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Registration number: 11832408

C.Prout Engineering Ltd

trading as C.Prout Engineering Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 28 February 2023

 

C.Prout Engineering Ltd

trading as C.Prout Engineering Ltd

Contents

Company Information

1

Statement of Director's Responsibilities

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 10

 

C.Prout Engineering Ltd

trading as C.Prout Engineering Ltd

Company Information

Director

Mr Christopher Prout

Registered office

C. Prout Enterprises
Oxenhall
Newent
Gloucestershire
GL181RW

Accountants

Cashtrac Ltd
15 Westgate House
Westgate Street
Gloucester
Gloucestershire
GL1 2RU

 

C.Prout Engineering Ltd

trading as C.Prout Engineering Ltd

Statement of Director's Responsibilities

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable him to ensure that the financial statements comply with the Companies Act 2006 and in accordance with FRS 102 section 1A, the Financial Reporting Standard applicable to the Small Entities Regime. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

 

C.Prout Engineering Ltd

trading as C.Prout Engineering Ltd

(Registration number: 11832408)
Balance Sheet as at 28 February 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

16,885

17,595

Current assets

 

Stocks

5

75,840

-

Debtors

6

36,965

48,876

Cash at bank and in hand

 

20,445

7,083

 

133,250

55,959

Creditors: Amounts falling due within one year

7

(65,257)

(29,107)

Net current assets

 

67,993

26,852

Total assets less current liabilities

 

84,878

44,447

Creditors: Amounts falling due after more than one year

7

(58,796)

(8,487)

Net assets

 

26,082

35,960

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

25,982

35,860

Shareholders' funds

 

26,082

35,960

For the financial year ending 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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.

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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 7 November 2023
 

 

C.Prout Engineering Ltd

trading as C.Prout Engineering Ltd

(Registration number: 11832408)
Balance Sheet as at 28 February 2023

.........................................
Mr Christopher Prout
Director

 

C.Prout Engineering Ltd

trading as C.Prout Engineering Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

1

General information

The company is a private company limited by share capital, incorporated in England & Wales .

The address of its registered office is:
C. Prout Enterprises
Oxenhall
Newent
Gloucestershire
GL181RW

These financial statements were authorised for issue by the director on 7 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 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 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 sales/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.

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.

 

C.Prout Engineering Ltd

trading as C.Prout Engineering Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

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

Office Equipment

33% reducing balance

Plant & Machinery

20% reducing balance

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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

 

C.Prout Engineering Ltd

trading as C.Prout Engineering Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

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.

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 3 (2022 - 3).

 

C.Prout Engineering Ltd

trading as C.Prout Engineering Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 March 2022

667

10,706

15,278

26,651

Additions

-

-

4,050

4,050

At 28 February 2023

667

10,706

19,328

30,701

Depreciation

At 1 March 2022

381

4,490

4,185

9,056

Charge for the year

95

1,554

3,111

4,760

At 28 February 2023

476

6,044

7,296

13,816

Carrying amount

At 28 February 2023

191

4,662

12,032

16,885

At 28 February 2022

286

6,216

11,093

17,595

5

Stocks

2023
£

2022
£

Work in progress

75,840

-

6

Debtors

Current

2023
£

2022
£

Trade debtors

35,850

48,155

Prepayments

510

721

Other debtors

605

-

 

36,965

48,876

7

Creditors

Creditors: amounts falling due within one year

 

C.Prout Engineering Ltd

trading as C.Prout Engineering Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

2023
£

2022
£

Due within one year

Trade creditors

21,608

4,637

Taxation and social security

1,783

13,900

Other creditors

41,866

10,570

65,257

29,107

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

58,796

8,487

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Issue of £1 each

100

100

100

100

         

9

Loans and borrowings

10

Related party transactions

 

C.Prout Engineering Ltd

trading as C.Prout Engineering Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

Director's remuneration

The director's remuneration for the year was as follows:

2023
£

2022
£

Remuneration

28,500

30,000