1.
General Information
Connect NDT Limited
is a private company, limited by shares, incorporated in Scotland, registered number
SC205224
. The registered office is Regus Hq Howe Moss Drive, Dyce, Aberdeen, AB21 0GL.
The presentation currency of the financial statements is the Pound Sterling (£).
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.
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
The 'assets' residual values and useful lives are reviewed and adjusted, if appropriate, at the end of each reporting period. The effect of any change is accounted for prospectively. 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:
| Plant & Machinery |
|
| Motor Vehicles |
|
The assets' residual values and useful lives are reviewed and adjusted, if appropriate, at the end of each reporting period. The effect of any change is accounted for prospectively.
2.4.
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 profit and loss account as incurred.
Connect NDT Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 March 2026
2.5.
Financial Instruments
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument.
Basic financial assets
Basic financial assets, which include trade and other debtors and cash and bank balances are measured at transaction price including transaction costs.
Financial assets are derecognised when the contractual rights to cash flows from the asset expire or are settled or when the company transfers the risks and rewards of ownership to another entity.
Basic financial liabilities
Basic financial liabilities, which include trade and other creditors and bank loans payable within one year are not amortised and is recognised at transaction price.
Debt instruments are initially recognised at transaction price plus transaction cost and subsequently carried at amortised cost using the effective interest rate method.
Financial liabilities are derecognised when the company's contractual obligations are discharged.
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs.
2.6.
Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
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
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.
2.8.
Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
3.
Average Number of Employees
Average number of employees, including directors, during the year was: 26 (2025: 26)
Connect NDT Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 March 2026
4.
Tangible Assets
| Plant & Machinery | Motor Vehicles | Total | |
|---|---|---|---|
| £ | £ | £ | |
| Cost | |||
| As at 1 April 2025 |
|
|
|
| Additions |
|
|
|
| Disposals |
|
( |
( |
| As at 31 March 2026 |
|
|
|
| Depreciation | |||
| As at 1 April 2025 |
|
|
|
| Provided during the period |
|
|
|
| Disposals |
|
( |
( |
| As at 31 March 2026 |
|
|
|
| Net Book Value | |||
| As at 31 March 2026 |
|
|
|
| As at 1 April 2025 |
|
|
|
Included above are assets held under finance leases or hire purchase contracts with a net book value as follows:
| 2026 | 2025 | ||
|---|---|---|---|
| £ | £ | ||
| Motor Vehicles |
|
|
|
5.
Debtors
| 2026 | 2025 | ||
|---|---|---|---|
| £ | £ | ||
| Due within one year | |||
| Trade debtors |
|
|
|
| Prepayments and accrued income |
|
|
|
| Other debtors |
|
|
|
| Amounts owed by associates - Connect Congo |
|
|
|
|
|
|
||
6.
Creditors: Amounts Falling Due Within One Year
| 2026 | 2025 | ||
|---|---|---|---|
| £ | £ | ||
| Net obligations under finance lease and hire purchase contracts |
|
|
|
| Trade creditors |
|
|
|
| Bank loans and overdrafts | - |
|
|
| Corporation tax |
|
|
|
| Other taxes and social security |
|
|
...CONTINUED
Connect NDT Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 March 2026
| VAT |
|
|
|
| Other creditors |
|
|
|
| Accruals and deferred income |
|
|
|
|
|
|
||
7.
Creditors: Amounts Falling Due After More Than One Year
| 2026 | 2025 | ||
|---|---|---|---|
| £ | £ | ||
| Net obligations under finance lease and hire purchase contracts |
|
|
|
8.
Secured Creditors
The company has granted a floating charge in favour of Clydesdale Bank PLC over all current and future property, assets and undertakings of the company.
The invoice factoring advance is secured against £nil (2025: £337,062) of the company's trade debtors under an Invoice Factor Agreement with Clydesdale Bank Plc.
| 2026 | 2025 | ||
|---|---|---|---|
| £ | £ | ||
| Other Creditors | - | 241,173 |
9.
Obligations Under Finance Leases and Hire Purchase
| 2026 | 2025 | ||
|---|---|---|---|
| £ | £ | ||
| The future minimum finance lease payments are as follows: | |||
| Not later than one year |
|
|
|
| Later than one year and not later than five years |
|
|
|
|
|
|
||
|
|
|
||
10.
Provisions for Liabilities
| Deferred Tax | Total | |
|---|---|---|
| £ | £ | |
| As at 1 April 2025 |
|
8,485 |
| Deferred taxation charge |
|
|
| Balance at 31 March 2026 |
|
14,808 |
Connect NDT Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 March 2026
11.
Share Capital
| 2026 | 2025 | ||
|---|---|---|---|
| £ | £ | ||
| Allotted, Called up and fully paid |
|
|
|
|
Number:
|
Class:
|
Nominal Value:
|
2025
|
2024
|
||
|
£
|
£
|
|||||
|
1,200
|
Ordinary
|
£0.10
|
120
|
120
|
||
|
1,200
|
D Ordinary
|
£0.10
|
120
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|
120
|
||
|
240
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|
240
|
12.
Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
| 2026 | 2025 | ||
|---|---|---|---|
| £ | £ | ||
| Not later than one year |
|
|
|
|
|
|
||
13.
Related Party Disclosures
Connect NDT Congo SARL is a company registered in the Republic of Congo and under common control of the directors.
As at 31 March 2026 a balance of £140,638 (2025: £140,638) was due from Connect NDT Congo SARL to the company. The balance bears no interest and has no set repayment terms in place.