Registered number
02610341
APR Engineering (Northampton) Limited
Filleted Accounts
31 March 2023
APR Engineering (Northampton) Limited
Registered number: 02610341
Balance Sheet
as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 106,018 59,714
Current assets
Stocks 1,500 1,500
Debtors 4 468,987 335,185
Cash at bank and in hand 172,189 155,271
642,676 491,956
Creditors: amounts falling due within one year 5 (284,748) (329,145)
Net current assets 357,928 162,811
Total assets less current liabilities 463,946 222,525
Provisions for liabilities (25,379) (10,252)
Net assets 438,567 212,273
Capital and reserves
Called up share capital 102 102
Profit and loss account 438,465 212,171
Shareholder's funds 438,567 212,273
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 (Northampton) 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.
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 £3,000 (2022 - £10,081) and related to apprenticeship grants in the current year and to the Coronavirus Job Retention Scheme in the previous year, which was received as a result of the Covid 19 pandemic.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses. The intangible assets represent bespoke software which has been depreciated on a straight line basis over its expected useful life which the directors consider to be five years.
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 under £500 are not capitalised but are written off as revenue expenditure in the year that the cost is 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.
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 15 13
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 April 2022 117,360 174,898 200,812 493,070
Additions - 44,945 37,375 82,320
Disposals - (47,810) (8,250) (56,060)
At 31 March 2023 117,360 172,033 229,937 519,330
Depreciation
At 1 April 2022 117,259 161,779 154,318 433,356
Charge for the year 101 14,436 20,902 35,439
On disposals - (47,494) (7,989) (55,483)
At 31 March 2023 117,360 128,721 167,231 413,312
Net book value
At 31 March 2023 - 43,312 62,706 106,018
At 31 March 2022 101 13,119 46,494 59,714
4 Debtors 2023 2022
£ £
Trade debtors 320,430 314,348
Amounts owed by group undertakings and undertakings in which the company has a participating interest 127,580 -
Other debtors 20,977 20,837
468,987 335,185
5 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 97,765 101,268
Amounts owed to group undertakings and undertakings in which the company has a participating interest 68,430 126,987
Corporation tax 61,852 46,892
Other taxes and social security costs 35,387 37,596
Other creditors 21,314 16,402
284,748 329,145
6 Events after the reporting date
There were 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 18,900 18,900
8 Contingent liabilities
There were no contingent liabilities required to be reflected or disclosed within these financial statements.
9 Other information
APR Engineering (Northampton) Limited is a private company limited by shares and incorporated in England under the number 02610341. Its registered office is:
1 Chartmoor Road
Grovebury Road Industrial Estate
Leighton Buzzard
Bedfordshire
LU7 4WG
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