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REGISTERED NUMBER: 01257343 (England and Wales)















P. ATKINS (FUEL INJECTION) LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2023






P. ATKINS (FUEL INJECTION) LIMITED (REGISTERED NUMBER: 01257343)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3 to 5


P. ATKINS (FUEL INJECTION) LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MAY 2023







DIRECTOR: D M Atkins





SECRETARY: D M Atkins





REGISTERED OFFICE: Hermitage Way
Hermitage Lane Industrial Estate
Mansfield
Nottinghamshire
NG18 5ES





REGISTERED NUMBER: 01257343 (England and Wales)





ACCOUNTANTS: Duncan & Toplis Limited
14 London Road
Newark
Nottinghamshire
NG24 1TW

P. ATKINS (FUEL INJECTION) LIMITED (REGISTERED NUMBER: 01257343)

STATEMENT OF FINANCIAL POSITION
31 MAY 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Property, plant and equipment 4 185,692 120,304

CURRENT ASSETS
Inventories 307,795 297,835
Debtors 5 119,801 75,663
Cash at bank and in hand 36,543 20,809
464,139 394,307
CREDITORS
Amounts falling due within one year 6 241,370 181,319
NET CURRENT ASSETS 222,769 212,988
TOTAL ASSETS LESS CURRENT LIABILITIES 408,461 333,292

CREDITORS
Amounts falling due after more than one year 7 (96,985 ) (119,708 )

PROVISIONS FOR LIABILITIES (21,975 ) (5,861 )
NET ASSETS 289,501 207,723

CAPITAL AND RESERVES
Called up share capital 9 4,000 4,000
Retained earnings 285,501 203,723
SHAREHOLDERS' FUNDS 289,501 207,723

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 18 January 2024 and were signed by:





D M Atkins - Director


P. ATKINS (FUEL INJECTION) LIMITED (REGISTERED NUMBER: 01257343)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

1. STATUTORY INFORMATION

P. Atkins (Fuel Injection) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Revenue
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Property, plant and equipment
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Leasehold improvements - 10% on cost
Plant and machinery - 20% on reducing balance
Fixtures, fittings and equipment - 20% on reducing balance
Motor vehicles - 20% on reducing balance

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Inventories
Inventories and work in progress are valued at the lower of cost and fair value less costs to complete and sell, after making due allowance for obsolete and slow moving items.

Financial instruments
The company has chosen to adopt the FRS 102A in respect of financial instruments.

Basic financial assets, including trade and other debtors and cash and bank balances are initially recognised at transaction price, unless the arrangement constitute a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

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 is recognised in the income statement.

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

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 payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.


P. ATKINS (FUEL INJECTION) LIMITED (REGISTERED NUMBER: 01257343)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2023

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the statement of financial position. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to the profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2022 - 5 ) .

4. PROPERTY, PLANT AND EQUIPMENT
Plant and
machinery
etc
£   
COST
At 1 June 2022 906,316
Additions 102,632
Disposals (83,146 )
At 31 May 2023 925,802
DEPRECIATION
At 1 June 2022 786,012
Charge for year 28,079
Eliminated on disposal (73,981 )
At 31 May 2023 740,110
NET BOOK VALUE
At 31 May 2023 185,692
At 31 May 2022 120,304


5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 109,852 68,013
Other debtors 9,949 7,650
119,801 75,663

P. ATKINS (FUEL INJECTION) LIMITED (REGISTERED NUMBER: 01257343)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2023

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loan and overdraft 23,341 22,921
Hire purchase contracts 15,966 -
Trade creditors 65,346 50,962
Taxation and social security 19,058 14,188
Other creditors 117,659 93,248
241,370 181,319

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loan 96,985 119,708

Amounts falling due in more than five years:

Repayable by instalments
Bank loan - repayable in more than 5 years 22,812 35,392

8. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loan 120,326 142,629
Hire purchase contracts 15,966 -
136,292 142,629

The hire purchase contracts are secured against the assets to which the hire purchase agreements relate to.
The bank loan is secured by fixed and floating charges over the company's assets.

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
4,000 Ordinary 1 4,000 4,000

10. OTHER FINANCIAL COMMITMENTS

The company has the following commitments due:

20232022
££
Due in less than one year3,3723,372
Due between one and two years3,3723,372
Due between two and five years5,9508,986
Due in more than five years - 336
12,69416,066