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Company Registration No. 7974502 (England and Wales)
ABS Engineering Ltd Unaudited accounts for the year ended 31 March 2023
ABS Engineering Ltd Unaudited accounts Contents
Page
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ABS Engineering Ltd Company Information for the year ended 31 March 2023
Directors
Adrian Blackburn Lynsey Blackburn
Company Number
7974502 (England and Wales)
Registered Office
Evergreen Farm, Wash Road Kirton Boston Lincolnshire PE20 1QQ
Accountants
CDM Accountants Limited 28 Tytton Lane East Wyberton Boston Lincolnshire PE21 7HW
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ABS Engineering Ltd Statement of financial position as at 31 March 2023
2023 
2022 
Notes
£ 
£ 
Fixed assets
Tangible assets
340,438 
310,396 
Current assets
Inventories
27,385 
25,477 
Debtors
517,576 
449,075 
Cash at bank and in hand
433,180 
357,641 
978,141 
832,193 
Creditors: amounts falling due within one year
(407,567)
(323,289)
Net current assets
570,574 
508,904 
Total assets less current liabilities
911,012 
819,300 
Creditors: amounts falling due after more than one year
(1,773)
(20,374)
Provisions for liabilities
Deferred tax
(49,066)
(38,778)
Net assets
860,173 
760,148 
Capital and reserves
Called up share capital
201 
201 
Profit and loss account
859,972 
759,947 
Shareholders' funds
860,173 
760,148 
For the year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 21 November 2023 and were signed on its behalf by
Adrian Blackburn Director Company Registration No. 7974502
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ABS Engineering Ltd Notes to the Accounts for the year ended 31 March 2023
1
Statutory information
ABS Engineering Ltd is a private company, limited by shares, registered in England and Wales, registration number 7974502. The registered office is Evergreen Farm, Wash Road, Kirton, Boston, Lincolnshire, PE20 1QQ.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. 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.
Deferred taxation
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Land & buildings
Nil
Plant & machinery
15% reducing balance
Motor vehicles
25% reducing balance
Computer equipment
15% reducing balance
Inventories
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
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ABS Engineering Ltd Notes to the Accounts for the year ended 31 March 2023
Financial instruments
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.
Leased assets
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term. Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
4
Tangible fixed assets
Land & buildings 
Plant & machinery 
Motor vehicles 
Computer equipment 
Total 
£ 
£ 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At cost 
At cost 
At 1 April 2022
155,284 
85,508 
168,543 
16,265 
425,600 
Additions
- 
17,203 
69,995 
1,058 
88,256 
Disposals
- 
- 
(17,803)
- 
(17,803)
At 31 March 2023
155,284 
102,711 
220,735 
17,323 
496,053 
Depreciation
At 1 April 2022
- 
31,323 
77,816 
6,065 
115,204 
Charge for the year
- 
10,711 
38,303 
1,689 
50,703 
On disposals
- 
- 
(10,292)
- 
(10,292)
At 31 March 2023
- 
42,034 
105,827 
7,754 
155,615 
Net book value
At 31 March 2023
155,284 
60,677 
114,908 
9,569 
340,438 
At 31 March 2022
155,284 
54,185 
90,727 
10,200 
310,396 
2023 
2022 
Carrying values included above held under finance leases and hire purchase contracts:
£ 
£ 
- Motor vehicles
45,009 
22,507 
5
Debtors
2023 
2022 
£ 
£ 
Amounts falling due within one year
Trade debtors
515,765 
447,634 
Accrued income and prepayments
1,716 
1,441 
Other debtors
95 
- 
517,576 
449,075 
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ABS Engineering Ltd Notes to the Accounts for the year ended 31 March 2023
6
Creditors: amounts falling due within one year
2023 
2022 
£ 
£ 
Obligations under finance leases and hire purchase contracts
20,275 
23,173 
Trade creditors
296,427 
109,246 
Taxes and social security
85,379 
178,208 
Loans from directors
2,179 
9,427 
Accruals
3,307 
3,235 
407,567 
323,289 
7
Creditors: amounts falling due after more than one year
2023 
2022 
£ 
£ 
Obligations under finance leases and hire purchase contracts
1,773 
20,374 
8
Share capital
2023 
2022 
£ 
£ 
Allotted, called up and fully paid:
100 Ordinary A shares of £1 each
100 
100 
100 Ordinary B shares of £1 each
100 
100 
1 Ordinary C shares of £1 each
1 
1 
201 
201 
9
Transactions with related parties
As at the year end there was a related party transaction of £2,179 (2022 - £9,427) of which no interest has been charged during the year.
10
Average number of employees
During the year the average number of employees was 10 (2022: 10).
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