N P S Drylining Ltd - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: 04584646 (England and Wales)

Unaudited Financial Statements

For The Year Ended 31st December 2022

for

N P S Drylining Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Certified Accountants' Report

7

DIRECTORS:

N P Simonds

Mrs J K Simonds

SECRETARY:

Mrs J K Simonds

REGISTERED OFFICE:

11 Abbots View

Buckshaft Road

Cinderford

Gloucestershire

GL14 3EG

REGISTERED NUMBER:

04584646 (England and Wales)

ACCOUNTANTS:

Wildin (Accountants & Auditors) Ltd

Kings Buildings

Lydney

Gloucestershire

GL15 5HE

FIXED ASSETS

Tangible assets

5

39,971

51,844

CURRENT ASSETS

Stocks

221,426

221,426

Debtors

6

740,253

580,396

Cash at bank

189,529

482,214

1,151,208

1,284,036

CREDITORS

Amounts falling due within one year

7

286,017

416,149

NET CURRENT ASSETS

865,191

867,887

TOTAL ASSETS LESS CURRENT LIABILITIES

905,162

919,731

CREDITORS

Amounts falling due after more than one year

8

(59,014

)

(72,927

)

PROVISIONS FOR LIABILITIES

(1,926

)

(2,639

)

NET ASSETS

844,222

844,165

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

844,122

844,065

SHAREHOLDERS' FUNDS

844,222

844,165

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st December 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st December 2022 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on 8th June 2023 and were signed on its behalf by:

N P Simonds - Director

1.	STATUTORY INFORMATION

N P S Drylining Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery etc

-

33% on reducing balance, 25% on reducing balance and 20% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2021 - 2 ) .

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1st January 2022

98,620

Disposals

(6,554

)

At 31st December 2022

92,066

DEPRECIATION

At 1st January 2022

46,776

Charge for year

11,494

Eliminated on disposal

(6,175

)

At 31st December 2022

52,095

NET BOOK VALUE

At 31st December 2022

39,971

At 31st December 2021

51,844

Fixed assets, included in the above, which are held under finance leases are as follows:

Plant and

machinery

etc

£

COST

At 1st January 2022

and 31st December 2022

42,690

DEPRECIATION

At 1st January 2022

4,737

Charge for year

8,121

At 31st December 2022

12,858

NET BOOK VALUE

At 31st December 2022

29,832

At 31st December 2021

37,953

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.22

31.12.21

£

£

Trade debtors

344,561

210,895

Amounts owed by group undertakings

200,799

205,000

Other debtors

194,893

164,501

740,253

580,396

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.22

31.12.21

£

£

Trade creditors

101,230

73,073

Amounts owed to group undertakings

127,000

295,000

Taxation and social security

35,911

32,776

Other creditors

21,876

15,300

286,017

416,149

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.22

31.12.21

£

£

Bank loans

35,000

45,000

Finance leases

24,014

27,927

59,014

72,927

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

35,000

45,000

9.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31st December 2022 and 31st December 2021:

31.12.22

31.12.21

£

£

N P Simonds

Balance outstanding at start of year

87,219

93,299

Amounts advanced

24,067

-

Amounts repaid

-

(6,080

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

111,286

87,219

During the period a director, Mr N Simonds received a further loan in the sum of £24,067. The amount outstanding at the year-end was £111,286 (2021 £87,219 ). The loan is treated as being repayable on demand.

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of N P S Drylining Ltd for the year ended 31st December 2022 which comprise the Income Statement, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook.

This report is made solely to the Board of Directors of N P S Drylining Ltd, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of N P S Drylining Ltd and state those matters that we have agreed to state to the Board of Directors of N P S Drylining Ltd, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that N P S Drylining Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of N P S Drylining Ltd. You consider that N P S Drylining 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 financial statements of N P S Drylining 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 financial statements.

Wildin (Accountants & Auditors) Ltd

Kings Buildings

Lydney

Gloucestershire

GL15 5HE

8th June 2023