Format NDT Ltd - Period Ending 2021-07-30
Format NDT Ltd - Period Ending 2021-07-30
Company Registration number:
Format NDT Ltd
for the Year Ended 30 July 2021
Format NDT Ltd
Contents
Company Information |
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Accountants' Report |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Format NDT Ltd
Company Information
Directors |
Mr SM Justice Mr B J Justice |
Registered office |
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Accountants |
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Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Format NDT Ltd
for the Year Ended 30 July 2021
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Format NDT Ltd for the year ended 30 July 2021 as set out on pages 3 to 9 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.
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. Our work has been undertaken solely to prepare for your approval the accounts 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 ICAEW Technical Release 07/16 AAF. 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 accounts 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 accounts 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 accounts.
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Chartered Accountants
St. Helens
Merseyside
WA9 1UA
Format NDT Ltd
(Registration number: 07388403)
Balance Sheet as at 30 July 2021
Note |
2021 |
2020 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Net liabilities |
( |
( |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
( |
( |
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Shareholders' deficit |
( |
( |
For the financial year ending 30 July 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Format NDT Ltd
(Registration number: 07388403)
Balance Sheet as at 30 July 2021
Approved and authorised by the
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Director
Format NDT Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 July 2021
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The financial statements have been prepared on a going concern basis.
The directors consider it appropriate to prepare the financial statements on a going concern basis, in spite of the ongoing impact of the Covid-19 virus on the business. In common with many companies, the Covid-19 virus and economic lockdown has had a detrimental effect on the company's business operations. The directors are aware of the issues that the business faces at this time and has taken advantage of some of the national and local government backed support for which the company is eligible.
Whilst there is uncertainty around the length of time the Covid-19 pandemic will last and the full economic impact on the economy, the directors believe it is appropriate to adopt the going concern basis of accounting in preparing the financial statements.
Revenue recognition
Turnover comprises the fair value of the sale of services net of value added tax, returns, rebates and discounts. Sales of services are recognised when the company has delivered the services to the customer.
Format NDT Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 July 2021
Government grants
Government grants are accounted for using the accruals model under FRS102. Government grants, in respect of the Coronavirus Job Retention Scheme, are included in the period to which the grant relates.
Deferred Tax
Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax has not been discounted.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Plant and machinery |
20% reducing balance |
Motor vehicles |
25% reducing balance |
Office equipment |
33% straight line |
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
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.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Format NDT Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 July 2021
Tangible assets |
Plant and machinery |
Office equipment |
Motor vehicles |
Total |
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Cost or valuation |
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At 31 July 2020 |
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At 30 July 2021 |
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Depreciation |
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At 31 July 2020 |
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Charge for the year |
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At 30 July 2021 |
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Carrying amount |
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At 30 July 2021 |
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- |
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At 30 July 2020 |
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Debtors |
2021 |
2020 |
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Trade debtors |
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Other debtors |
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Format NDT Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 July 2021
Creditors |
Creditors: amounts falling due within one year
Note |
2021 |
2020 |
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Due within one year |
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Bank loans and overdrafts |
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Trade creditors |
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Corporation tax |
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Other creditors |
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Creditors include finance facilities which are secured with fixed and floating charges over the assets of the company of £nil (2020 - £72,055).
Creditors: amounts falling due after more than one year
Note |
2021 |
2020 |
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Due after one year |
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Loans and borrowings |
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Financial commitments, guarantees and contingencies |
Amounts not provided for in the balance sheet
The total amount of financial commitments not included in the balance sheet is £
Format NDT Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 July 2021
Related party transactions |
Transactions with directors |
2021 |
At 31 July 2020 |
Advances to directors |
Repayments by director |
At 30 July 2021 |
Mr B J Justice |
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Directors loan |
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( |
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Mr SM Justice |
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Directors loan |
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- |
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2020 |
At 31 July 2019 |
Advances to directors |
Repayments by director |
At 30 July 2020 |
Mr B J Justice |
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Directors loan |
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( |
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Mr SM Justice |
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Directors loan |
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( |
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Going Concern |
Although the financial statements show net liabilities of £14,100 (2020 - £23,563), the directors are of the opinion that the financial statements can be prepared on a going concern basis on the grounds the company will continue to receive support from the directors and will trade profitably in the future.