REGISTERED NUMBER: |
Strategic Report, Report of the Directors and |
Audited Financial Statements for the Year Ended 31 March 2023 |
for |
Allan J Hargreaves Plant Engineers |
Limited |
REGISTERED NUMBER: |
Strategic Report, Report of the Directors and |
Audited Financial Statements for the Year Ended 31 March 2023 |
for |
Allan J Hargreaves Plant Engineers |
Limited |
Allan J Hargreaves Plant Engineers |
Limited (Registered number: 05387021) |
Contents of the Financial Statements |
for the Year Ended 31 March 2023 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Directors | 3 |
Statement of Directors' Responsibilities | 5 |
Report of the Independent Auditors | 6 |
Income Statement | 10 |
Other Comprehensive Income | 11 |
Balance Sheet | 12 |
Statement of Changes in Equity | 13 |
Notes to the Financial Statements | 14 |
Reconciliation of Equity | 21 |
Reconciliation of Profit | 23 |
Allan J Hargreaves Plant Engineers |
Limited |
Company Information |
for the Year Ended 31 March 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Trident Business Centre |
Amy Johnson Way |
Blackpool |
Lancashire |
FY4 2RP |
Allan J Hargreaves Plant Engineers |
Limited (Registered number: 05387021) |
Strategic Report |
for the Year Ended 31 March 2023 |
The directors present their strategic report for the year ended 31 March 2023. |
REVIEW OF BUSINESS |
Business is generally good, there are plenty of new opportunities with existing and new clients as a result we expect to continue to grow over the next 12 months |
Staffing levels have increased over the last 12 months as the business has grown, along with developing the management team which will allow for future growth. |
PRINCIPAL RISKS AND UNCERTAINTIES |
We are coming to the end of the Network Rail 5 year financial control period and as a result some Network Rail budgets are being cut and it is not clear when the work bank for the next control period will get going. High levels of inflation are having an effect on contracts, which needs to be closely managed. Higher interest rates have also increased the cost of borrowing so could affect customer spending on larger capital investments such as new machines. Finding the right staff to allow the business to grow is also a key uncertainty and risk to growth. |
ON BEHALF OF THE BOARD: |
27 October 2023 |
Allan J Hargreaves Plant Engineers |
Limited (Registered number: 05387021) |
Report of the Directors |
for the Year Ended 31 March 2023 |
The directors present their report with the financial statements of the company for the year ended 31 March 2023. |
PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of engineers. |
DIVIDENDS |
Interim dividends per share were paid as follows: |
7626.25 | - 20 April 2022 |
7626.25 | - 20 May 2022 |
7626.25 | - 20 June 2022 |
7626.25 | - 20 July 2022 |
7626.25 | - 20 August 2022 |
7626.25 | - 20 September 2022 |
7626.25 | - 20 October 2022 |
7626.25 | - 20 November 2022 |
7626.25 | - 20 December 2022 |
7626.25 | - 20 January 2023 |
7626.25 | - 20 February 2023 |
7626.25 | - 20 March 2023 |
£ |
The directors recommend that no final dividend be paid. |
The total distribution of dividends for the year ended 31 March 2023 will be £ |
RESEARCH AND DEVELOPMENT |
We are committed to spending on Research and Development and strive to be leaders in the industry. Developing new innovative products is key to maintaining a competitive edge in the Rail industry. |
FUTURE DEVELOPMENTS |
We will continue to grow over the coming 12 months while focusing on finding efficiencies to help offset some of the cost challenges, some of this will be through new equipment and tools or adapting processes. |
DIRECTORS |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
Allan J Hargreaves Plant Engineers |
Limited (Registered number: 05387021) |
Report of the Directors |
for the Year Ended 31 March 2023 |
AUDITORS |
The auditors, JNB Accountancy Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
Allan J Hargreaves Plant Engineers |
Limited (Registered number: 05387021) |
Statement of Directors' Responsibilities |
for the Year Ended 31 March 2023 |
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
Report of the Independent Auditors to the Members of |
Allan J Hargreaves Plant Engineers |
Limited |
Opinion |
We have audited the financial statements of Allan J Hargreaves Plant Engineers Limited (the 'company') for the year ended 31 March 2023 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 31 March 2023 and of its profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
Report of the Independent Auditors to the Members of |
Allan J Hargreaves Plant Engineers |
Limited |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Strategic Report, the Report of the Directors and the Statement of Directors' Responsibilities, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page five, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. |
Report of the Independent Auditors to the Members of |
Allan J Hargreaves Plant Engineers |
Limited |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows: |
•the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; |
•we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the computer component manufacturing and supply sector; |
•we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, environmental (including Waste Electrical and Electronic Equipment recycling (WEEE) Regulations 2013) and health and safety legislation; |
•we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and |
•identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. |
We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: |
•making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and |
•considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. |
To address the risk of fraud through management bias and override of controls, we: |
•performed analytical procedures to identify any unusual or unexpected relationships; |
•tested journal entries to identify unusual transactions; |
•assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and |
Report of the Independent Auditors to the Members of |
Allan J Hargreaves Plant Engineers |
Limited |
•investigated the rationale behind significant or unusual transactions. |
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: |
•agreeing financial statement disclosures to underlying supporting documentation; |
•reading the minutes of meetings of those charged with governance; |
•enquiring of management as to actual and potential litigation and claims; and |
•reviewing correspondence with HMRC, relevant regulators including the Health and Safety Executive, and the company’s legal advisors. |
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. |
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Trident Business Centre |
Amy Johnson Way |
Blackpool |
Lancashire |
FY4 2RP |
Allan J Hargreaves Plant Engineers |
Limited (Registered number: 05387021) |
Income Statement |
for the Year Ended 31 March 2023 |
31.3.23 | 31.3.22 |
Notes | £ | £ |
TURNOVER |
Cost of sales | ( |
) | ( |
) |
GROSS PROFIT |
Administrative expenses | ( |
) | ( |
) |
1,269,971 | 941,318 |
Other operating income |
Gain/loss on revaluation of investment property |
19,437 |
- |
OPERATING PROFIT | 4 |
Interest receivable and similar income |
1,305,881 | 956,193 |
Interest payable and similar expenses |
5 |
( |
) |
PROFIT BEFORE TAXATION |
Tax on profit | 6 | ( |
) | ( |
) |
PROFIT FOR THE FINANCIAL YEAR |
Allan J Hargreaves Plant Engineers |
Limited (Registered number: 05387021) |
Other Comprehensive Income |
for the Year Ended 31 March 2023 |
31.3.23 | 31.3.22 |
Notes | £ | £ |
PROFIT FOR THE YEAR |
OTHER COMPREHENSIVE INCOME |
Freehold property revaluation |
Income tax relating to other comprehensive income |
( |
) |
OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
Allan J Hargreaves Plant Engineers |
Limited (Registered number: 05387021) |
Balance Sheet |
31 March 2023 |
31.3.23 | 31.3.22 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 8 |
Investment property | 9 |
CURRENT ASSETS |
Stocks | 10 |
Debtors | 11 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 12 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
13 |
( |
) |
PROVISIONS FOR LIABILITIES | 16 | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 17 |
Revaluation reserve | 18 |
Retained earnings | 18 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
Allan J Hargreaves Plant Engineers |
Limited (Registered number: 05387021) |
Statement of Changes in Equity |
for the Year Ended 31 March 2023 |
Called up |
share | Retained | Revaluation | Total |
capital | earnings | reserve | equity |
£ | £ | £ | £ |
Balance at 1 April 2021 |
Changes in equity |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - |
Balance at 31 March 2022 |
Changes in equity |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - |
Balance at 31 March 2023 |
Allan J Hargreaves Plant Engineers |
Limited (Registered number: 05387021) |
Notes to the Financial Statements |
for the Year Ended 31 March 2023 |
1. | STATUTORY INFORMATION |
Allan J Hargreaves Plant Engineers Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Financial Reporting Standard 102 - reduced disclosure exemptions |
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": |
• | the requirements of Section 7 Statement of Cash Flows; |
• | the requirement of paragraph 3.17(d); |
• | the requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c); |
• | the requirements of paragraphs 12.26, 12.27, 12.29(a), 12.29(b) and 12.29A; |
• | the requirements of paragraphs 26.18(b), 26.19 to 26.21 and 26.23; |
• | the requirement of paragraph 33.7; |
• | the requirements of paragraph 24(b) of IFRS 6. |
Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Tangible fixed assets |
Plant and machinery | - |
Motor vehicles | - |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
Allan J Hargreaves Plant Engineers |
Limited (Registered number: 05387021) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
2. | ACCOUNTING POLICIES - continued |
Stocks |
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Research and development |
Expenditure on research and development is written off in the year in which it is incurred. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
3. | EMPLOYEES AND DIRECTORS |
31.3.23 | 31.3.22 |
£ | £ |
Wages and salaries |
Allan J Hargreaves Plant Engineers |
Limited (Registered number: 05387021) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
3. | EMPLOYEES AND DIRECTORS - continued |
The average number of employees during the year was as follows: |
31.3.23 | 31.3.22 |
Manufacturing | 50 | 45 |
Administrative | 15 | 11 |
31.3.23 | 31.3.22 |
£ | £ |
Directors' remuneration |
4. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
31.3.23 | 31.3.22 |
£ | £ |
Hire of plant and machinery |
Depreciation - owned assets |
Profit on disposal of fixed assets | ( |
) |
5. | INTEREST PAYABLE AND SIMILAR EXPENSES |
31.3.23 | 31.3.22 |
£ | £ |
Hire purchase |
6. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
31.3.23 | 31.3.22 |
£ | £ |
Current tax: |
UK corporation tax |
Research & Development claims | (78,692 | ) | (85,809 | ) |
Total current tax |
Deferred tax |
Tax on profit |
UK corporation tax has been charged at 19% (2022 - 19%). |
Allan J Hargreaves Plant Engineers |
Limited (Registered number: 05387021) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
6. | TAXATION - continued |
Tax effects relating to effects of other comprehensive | income |
31.3.23 |
Gross | Tax | Net |
£ | £ | £ |
Freehold property revaluation | (1,646 | ) | 7,019 |
7. | DIVIDENDS |
31.3.23 | 31.3.22 |
£ | £ |
Ordinary shares of 1 each |
Interim |
8. | TANGIBLE FIXED ASSETS |
Freehold | Plant and | Motor |
property | machinery | vehicles | Totals |
£ | £ | £ | £ |
COST OR VALUATION |
At 1 April 2022 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) |
Revaluations |
Transfer to ownership | (175,000 | ) | - | - | (175,000 | ) |
At 31 March 2023 |
DEPRECIATION |
At 1 April 2022 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
Allan J Hargreaves Plant Engineers |
Limited (Registered number: 05387021) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
8. | TANGIBLE FIXED ASSETS - continued |
Cost or valuation at 31 March 2023 is represented by: |
Freehold | Plant and | Motor |
property | machinery | vehicles | Totals |
£ | £ | £ | £ |
Valuation in 2023 | 7,019 | - | - | 7,019 |
Cost | 1,718,544 | 784,109 | 244,331 | 2,746,984 |
1,725,563 | 784,109 | 244,331 | 2,754,003 |
9. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
Revaluations | 19,437 |
Transfer to ownership |
At 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
Fair value at 31 March 2023 is represented by: |
£ |
Valuation in 2023 | 19,437 |
Cost | 175,000 |
194,437 |
10. | STOCKS |
31.3.23 | 31.3.22 |
£ | £ |
Stocks |
Work-in-progress |
11. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.23 | 31.3.22 |
£ | £ |
Trade debtors |
Other debtors |
Allan J Hargreaves Plant Engineers |
Limited (Registered number: 05387021) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
12. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.23 | 31.3.22 |
£ | £ |
Trade creditors |
Tax |
Social security and other taxes |
VAT | 371,595 | 234,400 |
Other creditors |
Creditors - deposits held on account | 446,150 | 367,988 |
Directors' loan accounts | 6,365 | 24,871 |
13. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.3.23 | 31.3.22 |
£ | £ |
Finance leases (see note 14) |
14. | LEASING AGREEMENTS |
Minimum lease payments under finance leases fall due as follows: |
Finance leases |
31.3.23 | 31.3.22 |
£ | £ |
Net obligations repayable: |
Between one and five years |
15. | SECURED DEBTS |
The following secured debts are included within creditors: |
31.3.23 | 31.3.22 |
£ | £ |
Finance leases | 30,732 | - |
Hire purchase and lease liabilities are secured on the assets to which they relate. |
16. | PROVISIONS FOR LIABILITIES |
31.3.23 | 31.3.22 |
£ | £ |
Deferred tax | 23,473 | - |
Allan J Hargreaves Plant Engineers |
Limited (Registered number: 05387021) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
16. | PROVISIONS FOR LIABILITIES - continued |
Deferred |
tax |
£ |
Charge to Income Statement during year |
Balance at 31 March 2023 |
17. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.3.23 | 31.3.22 |
value: | £ | £ |
Ordinary | 1 | 100 | 100 |
18. | RESERVES |
Retained | Revaluation |
earnings | reserve | Totals |
£ | £ | £ |
At 1 April 2022 | 6,024,927 |
Profit for the year |
Dividends | ( |
) | ( |
) |
Freehold Property | - | 7,019 | 7,019 |
At 31 March 2023 | 7,158,023 |
19. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party is Mr P J Hargreaves. |
Allan J Hargreaves Plant Engineers |
Limited (Registered number: 05387021) |
Reconciliation of Equity |
1 April 2021 |
(Date of Transition to FRS 102) |
Effect of |
UK | transition |
GAAP | to FRS 102 | FRS 102 |
£ | £ | £ |
FIXED ASSETS |
Tangible assets | 1,523,469 | 1,523,469 |
CURRENT ASSETS |
Stocks | 1,043,856 | 1,043,856 |
Debtors | 1,186,749 | 1,186,749 |
Cash at bank and in hand | 2,439,921 | 2,439,921 |
4,670,526 | 4,670,526 |
CREDITORS |
Amounts falling due within one year | (963,022 | ) | (963,022 | ) |
NET CURRENT ASSETS | 3,707,504 | 3,707,504 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
5,230,973 |
5,230,973 |
NET ASSETS | 5,230,973 | 5,230,973 |
CAPITAL AND RESERVES |
Called up share capital | 100 | 100 |
Retained earnings | 5,230,873 | 5,230,873 |
SHAREHOLDERS' FUNDS | 5,230,973 | 5,230,973 |
Allan J Hargreaves Plant Engineers |
Limited (Registered number: 05387021) |
Reconciliation of Equity - continued |
31 March 2022 |
Effect of |
UK | transition |
GAAP | to FRS 102 | FRS 102 |
£ | £ | £ |
FIXED ASSETS |
Tangible assets | 1,523,469 | 2,119,984 |
CURRENT ASSETS |
Stocks | 1,043,856 | 1,286,071 |
Debtors | 1,186,749 | 1,227,924 |
Cash at bank and in hand | 2,439,921 | 2,705,746 |
4,670,526 | 5,219,741 |
CREDITORS |
Amounts falling due within one year | (963,022 | ) | ( |
) | (1,314,698 | ) |
NET CURRENT ASSETS | 3,707,504 | 3,905,043 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
5,230,973 |
6,025,027 |
NET ASSETS | 5,230,973 | 6,025,027 |
CAPITAL AND RESERVES |
Called up share capital | 100 | 100 |
Retained earnings | 5,230,873 | 6,024,927 |
SHAREHOLDERS' FUNDS | 5,230,973 | 6,025,027 |
Allan J Hargreaves Plant Engineers |
Limited (Registered number: 05387021) |
Reconciliation of Profit |
for the Year Ended 31 March 2022 |
Effect of |
UK | transition |
GAAP | to FRS 102 | FRS 102 |
£ | £ | £ |
TURNOVER | 5,279,233 | 6,786,049 |
Cost of sales | (2,595,036 | ) | ( |
) | (3,279,315 | ) |
GROSS PROFIT | 2,684,197 | 3,506,734 |
Administrative expenses | (2,026,613 | ) | ( |
) | (2,565,416 | ) |
Other operating income | 127,879 | ( |
) | 14,640 |
OPERATING PROFIT | 785,463 | 955,958 |
Interest receivable and similar income |
1,366 |
( |
) |
235 |
PROFIT BEFORE TAXATION | 786,829 | 956,193 |
Tax on profit | (94,120 | ) | (44,721 | ) |
PROFIT FOR THE FINANCIAL YEAR |
692,709 |
911,472 |