Nationwide Frame Services (North West) Limited 31/12/2021 iXBRL

Nationwide Frame Services (North West) Limited 31/12/2021 iXBRL

NATIONWIDE FRAME SERVICES (NORTH WEST) LIMITED - Company Information

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Company registration number: 03784819
Nationwide Frame Services (North West) Limited
Unaudited filleted financial statements
31 December 2021
Nationwide Frame Services (North West) Limited
Contents
Directors and other information
Directors report
Accountant's report
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Nationwide Frame Services (North West) Limited
Directors and other information
Directors Mr John Joseph King
Mr Paul Andrew King
Secretary Paul Andrew King
Company number 03784819
Registered office Kings House Off Railway Road
Adlington
Chorley
Lancashire
PR7 4EH
Business address Kings House Off Railway Road
Adlington
Chorley
Lancashire
PR7 4EH
Accountant Practical Business Solutions (NW) Limited
749a Ormskirk Road
Pemberton
Wigan
Lancashire
WN5 8AT
Nationwide Frame Services (North West) Limited
Directors report
Year ended 31 December 2021
The directors present their report and the unaudited financial statements of the company for the year ended 31 December 2021.
Directors
The directors who served the company during the year were as follows:
Mr John Joseph King
Mr Paul Andrew King
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 30 September 2022 and signed on behalf of the board by:
Mr Paul Andrew King
Director
Nationwide Frame Services (North West) Limited
Report to the board of directors on the preparation of the
unaudited statutory financial statements of Nationwide Frame Services (North West) Limited
Year ended 31 December 2021
In order to assist you to fulfil your duties under the Companies Act 2006, I have prepared for your approval the financial statements of Nationwide Frame Services (North West) Limited for the year ended 31 December 2021 which comprise the statement of financial position, statement of changes in equity and related notes from the company's accounting records and from information and explanations you have given me.
As a practising member of the Chartered Institute of Management Accountants , I am subject to its ethical and other professional requirements which are detailed at www.cimaglobal.com.
This report is made solely to the board of directors of Nationwide Frame Services (North West) Limited, as a body, in accordance with the terms of my engagement letter. My work has been undertaken solely to prepare for your approval the financial statements of Nationwide Frame Services (North West) Limited and state those matters that we have agreed to state to the board of directors of Nationwide Frame Services (North West) Limited as a body, in this report in accordance with the requirements of the Chartered Institute of Management Accountants as detailed at www.cimaglobal.com. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than Nationwide Frame Services (North West) Limited and its board of directors as a body for my work or for this report.
It is your duty to ensure that Nationwide Frame Services (North West) Limited 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 loss of Nationwide Frame Services (North West) Limited. You consider that Nationwide Frame Services (North West) Limited is exempt from the statutory audit requirement for the year.
I have not been instructed to carry out an audit or a review of the financial statements of Nationwide Frame Services (North West) Limited. For this reason, I have not verified the accuracy or completeness of the accounting records or information and explanations you have given to me and I do not, therefore, express any opinion on the statutory financial statements.
Practical Business Solutions (NW) Limited
Chartered Global Management Accountants
749a Ormskirk Road
Pemberton
Wigan
Lancashire
WN5 8AT
30 September 2022
Nationwide Frame Services (North West) Limited
Statement of financial position
31 December 2021
2021 2020
Note £ £ £ £
Fixed assets
Tangible assets 5 144,649 117,048
_______ _______
144,649 117,048
Current assets
Stocks 353,554 263,820
Debtors 6 1,883,655 1,952,595
Cash at bank and in hand 39,461 8,017
_______ _______
2,276,670 2,224,432
Creditors: amounts falling due
within one year 7 ( 2,040,468) ( 1,824,283)
_______ _______
Net current assets 236,202 400,149
_______ _______
Total assets less current liabilities 380,851 517,197
Creditors: amounts falling due
after more than one year 8 ( 576,591) ( 503,999)
Provisions for liabilities ( 27,483) ( 21,229)
_______ _______
Net liabilities ( 223,223) ( 8,031)
_______ _______
Capital and reserves
Called up share capital 550 550
Share premium account 44,550 44,550
Profit and loss account ( 268,323) ( 53,131)
_______ _______
Shareholders deficit ( 223,223) ( 8,031)
_______ _______
For the year ending 31 December 2021 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 financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 30 September 2022 , and are signed on behalf of the board by:
Mr Paul Andrew King
Director
Company registration number: 03784819
Nationwide Frame Services (North West) Limited
Statement of changes in equity
Year ended 31 December 2021
Called up share capital Share premium account Profit and loss account Total
£ £ £ £
At 1 January 2020 550 44,550 409,588 454,688
Loss for the year ( 252,719) ( 252,719)
_______ _______ _______ _______
Total comprehensive income for the year - - ( 252,719) ( 252,719)
Dividends paid and payable ( 210,000) ( 210,000)
_______ _______ _______ _______
Total investments by and distributions to owners - - ( 210,000) ( 210,000)
_______ _______ _______ _______
At 31 December 2020 and 1 January 2021 550 44,550 (53,132) (8,032)
Loss for the year ( 215,191) ( 215,191)
_______ _______ _______ _______
Total comprehensive income for the year - - ( 215,191) ( 215,191)
_______ _______ _______ _______
At 31 December 2021 550 44,550 ( 268,323) ( 223,223)
_______ _______ _______ _______
Nationwide Frame Services (North West) Limited
Notes to the financial statements
Year ended 31 December 2021
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is Kings House Off Railway Road, Adlington, Chorley, Lancashire, PR7 4EH.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery - 25 % reducing balance
Fittings fixtures and equipment - 33 % reducing balance
Motor vehicles - 25 % reducing balance
If
there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Construction contracts
Where the outcome of construction contracts can be reliably estimated, contract revenue and contract costs are recognised by reference to the stage of completion of the contract activity as at the period end. Where the outcome of construction contracts cannot be estimated reliably, revenue is recognised to the extent of contract costs incurred that it is probable will be recoverable, and contract costs are recognised as an expense in the period in which they are incurred. The entity uses the percentage of completion method to determine the amounts to be recognised in the period. The stage of completion is measured by reference to the contract costs incurred up to the end of the reporting period as a percentage of total estimated costs for each contract. Costs incurred for work performed to date do not include costs relating to future activity, such as for materials or prepayments.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Staff costs
The average number of persons employed by the company during the year amounted to 58 (2020: 63 ).
The aggregate payroll costs incurred during the year were:
2021 2020
£ £
Wages and salaries 1,608,677 1,661,799
Social security costs 128,447 252,778
Other pension costs 34,918 60,426
_______ _______
1,772,042 1,975,003
_______ _______
5. Tangible assets
Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £
Cost
At 1 January 2021 43,228 81,269 319,094 443,591
Additions 44,700 - 21,000 65,700
Disposals - - ( 14,333) ( 14,333)
_______ _______ _______ _______
At 31 December 2021 87,928 81,269 325,761 494,958
_______ _______ _______ _______
Depreciation
At 1 January 2021 29,607 75,354 221,580 326,541
Charge for the year 2,042 5,915 25,264 33,221
Disposals - - ( 9,453) ( 9,453)
_______ _______ _______ _______
At 31 December 2021 31,649 81,269 237,391 350,309
_______ _______ _______ _______
Carrying amount
At 31 December 2021 56,279 - 88,370 144,649
_______ _______ _______ _______
At 31 December 2020 13,621 5,915 97,514 117,050
_______ _______ _______ _______
6. Debtors
2021 2020
£ £
Trade debtors 988,765 1,029,855
Other debtors 894,890 922,740
_______ _______
1,883,655 1,952,595
_______ _______
7. Creditors: amounts falling due within one year
2021 2020
£ £
Bank loans and overdrafts 170,038 126,304
Trade creditors 1,180,960 1,237,372
Corporation tax ( 72,324) ( 50,347)
Social security and other taxes 50,351 40,533
Other creditors 711,443 470,421
_______ _______
2,040,468 1,824,283
_______ _______
Included within Creditors: Amounts falling due within one year are: Obligations under finance leases £15,836.64 (2020: £20,767.00) secured on the assets financed. Payments received on account from the Company's Invoice Discounting provider £383,738.47 (2020: £421,976.00) secured on the book debts of the company, a loan from Funding Circle for £80,433.24 (2020: £57,689.53) and a CBILS loan for £89,144.28 (2020:£68,614.11).
8. Creditors: amounts falling due after more than one year
2021 2020
£ £
Other creditors 576,591 503,999
_______ _______
Included within Creditors: Amounts falling due after more than one year: Obligations under finance leases £3,665.90 (2020: £22,517.00) secured on the assets financed, a loan from Funding Circle for £117,582.04 (2020: £198,015.36), a CBILS loan for £194,322.41 (2020: £283,466.71) and a secured loan from Reward Capital for £261,020.45 (2020: £0.00) for which the directors have pledged personal guarantees.
9. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2021
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Mr John Joseph King 93,948 39,036 ( 36,235) 96,749
Mr Paul Andrew King 101,819 35,766 ( 36,487) 101,098
_______ _______ _______ _______
195,767 74,802 ( 72,722) 197,847
_______ _______ _______ _______
2020
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Mr John Joseph King 101,336 101,829 ( 109,217) 93,948
Mr Paul Andrew King 104,817 102,002 ( 105,000) 101,819
_______ _______ _______ _______
206,153 203,831 ( 214,217) 195,767
_______ _______ _______ _______
Interest has been charged on the beneficial loans to the directors at 3.25% based on the average balances outstanding.