REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2023 |
FOR |
ARTHUR STEPHENSON (ENGINEERS) LTD |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2023 |
FOR |
ARTHUR STEPHENSON (ENGINEERS) LTD |
ARTHUR STEPHENSON (ENGINEERS) LTD (REGISTERED NUMBER: 00606889) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the Year Ended 30 June 2023 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 4 |
ARTHUR STEPHENSON (ENGINEERS) LTD |
COMPANY INFORMATION |
for the Year Ended 30 June 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
Douglas Bank House |
Wigan Lane |
Wigan |
Lancashire |
WN1 2TB |
BANKERS: |
6 The Courtyard |
Calvin Street |
Bolton |
Lancashire |
BL1 8PB |
ARTHUR STEPHENSON (ENGINEERS) LTD (REGISTERED NUMBER: 00606889) |
STATEMENT OF FINANCIAL POSITION |
30 June 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
CURRENT ASSETS |
Stocks | 6 |
Debtors | 7 |
Investments | 8 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 9 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 10 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Capital redemption reserve |
Retained earnings |
SHAREHOLDERS' FUNDS |
The directors acknowledge their 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. |
ARTHUR STEPHENSON (ENGINEERS) LTD (REGISTERED NUMBER: 00606889) |
STATEMENT OF FINANCIAL POSITION - continued |
30 June 2023 |
In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
ARTHUR STEPHENSON (ENGINEERS) LTD (REGISTERED NUMBER: 00606889) |
NOTES TO THE FINANCIAL STATEMENTS |
for the Year Ended 30 June 2023 |
1. | STATUTORY INFORMATION |
Arthur Stephenson (Engineers) Ltd is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Preparation of consolidated financial statements |
The financial statements contain information about Arthur Stephenson (Engineers) Ltd as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements. |
Significant judgements and estimates |
Preparation of the financial statements requires management to make significant judgements and estimates. The items in the financial statements where these judgements and estimates have been made include: |
a) Useful economic lives |
The useful economic lives of fixed assets are assessed on an annual basis on the latest available information. Management believes that the useful economic lives being used currently are still appropriate. |
b) Plate stocks |
Plate stocks are valued according to differing ratios to estimate the scrap value of steel recorded in stock at the year end. Management believe that the ratio between the scrap element and the manufacturing element is appropriate based on the levels of scrap being recorded. |
c) Work in progress |
Work in progress is valued at selling price less margin to approximate to cost plus labour and overheads. The margin adjustment is assessed by management each year. |
Turnover |
The whole of the turnover is attributable to the company's principal activities, which, in the opinion of the directors, constitutes one class of business. |
Turnover is measured at the fair value of the consideration received or receivable for goods supplied, stated net of Value Added Tax. |
The company recognises revenue when the significant risks and rewards of ownership has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods. |
ARTHUR STEPHENSON (ENGINEERS) LTD (REGISTERED NUMBER: 00606889) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30 June 2023 |
2. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
Tangible fixed assets are stated at cost less depreciation and impairment. Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
Freehold property | - | 2% on cost |
Improvements to property | - | over the remaining term of the lease |
Plant and machinery | - | 20% on reducing balance |
Fixtures and fittings | - | 15% on reducing balance |
Motor vehicles | - | 25% on reducing balance |
Computer equipment | - | 25% on reducing balance |
Impairment of assets |
At each reporting date assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If the estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in profit or loss. |
Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, to the extent that the increased carrying amount does not exceed the carrying amount that would have been determined (net of depreciation) had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised as income immediately. |
Stocks and work in progress |
Plate stocks are valued at the lower of cost and estimated selling price less costs to complete and sell. |
Work in progress is valued at selling price less margin to approximate to cost plus labour and overheads. Each project is assessed as to the degree of completion. No element of profit is included in the valuation of work in progress. |
Short term employee benefits |
Short-term employee benefits are recognised as an expense in the period in which they are incurred. |
The company operates a defined contribution pension scheme. Contributions payable for the year are charged in the profit and loss account. |
Fixed asset investments |
Fixed asset investments in shares in group undertakings are stated at cost or valuation less any impairment. |
Current asset investments |
Current asset investments are carried at fair value in the balance sheet, with any adjustments to the market price of the shares recognised through the income statement. |
Taxation |
Taxation expense represents the sum of the current and deferred tax payable. |
Current tax is recognised for the amount of income tax payable in respect of the taxable profit for the current or past reporting period using the tax rates and laws that have been enacted or substantively enacted at the reporting date. |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date. |
Deferred tax is calculated using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference. |
ARTHUR STEPHENSON (ENGINEERS) LTD (REGISTERED NUMBER: 00606889) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30 June 2023 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
Trade and other debtors are initially recognised at the transaction price and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases, the receivables are stated at cost less impairment losses for bad and doubtful debts. |
Short term financial liabilities, including trade and other creditors are measured at transaction price. Financial liabilities that have no stated interest rate and are payable within one year shall be measured at the undiscounted amount due, those payable after one year should be measured at amortised cost, using the effective interest rate method. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Improvements |
Freehold | to | Plant and |
property | property | machinery |
£ | £ | £ |
COST |
At 1 July 2022 |
Additions |
At 30 June 2023 |
DEPRECIATION |
At 1 July 2022 |
Charge for year |
At 30 June 2023 |
NET BOOK VALUE |
At 30 June 2023 |
At 30 June 2022 |
ARTHUR STEPHENSON (ENGINEERS) LTD (REGISTERED NUMBER: 00606889) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30 June 2023 |
4. | TANGIBLE FIXED ASSETS - continued |
Fixtures |
and | Motor | Computer |
fittings | vehicles | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 July 2022 |
Additions |
At 30 June 2023 |
DEPRECIATION |
At 1 July 2022 |
Charge for year |
At 30 June 2023 |
NET BOOK VALUE |
At 30 June 2023 |
At 30 June 2022 |
5. | FIXED ASSET INVESTMENTS |
Other |
investments |
£ |
COST OR VALUATION |
At 1 July 2022 |
and 30 June 2023 |
NET BOOK VALUE |
At 30 June 2023 |
At 30 June 2022 |
Cost or valuation at 30 June 2023 is represented by: |
Other |
investments |
£ |
Valuation in 2003 | 30,000 |
Valuation in 2006 | 1,626 |
31,626 |
6. | STOCKS |
2023 | 2022 |
£ | £ |
Stocks |
Work in progress | 1,222,013 | 490,469 |
ARTHUR STEPHENSON (ENGINEERS) LTD (REGISTERED NUMBER: 00606889) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30 June 2023 |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Other debtors |
8. | CURRENT ASSET INVESTMENTS |
2023 | 2022 |
£ | £ |
Listed investments | 15,566 | 15,566 |
9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade creditors |
Tax |
Social security and other taxes |
Other creditors |
Accrued expenses |
10. | PROVISIONS FOR LIABILITIES |
2023 | 2022 |
£ | £ |
Deferred tax | 98,210 | 106,136 |
Deferred |
tax |
£ |
Balance at 1 July 2022 |
Credit to Statement of Income and Retained Earnings during year | ( |
) |
Balance at 30 June 2023 |
11. | OTHER FINANCIAL COMMITMENTS |
The company had total operating lease commitments of £343,396 (2022: £390,000) at the year end. |
12. | RELATED PARTY DISCLOSURES |
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 with wholly owned subsidiaries within the group. |
13. | ULTIMATE CONTROLLING PARTY |
The directors have ultimate control of the company. |