Format NDT Ltd - Period Ending 2022-07-30

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 S M 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 2022

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 2022 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 July 2023

Format NDT Ltd

(Registration number: 07388403)
Balance Sheet as at 30 July 2022

	Note	2022 £	2021 £
Fixed assets
Tangible assets	4	9,852	12,339
Current assets
Stocks		920	700
Debtors	5	143,362	138,266
Cash at bank and in hand		3,501	1,938
		147,783	140,904
Creditors: Amounts falling due within one year	6	(141,262)	(109,640)
Net current assets		6,521	31,264
Total assets less current liabilities		16,373	43,603
Creditors: Amounts falling due after more than one year	6	(43,894)	(56,478)
Provisions for liabilities		(954)	(1,225)
Net liabilities		(28,475)	(14,100)
Capital and reserves
Called up share capital		100	100
Profit and loss account		(28,575)	(14,200)
Shareholders' deficit		(28,475)	(14,100)

For the financial year ending 30 July 2022 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 2022

Approved and authorised by the Board on 27 July 2023 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 2022

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.

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.

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.

Format NDT Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 July 2022

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.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 7 (2021 - 6).

Format NDT Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 July 2022

4	Tangible assets

	Plant and machinery £	Office equipment £	Motor vehicles  £	Total £
Cost or valuation
At 31 July 2021	51,886	1,690	6,911	60,487
At 30 July 2022	51,886	1,690	6,911	60,487
Depreciation
At 31 July 2021	39,941	1,690	6,517	48,148
Charge for the year	2,388	-	99	2,487
At 30 July 2022	42,329	1,690	6,616	50,635
Carrying amount
At 30 July 2022	9,557	-	295	9,852
At 30 July 2021	11,945	-	394	12,339

5

Debtors

	2022 £	2021 £
Trade debtors	49,239	46,143
Other debtors	94,123	92,123
	143,362	138,266

Format NDT Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 July 2022

6

Creditors

Creditors: amounts falling due within one year

	Note	2022 £	2021 £
Due within one year
Bank loans and overdrafts		21,550	12,880
Trade creditors		13,689	18,491
Corporation tax		22,643	4,346
Other creditors		83,380	73,923
		141,262	109,640

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	2022 £	2021 £
Due after one year
Loans and borrowings		43,894	56,478

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 £11,784 (2021 - £21,717). 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 2022

8	Related party transactions

Transactions with directors

2022	At 31 July 2021 £	Advances to directors £	Repayments by director £	At 30 July 2022 £
Mr B J Justice
Directors loan	32,907	1,086	(30,000)	3,993
Mr S M Justice
Directors loan	56,846	11,649	-	68,495

2021	At 31 July 2020 £	Advances to directors £	Repayments by director £	At 30 July 2021 £
Mr B J Justice
Directors loan	29,076	22,831	(19,000)	32,907
Mr S M Justice
Directors loan	43,185	13,661	-	56,846

9	Going Concern

Although the financial statements show net liabilities of £28,475 (2021 - £14,100), 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.