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Registration number: 01101413

H.A. McEwen (Boiler Repairs) Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 May 2023

 

H.A. McEwen (Boiler Repairs) Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

H.A. McEwen (Boiler Repairs) Limited

(Registration number: 01101413)
Balance Sheet as at 31 May 2023

Note

2023

2022

   

£

£

£

£

Fixed assets

   

 

Tangible assets

4

 

358,095

 

340,109

Current assets

   

 

Stocks

27,800

 

22,200

 

Debtors

5

337,890

 

184,329

 

Cash at bank and in hand

 

344,752

 

336,582

 

 

710,442

 

543,111

 

Creditors: Amounts falling due within one year

6

(319,371)

 

(257,362)

 

Net current assets

   

391,071

 

285,749

Total assets less current liabilities

   

749,166

 

625,858

Creditors: Amounts falling due after more than one year

6

 

(165,297)

 

(171,581)

Provisions for liabilities

 

(50,000)

 

(32,700)

Net assets

   

533,869

 

421,577

Capital and reserves

   

 

Called up share capital

7

100

 

100

 

Revaluation reserve

117,482

 

117,482

 

Profit and loss account

416,287

 

303,995

 

Total equity

   

533,869

 

421,577

 

H.A. McEwen (Boiler Repairs) Limited

(Registration number: 01101413)
Balance Sheet as at 31 May 2023

For the financial year ending 31 May 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 11 October 2023 and signed on its behalf by:
 

.........................................
A McEwen
Director

 

H.A. McEwen (Boiler Repairs) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 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:
Farling Top Farm
Cowling
North Yorkshire
BD22 0NW

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 were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' including the disclosure and presentation requirements of Section 1A 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 company's functional and presentation currency is pound sterling.

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.

The company recognises revenue when the significant risks and rewards of ownership have been transferred to the buyer; the company retains no continuing involvement or control over the goods; the amount of revenue can be measured reliably and it is probable that future economic benefits will flow to the entity.

Government grants

Grants are recognised when there is reasonable assurance that the entity will comply with the conditions attaching to them and the grants will be received.

Grants are measured at the fair value of the asset received or receivable.

The company applies the performance model and recognises grants as follows: (a) A grant that does not impose specified future performance-related conditions on the recipient is recognised in income when the grant proceeds are received or receivable. (b) A grant that imposes specified future performance-related conditions on the recipient is recognised in income only when the performance-related conditions are met. (c) grants received before the revenue recognition criteria are satisfied are recognised as a liability.

 

H.A. McEwen (Boiler Repairs) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

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.

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 statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses aside from Land which is stated at a revalued amount.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Where assets are held under the revaluation model and the fair value can be measured reliably they are carried at a revalued amount, being its fair value at the date of revaluation less any subsequent depreciation and subsequent accumulated impairment losses. Revaluations are made with sufficient regularity to ensure that the carrying amounts does not differ materially from that which would be determined using the fair value at the end of the reporting period.

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

Land and buildings

2 - 5% reducing balance basis

Fixtures, fittings and equipment

10 - 50 % reducing balance basis

Motor vehicles

25% reducing balance basis

Plant and machinery

10% reducing balance basis

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.

 

H.A. McEwen (Boiler Repairs) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 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.

 

H.A. McEwen (Boiler Repairs) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

Financial instruments


Financial assets

Basic financial assets, including trade and other receivables, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest for a similar asset. Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss and any subsequent reversal is recognised in profit or loss.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities

Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

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.

 

H.A. McEwen (Boiler Repairs) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

3

Staff numbers

The average number of persons employed by the company (including directors) during the year was 12 (2022 - 13).

4

Tangible assets

Land and buildings
£

Fixtures, fittings and equipment
£

Motor vehicles
 £

Plant and machinery
 £

Total
£

Cost or valuation

At 1 June 2022

309,649

10,706

102,471

71,126

493,952

Additions

-

-

45,825

1,250

47,075

Disposals

-

-

(8,895)

-

(8,895)

At 31 May 2023

309,649

10,706

139,401

72,376

532,132

Depreciation

At 1 June 2022

44,334

9,412

54,052

46,045

153,843

Charge for the year

2,664

644

21,054

2,538

26,900

Eliminated on disposal

-

-

(6,706)

-

(6,706)

At 31 May 2023

46,998

10,056

68,400

48,583

174,037

Carrying amount

At 31 May 2023

262,651

650

71,001

23,793

358,095

At 31 May 2022

265,315

1,294

48,419

25,081

340,109

Revaluation


Included within land and buildings is land valued in 2007 at £150,000.

Had this class of asset been measured on a historical cost basis, the cost and carrying amount would have been £Nil (2022 - £Nil) with no depreciation charged on the land.

5

Debtors

Current

2023
£

2022
£

Trade debtors

288,516

147,343

Prepayments

5,125

1,951

Other debtors

44,249

35,035

 

337,890

184,329

 

H.A. McEwen (Boiler Repairs) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

6

Creditors

2023
£

2022
£

Due within one year

Loans and borrowings

61,619

48,505

Trade creditors

141,941

112,324

Taxation and social security

107,837

54,622

Accruals and deferred income

4,681

41,911

Other creditors

3,293

-

319,371

257,362


Creditors include net obligations under bank loans and hire purchase contracts which are secured of £27,170 (2022 - £21,956).

Obligations under hire purchase contracts are secured on the assets to which they relate. The bank mortgage is secured by a legal charge over the company's land at Farling Top Farm.

2023
£

2022
£

Due after one year

Loans and borrowings

165,297

171,581

Included in the loans and borrowings are the following amounts due after more than five years:

2023
£

2022
£

Due after more than five years

After more than five years by instalments

80,273

85,795

-

-


Creditors include net obligations under bank loans and hire purchase contracts which are secured of £152,731 (2022 - £150,315).

Obligations under hire purchase contracts are secured on the assets to which they relate. The bank mortgage is secured by a legal charge over the company's land at Farling Top Farm.

 

H.A. McEwen (Boiler Repairs) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

         

8

Related party transactions

Expenditure with and payables to related parties

2023

Key management
£

Amounts payable to related party

28,449

2022

Key management
£

Amounts payable to related party

20,550