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REGISTERED NUMBER: 01962680 (England and Wales)













Financial Statements

For The Year Ended 31 December 2023

for

Exchange Engineering Limited

Exchange Engineering Limited (Registered number: 01962680)






Contents of the Financial Statements
For The Year Ended 31 December 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


Exchange Engineering Limited

Company Information
For The Year Ended 31 December 2023







DIRECTOR: Mr R D Howard



SECRETARY: Mrs I Howard



REGISTERED OFFICE: Ruston Road
Alma Park
GRANTHAM
Lincolnshire
NG31 9SW



REGISTERED NUMBER: 01962680 (England and Wales)



ACCOUNTANTS: Nicholsons
Chartered Accountants
Newland House
The Point
Weaver Road
LINCOLN
Lincolnshire
LN6 3QN



BANKERS: Barclays Bank plc
14 Park Row
NOTTINGHAM
Nottinghamshire
NG1 6GR

Exchange Engineering Limited (Registered number: 01962680)

Statement of Financial Position
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 120,028 126,913

CURRENT ASSETS
Stocks 1,550,025 1,430,662
Debtors 5 930,663 803,091
Cash at bank and in hand 168,264 43,813
2,648,952 2,277,566
CREDITORS
Amounts falling due within one year 6 586,088 497,223
NET CURRENT ASSETS 2,062,864 1,780,343
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,182,892

1,907,256

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 2,182,792 1,907,156
SHAREHOLDERS' FUNDS 2,182,892 1,907,256

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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.

Exchange Engineering Limited (Registered number: 01962680)

Statement of Financial Position - continued
31 December 2023


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 8 April 2024 and were signed by:





Mr R D Howard - Director


Exchange Engineering Limited (Registered number: 01962680)

Notes to the Financial Statements
For The Year Ended 31 December 2023

1. STATUTORY INFORMATION

Exchange Engineering 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.

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

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 5% on cost
Plant and machinery - 25% on reducing balance, 25% on cost and 15% on reducing balance
Motor vehicles - 25% on reducing balance

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

Financial instruments
Only basic financial instruments as defined in FRS 102 are held. Financial assets and financial liabilities are recognised in the accounts only when the entity becomes party to the contractual provisions of the instrument and their measurement basis is as follows:
Financial assets - trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost. Prepayments are not financial instruments.
Cash at bank is classified as a basic financial instrument and is measured at transaction price.
Financial liabilities - trade creditors, accruals and other creditors are basic financial instruments, and are measured at amortised cost. Where a financial liability constitutes a financing transaction it is initially and subsequently measured at the present value of future payments, discounted at a market rate of interest.


Exchange Engineering Limited (Registered number: 01962680)

Notes to the Financial Statements - continued
For The Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued
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.

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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to 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 14 (2022 - 14 ) .

Exchange Engineering Limited (Registered number: 01962680)

Notes to the Financial Statements - continued
For The Year Ended 31 December 2023

4. TANGIBLE FIXED ASSETS
Improvements
to Plant and Motor
property machinery vehicles Totals
£    £    £    £   
COST
At 1 January 2023 132,243 26,741 31,509 190,493
Additions - 6,057 - 6,057
At 31 December 2023 132,243 32,798 31,509 196,550
DEPRECIATION
At 1 January 2023 31,877 11,812 19,891 63,580
Charge for year 6,612 3,425 2,905 12,942
At 31 December 2023 38,489 15,237 22,796 76,522
NET BOOK VALUE
At 31 December 2023 93,754 17,561 8,713 120,028
At 31 December 2022 100,366 14,929 11,618 126,913

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 926,162 797,247
Other debtors 100 -
Prepayments and accrued income 4,401 5,844
930,663 803,091

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 201,761 229,803
Tax 203,521 109,974
Social security and other taxes 16,956 5,098
VAT 155,631 141,461
Directors' current accounts 2,015 1,755
Accruals and deferred income 6,204 9,132
586,088 497,223

Exchange Engineering Limited (Registered number: 01962680)

Notes to the Financial Statements - continued
For The Year Ended 31 December 2023

7. RELATED PARTY DISCLOSURES

During the year the company paid dividends to the retired director Mr F W G Howard and his close family of £114,738 (2022:£90,000), and to the director Mr R D Howard and former director Mr J A Howard of £9,562 each (2022:£7,500).

A majority amount of shares in the company are held by R D and J A Howard Limited, this company is controlled by Mr R D Howard and Mr J A Howard. Mr R D Howard is a director in both the holding and subsidiary company and Mr J A Howard is a director in the holding company. During the year R D and J A Howard Limited received dividends of £248,600 (2022:£195,000) from the company.