Company Registration No. 07304329 (England and Wales)
Broadoak Gear Cutting And Engineering Ltd
Unaudited accounts
for the year ended 31 October 2023
Broadoak Gear Cutting And Engineering Ltd
Unaudited accounts
Contents
Broadoak Gear Cutting And Engineering Ltd
Company Information
for the year ended 31 October 2023
Directors
P A Russell
P Thornber
Company Number
07304329 (England and Wales)
Registered Office
Tuite Tang Wong
15 The Broadway
Woodford Green
Essex
IG8 0HL
Accountants
Tuite Tang Wong
Chartered Certified Accountants
15 The Broadway
Woodford Green
Essex
IG8 0HL
Broadoak Gear Cutting And Engineering Ltd
Statement of financial position
as at 31 October 2023
Tangible assets
72,303
84,482
Cash at bank and in hand
310,894
201,352
Creditors: amounts falling due within one year
(142,370)
(145,529)
Net current assets
345,138
301,404
Total assets less current liabilities
417,441
385,886
Creditors: amounts falling due after more than one year
(23,372)
(33,177)
Net assets
394,069
352,709
Called up share capital
12
12
Profit and loss account
394,057
352,697
Shareholders' funds
394,069
352,709
For the year ending 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 16 April 2024 and were signed on its behalf by
P A Russell
Director
Company Registration No. 07304329
Broadoak Gear Cutting And Engineering Ltd
Notes to the Accounts
for the year ended 31 October 2023
Broadoak Gear Cutting And Engineering Ltd is a private company, limited by shares, registered in England and Wales, registration number 07304329. The registered office is Tuite Tang Wong, 15 The Broadway, Woodford Green, Essex, IG8 0HL.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
20% on reducing balance
Motor vehicles
25% on reducing balance
Computer equipment
25% on reducing balance
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.
Broadoak Gear Cutting And Engineering Ltd
Notes to the Accounts
for the year ended 31 October 2023
4
Tangible fixed assets
Plant & machinery
Motor vehicles
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At 1 November 2022
181,860
81,104
12,711
275,675
Additions
-
24,644
-
24,644
Disposals
-
(49,603)
-
(49,603)
At 31 October 2023
181,860
56,145
12,711
250,716
At 1 November 2022
143,989
37,217
9,987
191,193
Charge for the year
7,574
5,107
681
13,362
On disposals
-
(26,142)
-
(26,142)
At 31 October 2023
151,563
16,182
10,668
178,413
At 31 October 2023
30,297
39,963
2,043
72,303
At 31 October 2022
37,871
43,887
2,724
84,482
Amounts falling due within one year
Trade debtors
149,042
220,560
Accrued income and prepayments
12,167
11,816
6
Creditors: amounts falling due within one year
2023
2022
Bank loans and overdrafts
10,796
10,990
Trade creditors
52,644
60,822
Taxes and social security
63,347
52,794
Accrued preference dividends
8,847
8,700
Other creditors
2,318
5,960
7
Creditors: amounts falling due after more than one year
2023
2022
8
Transactions with related parties
At the year end, the outstanding amount due to the company directors P A Russell was £Nil (2022: £3,969) and P Thornber was £Nil (2022: £3,969).
9
Average number of employees
During the year the average number of employees was 10 (2022: 9).