Registered number
05722184
Able Engineering Products Limited
Filleted Accounts
30 April 2023
Able Engineering Products Limited
Registered number: 05722184
Balance Sheet
as at 30 April 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 9,000 12,000
Tangible assets 4 42,865 16,696
51,865 28,696
Current assets
Stocks 21,506 14,531
Debtors 5 105,565 174,636
Cash at bank and in hand 287,890 254,449
414,961 443,616
Creditors: amounts falling due within one year 6 (89,571) (104,216)
Net current assets 325,390 339,400
Total assets less current liabilities 377,255 368,096
Provisions for liabilities (7,922) (3,172)
Net assets 369,333 364,924
Capital and reserves
Called up share capital 100 100
Profit and loss account 369,233 364,824
Shareholder's funds 369,333 364,924
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr D Martin
Director
Approved by the board on 10 October 2023
Able Engineering Products Limited
Notes to the Accounts
for the year ended 30 April 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Computer equipment over 4 years
Plant and machinery over 6 years
Motor vehicles over 4 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 7 7
3 Intangible fixed assets £
Goodwill:
Cost
At 1 May 2022 60,000
At 30 April 2023 60,000
Amortisation
At 1 May 2022 48,000
Provided during the year 3,000
At 30 April 2023 51,000
Net book value
At 30 April 2023 9,000
At 30 April 2022 12,000
Goodwill is being written off in equal annual instalments over its estimated economic life of 20 years.
4 Tangible fixed assets
Computer equipment Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 May 2022 3,190 99,728 47,243 150,161
Additions - - 41,406 41,406
Disposals - - (14,752) (14,752)
At 30 April 2023 3,190 99,728 73,897 176,815
Depreciation
At 1 May 2022 2,905 87,159 43,401 133,465
Charge for the year 71 1,885 10,655 12,611
On disposals - - (12,126) (12,126)
At 30 April 2023 2,976 89,044 41,930 133,950
Net book value
At 30 April 2023 214 10,684 31,967 42,865
At 30 April 2022 285 12,569 3,842 16,696
5 Debtors 2023 2022
£ £
Trade debtors 101,450 170,862
Other debtors 4,115 3,774
105,565 174,636
6 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 17,353 32,246
Corporation tax 27,165 29,968
Other taxes and social security costs 37,656 37,425
Other creditors 7,397 4,577
89,571 104,216
7 Events after the reporting date
The directors approved the financial statements for issue on 10 October 2023. They were not aware of any adjusting and non-adjusting events between 30 April 2023 and this date.
8 Related party transactions
During the period under review dividends were paid to Mr D Martin £34,055 (2022 - £31,696), Mrs M Martin £34,055 (2022 - £31,696), Mr D Malpass £30,635 (2022 - £29,258) and Mrs G Malpass £30,635 (2022 - £29,258).
9 Controlling party
During the period under review the company was under the control of Mr D & Mrs M Martin who are each 26% shareholders and directors in Able Engineering Products Limited.
10 Other information
Able Engineering Products Limited is a private company limited by shares and incorporated in England. Its registered office is:
102 Amos Lane
Wolverhampton
West Midlands
WV11 1LZ
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