Peak NDT Limited
Peak NDT Limited
Registered number: 03126822
Financial Statements
For The Year Ended
31 March 2022
Peak NDT Limited
Financial Statements
For The Year Ended
31 March 2022
Financial Statements
| Contents | |
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| Statement of Financial Position | 1—2 |
| Notes to the Financial Statements | 3—5 |
Peak NDT Limited
Statement of Financial Position
As at
31 March 2022
Statement of Financial Position
Registered number:
03126822
For the year ending 31 March 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
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| Notes | £ | £ | £ | £ | |
| FIXED ASSETS | |||||
| Intangible Assets | 3 |
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| Tangible Assets | 4 |
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| CURRENT ASSETS | |||||
| Stocks | 5 |
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| Debtors | 6 |
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| Cash at bank and in hand |
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| Creditors: Amounts Falling Due Within One Year | 7 |
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| NET CURRENT ASSETS (LIABILITIES) |
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| TOTAL ASSETS LESS CURRENT LIABILITIES |
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| Creditors: Amounts Falling Due After More Than One Year | 8 |
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| PROVISIONS FOR LIABILITIES | |||||
| Provisions For Charges |
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| Deferred Taxation |
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| NET ASSETS |
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| CAPITAL AND RESERVES | |||||
| Called up share capital | 9 |
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| Income Statement |
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| SHAREHOLDERS' FUNDS | 1,725,463 | 1,556,849 | |||
Peak NDT Limited
Statement of Financial Position (continued)
As at
31 March 2022
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Income Statement.
On behalf of the board
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Director
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The notes on pages 3 to 5 form part of these financial statements.
Peak NDT Limited
Notes to the Financial Statements
For The Year Ended
31 March 2022
Notes to the Financial Statements
1.
Accounting Policies
1.1.
Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
1.2.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
1.3.
Intangible Fixed Assets and Amortisation - Other Intangible
Other intangible assets include intellectual property. It is amortised to the income statement over its estimated economic life of 5 years.
1.4.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
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| Plant & Machinery |
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1.5.
Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
1.6.
Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
1.7.
Taxation
Income 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 profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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.
2.
Average Number of Employees
Average number of employees, including directors, during the year was: 17 (2021: 15)
Peak NDT Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 March 2022
3.
Intangible Assets
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| Amortisation | |||
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| Net Book Value | |||
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4.
Tangible Assets
| Land & Property | |||
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| Freehold | Plant & Machinery | Total | |
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| Depreciation | |||
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5.
Stocks
| 2022 | 2021 | ||
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| £ | £ | ||
| Stock | 327,000 | 210,000 | |
| Stock - work in progress |
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Peak NDT Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 March 2022
6.
Debtors
| 2022 | 2021 | ||
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| £ | £ | ||
| Due within one year | |||
| Trade debtors |
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| Other debtors | 45,910 | 37,366 | |
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7.
Creditors: Amounts Falling Due Within One Year
| 2022 | 2021 | ||
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| Trade creditors |
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| Bank loans and overdrafts |
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| Other creditors | 125,966 | 228,026 | |
| Taxation and social security | 17,998 | 54,668 | |
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8.
Creditors: Amounts Falling Due After More Than One Year
| 2022 | 2021 | ||
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| Bank loans |
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10.
Related Party Transactions
Included in other creditors is £109,000 (2020: £109,000) owing to TBAT Innovation Ltd a 100% subsidiary of the ultimate parent company.
Included in other creditors is £10,000 (2020: £10,000) owing from TBAT Holdings Ltd the ultimate parent company.
11.
Ultimate Controlling Party
The company's ultimate controlling party is
TBAT Holdings Ltd
by virtue of his ownership of 100% of the issued share capital in the company.