Silverfin false 31/05/2023 01/06/2022 31/05/2023 D J W Appleby 28/10/1998 E M Appleby 28/10/1998 J Appleby 08/06/2016 29 September 2023 The principal activity of the Company during the financial year was that of motorsport engineering and the manufacture, repair and lease of rally cars. 03657632 2023-05-31 03657632 bus:Director1 2023-05-31 03657632 bus:Director2 2023-05-31 03657632 bus:Director3 2023-05-31 03657632 2022-05-31 03657632 core:CurrentFinancialInstruments 2023-05-31 03657632 core:CurrentFinancialInstruments 2022-05-31 03657632 core:Non-currentFinancialInstruments 2023-05-31 03657632 core:Non-currentFinancialInstruments 2022-05-31 03657632 core:ShareCapital 2023-05-31 03657632 core:ShareCapital 2022-05-31 03657632 core:RetainedEarningsAccumulatedLosses 2023-05-31 03657632 core:RetainedEarningsAccumulatedLosses 2022-05-31 03657632 core:ComputerSoftware 2022-05-31 03657632 core:ComputerSoftware 2023-05-31 03657632 core:LandBuildings 2022-05-31 03657632 core:PlantMachinery 2022-05-31 03657632 core:Vehicles 2022-05-31 03657632 core:FurnitureFittings 2022-05-31 03657632 core:ComputerEquipment 2022-05-31 03657632 core:LandBuildings 2023-05-31 03657632 core:PlantMachinery 2023-05-31 03657632 core:Vehicles 2023-05-31 03657632 core:FurnitureFittings 2023-05-31 03657632 core:ComputerEquipment 2023-05-31 03657632 core:Non-currentFinancialInstruments 1 2023-05-31 03657632 core:Non-currentFinancialInstruments 1 2022-05-31 03657632 bus:OrdinaryShareClass1 2023-05-31 03657632 2022-06-01 2023-05-31 03657632 bus:FullAccounts 2022-06-01 2023-05-31 03657632 bus:SmallEntities 2022-06-01 2023-05-31 03657632 bus:AuditExemptWithAccountantsReport 2022-06-01 2023-05-31 03657632 bus:PrivateLimitedCompanyLtd 2022-06-01 2023-05-31 03657632 bus:Director1 2022-06-01 2023-05-31 03657632 bus:Director2 2022-06-01 2023-05-31 03657632 bus:Director3 2022-06-01 2023-05-31 03657632 core:ComputerSoftware core:TopRangeValue 2022-06-01 2023-05-31 03657632 core:OtherResidualIntangibleAssets 2022-06-01 2023-05-31 03657632 core:LandBuildings core:BottomRangeValue 2022-06-01 2023-05-31 03657632 core:LandBuildings core:TopRangeValue 2022-06-01 2023-05-31 03657632 core:PlantMachinery 2022-06-01 2023-05-31 03657632 core:Vehicles 2022-06-01 2023-05-31 03657632 core:FurnitureFittings 2022-06-01 2023-05-31 03657632 core:ComputerEquipment core:TopRangeValue 2022-06-01 2023-05-31 03657632 2021-06-01 2022-05-31 03657632 core:ComputerSoftware 2022-06-01 2023-05-31 03657632 core:LandBuildings 2022-06-01 2023-05-31 03657632 core:ComputerEquipment 2022-06-01 2023-05-31 03657632 core:CurrentFinancialInstruments 2022-06-01 2023-05-31 03657632 core:Non-currentFinancialInstruments 2022-06-01 2023-05-31 03657632 bus:OrdinaryShareClass1 2022-06-01 2023-05-31 03657632 bus:OrdinaryShareClass1 2021-06-01 2022-05-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 03657632 (England and Wales)

DAVID APPLEBY ENGINEERING LIMITED

Unaudited Financial Statements
For the financial year ended 31 May 2023
Pages for filing with the registrar

DAVID APPLEBY ENGINEERING LIMITED

Unaudited Financial Statements

For the financial year ended 31 May 2023

Contents

DAVID APPLEBY ENGINEERING LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 May 2023
DAVID APPLEBY ENGINEERING LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 May 2023
Note 2023 2022
£ £
Fixed assets
Intangible assets 3 0 1,050
Tangible assets 4 1,263,492 1,021,593
1,263,492 1,022,643
Current assets
Stocks 899,542 1,041,045
Debtors 5 24,170 64,303
Cash at bank and in hand 274,704 546,194
1,198,416 1,651,542
Creditors: amounts falling due within one year 6 ( 128,570) ( 283,778)
Net current assets 1,069,846 1,367,764
Total assets less current liabilities 2,333,338 2,390,407
Creditors: amounts falling due after more than one year 7 0 ( 62,890)
Provision for liabilities ( 34,728) 0
Net assets 2,298,610 2,327,517
Capital and reserves
Called-up share capital 8 1,000 1,000
Profit and loss account 2,297,610 2,326,517
Total shareholders' funds 2,298,610 2,327,517

For the financial year ending 31 May 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of David Appleby Engineering Limited (registered number: 03657632) were approved and authorised for issue by the Director on 29 September 2023. They were signed on its behalf by:

D J W Appleby
Director
DAVID APPLEBY ENGINEERING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 May 2023
DAVID APPLEBY ENGINEERING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 May 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

David Appleby Engineering Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is C/O Bishop Fleming Llp, 10 Temple Back, Bristol, BS1 6FL, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Statement of Financial Position date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.

Finance costs

Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Computer software 5 years straight line
Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings 0 - 25 years straight line
not depreciated
Plant and machinery 15 % reducing balance
Vehicles 25 % reducing balance
Fixtures and fittings 15 % reducing balance
Computer equipment 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Non-financial assets
At each balance sheet date, the company reviews its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss.

If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

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.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

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.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 3 3

3. Intangible assets

Computer software Total
£ £
Cost
At 01 June 2022 9,000 9,000
At 31 May 2023 9,000 9,000
Accumulated amortisation
At 01 June 2022 7,950 7,950
Charge for the financial year 1,050 1,050
At 31 May 2023 9,000 9,000
Net book value
At 31 May 2023 0 0
At 31 May 2022 1,050 1,050

4. Tangible assets

Land and buildings Plant and machinery Vehicles Fixtures and fittings Computer equipment Total
£ £ £ £ £ £
Cost
At 01 June 2022 710,797 188,323 204,807 46,232 3,683 1,153,842
Additions 185,053 38,360 245,429 0 0 468,842
Disposals 0 ( 22,846) ( 181,171) ( 4,556) 0 ( 208,573)
At 31 May 2023 895,850 203,837 269,065 41,676 3,683 1,414,111
Accumulated depreciation
At 01 June 2022 0 66,852 40,570 22,275 2,552 132,249
Charge for the financial year 606 22,867 55,219 3,594 647 82,933
Disposals 0 ( 11,628) ( 48,584) ( 4,351) 0 ( 64,563)
At 31 May 2023 606 78,091 47,205 21,518 3,199 150,619
Net book value
At 31 May 2023 895,244 125,746 221,860 20,158 484 1,263,492
At 31 May 2022 710,797 121,471 164,237 23,957 1,131 1,021,593

5. Debtors

2023 2022
£ £
Trade debtors 23,170 32,323
Prepayments 0 7,424
Other debtors 1,000 24,556
24,170 64,303

6. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 111,664 128,046
Amounts owed to directors 6,178 119,056
Accruals 5,500 4,100
Other taxation and social security 1,398 20,322
Other creditors 3,830 12,254
128,570 283,778

There are no amounts included above in respect of which any security has been given by the small entity.

7. Creditors: amounts falling due after more than one year

2023 2022
£ £
Deferred tax liability 0 62,890

There are no amounts included above in respect of which any security has been given by the small entity.

8. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
1,000 Ordinary shares of £ 1.00 each 1,000 1,000

9. Financial commitments

Pensions

The Company operates a defined contribution pension scheme for the directors and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund.

2023 2022
£ £
Unpaid contributions due to the fund (inc. in other creditors) 289 0

10. Related party transactions

Transactions with the entity's directors

2023 2022
£ £
Amounts owed to directors 6,178 119,056

This amount is included within amounts owed to directors. The loans are interest-free and there is no fixed date for repayment.

During the year, the directors received dividends totalling £100,000 (2022: £4,000).