Caseware UK (AP4) 2022.0.179 2022.0.179 2023-03-312023-03-312022-04-01falseNo description of principal activity1716truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 05083962 2022-04-01 2023-03-31 05083962 2021-04-01 2022-03-31 05083962 2023-03-31 05083962 2022-03-31 05083962 c:Director1 2022-04-01 2023-03-31 05083962 d:MotorVehicles 2022-04-01 2023-03-31 05083962 d:MotorVehicles 2023-03-31 05083962 d:MotorVehicles 2022-03-31 05083962 d:MotorVehicles d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 05083962 d:FurnitureFittings 2022-04-01 2023-03-31 05083962 d:FurnitureFittings 2023-03-31 05083962 d:FurnitureFittings 2022-03-31 05083962 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 05083962 d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 05083962 d:CurrentFinancialInstruments 2023-03-31 05083962 d:CurrentFinancialInstruments 2022-03-31 05083962 d:Non-currentFinancialInstruments 2023-03-31 05083962 d:Non-currentFinancialInstruments 2022-03-31 05083962 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 05083962 d:CurrentFinancialInstruments d:WithinOneYear 2022-03-31 05083962 d:Non-currentFinancialInstruments d:AfterOneYear 2023-03-31 05083962 d:Non-currentFinancialInstruments d:AfterOneYear 2022-03-31 05083962 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-03-31 05083962 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2022-03-31 05083962 d:ShareCapital 2023-03-31 05083962 d:ShareCapital 2022-03-31 05083962 d:RetainedEarningsAccumulatedLosses 2023-03-31 05083962 d:RetainedEarningsAccumulatedLosses 2022-03-31 05083962 c:FRS102 2022-04-01 2023-03-31 05083962 c:AuditExempt-NoAccountantsReport 2022-04-01 2023-03-31 05083962 c:FullAccounts 2022-04-01 2023-03-31 05083962 c:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 05083962 d:HirePurchaseContracts d:WithinOneYear 2023-03-31 05083962 d:HirePurchaseContracts d:WithinOneYear 2022-03-31 05083962 d:HirePurchaseContracts d:BetweenOneFiveYears 2023-03-31 05083962 d:HirePurchaseContracts d:BetweenOneFiveYears 2022-03-31 05083962 d:AcceleratedTaxDepreciationDeferredTax 2023-03-31 05083962 d:AcceleratedTaxDepreciationDeferredTax 2022-03-31 iso4217:GBP xbrli:pure

Registered number: 05083962









360 ENGINEERING LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2023

 
360 ENGINEERING LIMITED
REGISTERED NUMBER: 05083962

BALANCE SHEET
AS AT 31 MARCH 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
177,593
178,679

  
177,593
178,679

Current assets
  

Stocks
 5 
85,000
85,000

Debtors: amounts falling due within one year
 6 
1,464,855
1,219,732

Cash at bank and in hand
 7 
1,035,654
1,127,201

  
2,585,509
2,431,933

Creditors: amounts falling due within one year
 8 
(865,159)
(982,504)

Net current assets
  
 
 
1,720,350
 
 
1,449,429

Total assets less current liabilities
  
1,897,943
1,628,108

Creditors: amounts falling due after more than one year
 9 
(114,534)
(125,046)

Provisions for liabilities
  

Deferred tax
 12 
(28,164)
(20,823)

  
 
 
(28,164)
 
 
(20,823)

Net assets
  
1,755,245
1,482,239


Capital and reserves
  

Called up share capital 
  
1,000
1,000

Profit and loss account
  
1,754,245
1,481,239

  
1,755,245
1,482,239


Page 1

 
360 ENGINEERING LIMITED
REGISTERED NUMBER: 05083962
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2023

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




P Worth
Director

Date: 24 October 2023

The notes on pages 3 to 10 form part of these financial statements.

Page 2

 
360 ENGINEERING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.


General information

360 Engineering Limited is a company limited by shares incorporated in England and Wales within the United Kingdom. The address of the registered office is 45 Pall Mall, London, SW1Y 5JG.
The company's principal activity is that of plumbing, heat and air-conditioning installation services. 
The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

 
2.3

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of Income and Retained Earnings in the same period as the related expenditure.

 
2.4

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.5

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 3

 
360 ENGINEERING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.6

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Motor vehicles
-
25%
straight line
Fixtures and fittings
-
25%
reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.8

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell.

Page 4

 
360 ENGINEERING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.9

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance Sheet.

 
2.10

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.


3.


Employees

The average monthly number of employees, including directors, during the year was 17 (2022 - 16).

Page 5

 
360 ENGINEERING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

4.


Tangible fixed assets





Motor vehicles
Fixtures and fittings
Total

£
£
£



Cost or valuation


At 1 April 2022
289,709
50,876
340,585


Additions
70,514
3,475
73,989


Disposals
(23,146)
-
(23,146)



At 31 March 2023

337,077
54,351
391,428



Depreciation


At 1 April 2022
125,997
35,909
161,906


Charge for the year on owned assets
70,792
4,283
75,075


Disposals
(23,146)
-
(23,146)



At 31 March 2023

173,643
40,192
213,835



Net book value



At 31 March 2023
163,434
14,159
177,593



At 31 March 2022
163,712
14,967
178,679


5.


Stocks

2023
2022
£
£

Raw materials and consumables
85,000
85,000

85,000
85,000


Page 6

 
360 ENGINEERING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

6.


Debtors

2023
2022
£
£


Trade debtors
640,352
416,001

Amounts owed by group undertakings
368,538
719,541

Other debtors
429,715
69,968

Prepayments and accrued income
26,250
14,222

1,464,855
1,219,732



7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
1,035,654
1,127,201

1,035,654
1,127,201



8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
9,400
9,400

Trade creditors
422,827
669,650

Amounts owed to related entities
133,832
135,544

Corporation tax
216,040
67,126

Other taxation and social security
44,775
73,413

Obligations under finance lease and hire purchase contracts
26,877
17,931

Other creditors
6,458
4,640

Accruals and deferred income
4,950
4,800

865,159
982,504


Page 7

 
360 ENGINEERING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

9.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
26,259
35,892

Net obligations under finance leases and hire purchase contracts
88,275
89,154

114,534
125,046



10.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
9,400
9,400


9,400
9,400

Amounts falling due after more than one year

Bank loans
26,259
35,892


26,259
35,892



35,659
45,292



11.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2023
2022
£
£


Within one year
17,931
17,931

After more than one year
95,043
89,154

112,974
107,085

Page 8

 
360 ENGINEERING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

12.


Deferred taxation




2023


£






At beginning of year
(20,823)


Charged to profit or loss
(7,341)



At end of year
(28,164)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(28,164)
(20,823)

(28,164)
(20,823)


13.


Pension commitments

The company operated a defined contribution pension scheme. The pension cost charge represents contributions payable by the company to the fund and amounted to £13,571 (2022: £10,372). There was an outstanding balance of £4,458 (2022: £4,640) at the year end.


14.


Related party transactions

At the balance sheet date, £367,325 (2022: £64,992) was owed from the director to the company.
Related entities incur expenditure on behalf of one another and recharge. At the balance sheet date, the company was due/(owed) the following amounts from/(to) such related entities.


2023
2022
£
£

360 Engineering Service and Maintenance Limited
(133,832)
(135,544)
360 Engineering Group Limited
82,038
281,541
(51,794)
145,997

Page 9

 
360 ENGINEERING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

15.


Controlling party

360 Engineering Ltd is a subsidiary of 360 Engineering Group Limited, a company incorporated in England and Wales.
As at the balance sheet date, the ultimate controlling party is P Worth.

 
Page 10