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REGISTRAR OF COMPANIES

Registration number: SC053292

H & I Engineering Limited

Unaudited Financial Statements

31 May 2023

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H & I Engineering Limited

Contents

Accountants' Report

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

4

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
H & I Engineering Limited
for the Year Ended 31 May 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of H & I Engineering Limited for the year ended 31 May 2023 as set out on pages 2 to 9 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of H & I Engineering Limited, as a body, in accordance with the terms of our engagement letter dated 13 December 2022. Our work has been undertaken solely to prepare for your approval the accounts of H & I Engineering Limited and state those matters that we have agreed to state to the Board of Directors of H & I Engineering Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than H & I Engineering Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that H & I Engineering Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of H & I Engineering Limited. You consider that H & I Engineering Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of H & I Engineering Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.



Dodd & Co Limited
Chartered Accountants
FIFTEEN Rosehill
Montgomery Way
Rosehill Estate
CARLISLE
CA1 2RW

13 February 2024

 

H & I Engineering Limited

(Registration number: SC053292)
Balance Sheet as at 31 May 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

673,365

696,461

Current assets

 

Debtors

5

647,095

461,365

Cash at bank and in hand

 

1,061,735

839,202

 

1,708,830

1,300,567

Creditors: Amounts falling due within one year

6

(787,568)

(409,362)

Net current assets

 

921,262

891,205

Total assets less current liabilities

 

1,594,627

1,587,666

Provisions for liabilities

(33,818)

(37,283)

Net assets

 

1,560,809

1,550,383

Capital and reserves

 

Allotted, called up and fully paid share capital

2,045

2,045

Capital redemption reserve

2,045

2,045

Profit and loss account

1,556,719

1,546,293

Total equity

 

1,560,809

1,550,383

 

H & I Engineering Limited

(Registration number: SC053292)
Balance Sheet as at 31 May 2023 (continued)

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 13 February 2024 and signed on its behalf by:
 

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

G Hind

Director

 

H & I Engineering 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 Scotland.

The address of its registered office is:
Solway Works
Eastriggs
Annan
DUMFRIESSHIRE
DG12 6NJ

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 - '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.

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 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.


Government grants
Grants relating to revenue are recognised in the profit and loss account on a systematic basis over the periods in which the related costs are recognised for which the grant is intended to compensate.

Grants for the purpose of giving immediate financial support with no future related costs to be incurred are recognised in the profit and loss account when the grant proceeds become 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.

 

H & I Engineering Limited

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

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

Land

Not depreciated

Buildings

50 years straight line

Plant and equipment

15% Straight line

Motor vehicles

25% Reducing balance

Furniture, fittings and office equipment

3 years straight line

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.

Trade debtors

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

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. 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.

 

H & I Engineering Limited

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

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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 initially at the transaction price and subsequently measured at amortised cost using the effective interest method where due after more than one year.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

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.

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.

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.

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 27 (2022 - 28).

 

H & I Engineering Limited

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

 

H & I Engineering Limited

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

4

Tangible assets

Land and buildings
£

Plant and equipment
 £

Motor vehicles
 £

Furniture, fittings and office equipment
 £

Total
£

Cost or valuation

At 1 June 2022

625,052

399,972

166,605

80,281

1,271,910

Additions

-

10,000

-

514

10,514

At 31 May 2023

625,052

409,972

166,605

80,795

1,282,424

Depreciation

At 1 June 2022

25,048

367,472

104,008

78,921

575,449

Charge for the year

3,857

12,634

15,649

1,470

33,610

At 31 May 2023

28,905

380,106

119,657

80,391

609,059

Carrying amount

At 31 May 2023

596,147

29,866

46,948

404

673,365

At 31 May 2022

600,004

32,500

62,597

1,360

696,461

5

Debtors

2023
£

2022
£

Trade debtors

515,850

382,617

Other debtors

131,245

78,748

647,095

461,365

 

H & I Engineering Limited

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

6

Creditors

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

7

311,982

-

Trade creditors

 

74,015

59,010

Taxation and social security

 

114,939

107,735

Corporation tax liability

 

107,054

33,559

Other creditors

 

179,578

209,058

 

787,568

409,362

7

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Other borrowings

311,982

-

8

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 £7,484 (2022 - £11,490).