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Registered number: 05249430
P D Nagington Motor Engineers Limited
Unaudited Financial Statements
For The Year Ended 30 September 2023
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 05249430
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 53,206 70,321
53,206 70,321
CURRENT ASSETS
Stocks 5 207,643 231,579
Debtors 6 124,907 98,565
Cash at bank and in hand 35,620 60,491
368,170 390,635
Creditors: Amounts Falling Due Within One Year 7 (384,698 ) (395,642 )
NET CURRENT ASSETS (LIABILITIES) (16,528 ) (5,007 )
TOTAL ASSETS LESS CURRENT LIABILITIES 36,678 65,314
Creditors: Amounts Falling Due After More Than One Year 8 (53,583 ) (113,610 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (10,109 ) (6,845 )
NET LIABILITIES (27,014 ) (55,141 )
CAPITAL AND RESERVES
Called up share capital 9 100 100
Profit and Loss Account (27,114 ) (55,241 )
SHAREHOLDERS' FUNDS (27,014) (55,141)
Page 1
Page 2
For the year ending 30 September 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his 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.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Paul Nagington
Director
19/04/2024
The notes on pages 3 to 5 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
P D Nagington Motor Engineers Limited is a private company, limited by shares, incorporated in England & Wales, registered number 05249430 . The registered office is .
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Land & Property 10% Reducing Balance
Plant & Machinery 15% Reducing Balance
Fixtures & Fittings 15% Reducing Balance
Plant & Machinery 15% Reducing Balance
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
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3. Average Number of Employees
Average number of employees, including directors, during the year was: 18 (2022: 21)
18 21
4. Tangible Assets
Land & Property
Land & Property Fixtures & Fittings Plant & Machinery Total
£ £ £ £
Cost
As at 1 October 2022 140,614 17,874 179,976 338,464
Disposals (18,939 ) (15,740 ) (38,388 ) (73,067 )
As at 30 September 2023 121,675 2,134 141,588 265,397
Depreciation
As at 1 October 2022 106,319 14,119 147,705 268,143
Provided during the period 3,095 85 4,389 7,569
Disposals (15,595 ) (12,552 ) (35,374 ) (63,521 )
As at 30 September 2023 93,819 1,652 116,720 212,191
Net Book Value
As at 30 September 2023 27,856 482 24,868 53,206
As at 1 October 2022 34,295 3,755 32,271 70,321
5. Stocks
2023 2022
£ £
Finished goods 197,831 229,557
Work in progress 9,812 2,022
207,643 231,579
6. Debtors
2023 2022
£ £
Due within one year
Trade debtors 12,099 33,113
Prepayments and accrued income - 8,825
Director's loan account 112,808 56,627
124,907 98,565
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7. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 174,084 159,244
Bank loans and overdrafts 39,178 35,166
Corporation tax 7,776 3,603
Other taxes and social security 7,305 9,483
VAT 109,465 145,279
Net wages 6,373 5,061
Other creditors 1,968 -
Barclaycard 9,217 9,581
Deposits Held 5,102 4,842
EBT Loan 16,864 16,875
Accruals and deferred income 7,366 6,508
384,698 395,642
8. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Bank loans 32,546 75,736
EBT Loan (Long Term) 21,037 37,874
53,583 113,610
9. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 100 100
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