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Registration number: 04480617

Norjon Engineers Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 August 2023

 

Norjon Engineers Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 10

 

Norjon Engineers Limited

(Registration number: 04480617)
Balance Sheet as at 31 August 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

6,205,072

5,968,211

Current assets

 

Stocks

6

202,670

126,556

Debtors

7

864,281

1,137,738

Cash at bank and in hand

 

71,241

113,223

 

1,138,192

1,377,517

Creditors: Amounts falling due within one year

8

(2,330,619)

(2,994,192)

Net current liabilities

 

(1,192,427)

(1,616,675)

Total assets less current liabilities

 

5,012,645

4,351,536

Creditors: Amounts falling due after more than one year

8

(2,132,964)

(2,018,611)

Provisions for liabilities

(1,191,978)

(835,665)

Net assets

 

1,687,703

1,497,260

Capital and reserves

 

Called up share capital

9

102

102

Retained earnings

1,687,601

1,497,158

Shareholders' funds

 

1,687,703

1,497,260

For the financial year ending 31 August 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 11 December 2023
 

 

Norjon Engineers Limited

(Registration number: 04480617)
Balance Sheet as at 31 August 2023

.........................................
Mr K C Fox
Director

 

Norjon Engineers Limited

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

1

General information

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

The address of its registered office is:
Unit A
Quay West Business Centre
Quay Lane
Gosport
Hampshire
PO12 4LJ
England

These financial statements were authorised for issue by the director on 11 December 2023.

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.

Going concern

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

Revenue recognition

Turnover comprises the fair value of the consideration receivable for the sale of goods in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

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.

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.

 

Norjon Engineers Limited

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet 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

10% and 25% reducing balance

Motor vehicles

25% reducing balance

Fixtures, fittings and computer equipment

15% and 33% reducing balance

Leasehold property

6.7% straight line

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Norjon Engineers Limited

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

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

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.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Norjon Engineers Limited

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

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.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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 the director) during the year, was 41 (2022 - 43).

 

Norjon Engineers Limited

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

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 September 2022

50,000

50,000

At 31 August 2023

50,000

50,000

Amortisation

At 1 September 2022

50,000

50,000

At 31 August 2023

50,000

50,000

Carrying amount

At 31 August 2023

-

-

5

Tangible assets

Short leasehold land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Motor vehicles
 £

Cost or valuation

At 1 September 2022

11,793

79,196

8,246,013

14,551

Additions

-

1,497

1,561,503

-

Disposals

-

-

(1,126,200)

-

At 31 August 2023

11,793

80,693

8,681,316

14,551

Depreciation

At 1 September 2022

8,837

57,329

2,303,134

14,042

Charge for the year

826

3,698

460,004

127

Eliminated on disposal

-

-

(264,716)

-

At 31 August 2023

9,663

61,027

2,498,422

14,169

Carrying amount

At 31 August 2023

2,130

19,666

6,182,894

382

At 31 August 2022

2,956

21,867

5,942,879

509

 

Norjon Engineers Limited

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

Total
£

Cost or valuation

At 1 September 2022

8,351,553

Additions

1,563,000

Disposals

(1,126,200)

At 31 August 2023

8,788,353

Depreciation

At 1 September 2022

2,383,342

Charge for the year

464,655

Eliminated on disposal

(264,716)

At 31 August 2023

2,583,281

Carrying amount

At 31 August 2023

6,205,072

At 31 August 2022

5,968,211

 

Norjon Engineers Limited

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

6

Stocks

2023
£

2022
£

Other inventories

202,670

126,556

7

Debtors

Current

2023
£

2022
£

Trade debtors

698,806

1,084,358

Prepayments

56,230

53,380

Other debtors

109,245

-

 

864,281

1,137,738

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

10

1,470,550

1,833,999

Trade creditors

 

722,335

955,782

Taxation and social security

 

103,018

130,320

Accruals and deferred income

 

28,100

51,145

Other creditors

 

6,616

22,946

 

2,330,619

2,994,192

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

10

2,132,964

2,018,611

 

Norjon Engineers Limited

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

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary A of £1 each

100

100

100

100

Ordinary B of £1 each

1

1

1

1

Ordinary C of £1 each

1

1

1

1

 

102

102

102

102

10

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

92,432

157,678

Hire purchase contracts

2,040,532

1,860,933

2,132,964

2,018,611

2023
£

2022
£

Current loans and borrowings

Bank borrowings

65,246

65,247

Bank overdrafts

523,536

823,488

Hire purchase contracts

881,768

945,264

1,470,550

1,833,999

11

Related party transactions

Transactions with the director

2023

At 1 September 2022
£

Advances to director
£

At 31 August 2023
£

Loan to directors (interest free and repayable on demand)

-

80,184

80,184