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REGISTERED NUMBER: 10809784 (England and Wales)










Financial Statements

For The Year Ended 30 June 2023

for

Curtis Engineering (Frome) Limited

Curtis Engineering (Frome) Limited (Registered number: 10809784)






Contents of the Financial Statements
For The Year Ended 30 June 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Curtis Engineering (Frome) Limited

Company Information
For The Year Ended 30 June 2023







DIRECTORS: A J I Lowther
A B F Lowther
B Bartlett
C Bowerman





REGISTERED OFFICE: The Factory
Whitchurch
Ross-on-Wye
Herefordshire
HR9 6DF





REGISTERED NUMBER: 10809784 (England and Wales)





AUDITORS: Kingscott Dix Limited
Chartered Accountants
and Statutory Auditor
Goodridge Court
Goodridge Avenue
Gloucester
Gloucestershire
GL2 5EN

Curtis Engineering (Frome) Limited (Registered number: 10809784)

Balance Sheet
30 June 2023

30.6.23 30.6.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 84,908 36,505
84,908 36,505

CURRENT ASSETS
Stocks 6 67,295 178,401
Debtors 7 934,956 902,324
Cash at bank and in hand 1,042,738 546,545
2,044,989 1,627,270
CREDITORS
Amounts falling due within one year 8 1,802,235 1,412,912
NET CURRENT ASSETS 242,754 214,358
TOTAL ASSETS LESS CURRENT
LIABILITIES

327,662

250,863

PROVISIONS FOR LIABILITIES 17,927 -
NET ASSETS 309,735 250,863

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings 309,734 250,862
309,735 250,863

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 Board of Directors and authorised for issue on 12 October 2023 and were signed on its behalf by:





A J I Lowther - Director


Curtis Engineering (Frome) Limited (Registered number: 10809784)

Notes to the Financial Statements
For The Year Ended 30 June 2023

1. STATUTORY INFORMATION

Curtis Engineering (Frome) 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.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions between wholly owned subsidiaries within the group.

Turnover
Turnover represents amounts receivable for goods and services provided in the normal course of business, net of trade discounts, value added tax and other sales related taxes.

Turnover and attributable profit is recognised on all contracts which are incomplete at the year end according to the stage of completion, where the eventual outcome of those contracts can be reliably foreseen. Attributable turnover on such contracts not yet invoiced at the year end is recognised in debtors.

Where the outcome of a contract in progress at the year end cannot be reliably foreseen, the net costs of the contract are included within Work in Progress after deducting payments received on account.

Where a long term contract is considered to be loss making, the whole of the foreseeable loss is recognised immediately.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2017, has been amortised over its estimated useful life of 1 year.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 20% on reducing balance
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 50% on cost and 20% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in first out (FIFO) principle and includes all direct materials, transport and handling costs in bringing stocks to their present location and condition.

Work in progress
Work in progress on contracts is valued on the basis of direct costs. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of work in progress.

Curtis Engineering (Frome) Limited (Registered number: 10809784)

Notes to the Financial Statements - continued
For The Year Ended 30 June 2023

2. ACCOUNTING POLICIES - continued

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include trade and other debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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.

Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. The impairment loss is recognised in profit or loss.

Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership to another entity.

Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities
Basic financial liabilities, including trade and other creditors, are recognised at transaction price.

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. Trade creditors are classified as current liabilities if payment is due within one year. If not, they are presented as creditors falling due after more than one year. Trade creditors are recognised at transaction price.

Derecognition of financial liabilities
Financial liabilities are derecognised when, and only when, the company's obligations are discharged, cancelled, or they expire.

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 balance sheet date.

Curtis Engineering (Frome) Limited (Registered number: 10809784)

Notes to the Financial Statements - continued
For The Year Ended 30 June 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 balance sheet 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.

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


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 8 (2022 - 8 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 July 2022
and 30 June 2023 1
AMORTISATION
At 1 July 2022
and 30 June 2023 1
NET BOOK VALUE
At 30 June 2023 -
At 30 June 2022 -

Curtis Engineering (Frome) Limited (Registered number: 10809784)

Notes to the Financial Statements - continued
For The Year Ended 30 June 2023

5. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 July 2022 10,035 6,750 107,367 15,782 139,934
Additions - - 96,315 - 96,315
Disposals - - (66,327 ) - (66,327 )
At 30 June 2023 10,035 6,750 137,355 15,782 169,922
DEPRECIATION
At 1 July 2022 6,443 4,282 78,422 14,282 103,429
Charge for year 724 619 26,514 846 28,703
Eliminated on disposal - - (47,118 ) - (47,118 )
At 30 June 2023 7,167 4,901 57,818 15,128 85,014
NET BOOK VALUE
At 30 June 2023 2,868 1,849 79,537 654 84,908
At 30 June 2022 3,592 2,468 28,945 1,500 36,505

6. STOCKS
30.6.23 30.6.22
£    £   
Raw materials 7,835 7,112
Work-in-progress 59,460 172,339
Payments on account - (1,050 )
67,295 178,401

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.23 30.6.22
£    £   
Trade debtors 859,824 755,918
Amounts recoverable on contract 51,341 135,560
Other debtors 18,961 303
Prepayments and accrued income 4,830 10,543
934,956 902,324

Curtis Engineering (Frome) Limited (Registered number: 10809784)

Notes to the Financial Statements - continued
For The Year Ended 30 June 2023

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.23 30.6.22
£    £   
Payments received on account 789,305 164,483
Trade creditors 252,113 422,893
Amounts owed to group undertakings 430,040 556,215
Corporation tax 64,230 21,287
Social security and other taxes 24,312 24,141
Accruals and deferred income 242,235 223,893
1,802,235 1,412,912

9. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Stephen Baily (Senior Statutory Auditor)
for and on behalf of Kingscott Dix Limited

10. CONTROLLING PARTY

Due to his controlling interest in the ultimate parent company, A J I Lowther is considered to be the controlling party behind the company.

11. CONSOLIDATED GROUP ACCOUNTS

Lowther Holdings Limited, the parent company of Curtis Engineering (Frome) Limited, prepare consolidated financial statements.

Information regarding the consolidated financial statements of Lowther Holdings Limited can be obtained from its registered office The Factory, Whitchurch, Ross-on-Wye, United Kingdom, HR9 6DF.