Relate AccountsProduction v2.6.1 v2.6.1 2020-09-01 The company was not dormant during the period The company was trading for the entire period Unaudited Accounts The Principal activity of the company is the manufacture of trailers and semi trailers for resale and hire. 15 August 2022 36 43 NI055943 2021-08-31 NI055943 2020-08-31 NI055943 2019-08-31 NI055943 2020-09-01 2021-08-31 NI055943 2019-09-01 2020-08-31 NI055943 uk-bus:PrivateLimitedCompanyLtd 2020-09-01 2021-08-31 NI055943 uk-bus:AbridgedAccounts 2020-09-01 2021-08-31 NI055943 uk-core:ShareCapital 2021-08-31 NI055943 uk-core:ShareCapital 2020-08-31 NI055943 uk-core:RetainedEarningsAccumulatedLosses 2021-08-31 NI055943 uk-core:RetainedEarningsAccumulatedLosses 2020-08-31 NI055943 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2021-08-31 NI055943 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2020-08-31 NI055943 uk-bus:FRS102 2020-09-01 2021-08-31 NI055943 uk-core:Goodwill 2020-09-01 2021-08-31 NI055943 uk-core:LandBuildings 2020-09-01 2021-08-31 NI055943 uk-core:PlantMachinery 2020-09-01 2021-08-31 NI055943 uk-core:FurnitureFittingsToolsEquipment 2020-09-01 2021-08-31 NI055943 uk-core:MotorVehicles 2020-09-01 2021-08-31 NI055943 uk-core:OtherPropertyPlantEquipment 2020-09-01 2021-08-31 NI055943 uk-core:Goodwill 2020-08-31 NI055943 uk-core:Goodwill 2021-08-31 NI055943 2020-09-01 2021-08-31 NI055943 uk-bus:Director1 2020-09-01 2021-08-31 NI055943 uk-bus:CompanySecretaryDirector1 2020-09-01 2021-08-31 NI055943 uk-bus:AuditExempt-NoAccountantsReport 2020-09-01 2021-08-31 xbrli:pure iso4217:GBP xbrli:shares
 
 
 
 
 
 
 
 
 
 
 
Herron Engineering Limited
 
Abridged Unaudited Financial Statements
 
for the financial year ended 31 August 2021



Herron Engineering Limited
Company Registration Number: NI055943
ABRIDGED BALANCE SHEET
as at 31 August 2021

2021 2020
Notes £ £
 
Fixed Assets
Intangible assets 4 350,000 420,000
Tangible assets 5 1,219,460 1,250,660
───────── ─────────
1,569,460 1,670,660
───────── ─────────
 
Current Assets
Stocks 840,000 200,000
Debtors 927,190 536,993
Cash and cash equivalents 678,034 650,983
───────── ─────────
2,445,224 1,387,976
───────── ─────────
Creditors: amounts falling due within one year (1,955,296) (1,077,594)
───────── ─────────
Net Current Assets 489,928 310,382
───────── ─────────
Total Assets less Current Liabilities 2,059,388 1,981,042
 
Provisions for liabilities (155,299) (158,230)
 
Government grants (140,274) (150,933)
───────── ─────────
Net Assets 1,763,815 1,671,879
═════════ ═════════
 
Capital and Reserves
Called up share capital 100 100
Retained earnings 1,763,715 1,671,779
───────── ─────────
Shareholders' Funds 1,763,815 1,671,879
═════════ ═════════
 
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A (Small Entities).
           
All of the members have consented to the preparation of abridged accounts in accordance with section 444(2A) of the Companies Act 2006.
           
The company has taken advantage of the exemption under section 444 not to file the Abridged Profit and Loss Account and Directors' Report.
           
For the financial year ended 31 August 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
           
The directors confirm that the members have not required the company to obtain an audit of its financial statements for the financial year in question in accordance with section 476 of the Companies Act 2006.
           
The directors acknowledge their responsibilities for ensuring that the company keeps accounting records which comply with section 386 and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its profit and loss for the 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.
           
Approved by the Board and authorised for issue on 15 August 2022 and signed on its behalf by
           
________________________________          
Mr. William Herron          
Director          
           
________________________________
Mrs. Johanna Herron
Director
           



Herron Engineering Limited
NOTES TO THE ABRIDGED FINANCIAL STATEMENTS
for the financial year ended 31 August 2021

   
1. General Information
 
Herron Engineering Limited is a private company limited by shares incorporated in Northern Ireland. 15 Herron's Road, Ballyward, Castlewellan, Co. Down, BT31 9SR, Northern Ireland is the registered office, which is also the principal place of business of the company. The company registration number is NI055943.

The financial statements cover the individual entity Herron Engineering Limited, for the year ended 31 August 2021.

The financial statements have been presented in Pound Sterling (£) which is also the functional currency of the company.
         
2. Summary of Significant Accounting Policies
 
The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements.
 
Statement of compliance
The financial statements of the company for the year ended 31 August 2021 have been prepared in accordance with the provisions of FRS 102 Section 1A (Small Entities) and the Companies Act 2006.
 
Basis of preparation
The financial statements have been prepared on the going concern basis and in accordance with the historical cost convention except for certain properties and financial instruments that are measured at revalued amounts or fair values, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for assets.
 
Turnover
Turnover comprises the invoice value of goods supplied by the company, exclusive of trade discounts and value added tax.
 
Research & Development
Development expenditure is written off in the same year unless the directors are satisfied as to the technical, commercial and financial viability of individual projects. In this situation, the expenditure is deferred and amortised over the period from which the company is expected to benefit.
 
Goodwill
Purchased goodwill arising on the acquisition of a business represents the excess of the acquisition cost over the fair value of the identifiable net assets including other intangible fixed assets when they were acquired. Purchased goodwill is capitalised in the Balance Sheet and amortised on a straight line basis over its economic useful life of 20 years, which the directors reliably estimate to be the period during which benefits are expected to arise.  On disposal of a business any goodwill not yet amortised is included in determining the profit or loss on sale of the business.
 
Tangible assets and depreciation
Tangible assets are stated at cost or at valuation, less accumulated depreciation. The charge to depreciation is calculated to write off the original cost or valuation of tangible assets, less their estimated residual value, over their expected useful lives as follows:
 
  Land and buildings freehold - 4% Straight line
  Plant and machinery - 10% Reducing Balance
  Fixtures, fittings and equipment - 25% Reducing Balance
  Motor vehicles - 25% Straight line
    - 10% Straight line
 
The carrying values of tangible fixed assets are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable.
 
Stocks
Stocks are valued at the lower of cost and net realisable value. Stocks are determined on a first-in first-out basis. Cost comprises expenditure incurred in the normal course of business in bringing stocks to their present location and condition.  Full provision is made for obsolete and slow moving items. Net realisable value comprises actual or estimated selling price (net of trade discounts) less all further costs to completion or to be incurred in marketing and selling.
 
Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.
 
Provisions
Provisions are recognised when the company has a present legal or constructive obligation arising as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate can be made. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the same value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognised as interest expense.
 
Trade and other creditors
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.
 
Taxation and deferred taxation
Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the financial year and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Balance Sheet date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more tax in the future, or a right to pay less tax in the future. Timing differences are temporary differences between the company's taxable profits and its results as stated in the financial statements. Deferred tax is measured on an undiscounted basis at the tax rates that are anticipated to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
 
Government grants
Capital grants received and receivable are treated as deferred income and amortised to the Profit and Loss Account annually over the useful economic life of the asset to which it relates. Revenue grants are credited to the Profit and Loss Account when received.
 
Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated at the rates of exchange ruling at the Balance Sheet date. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated at the rates of exchange ruling at the date of the transaction. Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. The resulting exchange differences are dealt with in the Profit and Loss Account.
 
Pensions
The company operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the company. Annual contributions payable to the company's pension scheme are charged to the Profit and Loss Account in the period to which they relate.
 
Ordinary share capital
The Share Capital of the company is presented as equity.
       
3. Employees
 
The average monthly number of employees, including directors, during the financial year was as follows:
 
  2021 2020
  Number Number
 
Employees 36 43
  ═════════ ═════════
     
4. Intangible assets
   
  Goodwill
  £
Cost
At 1 September 2020 1,400,000
  ─────────
 
At 31 August 2021 1,400,000
  ─────────
Amortisation
At 1 September 2020 980,000
Charge for financial year 70,000
  ─────────
At 31 August 2021 1,050,000
  ─────────
Net book value
At 31 August 2021 350,000
  ═════════
At 31 August 2020 420,000
  ═════════

               
5. Tangible assets
  Land and Plant and Fixtures, Motor   Total
  buildings machinery fittings and vehicles    
  freehold   equipment      
  £ £ £ £ £ £
Cost
At 1 September 2020 428,876 1,726,741 53,794 34,157 4,680 2,248,248
Additions - 71,000 15,799 - - 86,799
Disposals - (28,000) - - - (28,000)
  ───────── ───────── ───────── ───────── ───────── ─────────
At 31 August 2021 428,876 1,769,741 69,593 34,157 4,680 2,307,047
  ───────── ───────── ───────── ───────── ───────── ─────────
Depreciation
At 1 September 2020 30,829 903,243 47,630 15,418 468 997,588
Charge for the financial year 17,155 80,191 3,996 4,685 421 106,448
On disposals - (16,449) - - - (16,449)
  ───────── ───────── ───────── ───────── ───────── ─────────
At 31 August 2021 47,984 966,985 51,626 20,103 889 1,087,587
  ───────── ───────── ───────── ───────── ───────── ─────────
Net book value
At 31 August 2021 380,892 802,756 17,967 14,054 3,791 1,219,460
  ═════════ ═════════ ═════════ ═════════ ═════════ ═════════
At 31 August 2020 398,047 823,498 6,164 18,739 4,212 1,250,660
  ═════════ ═════════ ═════════ ═════════ ═════════ ═════════

       
6. PENSION COMMITMENTS
 
The company operates a defined contribution pension scheme for employees.  The assets of the scheme are held separately from those of the company in an independently administered fund.  At the balance sheet date, there were no contributions due to the fund ( 2020: NIL).