James White Engineering Group Limited 09898088 false 2022-02-28 2023-02-27 2023-02-27 The principal activity of the company is aeronautical engineering Digita Accounts Production Advanced 6.30.9574.0 true true 09898088 2022-02-28 2023-02-27 09898088 2023-02-27 09898088 bus:OrdinaryShareClass1 2023-02-27 09898088 bus:Revised 2023-02-27 09898088 core:RetainedEarningsAccumulatedLosses 2023-02-27 09898088 core:ShareCapital 2023-02-27 09898088 core:HirePurchaseContracts core:CurrentFinancialInstruments 2023-02-27 09898088 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2023-02-27 09898088 core:CurrentFinancialInstruments 2023-02-27 09898088 core:CurrentFinancialInstruments core:WithinOneYear 2023-02-27 09898088 core:Non-currentFinancialInstruments 2023-02-27 09898088 core:Non-currentFinancialInstruments core:AfterOneYear 2023-02-27 09898088 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-02-27 09898088 core:Goodwill 2023-02-27 09898088 core:FurnitureFittingsToolsEquipment 2023-02-27 09898088 core:LandBuildings 2023-02-27 09898088 core:MotorVehicles 2023-02-27 09898088 core:OtherPropertyPlantEquipment 2023-02-27 09898088 bus:SmallEntities 2022-02-28 2023-02-27 09898088 bus:AuditExemptWithAccountantsReport 2022-02-28 2023-02-27 09898088 bus:FullAccounts 2022-02-28 2023-02-27 09898088 bus:SmallCompaniesRegimeForAccounts 2022-02-28 2023-02-27 09898088 bus:RegisteredOffice 2022-02-28 2023-02-27 09898088 bus:Director1 2022-02-28 2023-02-27 09898088 bus:OrdinaryShareClass1 2022-02-28 2023-02-27 09898088 bus:PrivateLimitedCompanyLtd 2022-02-28 2023-02-27 09898088 core:ComputerSoftware 2022-02-28 2023-02-27 09898088 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-02-28 2023-02-27 09898088 core:Goodwill 2022-02-28 2023-02-27 09898088 core:ComputerEquipment 2022-02-28 2023-02-27 09898088 core:FurnitureFittingsToolsEquipment 2022-02-28 2023-02-27 09898088 core:LandBuildings 2022-02-28 2023-02-27 09898088 core:LeaseholdImprovements 2022-02-28 2023-02-27 09898088 core:MotorVehicles 2022-02-28 2023-02-27 09898088 core:OtherPropertyPlantEquipment 2022-02-28 2023-02-27 09898088 core:PlantMachinery 2022-02-28 2023-02-27 09898088 1 2022-02-28 2023-02-27 09898088 1 2022-02-28 2023-02-27 09898088 countries:EnglandWales 2022-02-28 2023-02-27 09898088 2022-02-27 09898088 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-02-27 09898088 core:Goodwill 2022-02-27 09898088 core:FurnitureFittingsToolsEquipment 2022-02-27 09898088 core:LandBuildings 2022-02-27 09898088 core:MotorVehicles 2022-02-27 09898088 core:OtherPropertyPlantEquipment 2022-02-27 09898088 2021-02-28 2022-02-27 09898088 2022-02-27 09898088 bus:OrdinaryShareClass1 2022-02-27 09898088 core:RetainedEarningsAccumulatedLosses 2022-02-27 09898088 core:ShareCapital 2022-02-27 09898088 core:HirePurchaseContracts core:CurrentFinancialInstruments 2022-02-27 09898088 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2022-02-27 09898088 core:CurrentFinancialInstruments 2022-02-27 09898088 core:CurrentFinancialInstruments core:WithinOneYear 2022-02-27 09898088 core:Non-currentFinancialInstruments 2022-02-27 09898088 core:Non-currentFinancialInstruments core:AfterOneYear 2022-02-27 09898088 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-02-27 09898088 core:Goodwill 2022-02-27 09898088 core:FurnitureFittingsToolsEquipment 2022-02-27 09898088 core:LandBuildings 2022-02-27 09898088 core:MotorVehicles 2022-02-27 09898088 core:OtherPropertyPlantEquipment 2022-02-27 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 09898088

James White Engineering Group Limited

Unaudited Financial Statements

for the Year Ended 27 February 2023

 

James White Engineering Group Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 11

 

James White Engineering Group Limited

(Registration number: 09898088)
Balance Sheet as at 27 February 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

14,246

2,000

Tangible assets

5

53,995

96,337

 

68,241

98,337

Current assets

 

Stocks

6

583,670

628,116

Debtors

7

464,136

557,053

Cash at bank and in hand

 

19,170

5,988

 

1,066,976

1,191,157

Creditors: Amounts falling due within one year

8

(941,565)

(1,131,815)

Net current assets

 

125,411

59,342

Total assets less current liabilities

 

193,652

157,679

Creditors: Amounts falling due after more than one year

8

(120,940)

(79,543)

Provisions for liabilities

(13,893)

(17,693)

Net assets

 

58,819

60,443

Capital and reserves

 

Called up share capital

100

100

Retained earnings

58,719

60,343

Shareholders' funds

 

58,819

60,443

 

James White Engineering Group Limited

(Registration number: 09898088)
Balance Sheet as at 27 February 2023

For the financial year ending 27 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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.

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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 22 November 2023 and signed on its behalf by:
 

.........................................
Ian Tubbs
Director

 

James White Engineering Group Limited

Notes to the Unaudited Financial Statements for the Year Ended 27 February 2023

1

General information

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

The address of its registered office is:
Commercial Road
Reading
RG2 0RU

These financial statements were authorised for issue by the Board on 22 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.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Judgements

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods 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.

 

James White Engineering Group Limited

Notes to the Unaudited Financial Statements for the Year Ended 27 February 2023

Government grants

Grants relating to revenue are recognised in income on a systematic basis over the periods in which the business recognises related costs which the grant is intended to compensate.

A grant that becomes receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs shall be recognised in income in the period in which it becomes receivable.

Tax

The tax expense for the period comprises current and 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.

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

16.5% straight line

Computer equipment

20% straight line

Motor Vehicles

25% reducing balance

Leasehold improvements

Over 6 years

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

 

James White Engineering Group Limited

Notes to the Unaudited Financial Statements for the Year Ended 27 February 2023

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10% straight line

Software

25% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits.

Trade debtors

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

Trade debtors are recognised at the transaction price.

The company are engaged in invoice factoring. Trade debtors are recorded gross with the correspodning creditor, being the amount advanced including fees, included within creditors.

Stocks

Stocks consist of raw materials and are held at cost. Other stocks include tooling stock which are customised items and are also held at cost.
Items are reviewed periodically for impairment and any write down below cost is taken to the income statement in the relevant year.

Work in progress is amounts that have been completed but not yet invoiced at the period end.

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 at the transaction price.

 

James White Engineering Group Limited

Notes to the Unaudited Financial Statements for the Year Ended 27 February 2023

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 23 (2022 - 25).

 

James White Engineering Group Limited

Notes to the Unaudited Financial Statements for the Year Ended 27 February 2023

4

Intangible assets

Goodwill
 £

Software costs
£

Total
£

Cost or valuation

At 28 February 2022

5,000

6,000

11,000

Additions acquired separately

-

16,100

16,100

At 27 February 2023

5,000

22,100

27,100

Amortisation

At 28 February 2022

3,000

6,000

9,000

Amortisation charge

500

3,354

3,854

At 27 February 2023

3,500

9,354

12,854

Carrying amount

At 27 February 2023

1,500

12,746

14,246

At 27 February 2022

2,000

-

2,000

 

James White Engineering Group Limited

Notes to the Unaudited Financial Statements for the Year Ended 27 February 2023

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 28 February 2022

21,890

7,965

55,277

375,786

460,918

Additions

-

-

-

2,279

2,279

Disposals

-

-

-

(8,665)

(8,665)

At 27 February 2023

21,890

7,965

55,277

369,400

454,532

Depreciation

At 28 February 2022

10,945

7,010

14,683

331,944

364,582

Charge for the year

1,824

336

10,148

31,460

43,768

Eliminated on disposal

-

-

-

(7,813)

(7,813)

At 27 February 2023

12,769

7,346

24,831

355,591

400,537

Carrying amount

At 27 February 2023

9,121

619

30,446

13,809

53,995

At 27 February 2022

10,945

955

40,594

43,843

96,337

Included in other tangible assets is £42,092 (2022: £73,825) of net book value for assets held on hire purchase contracts.During the year these assets were depreciated by £31,733 (2022: £53,440).

 

James White Engineering Group Limited

Notes to the Unaudited Financial Statements for the Year Ended 27 February 2023

6

Stocks

2023
£

2022
£

Work in progress

247,363

271,471

Finished goods and goods for resale

336,307

356,645

583,670

628,116

7

Debtors

Current

2023
£

2022
£

Trade debtors

428,590

532,288

Prepayments

24,199

14,807

Other debtors

11,347

9,958

 

464,136

557,053

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Bank loans and overdrafts

14

441,736

450,607

Trade creditors

 

141,196

137,469

Taxation and social security

 

312,885

493,457

Accruals and deferred income

 

22,096

25,704

Other creditors

 

23,652

24,578

 

941,565

1,131,815

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

14

120,940

79,543

The carrying amount of Time Finance PLC (formerly GENER8 Finance Limited) is £368,709 (2022: £344,784) and incuded within current borrowings. A fixed and floating charge is held in favour of Time Finance PLC (formerly GENER8 Finance Limited) over all of the assets the company.

9

Share capital

Allotted, called up and fully paid shares

 

James White Engineering Group Limited

Notes to the Unaudited Financial Statements for the Year Ended 27 February 2023

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

         

The share capital of the company consists of Ordinary shares only.

10

Dividends

   

2023

 

2022

   

£

 

£

Interim dividend of £23.50 (2022 - £Nil) per ordinary share

 

2,350

 

-

         

11

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments that are not included in the balance sheet is £237,678 (2022 - £49,576). Of this amount £46,811 is due within 1 year and £190,867 is due within 2-5 years. This total comprises various contracts that the company are committed to at the balance sheet date to the expiry of the respective contracts.

12

Related party transactions

Other transactions with directors

At the balance sheet date £8,484 (2022: owed from the company £213) was owed to the company from I Tubbs a director and share holder of the company. Interest has been charged at 2% per annum and there are no terms relating to the repayment of capital. I Tubbs has provided a personal guarantee, as discrided in the bank borrowings note.

At the balance sheet date £1,280 (2022: £4,172) was due to D Stevens a director and shareholder of the company. There are no interest being charged and there are no terms for the repayment of capital.

13

Ultimate controlling party

The ultimate controlling party is Ian Tubbs by virtue of his shareholding.

14

Loans and borrowings

 

James White Engineering Group Limited

Notes to the Unaudited Financial Statements for the Year Ended 27 February 2023

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

22,500

32,500

Hire purchase contracts

32,655

47,043

Other borrowings

65,785

-

120,940

79,543

2023
£

2022
£

Current loans and borrowings

Bank borrowings

10,000

10,000

Hire purchase contracts

13,488

35,060

Other borrowings

418,248

405,547

441,736

450,607

Bank borrowings

Included in non current borrowings is the Bounce Bank Loan (BBLS) which consist of £22,500 and £10,000 included within creditors due within one year.

Included in other borrowings are unsecured loans totalling £115,323. Of this amount £49,539 (2022:£60,763) is due within one year and the remaining £65,785 is due in more than one year. A personal guarantee has been provided by I Tubbs on these loans.

The remaining amount within current other borrowings is £368,709 (2022: £344,784) owed to Time Finance PLC (formerly GENER8 Finance Limited) as detailed within the creditors note.

The hire purchase liabilities are secured on the assets concerned as detailed in the fixed asset note.