Registered number
11203011
H Engineering Limited
Filleted Accounts
28 February 2023
H Engineering Limited
Registered number: 11203011
Balance Sheet
as at 28 February 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 4 608,766 622,642
Current assets
Stocks 460,359 399,416
Debtors 5 157,926 110,472
Cash at bank and in hand 5,957 -
624,242 509,888
Creditors: amounts falling due within one year 6 (576,464) (558,879)
Net current assets/(liabilities) 47,778 (48,991)
Total assets less current liabilities 656,544 573,651
Creditors: amounts falling due after more than one year 7 (63,500) (106,185)
Net assets 593,044 467,466
Capital and reserves
Called up share capital 101 101
Profit and loss account 592,943 467,365
Shareholders' funds 593,044 467,466
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
A Hansford
Director
Approved by the board on 13 October 2023
H Engineering Limited
Notes to the Accounts
for the year ended 28 February 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Plant and machinery over 5-10 years
Fixtures, fittings, tools and equipment over 3-15 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Unrelieved tax losses are recognised only to the extent that it is probable that they will be recovered against future taxable profits. Current tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 6 6
3 Intangible fixed assets £
Goodwill:
Cost
At 1 March 2022 50,000
At 28 February 2023 50,000
Amortisation
At 1 March 2022 50,000
At 28 February 2023 50,000
Net book value
At 28 February 2023 -
Goodwill is being written off in equal annual instalments over its estimated economic life of 4 years.
4 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 March 2022 622,667 84,756 21,950 729,373
Additions 7,200 1,670 - 8,870
At 28 February 2023 629,867 86,426 21,950 738,243
Depreciation
At 1 March 2022 42,336 49,390 15,005 106,731
Charge for the year 11,751 9,259 1,736 22,746
At 28 February 2023 54,087 58,649 16,741 129,477
Net book value
At 28 February 2023 575,780 27,777 5,209 608,766
At 28 February 2022 580,331 35,366 6,945 622,642
5 Debtors 2023 2022
£ £
Trade debtors 47,919 98,274
Other debtors 110,007 12,198
157,926 110,472
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 76,672 51,179
Obligations under finance lease and hire purchase contracts 17,093 23,355
Trade creditors 208,104 94,217
Taxation and social security costs 201,613 89,981
Other creditors 72,982 300,147
576,464 558,879
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 56,344 83,701
Obligations under finance lease and hire purchase contracts 7,156 22,484
63,500 106,185
8 Loans 2023 2022
£ £
Creditors include:
Secured bank loans 24,248 45,839
[Give an indication of the nature and form of the security for the bank loans]
9 Other financial commitments 2023 2022
£ £
Total future minimum payments under non-cancellable operating leases 10,000 12,000
10 Controlling party
The company is controlled by the director A Hansford
11 Other information
H Engineering Limited is a private company limited by shares and incorporated in England. Its registered office is:
First Floor, 12 St. John's Way
St. John's Business Estate
Downham Market
Norfolk
PE38 0QQ
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