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COMPANY REGISTRATION NUMBER: 04402809
L & J ENGINEERING LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 March 2023
L & J ENGINEERING LIMITED
FINANCIAL STATEMENTS
Year ended 31 March 2023
CONTENTS
PAGE
Balance sheet
1
Notes to the financial statements
3
L & J ENGINEERING LIMITED
BALANCE SHEET
31 March 2023
2023
2022
Note
£
£
FIXED ASSETS
Tangible assets
5
95,511
127,779
CURRENT ASSETS
Stocks
4,917
4,935
Debtors
6
267,631
316,086
Cash at bank and in hand
72,733
79,338
---------
---------
345,281
400,359
CREDITORS: amounts falling due within one year
7
( 156,502)
( 168,687)
---------
---------
NET CURRENT ASSETS
188,779
231,672
---------
---------
TOTAL ASSETS LESS CURRENT LIABILITIES
284,290
359,451
CREDITORS: amounts falling due after more than one year
8
( 53,757)
( 68,427)
PROVISIONS
( 13,324)
( 15,833)
---------
---------
NET ASSETS
217,209
275,191
---------
---------
CAPITAL AND RESERVES
Called up share capital
2
2
Profit and loss account
217,207
275,189
---------
---------
SHAREHOLDERS FUNDS
217,209
275,191
---------
---------
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 profit and loss account has not been delivered.
For the year ending 31 March 2023 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 .
L & J ENGINEERING LIMITED
BALANCE SHEET (continued)
31 March 2023
These financial statements were approved by the board of directors and authorised for issue on 8 November 2023 , and are signed on behalf of the board by:
Mr M Pearson
Director
Company registration number: 04402809
L & J ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
Year ended 31 March 2023
1. GENERAL INFORMATION
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is Unit J, Springvale Industrial Estate, Cwmbran, Torfaen, NP44 5BE.
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.
Turnover
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.
Taxation
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
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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:
Plant and Machinery
-
25% - 33% straight line
Motor Vehicles
-
25% straight line
Office Equipment
-
33% straight line
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.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the balance sheet as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the 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 balance sheet 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 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 entity after deducting all of its financial liabilities.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to 13 (2022: 15 ).
5. TANGIBLE ASSETS
Freehold property
Plant and machinery
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1 April 2022
12,870
151,803
142,776
8,915
316,364
Additions
4,080
73,654
77,734
Disposals
( 6,150)
( 83,261)
( 89,411)
--------
---------
---------
-------
---------
At 31 March 2023
12,870
149,733
133,169
8,915
304,687
--------
---------
---------
-------
---------
Depreciation
At 1 April 2022
129,104
51,457
8,024
188,585
Charge for the year
8,114
28,144
677
36,935
Disposals
( 1,024)
( 15,320)
( 16,344)
--------
---------
---------
-------
---------
At 31 March 2023
136,194
64,281
8,701
209,176
--------
---------
---------
-------
---------
Carrying amount
At 31 March 2023
12,870
13,539
68,888
214
95,511
--------
---------
---------
-------
---------
At 31 March 2022
12,870
22,699
91,319
891
127,779
--------
---------
---------
-------
---------
Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Motor vehicles
£
At 31 March 2023
50,990
--------
At 31 March 2022
52,613
--------
6. DEBTORS
2023
2022
£
£
Trade debtors
228,586
267,663
Other debtors
39,045
48,423
---------
---------
267,631
316,086
---------
---------
7. CREDITORS: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
10,000
9,037
Trade creditors
33,122
54,031
Corporation tax
11,577
Social security and other taxes
63,245
71,081
Other creditors
38,558
34,538
---------
---------
156,502
168,687
---------
---------
The above includes secured creditors of £10,990 (2022 - £9,394). The security is over the assets that the liability relates to.
8. CREDITORS: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
21,667
32,630
Other creditors
32,090
35,797
--------
--------
53,757
68,427
--------
--------
The above includes secured creditors of £32,090 (2022 - £35,797).
9. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES
Included within other creditors is the following balance due to the directors £21,462 (2022 - £23,375 other debtors).
2023 2022
£ £
Mr M & Mrs F Pearson (21,462) (23,375)
---------- ----------
The loan is interest free and repayable on demand. In relation to the balance, the following transactions took place during the year;
£
Opening balance (23,375)
Amounts repaid (104,213)
Amounts drawn 106,126
Closing balance (21,462)
During the year the company paid rent to the directors of £48,000 (2022: £48,000) for the use of the premises from which it trades.