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Registration number: 04700579

Arrow Engineering (Scunthorpe) Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 October 2023

 

Arrow Engineering (Scunthorpe) Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 7

 

Arrow Engineering (Scunthorpe) Limited

Company Information

Directors

Mr AS Fletcher

Mr I Sparks

Mr IR Shucksmith

Company secretary

Mr I Sparks

Registered office

Arrow Engineering (Scunthorpe) Limited
Trent Remine Workshops
Dawes Lane
Scunthorpe
North Lincolnshire
DN15 6UW

 

Arrow Engineering (Scunthorpe) Limited

(Registration number: 04700579)
Balance Sheet as at 31 October 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

92,719

98,557

Current assets

 

Stocks

42,178

23,356

Debtors

5

2,172,516

2,080,768

Cash at bank and in hand

 

42,646

77,399

 

2,257,340

2,181,523

Creditors: Amounts falling due within one year

6

(163,558)

(115,709)

Net current assets

 

2,093,782

2,065,814

Total assets less current liabilities

 

2,186,501

2,164,371

Provisions for liabilities

(20,688)

(22,453)

Net assets

 

2,165,813

2,141,918

Capital and reserves

 

Called up share capital

7

2

2

Retained earnings

2,165,811

2,141,916

Shareholders' funds

 

2,165,813

2,141,918

For the financial 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.

Directors' responsibilities:

The members have not required the Company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The Directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the Directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 1 February 2024 and signed on its behalf by:
 

 

Arrow Engineering (Scunthorpe) Limited

(Registration number: 04700579)
Balance Sheet as at 31 October 2023

.........................................
Mr AS Fletcher
Director

.........................................
Mr I Sparks
Company secretary and director

.........................................
Mr IR Shucksmith
Director

 

Arrow Engineering (Scunthorpe) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

1

General information

The Company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Arrow Engineering (Scunthorpe) Limited
Trent Remine Workshops
Dawes Lane
Scunthorpe
North Lincolnshire
DN15 6UW

These financial statements were authorised for issue by the Board on 1 February 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements have been prepared in sterling and are rounded to the nearest pound.

The financial statements covery the individual entity. Arrow Engineering (Scunthorpe) Limited.

Summary of disclosure exemptions

The company has taken advantage of exmeption, under the terms of 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 not to disclose group accounts.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the Company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Arrow Engineering (Scunthorpe) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the Company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

30%, 20% & 10% on reducing balance

Motor vehicles

25% on reducing balance

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the Company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the Company (including Directors) during the year, was 11 (2022 - 11).

 

Arrow Engineering (Scunthorpe) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 November 2022

340,302

13,925

354,227

Additions

5,019

-

5,019

At 31 October 2023

345,321

13,925

359,246

Depreciation

At 1 November 2022

243,387

12,283

255,670

Charge for the year

10,446

411

10,857

At 31 October 2023

253,833

12,694

266,527

Carrying amount

At 31 October 2023

91,488

1,231

92,719

At 31 October 2022

96,915

1,642

98,557

5

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

273,667

267,850

Amounts owed by group undertakings

1,893,100

1,807,507

Prepayments

 

5,749

5,411

   

2,172,516

2,080,768

6

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

72,941

39,429

Taxation and social security

82,030

66,093

Accruals and deferred income

3,905

3,555

Other creditors

4,682

6,632

163,558

115,709

 

Arrow Engineering (Scunthorpe) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

2

2

2

2

         

8

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2023
£

2022
£

Not later than one year

23,832

-

Later than one year and not later than five years

27,805

-

51,637

-

9

Parent and ultimate parent undertaking

The Company's immediate parent is Arrow Engineering Holdings Limited, incorporated in England and Wales.

 

The address of is:
Trent Remine Workshops
Dawes Lane
Scunthorpe
North Lincolnshire
DN15 6UW