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Registration number: 03465282

S & E Engineering (Scunthorpe) Limited

Filleted Unaudited Financial Statements

for the Year Ended 30 September 2023

 

S & E Engineering (Scunthorpe) Limited

(Registration number: 03465282)
Balance Sheet as at 30 September 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

595,183

625,811

Current assets

 

Stocks

188,000

327,000

Debtors

6

1,032,005

1,249,597

Cash at bank and in hand

 

342,183

315,564

 

1,562,188

1,892,161

Creditors: Amounts falling due within one year

7

(995,765)

(1,288,114)

Net current assets

 

566,423

604,047

Total assets less current liabilities

 

1,161,606

1,229,858

Creditors: Amounts falling due after more than one year

7

(126,848)

(186,984)

Provisions for liabilities

(68,929)

(56,585)

Net assets

 

965,829

986,289

Capital and reserves

 

Called up share capital

8

2

2

Retained earnings

965,827

986,287

Shareholders' funds

 

965,829

986,289

For the financial year ending 30 September 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.

 

S & E Engineering (Scunthorpe) Limited

(Registration number: 03465282)
Balance Sheet as at 30 September 2023

Approved and authorised by the Board on 29 January 2024 and signed on its behalf by:
 


Mr M R Sanderson
Director

   
 

S & E Engineering (Scunthorpe) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

1

General information

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

The address of its registered office is:
22 Wentworth Road
South Park Industrial Estate
Scunthorpe
North Lincolnshire
DN17 2AX

The company's registration number is 03465282.

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 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.

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 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.

 

S & E Engineering (Scunthorpe) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

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 over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold land and buildings

Not provided and 10% to 15% on reducing balance

Plant and machinery

15% on reducing balance

Office equipment

15% on reducing balance

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 amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

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

At the transition to FRS 102 date there was less than 10 years remaining and so goodwill continues to be amortised at the same rate as follows:

Asset class

Amortisation method and rate

Goodwill

over 20 years

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.

 

S & E Engineering (Scunthorpe) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

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 at the transaction price. 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 at the transaction price.

Borrowings

Interest-bearing borrowings are recorded at fair value, net of transaction costs.

The business utilises an invoice financing facility. Financial assets and liabilities arising from a sale are recorded at the transaction price.

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.

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.

 

S & E Engineering (Scunthorpe) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year was 29 (2022 - 30).

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 October 2022

745,204

745,204

At 30 September 2023

745,204

745,204

Amortisation

At 1 October 2022

745,204

745,204

At 30 September 2023

745,204

745,204

Carrying amount

At 30 September 2023

-

-

 

S & E Engineering (Scunthorpe) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

5

Tangible assets

Freehold land and buildings
£

Office equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 October 2022

300,329

1,155,856

-

1,456,185

Additions

-

12,780

9,495

22,275

At 30 September 2023

300,329

1,168,636

9,495

1,478,460

Depreciation

At 1 October 2022

16,690

813,684

-

830,374

Charge for the year

543

51,569

791

52,903

At 30 September 2023

17,233

865,253

791

883,277

Carrying amount

At 30 September 2023

283,096

303,383

8,704

595,183

At 30 September 2022

283,639

342,172

-

625,811

6

Debtors

2023
£

2022
£

Trade debtors

1,004,750

1,221,797

Other debtors

27,255

27,800

1,032,005

1,249,597

7

Creditors

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

491,842

699,200

Trade creditors

 

281,398

371,256

Social security and other taxes

 

179,085

196,636

Other creditors

 

43,440

21,022

 

995,765

1,288,114

 

S & E Engineering (Scunthorpe) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

126,848

186,984

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

2

2

2

2

         

9

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank borrowings

40,000

40,000

HP liabilities

20,135

26,620

Invoice finance

431,707

632,580

491,842

699,200

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

100,000

140,000

HP liabilities

26,848

46,984

126,848

186,984

The HP liabilities are secured upon the assets to which they relate.

The invoice finance creditor is secured upon the book debts of the company.