GA Furnace Engineering Ltd 10559683 false 2022-03-01 2023-02-28 2023-02-28 The principal activity of the company is specialist engineering and refactory services Digita Accounts Production Advanced 6.30.9574.0 true 10559683 2022-03-01 2023-02-28 10559683 2023-02-28 10559683 core:CurrentFinancialInstruments 2023-02-28 10559683 core:CurrentFinancialInstruments core:WithinOneYear 2023-02-28 10559683 core:Non-currentFinancialInstruments core:AfterOneYear 2023-02-28 10559683 core:FurnitureFittings 2023-02-28 10559683 core:PlantMachinery 2023-02-28 10559683 bus:SmallEntities 2022-03-01 2023-02-28 10559683 bus:AuditExemptWithAccountantsReport 2022-03-01 2023-02-28 10559683 bus:FullAccounts 2022-03-01 2023-02-28 10559683 bus:SmallCompaniesRegimeForAccounts 2022-03-01 2023-02-28 10559683 bus:RegisteredOffice 2022-03-01 2023-02-28 10559683 bus:Director1 2022-03-01 2023-02-28 10559683 bus:PrivateLimitedCompanyLtd 2022-03-01 2023-02-28 10559683 core:FurnitureFittings 2022-03-01 2023-02-28 10559683 core:FurnitureFittingsToolsEquipment 2022-03-01 2023-02-28 10559683 core:PlantMachinery 2022-03-01 2023-02-28 10559683 countries:AllCountries 2022-03-01 2023-02-28 10559683 2022-02-28 10559683 core:FurnitureFittings 2022-02-28 10559683 core:PlantMachinery 2022-02-28 10559683 2021-03-01 2022-02-28 10559683 2022-02-28 10559683 core:CurrentFinancialInstruments 2022-02-28 10559683 core:CurrentFinancialInstruments core:WithinOneYear 2022-02-28 10559683 core:Non-currentFinancialInstruments core:AfterOneYear 2022-02-28 10559683 core:FurnitureFittings 2022-02-28 10559683 core:PlantMachinery 2022-02-28 iso4217:GBP xbrli:pure

Registration number: 10559683

GA Furnace Engineering Ltd

Unaudited Financial Statements

for the Year Ended 28 February 2023

 

GA Furnace Engineering Ltd

(Registration number: 10559683)

Balance Sheet as at 28 February 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

3

41,371

6,000

Current assets

 

Stocks

342,955

7,902

Debtors

4

529,425

95,090

Cash at bank and in hand

 

128,891

3,337

 

1,001,271

106,329

Creditors: Amounts falling due within one year

5

(1,145,339)

(300,372)

Net current liabilities

 

(144,068)

(194,043)

Total assets less current liabilities

 

(102,697)

(188,043)

Creditors: Amounts falling due after more than one year

5

(24,511)

(34,103)

Net liabilities

 

(127,208)

(222,146)

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

(127,308)

(222,246)

Shareholders' deficit

 

(127,208)

(222,146)

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.

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 and the option not to file the Profit and Loss Account has been taken.

These financial statements, which 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 and in accordance with the provisions of FRS 102 Section 1A Small Entities, were approved and authorised for issue by the Board on 24 November 2023 and signed on its behalf by:
 

 

GA Furnace Engineering Ltd

(Registration number: 10559683)

Balance Sheet as at 28 February 2023

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

Mr M J Harrison
Director

 

GA Furnace Engineering Ltd

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

1

Accounting policies

GA Furnace Engineering Ltd is a private company, limited by shares, domiciled in England and Wales, company number 10559683. The registered office is at Unit 6, Junction 34 Indurstial Estate, Greasbro Road, Sheffield, S9 1TN.

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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. The presentation currency is United Kingdom pounds sterling, which is the functional currency of the company. The financial statements are those of an individual entity.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. T

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

over 5 years

Fixtures, fittings, tools and equipment

over 5 years

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.

 

GA Furnace Engineering Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 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.

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.

2

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 12 (2022 - 10).

 

GA Furnace Engineering Ltd

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

3

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Total
£

Cost

At 1 March 2022

-

7,878

7,878

Additions

1,539

44,645

46,184

At 28 February 2023

1,539

52,523

54,062

Depreciation

At 1 March 2022

-

1,878

1,878

Charge for the year

308

10,505

10,813

At 28 February 2023

308

12,383

12,691

Carrying amount

At 28 February 2023

1,231

40,140

41,371

At 28 February 2022

-

6,000

6,000

4

Debtors

2023
£

2022
£

Trade debtors

507,830

95,090

Prepayments

21,595

-

529,425

95,090

5

Creditors

2023
£

2022
£

Due within one year

 

Bank loans

9,592

9,592

Trade creditors

 

170,728

47,858

Taxation and social security

 

230,171

224,263

Accruals and deferred income

 

722,442

5,913

Other creditors

 

12,406

12,746

 

1,145,339

300,372

 

GA Furnace Engineering Ltd

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

2023
£

2022
£

Due after one year

 

Bank loans

24,511

34,103

6

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £287,500 (2022 - £Nil).