13 false false false false false false false false false true false false true true false false true true No description of principal activity 2021-05-01 Sage Accounts Production Advanced 2021 - FRS102_2021 xbrli:pure xbrli:shares iso4217:GBP 01894993 2021-05-01 2022-04-30 01894993 2022-04-30 01894993 2021-04-30 01894993 2020-05-01 2021-04-30 01894993 2021-04-30 01894993 core:PlantMachinery 2021-05-01 2022-04-30 01894993 core:FurnitureFittings 2021-05-01 2022-04-30 01894993 core:MotorVehicles 2021-05-01 2022-04-30 01894993 bus:Director1 2021-05-01 2022-04-30 01894993 bus:Director2 2021-05-01 2022-04-30 01894993 core:LandBuildings 2021-04-30 01894993 core:PlantMachinery 2021-04-30 01894993 core:FurnitureFittings 2021-04-30 01894993 core:MotorVehicles 2021-04-30 01894993 core:LandBuildings 2022-04-30 01894993 core:PlantMachinery 2022-04-30 01894993 core:FurnitureFittings 2022-04-30 01894993 core:MotorVehicles 2022-04-30 01894993 core:WithinOneYear 2022-04-30 01894993 core:WithinOneYear 2021-04-30 01894993 core:ShareCapital 2022-04-30 01894993 core:ShareCapital 2021-04-30 01894993 core:RevaluationReserve 2022-04-30 01894993 core:RevaluationReserve 2021-04-30 01894993 core:RetainedEarningsAccumulatedLosses 2022-04-30 01894993 core:RetainedEarningsAccumulatedLosses 2021-04-30 01894993 core:LandBuildings 2021-04-30 01894993 core:PlantMachinery 2021-04-30 01894993 core:FurnitureFittings 2021-04-30 01894993 core:MotorVehicles 2021-04-30 01894993 bus:SmallEntities 2021-05-01 2022-04-30 01894993 bus:AuditExemptWithAccountantsReport 2021-05-01 2022-04-30 01894993 bus:FullAccounts 2021-05-01 2022-04-30 01894993 bus:SmallCompaniesRegimeForAccounts 2021-05-01 2022-04-30 01894993 bus:PrivateLimitedCompanyLtd 2021-05-01 2022-04-30 01894993 core:LandBuildings core:OwnedOrFreeholdAssets 2021-05-01 2022-04-30
COMPANY REGISTRATION NUMBER: 01894993
S & S Precision Engineering (Washington) Limited
Filleted Unaudited Financial Statements
30 April 2022
S & S Precision Engineering (Washington) Limited
Statement of Financial Position
30 April 2022
2022
2021
Note
£
£
£
Fixed Assets
Tangible assets
5
1,146,487
1,194,531
Current Assets
Stocks
13,843
16,768
Debtors
6
372,957
377,794
Cash at bank and in hand
513,549
445,133
---------
---------
900,349
839,695
Creditors: amounts falling due within one year
7
360,795
325,332
---------
---------
Net Current Assets
539,554
514,363
------------
------------
Total Assets Less Current Liabilities
1,686,041
1,708,894
Provisions
Taxation including deferred tax
66,508
71,356
------------
------------
Net Assets
1,619,533
1,637,538
------------
------------
Capital and Reserves
Called up share capital
25,000
25,000
Revaluation reserve
456,341
456,341
Profit and loss account
1,138,192
1,156,197
------------
------------
Shareholders Funds
1,619,533
1,637,538
------------
------------
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.
For the year ending 30 April 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 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 .
S & S Precision Engineering (Washington) Limited
Statement of Financial Position (continued)
30 April 2022
These financial statements were approved by the board of directors and authorised for issue on 7 September 2022 , and are signed on behalf of the board by:
I Staines
D Staines
Director
Director
Company registration number: 01894993
S & S Precision Engineering (Washington) Limited
Notes to the Financial Statements
Year ended 30 April 2022
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 23 Rainhill Close, Stephenson Industrial Estate, Washington, Tyne & Wear, NE37 3HN.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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.
Disclosure exemptions
The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102: (a) Disclosures in respect of each class of share capital have not been presented. (b) No cash flow statement has been presented for the company. (c) Disclosures in respect of financial instruments have not been presented. (d) Disclosures in respect of share-based payments have not been presented. (e) No disclosure has been given for the aggregate remuneration of key management personnel.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
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.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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
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:
Freehold Property
-
Not depreciated
Plant and Machinery
-
10% reducing balance
Fixtures and Fittings
-
10% reducing balance
Motor Vehicles
-
25% reducing balance
Impairment of fixed assets
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. For the purposes of impairment testing, 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 largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
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 stock to its present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
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 as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
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 as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 13 (2021: 13 ).
5. Tangible assets
Land and buildings
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 May 2021 and 30 April 2022
924,183
1,910,610
26,555
173,361
3,034,709
---------
------------
--------
---------
------------
Depreciation
At 1 May 2021
151,070
1,541,466
13,622
134,020
1,840,178
Charge for the year
36,914
1,294
9,836
48,044
---------
------------
--------
---------
------------
At 30 April 2022
151,070
1,578,380
14,916
143,856
1,888,222
---------
------------
--------
---------
------------
Carrying amount
At 30 April 2022
773,113
332,230
11,639
29,505
1,146,487
---------
------------
--------
---------
------------
At 30 April 2021
773,113
369,144
12,933
39,341
1,194,531
---------
------------
--------
---------
------------
The freehold property cost is split as follows: Land £71,211 Property 354,216 £425,427
Tangible assets held at valuation
The Freehold property was revalued by Kimmitt & Roberts in February 2016.
6. Debtors
2022
2021
£
£
Trade debtors
331,969
333,701
Other debtors
40,988
44,093
---------
---------
372,957
377,794
---------
---------
7. Creditors: amounts falling due within one year
2022
2021
£
£
Trade creditors
51,371
63,177
Corporation tax
40,519
Social security and other taxes
100,895
105,356
Other creditors
168,010
156,799
---------
---------
360,795
325,332
---------
---------
Hire purchase creditors are secured on the asset to which the loan relates.
8. Directors' advances, credits and guarantees
Included in creditors: amounts due within one year are amounts owed by the directors of £153,796 (2021: £143,616).
9. Related party transactions
The company was under the control of Mr I Staines and Mr D Staines throughout the current and previous year as directors and majority shareholders. No transactions with related parties were undertaken such as are required to be disclosed under the FRS102.