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REGISTERED NUMBER: 04356283 (England and Wales)













FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

FOR

LUFFMAN ENGINEERING LIMITED

LUFFMAN ENGINEERING LIMITED (REGISTERED NUMBER: 04356283)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


LUFFMAN ENGINEERING LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2023







DIRECTORS: Mr I D Luffman
Miss H V Ferguson
Mr B Luffman
Mr B R Luffman



SECRETARY: Miss H V Ferguson



REGISTERED OFFICE: Ayshford Works
Westleigh
Tiverton
Devon
EX16 7HL



REGISTERED NUMBER: 04356283 (England and Wales)



ACCOUNTANTS: Marsland Nash Associates
Chartered Tax Advisers, Accountants
and Business Consultants
Vantage Point House
Silverhills Road
Decoy Industrial Estate
Newton Abbot
Devon
TQ12 5ND



BANKERS: Natwest Plc
11 Fore Street
Tiverton
Devon
EX16 6LN

LUFFMAN ENGINEERING LIMITED (REGISTERED NUMBER: 04356283)

BALANCE SHEET
31 MARCH 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 510,738 300,582
510,738 300,582

CURRENT ASSETS
Stocks 6 47,531 116,081
Debtors 7 396,530 353,954
Cash at bank and in hand 841,936 805,308
1,285,997 1,275,343
CREDITORS
Amounts falling due within one year 8 619,010 620,529
NET CURRENT ASSETS 666,987 654,814
TOTAL ASSETS LESS CURRENT LIABILITIES 1,177,725 955,396

PROVISIONS FOR LIABILITIES 117,966 56,793
NET ASSETS 1,059,759 898,603

CAPITAL AND RESERVES
Called up share capital 180 100
Capital redemption reserve 10 -
Retained earnings 1,059,569 898,503
SHAREHOLDERS' FUNDS 12 1,059,759 898,603

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

LUFFMAN ENGINEERING LIMITED (REGISTERED NUMBER: 04356283)

BALANCE SHEET - continued
31 MARCH 2023


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

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 31 October 2023 and were signed on its behalf by:




Mr I D Luffman - Director Miss H V Ferguson - Director




Mr B Luffman - Director Mr B R Luffman - Director


LUFFMAN ENGINEERING LIMITED (REGISTERED NUMBER: 04356283)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023


1. STATUTORY INFORMATION

Luffman Engineering Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2002, is being amortised evenly over its estimated useful life of ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 20% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

LUFFMAN ENGINEERING LIMITED (REGISTERED NUMBER: 04356283)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


2. ACCOUNTING POLICIES - continued

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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2022 - 9 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 April 2022
and 31 March 2023 50,000
AMORTISATION
At 1 April 2022
and 31 March 2023 50,000
NET BOOK VALUE
At 31 March 2023 -
At 31 March 2022 -

5. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 April 2022 1,471,421 12,182 27,874 20,806 1,532,283
Additions 371,630 - - - 371,630
Disposals (377,516 ) - - (7,560 ) (385,076 )
At 31 March 2023 1,465,535 12,182 27,874 13,246 1,518,837
DEPRECIATION
At 1 April 2022 1,184,492 6,040 24,380 16,789 1,231,701
Charge for year 125,222 921 874 2,008 129,025
Eliminated on disposal (345,067 ) - - (7,560 ) (352,627 )
At 31 March 2023 964,647 6,961 25,254 11,237 1,008,099
NET BOOK VALUE
At 31 March 2023 500,888 5,221 2,620 2,009 510,738
At 31 March 2022 286,929 6,142 3,494 4,017 300,582

LUFFMAN ENGINEERING LIMITED (REGISTERED NUMBER: 04356283)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


6. STOCKS
2023 2022
£    £   
Stocks 47,531 116,081

7. DEBTORS
2023 2022
£    £   
Amounts falling due within one year:
Trade debtors 333,647 327,411
Amounts recoverable on contract 28,697 6,110
Directors' current accounts 1,063 -
VAT 13,948 -
Prepayments 9,159 10,042
386,514 343,563

Amounts falling due after more than one year:
Other debtors 10,016 10,391

Aggregate amounts 396,530 353,954

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 310,962 151,800
Tax 61,999 104,669
VAT - 48,211
Other creditors 94,759 95,133
Pension liability 1,233 3
Directors' current accounts 134,573 202,481
Accrued expenses 15,484 18,232
619,010 620,529

9. OTHER FINANCIAL COMMITMENTS

At 31 March 2023 the company had total commitments under non-cancellable operating leases over the remaining life of those assets of £9,600 (2022 £8,400).

At 31 March 2023, the company had unpaid pension contributions of £1,233 (2022: £3) due to the pension fund. They are included in Creditors: Amounts falling due within one year.

LUFFMAN ENGINEERING LIMITED (REGISTERED NUMBER: 04356283)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 March 2023 and 31 March 2022:

2023 2022
£    £   
Mr G P Fisher
Balance outstanding at start of year (41,032 ) (40,774 )
Amounts advanced 58,023 44,815
Amounts repaid (16,991 ) (45,073 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - (41,032 )

Miss H V Ferguson
Balance outstanding at start of year (43,991 ) (41,259 )
Amounts advanced 41,536 41,423
Amounts repaid (44,808 ) (44,155 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (47,263 ) (43,991 )

Mr I D Luffman
Balance outstanding at start of year (117,457 ) (41,992 )
Amounts advanced 125,247 118,534
Amounts repaid (95,101 ) (193,999 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (87,311 ) (117,457 )

Mr B Luffman
Balance outstanding at start of year - -
Amounts advanced 1,063 -
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 1,063 -

For Mr ID Luffman, the loan is unsecured and repayable on demand. Interest is charged at 10% in the year on credit loan balances.

For Miss HV Ferguson and Mr GP Fisher, the loans are unsecured, interest free and repayable on demand.

11. RELATED PARTY DISCLOSURES

During the year, total dividends of £127,883 (2022 - £269,859) were paid to the directors .

Included in Other Creditors are dividends owed to a Directors wife of £91,834 (2022: £90,834)

LUFFMAN ENGINEERING LIMITED (REGISTERED NUMBER: 04356283)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


12. RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS
2023 2022
£    £   
Profit for the financial year 540,717 374,619
Dividends (158,168 ) (344,145 )
382,549 30,474
New share capital subscribed 90 -
Payments to acquire own shares (221,483 ) -
Opening shareholders' funds - 868,129
Net addition to shareholders' funds 161,156 898,603
Opening shareholders' funds 898,603 -
Closing shareholders' funds 1,059,759 898,603