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Registration number: 04177002

C.J.N. Engineering Limited

Filleted Annual Report and Unaudited Abridged Financial Statements

for the Year Ended 30 September 2023

 

C.J.N. Engineering Limited

Contents

Company Information

1

Abridged Balance Sheet

2 to 3

Notes to the Unaudited Abridged Financial Statements

4 to 8

 

C.J.N. Engineering Limited

Company Information

Directors

Mr CJ Newberry

Ms JM Cruden

Company secretary

Ms JM Cruden

Registered office

Severn House
Hazell Drive
Newport
South Wales
NP10 8FY

Accountants

HSJ Accountants Ltd
Severn House
Hazell Drive
Newport
South Wales
NP10 8FY

 

C.J.N. Engineering Limited

(Registration number: 04177002)
Abridged Balance Sheet as at 30 September 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

388,019

333,772

Current assets

 

Debtors

906,511

1,271,389

Cash at bank and in hand

 

1,125,672

757,996

 

2,032,183

2,029,385

Prepayments and accrued income

 

4,195

8,725

Creditors: Amounts falling due within one year

5

(574,452)

(513,667)

Net current assets

 

1,461,926

1,524,443

Total assets less current liabilities

 

1,849,945

1,858,215

Creditors: Amounts falling due after more than one year

6

(91,049)

(115,837)

Provisions for liabilities

(87,091)

(75,185)

Accruals and deferred income

 

(3,990)

(3,990)

Net assets

 

1,667,815

1,663,203

Capital and reserves

 

Called up share capital

7

3,600

3,600

Retained earnings

1,664,215

1,659,603

Shareholders' funds

 

1,667,815

1,663,203

 

C.J.N. Engineering Limited

(Registration number: 04177002)
Abridged Balance Sheet as at 30 September 2023

For the financial year ending 30 September 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 17 November 2023 and signed on its behalf by:
 

.........................................

Mr CJ Newberry
Director

 

C.J.N. Engineering Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 September 2023

1

General information

The company is a private company limited by share capital, incorporated in UK.

The address of its registered office is:
Severn House
Hazell Drive
Newport
South Wales
NP10 8FY

The principal place of business is:
Eastway Road
Alexandra Docks
Newport
NP20 2NP

These financial statements were authorised for issue by the Board on 17 November 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These abridged financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

C.J.N. Engineering Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 September 2023

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

15% Straight line

Motor vehicles

20% Straight line

Office equipment

20% Straight line

Land and buildings

2% Straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

C.J.N. Engineering Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 September 2023

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

C.J.N. Engineering Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 September 2023

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 33 (2022 - 34).

4

Tangible assets

Land and buildings
£

Office equipment
£

Motor vehicles
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 October 2022

6,688

16,925

191,047

432,892

647,552

Additions

-

33,500

105,912

14,065

153,477

Disposals

-

(7,091)

(45,828)

(15,108)

(68,027)

At 30 September 2023

6,688

43,334

251,131

431,849

733,002

Depreciation

At 1 October 2022

670

14,176

163,209

135,725

313,780

Charge for the year

134

5,271

32,327

61,498

99,230

Eliminated on disposal

-

(7,091)

(45,828)

(15,108)

(68,027)

At 30 September 2023

804

12,356

149,708

182,115

344,983

Carrying amount

At 30 September 2023

5,884

30,978

101,423

249,734

388,019

At 30 September 2022

6,018

2,749

27,838

297,167

333,772

Included within the net book value of land and buildings above is £5,884 (2022 - £6,018) in respect of freehold land and buildings.
 

5

Creditors: amounts falling due within one year

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £44,442 (2022 - £36,580).

6

Creditors: amounts falling due after more than one year

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £91,049 (2022 - £115,837).

 

C.J.N. Engineering Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 September 2023

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

'E' of £0.01 each

150,000

1,500

150,000

1,500

'A' of £0.01 each

200,000

2,000

200,000

2,000

 

350,100

3,600

350,100

3,600

Rights, preferences and restrictions

Ordinary have the following rights, preferences and restrictions:
The ordinary shares have attached to them full voting, dividend and capital distribution (including on winding up) rights; they do not confer any rights of redemption.

'E' have the following rights, preferences and restrictions:
The E shares have attached to them no voting rights, no voting rights in respect of dividends. In the event of winding up, each shareholder shall be entitled to £0.01 per E share.

'A' have the following rights, preferences and restrictions:
The A shares have attached to them no voting rights, no voting rights in respect of dividends, no dividend rights. In the event of winding up, each shareholder shall be entitled to return of capital.

8

Related party transactions

Summary of transactions with key management

During the year the directors made unsecured, interest free, repayable on demand loans to the company. At the balance sheet date the amount owed to the directors was £1,665 (2022 - £2,012).