Format NDT Ltd - Period Ending 2020-07-30

Format NDT Ltd

Contents

Company Information	1
Accountants' Report	2
Balance Sheet	3 to 4
Notes to the Unaudited Financial Statements	5 to 9

Format NDT Ltd

Company Information

Directors

Mr SM Justice Mr B J Justice

Registered office

Units 25-27 Brindley Road Reginald Road Industrial Park St.Helens Merseyside WA9 4HY

Accountants

Abrams Ashton Ltd Chartered Accountants 7 Waterside Court St. Helens Merseyside WA9 1UA

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 2020

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 2020 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 loss 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.

......................................

Abrams Ashton Ltd
Chartered Accountants
7 Waterside Court
St. Helens
Merseyside
WA9 1UA

27 August 2021

Format NDT Ltd

(Registration number: 07388403)
Balance Sheet as at 30 July 2020

	Note	2020 £	2019 £
Fixed assets
Tangible assets	4	15,508	16,339
Current assets
Stocks		497	634
Debtors	5	198,121	149,900
Cash at bank and in hand		18,904	10,409
		217,522	160,943
Creditors: Amounts falling due within one year	6	(205,978)	(168,950)
Net current assets/(liabilities)		11,544	(8,007)
Total assets less current liabilities		27,052	8,332
Creditors: Amounts falling due after more than one year	6	(49,034)	-
Provisions for liabilities		(1,581)	(1,439)
Net (liabilities)/assets		(23,563)	6,893
Capital and reserves
Called up share capital		100	100
Profit and loss account		(23,663)	6,793
Shareholders' (deficit)/funds		(23,563)	6,893

For the financial year ending 30 July 2020 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 accounts for the year in question in accordance with section 476; and
•	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 2020

Approved and authorised by the Board on 27 August 2021 and signed on its behalf by:
 

.........................................

Mr B J Justice
Director

Format NDT Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 July 2020

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Units 25-27 Brindley Road
Reginald Road Industrial Park
St.Helens
Merseyside
WA9 4HY

2	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.

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.

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.

Format NDT Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 July 2020

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.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 6 (2019 - 6).

Format NDT Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 July 2020

4	Tangible assets

	Plant and machinery £	Office equipment £	Motor vehicles  £	Total £
Cost or valuation
At 31 July 2019	48,757	1,690	6,911	57,358
Additions	3,129	-	-	3,129
At 30 July 2020	51,886	1,690	6,911	60,487
Depreciation
At 31 July 2019	33,218	1,590	6,211	41,019
Charge for the year	3,735	50	175	3,960
At 30 July 2020	36,953	1,640	6,386	44,979
Carrying amount
At 30 July 2020	14,933	50	525	15,508
At 30 July 2019	15,539	100	700	16,339

5

Debtors

	2020 £	2019 £
Trade debtors	123,490	106,122
Other debtors	74,631	43,778
	198,121	149,900

Format NDT Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 July 2020

6

Creditors

Creditors: amounts falling due within one year

	Note	2020 £	2019 £
Due within one year
Bank loans and overdrafts		8,650	-
Trade creditors		35,754	33,779
Corporation tax		3,512	10,445
Other creditors		158,062	124,726
		205,978	168,950

Creditors include finance facilities which are secured with fixed and floating charges over the assets of the company of £72,056 (2019-£57,151).

Creditors: amounts falling due after more than one year

	Note	2020 £	2019 £
Due after one year
Loans and borrowings		49,034	-

7	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 £22,301 (2019 - £5,232). This relates to the total future minimum lease payments under none cancellable operating leases.

Format NDT Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 July 2020

8	Related party transactions

Transactions with directors

2020	At 31 July 2019 £	Advances to directors £	Repayments by director £	At 30 July 2020 £
Mr B J Justice
Directors loan	11,507	64,932	(47,363)	29,076
Mr SM Justice
Directors loan	28,263	29,888	(14,966)	43,185

2019	At 31 July 2018 £	Advances to directors £	Repayments by director £	At 30 July 2019 £
Mr B J Justice
Directors loan	18,757	11,507	(18,757)	11,507
Mr SM Justice
Directors loan	36,844	28,263	(36,844)	28,263

9	Going Concern

Although the financial statements show net current liabilities of £Nil (2019 £8,007) and net liabilities of £23,563 (2019 £Nil ), 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.