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Company registration number: 06294277
K S J Engineering Limited
Unaudited filleted financial statements
31 July 2023
K S J Engineering Limited
Contents
Statement of financial position
Notes to the financial statements
K S J Engineering Limited
Statement of financial position
31 July 2023
2023 2022
Note £ £ £ £
Fixed assets
Intangible assets 5 4,290 5,720
Tangible assets 6 150,637 138,391
_______ _______
154,927 144,111
Current assets
Stocks 3,000 3,000
Debtors 7 30,546 63,104
Cash at bank and in hand 70,724 33,610
_______ _______
104,270 99,714
Creditors: amounts falling due
within one year 8 ( 87,140) ( 108,849)
_______ _______
Net current assets/(liabilities) 17,130 ( 9,135)
_______ _______
Total assets less current liabilities 172,057 134,976
Creditors: amounts falling due
after more than one year 9 ( 36,073) ( 46,769)
Provisions for liabilities ( 28,621) ( 27,381)
_______ _______
Net assets 107,363 60,826
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 107,263 60,726
_______ _______
Shareholders funds 107,363 60,826
_______ _______
For the year ending 31 July 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 financial statements for the year in question in accordance with section 476;
- The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 07 November 2023 , and are signed on behalf of the board by:
Mr S J Whitehead
Director
Company registration number: 06294277
K S J Engineering Limited
Notes to the financial statements
Year ended 31 July 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Croft House, Station Road, Barnoldswick, Lancashire, BB18 5NA.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis.The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration receivable for goods supplied and services rendered, net of discounts and Value Added Tax.Turnover is invoiced and recognised on completion of the work undertaken.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Operating leases
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill - 10 % straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery - 15 % reducing balance
Fittings fixtures and equipment - 33.33 % straight line
Motor vehicles - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.Debt instruments are subsequently measured at amortised cost.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 5 (2022: 5 ).
5. Intangible assets
Goodwill Total
£ £
Cost
At 1 August 2022 and 31 July 2023 26,000 26,000
_______ _______
Amortisation
At 1 August 2022 20,280 20,280
Charge for the year 1,430 1,430
_______ _______
At 31 July 2023 21,710 21,710
_______ _______
Carrying amount
At 31 July 2023 4,290 4,290
_______ _______
At 31 July 2022 5,720 5,720
_______ _______
6. Tangible assets
Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £
Cost
At 1 August 2022 416,474 674 9,267 426,415
Additions 5,645 - 40,100 45,745
Disposals - - ( 9,267) ( 9,267)
_______ _______ _______ _______
At 31 July 2023 422,119 674 40,100 462,893
_______ _______ _______ _______
Depreciation
At 1 August 2022 280,281 674 7,069 288,024
Charge for the year 21,276 - 10,025 31,301
Disposals - - ( 7,069) ( 7,069)
_______ _______ _______ _______
At 31 July 2023 301,557 674 10,025 312,256
_______ _______ _______ _______
Carrying amount
At 31 July 2023 120,562 - 30,075 150,637
_______ _______ _______ _______
At 31 July 2022 136,193 - 2,198 138,391
_______ _______ _______ _______
7. Debtors
2023 2022
£ £
Trade debtors 28,411 62,927
Other debtors 2,135 177
_______ _______
30,546 63,104
_______ _______
8. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts 10,648 9,586
Trade creditors 21,299 21,350
Corporation tax 22,629 20,926
Social security and other taxes 5,964 14,110
Other creditors 26,600 42,877
_______ _______
87,140 108,849
_______ _______
The company has net obligations under hire purchase contracts of £21,243 (31 July 2022 £36,403 ) which are secured against the assets to which they relate and are included within creditors: amounts falling due within one year.
9. Creditors: amounts falling due after more than one year
2023 2022
£ £
Bank loans and overdrafts 26,616 37,271
Other creditors 9,457 9,498
_______ _______
36,073 46,769
_______ _______
The company has net obligations under hire purchase contracts of £9,457 (31 July 2022 £9,498 ) which are secured against the assets to which they relate and are included within creditors: amounts falling due after one year.
10. Related party transactions
The balance due by the Director at the year end was (£194) (31 July 2022 - £759) and is included in (Debtors)/Creditors falling due within one year
11. Controlling party
The company is under the control of the director who owns the majority of the company's issued share capital.