Registered number
03313621
APR Engineering (Soulbury) Limited
Filleted Accounts
31 March 2023
APR Engineering (Soulbury) Limited
Registered number: 03313621
Balance Sheet
as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 55,562 52,789
Current assets
Stocks 1,500 1,500
Debtors 4 491,146 405,468
Cash at bank and in hand 131,389 139,583
624,035 546,551
Creditors: amounts falling due within one year 5 (365,844) (345,314)
Net current assets 258,191 201,237
Total assets less current liabilities 313,753 254,026
Provisions for liabilities (13,890) (10,030)
Net assets 299,863 243,996
Capital and reserves
Called up share capital 102 102
Profit and loss account 299,761 243,894
Shareholder's funds 299,863 243,996
The directors are 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 directors acknowledge their 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 M Randell
Director
Approved by the board on 15 November 2023
APR Engineering (Soulbury) Limited
Notes to the Accounts
for the year ended 31 March 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.
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 over its expected useful life, as follows:
Leasehold land and buildings over the lease term
Plant and machinery 25% per annum of net book value
Fixtures, fittings, tools and equipment 25% per annum of net book value
Assets acquired for less than £500 are not capitalised but written off to revenue expenditure in the year in which the cost was incurred.
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.
Government grants
Government grants of a revenue nature are recognised as other operating income once they have been received. The grants received during the year amounted to £Nil (2022 - £7,319) and related to the Coronavirus Job Retention Scheme.
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.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
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 13 13
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 April 2022 35,992 141,202 139,744 316,938
Additions - 9,625 12,500 22,125
Disposals - (5,828) (2,698) (8,526)
At 31 March 2023 35,992 144,999 149,546 330,537
Depreciation
At 1 April 2022 35,990 119,136 109,023 264,149
Charge for the year - 7,774 10,745 18,519
On disposals - (5,234) (2,459) (7,693)
At 31 March 2023 35,990 121,676 117,309 274,975
Net book value
At 31 March 2023 2 23,323 32,237 55,562
At 31 March 2022 2 22,066 30,721 52,789
4 Debtors 2023 2022
£ £
Trade debtors 359,270 290,002
Amounts owed by group undertakings and undertakings in which the company has a participating interest 68,430 67,305
Other debtors 63,446 48,161
491,146 405,468
5 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 134,540 94,760
Amounts owed to group undertakings and undertakings in which the company has a participating interest 139,992 141,194
Corporation tax 29,784 45,009
Other taxes and social security costs 47,394 45,525
Other creditors 14,134 18,826
365,844 345,314
6 Events after the reporting date
There are no post balance sheet events required to be reflected or disclosed within these financial statements.
7 Other financial commitments 2023 2022
£ £
Total future minimum payments under non-cancellable operating leases 286,667 366,667
8 Contingent liabilities
There were no contingent liabilities as at year end reflected in or disclosed in these financial statements.
9 Other information
APR Engineering (Soulbury) Limited is a private company limited by shares and incorporated in England under number 03313621. Its registered office is:
1 Chartmoor Road
Leighton Buzzard
Bedfordshire
LU7 4WG
10 Charge
There is a legal charge between the company and its landlord, Chartmoor Estates Limited, in respect of all monies due under a lease dated 8 January 2013.
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