Preheat Engineering Limited 09430590 false 2022-04-01 2023-03-31 2023-03-31 The principal activity of the company is engineering Digita Accounts Production Advanced 6.30.9574.0 true true 09430590 2022-04-01 2023-03-31 09430590 2023-03-31 09430590 core:CurrentFinancialInstruments 2023-03-31 09430590 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 09430590 core:Non-currentFinancialInstruments 2023-03-31 09430590 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 09430590 core:Goodwill 2023-03-31 09430590 core:FurnitureFittingsToolsEquipment 2023-03-31 09430590 core:LandBuildings 2023-03-31 09430590 core:MotorVehicles 2023-03-31 09430590 bus:SmallEntities 2022-04-01 2023-03-31 09430590 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 09430590 bus:FullAccounts 2022-04-01 2023-03-31 09430590 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 09430590 bus:RegisteredOffice 2022-04-01 2023-03-31 09430590 bus:Director1 2022-04-01 2023-03-31 09430590 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 09430590 core:Goodwill 2022-04-01 2023-03-31 09430590 core:ComputerEquipment 2022-04-01 2023-03-31 09430590 core:FurnitureFittingsToolsEquipment 2022-04-01 2023-03-31 09430590 core:LandBuildings 2022-04-01 2023-03-31 09430590 core:MotorVehicles 2022-04-01 2023-03-31 09430590 countries:England 2022-04-01 2023-03-31 09430590 2022-03-31 09430590 core:Goodwill 2022-03-31 09430590 core:FurnitureFittingsToolsEquipment 2022-03-31 09430590 core:LandBuildings 2022-03-31 09430590 core:MotorVehicles 2022-03-31 09430590 2021-04-01 2022-03-31 09430590 2022-03-31 09430590 core:CurrentFinancialInstruments 2022-03-31 09430590 core:CurrentFinancialInstruments core:WithinOneYear 2022-03-31 09430590 core:Non-currentFinancialInstruments 2022-03-31 09430590 core:Non-currentFinancialInstruments core:AfterOneYear 2022-03-31 09430590 core:FurnitureFittingsToolsEquipment 2022-03-31 09430590 core:LandBuildings 2022-03-31 09430590 core:MotorVehicles 2022-03-31 iso4217:GBP xbrli:pure

Registration number: 09430590

Preheat Engineering Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2023

 

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Company Information

Director

Mr S Gristwood

Registered office

Unit A2
Deseronto Trading Estate
St Mary’s Road
Langley
Berks
SL3 7EW

Accountants

Sterling Grove Accountants Limited
Chartered Certified Accountants
Fawley House
2 Regatta Place
Marlow Road
Bourne End
Bucks
SL8 5TD

 

(Registration number: 09430590)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

587,090

585,061

Current assets

 

Stocks

6

121,197

186,208

Debtors

7

122,733

121,884

Cash at bank and in hand

 

37,966

51,671

 

281,896

359,763

Creditors: Amounts falling due within one year

8

(142,360)

(191,227)

Net current assets

 

139,536

168,536

Total assets less current liabilities

 

726,626

753,597

Creditors: Amounts falling due after more than one year

8

(551,116)

(551,324)

Net assets

 

175,510

202,273

Capital and reserves

 

Called up share capital

99

99

Retained earnings

175,411

202,174

Shareholders' funds

 

175,510

202,273

For the financial 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.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 18 September 2023
 

 

(Registration number: 09430590)
Balance Sheet as at 31 March 2023

.........................................
Mr S Gristwood
Director

 

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Unit A2
Deseronto Trading Estate
St Mary’s Road
Langley
Berks
SL3 7EW

These financial statements were authorised for issue by the director on 18 September 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

Government grants

Government grants are recognised under the accrual model of grant recognition. This model requires the grant to be classified as either a revenue-based grant or a capital-based grant.

Government grants are recognised in profit or loss on a systematic basis over the periods in which the entity recognises expenses for the related costs for which the grants are intended to compensate.

Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

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

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures, fittings and equipment

20% straight line

Land and buildings

2% straight line

Motor vehicles

25% straight line

Computer Equipment

25% straight line

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

Over 5 years

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 8 (2022 - 8).

 

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 April 2022

162,600

162,600

At 31 March 2023

162,600

162,600

Amortisation

At 1 April 2022

162,600

162,600

At 31 March 2023

162,600

162,600

Carrying amount

At 31 March 2023

-

-

 

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2022

585,595

36,916

4,633

627,144

Additions

-

18,215

-

18,215

At 31 March 2023

585,595

55,131

4,633

645,359

Depreciation

At 1 April 2022

11,712

25,739

4,632

42,083

Charge for the year

11,712

4,474

-

16,186

At 31 March 2023

23,424

30,213

4,632

58,269

Carrying amount

At 31 March 2023

562,171

24,918

1

587,090

At 31 March 2022

573,883

11,177

1

585,061

Included within the net book value of land and buildings above is £562,171 (2022 - £573,883) in respect of freehold land and buildings.
 

6

Stocks

2023
£

2022
£

Other inventories

121,197

186,208

7

Debtors

Current

2023
£

2022
£

Trade debtors

122,733

121,674

Other debtors

-

210

 

122,733

121,884

 

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Bank loans and overdrafts

9

32,012

36,640

Trade creditors

 

27,502

58,929

Amounts owed to related parties

43,870

43,420

Taxation and social security

 

22,727

17,804

Other creditors

 

13,349

5,234

Corporation tax

 

2,900

29,200

 

142,360

191,227

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

551,116

551,324

 

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

551,116

551,324

2023
£

2022
£

Current loans and borrowings

Bank borrowings

32,012

36,640