NSS_SPECIAL_ACCESS_(UK)_L - Accounts

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 December 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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.

The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

NSS Special Access (UK) Limited is a private company limited by shares incorporated in England and Wales. The registered office is International House, Flint Road, Saltney Ferry, Chester, CH4 0GZ.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

When assessing the going concern position of the company the directors have reviewed truefinancial budgets and forecasts prepared by management which take account of the potential effect of the ongoing Coronavirus pandemic, including taking advantage of and subsequent repayment, if applicable, of the Government's support packages including the Coronavirus Job Retention Scheme.

The company reported a loss for the current year of £32,354 having reported a loss of £444,012 in the previous year and as at the balance sheet date the company had net current liabilities of £247,822 and net liabilities of £242,930. Included within creditors due within one year are amounts due to related parties totalling £840,020 from whom written confirmation has been received which stipulates that these amounts owed will not be called until such time that the company has settled other third party liabilities.

Taking all of the above into account, the directors consider that the company will continue to be able to meet its liabilities as they fall due for a period of at least 12 months from the date of signing these accounts and therefore the directors have prepared these financial statements on a going concern basis.

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover comprises income from special projects for providing scaffolding solutions and the hire of scaffolding equipment.

Revenue from contracts for the provision of services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

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.

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities, including creditors, bank loans and loans from fellow group companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

The 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 net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

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

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

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

An intercompany cross guarantee exists between NSS Special Access (UK) Limited and Aviation Park Group Limited, Chester Airport Limited, CCB Property Partnership LLP, Spacerepair Limited and CCB Trading Group Limited.

During the year the company entered into the following transactions with related parties:

The company is controlled by C C Butt by virtue of his 100% shareholding.

C C Butt also owns 98.5% of the issued share capital of Aviation Park Group Limited which in turn wholly owns CCB Trading Group Limited which in turn wholly owns Chester Airport Limited.

Amounts owed to Aviation Park Group Limited at the balance sheet date totalled £104,926 (2019: £279,279). The company made sales of £9,529 (2019: £4,395) and purchases of £153,416 (2019: £210,651) to/from this company during the year. Amounts owed to CCB Trading Group Limited at the balance sheet date totalled £735,094 (2019: £610,415). Sales of £7,905 (2019: £nil) were made to this company during the year. Purchases of £2,880 (2019: £1,692) were made from Chester Airport Limited during the year.

C C Butt has a 99% membership in CCB Property Partnership LLP. Amounts owed by CCB Property Partnership LLP at the balance sheet date totalled £142,504 (2019: £11,000 - owed to). Recharges of £142,504 were made to this company during the year.

C C Butt owns 100% of the issued share capital of Spacerepair Limited. Amounts owed to Spacerepair Limited at the balance sheet date totalled £27,953 (2019: £236,434 ). The company made sales of £33,974 (2019: £58,024) to and made purchases of £156,191 (2019: £297,258) from this company during the year.

Palmers Scaffolding UK Limited is a related party company due to common ownership with NSS Special Access (UK) Limited. Amounts owed by Palmers Scaffolding UK Limited at the balance sheet date totalled £18,028 (2019: £30,988 - owed to). The company invoiced sales of £44,845 (2019: £123,006) and made purchases of £nil (2019: £30,039) to/from this company during the year.

NSS (Far East) Limited is a related company through common ownership and control. Amounts owed to NSS (Far East) Limited at the balance sheet date totalled £nil (2019: £11,254).

NSS (Middle East) Ltd is a related company through common ownership and control. Amounts owed by NSS (Middle East) Ltd at the balance sheet date totalled £404,848 (2019: £543,335 ). The company invoiced sales totalling £234,368 (2019: £276,771) to this company during the year.

The company is controlled by C C Butt by virtue of his 100% shareholding.