			2,578,943		1,882,711
Creditors amounts falling due after one year	6		(448,844)		(438,259)
Provisions for liabilities	9		-		(2,780)
Net assets			2,130,099		1,441,672
Capital and reserves
Called up share capital			1,008		1,008
Other reserves			1		-
Profit and loss account			2,129,090		1,440,664
Shareholders' funds			2,130,099		1,441,672