12 false false false false false false false false false false true false false false false false false No description of principal activity 2022-08-01 Sage Accounts Production Advanced 2023 - FRS102_2023 263,023 138,907 26,302 165,209 97,814 124,116 99 99 99 xbrli:pure xbrli:shares iso4217:GBP 08120284 2022-08-01 2023-07-31 08120284 2023-07-31 08120284 2022-07-31 08120284 2021-08-01 2022-07-31 08120284 2022-07-31 08120284 2021-07-31 08120284 core:FurnitureFittings 2022-08-01 2023-07-31 08120284 core:MotorVehicles 2022-08-01 2023-07-31 08120284 bus:Director1 2022-08-01 2023-07-31 08120284 bus:Director2 2022-08-01 2023-07-31 08120284 bus:Director3 2022-08-01 2023-07-31 08120284 core:NetGoodwill 2022-07-31 08120284 core:NetGoodwill 2023-07-31 08120284 core:FurnitureFittings 2022-07-31 08120284 core:MotorVehicles 2022-07-31 08120284 core:FurnitureFittings 2023-07-31 08120284 core:MotorVehicles 2023-07-31 08120284 core:WithinOneYear 2023-07-31 08120284 core:WithinOneYear 2022-07-31 08120284 core:ShareCapital 2023-07-31 08120284 core:ShareCapital 2022-07-31 08120284 core:RetainedEarningsAccumulatedLosses 2023-07-31 08120284 core:RetainedEarningsAccumulatedLosses 2022-07-31 08120284 core:NetGoodwill 2022-08-01 2023-07-31 08120284 core:NetGoodwill 2022-07-31 08120284 core:CostValuation core:Non-currentFinancialInstruments 2023-07-31 08120284 core:Non-currentFinancialInstruments 2023-07-31 08120284 core:Non-currentFinancialInstruments 2022-07-31 08120284 core:FurnitureFittings 2022-07-31 08120284 core:MotorVehicles 2022-07-31 08120284 bus:Director1 2022-07-31 08120284 bus:Director1 2023-07-31 08120284 bus:Director2 2022-07-31 08120284 bus:Director2 2023-07-31 08120284 bus:Director3 2022-07-31 08120284 bus:Director3 2023-07-31 08120284 bus:Director1 2021-07-31 08120284 bus:Director1 2022-07-31 08120284 bus:Director2 2021-07-31 08120284 bus:Director2 2022-07-31 08120284 bus:Director3 2022-07-31 08120284 bus:Director1 2021-08-01 2022-07-31 08120284 bus:Director2 2021-08-01 2022-07-31 08120284 bus:Director3 2021-08-01 2022-07-31 08120284 bus:SmallEntities 2022-08-01 2023-07-31 08120284 bus:AuditExemptWithAccountantsReport 2022-08-01 2023-07-31 08120284 bus:SmallCompaniesRegimeForAccounts 2022-08-01 2023-07-31 08120284 bus:PrivateLimitedCompanyLtd 2022-08-01 2023-07-31 08120284 bus:FullAccounts 2022-08-01 2023-07-31 08120284 core:OfficeEquipment 2022-08-01 2023-07-31 08120284 core:OfficeEquipment 2022-07-31 08120284 core:OfficeEquipment 2023-07-31
COMPANY REGISTRATION NUMBER: 08120284
LR Engineering (Fairford) Ltd
Filleted Unaudited Financial Statements
31 July 2023
LR Engineering (Fairford) Ltd
Statement of Financial Position
31 July 2023
2023
2022
Note
£
£
£
Fixed assets
Intangible assets
5
97,814
124,116
Tangible assets
6
50,950
48,723
Investments
7
99
99
---------
---------
148,863
172,938
Current assets
Stocks
187,000
130,000
Debtors
8
209,127
227,944
Investments
9
85,922
85,922
Cash at bank and in hand
176,419
57,975
---------
---------
658,468
501,841
Creditors: amounts falling due within one year
10
167,138
102,432
---------
---------
Net current assets
491,330
399,409
---------
---------
Total assets less current liabilities
640,193
572,347
Provisions
Taxation including deferred tax
12,748
12,748
---------
---------
Net assets
627,445
559,599
---------
---------
LR Engineering (Fairford) Ltd
Statement of Financial Position (continued)
31 July 2023
2023
2022
Note
£
£
£
Capital and reserves
Called up share capital
100
100
Profit and loss account
627,345
559,499
---------
---------
Shareholders funds
627,445
559,599
---------
---------
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 statement of income and retained earnings has not been delivered.
For the year ending 31 July 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 .
These financial statements were approved by the board of directors and authorised for issue on 7 November 2023 , and are signed on behalf of the board by:
Ms J E G Webb
Mr L R Webb
Director
Director
Mr R F Webb
Director
Company registration number: 08120284
LR Engineering (Fairford) Ltd
Notes to the Financial Statements
Year ended 31 July 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is McGills, Oakley House, Tetbury Road, Cirencester, Gloucestershire, GL7 1US.
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.
Revenue recognition
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.
Income tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
Over 10 years
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
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:
Fixtures and fittings
-
15% reducing balance
Motor vehicles
-
25% reducing balance
Equipment
-
25% reducing balance
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Investments in associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Investments in joint ventures
Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.
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 statement of financial position 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 statement of financial position 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 instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 12 (2022: 16 ).
5. Intangible assets
Goodwill
£
Cost
At 1 August 2022 and 31 July 2023
263,023
---------
Amortisation
At 1 August 2022
138,907
Charge for the year
26,302
---------
At 31 July 2023
165,209
---------
Carrying amount
At 31 July 2023
97,814
---------
At 31 July 2022
124,116
---------
6. Tangible assets
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
Cost
At 1 August 2022
37,210
60,051
171,175
268,436
Additions
1,033
15,456
16,489
--------
--------
---------
---------
At 31 July 2023
38,243
75,507
171,175
284,925
--------
--------
---------
---------
Depreciation
At 1 August 2022
21,453
47,148
151,112
219,713
Charge for the year
2,515
7,090
4,657
14,262
--------
--------
---------
---------
At 31 July 2023
23,968
54,238
155,769
233,975
--------
--------
---------
---------
Carrying amount
At 31 July 2023
14,275
21,269
15,406
50,950
--------
--------
---------
---------
At 31 July 2022
15,757
12,903
20,063
48,723
--------
--------
---------
---------
7. Investments
Shares in group undertakings
£
Cost
At 1 August 2022 and 31 July 2023
99
----
Impairment
At 1 August 2022 and 31 July 2023
----
Carrying amount
At 31 July 2023
99
----
At 31 July 2022
99
----
8. Debtors
2023
2022
£
£
Trade debtors
120,803
123,995
Amounts owed by group undertakings and undertakings in which the company has a participating interest
( 50,000)
( 28,907)
Other debtors
138,324
132,856
---------
---------
209,127
227,944
---------
---------
9. Investments
2023
2022
£
£
Investments in group undertakings
85,922
85,922
--------
--------
10. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
59,263
43,965
Corporation tax
58,373
22,554
Social security and other taxes
45,196
32,150
Other creditors
4,306
3,763
---------
---------
167,138
102,432
---------
---------
11. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Ms J E G Webb
75,814
10,353
( 40,000)
46,167
Mr L R Webb
8,790
11,466
( 10,000)
10,256
Mr R F Webb
432
13,833
14,265
--------
--------
--------
--------
85,036
35,652
( 50,000)
70,688
--------
--------
--------
--------
2022
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Ms J E G Webb
73,086
4,166
( 1,438)
75,814
Mr L R Webb
25,738
5,032
( 21,980)
8,790
Mr R F Webb
8,614
( 8,182)
432
--------
--------
--------
--------
98,824
17,812
( 31,600)
85,036
--------
--------
--------
--------