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COMPANY REGISTRATION NUMBER: 03639121
B & B PRECISION ENGINEERING (HUDDERSFIELD) LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 July 2023
B & B PRECISION ENGINEERING (HUDDERSFIELD) LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 31 JULY 2023
Contents
Pages
Balance sheet 1 to 2
Notes to the financial statements 3 to 8
B & B PRECISION ENGINEERING (HUDDERSFIELD) LIMITED
BALANCE SHEET
31 July 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
6
864,786
887,895
Current assets
Stocks
7
78,177
47,254
Debtors
8
797,105
917,792
Cash at bank and in hand
289,947
46,817
------------
------------
1,165,229
1,011,863
Creditors: amounts falling due within one year
9
( 543,649)
( 457,412)
------------
------------
Net current assets
621,580
554,451
------------
------------
Total assets less current liabilities
1,486,366
1,442,346
Creditors: amounts falling due after more than one year
10
( 356,926)
( 327,077)
Provisions
Taxation including deferred tax
( 125,000)
( 106,000)
------------
------------
Net assets
1,004,440
1,009,269
------------
------------
Capital and reserves
Called up share capital
12
100
100
Profit and loss account
1,004,340
1,009,169
------------
------------
Shareholders funds
1,004,440
1,009,269
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the profit and loss account has not been delivered.
For the year ending 31 July 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 financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
B & B PRECISION ENGINEERING (HUDDERSFIELD) LIMITED
BALANCE SHEET (continued)
31 July 2023
These financial statements were approved by the board of directors and authorised for issue on 19 February 2024 , and are signed on behalf of the board by:
S D Haigh
Director
Company registration number: 03639121
B & B PRECISION ENGINEERING (HUDDERSFIELD) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 JULY 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 3a, Dearne Park Estate, Park Mill Way, Clayton West, Huddersfield, HD8 9XJ.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
20% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property
-
2% straight line
Plant and machinery
-
15% straight line
Motor vehicles
-
25% straight line
Computer equipment
-
33% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the balance sheet as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the balance sheet and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 16 (2022: 16 ).
5. Intangible assets
Goodwill
£
Cost
At 1 August 2022 and 31 July 2023
12,000
------------
Amortisation
At 1 August 2022 and 31 July 2023
12,000
------------
Carrying amount
At 31 July 2023
------------
At 31 July 2022
------------
6. Tangible assets
Freehold property
Plant and machinery
Motor vehicles
Computer equipment
Total
£
£
£
£
£
Cost
At 1 August 2022
398,989
1,493,285
46,995
35,412
1,974,681
Additions
192,262
29,660
4,227
226,149
Disposals
( 24,953)
( 24,953)
------------
------------
------------
------------
------------
At 31 July 2023
398,989
1,660,594
76,655
39,639
2,175,877
------------
------------
------------
------------
------------
Depreciation
At 1 August 2022
62,808
971,075
24,329
28,574
1,086,786
Charge for the year
7,981
222,084
10,471
3,750
244,286
Disposals
( 19,981)
( 19,981)
------------
------------
------------
------------
------------
At 31 July 2023
70,789
1,173,178
34,800
32,324
1,311,091
------------
------------
------------
------------
------------
Carrying amount
At 31 July 2023
328,200
487,416
41,855
7,315
864,786
------------
------------
------------
------------
------------
At 31 July 2022
336,181
522,210
22,666
6,838
887,895
------------
------------
------------
------------
------------
7. Stocks
2023
2022
£
£
Raw materials and consumables
78,177
47,254
------------
------------
8. Debtors
2023
2022
£
£
Trade debtors
508,437
438,435
Amounts owed by group undertakings
255,279
455,279
Prepayments and accrued income
33,282
24,078
Other debtors
107
------------
------------
797,105
917,792
------------
------------
9. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
44,536
43,753
Trade creditors
336,954
253,358
Accruals and deferred income
20,528
42,439
Corporation tax
31,582
29,023
Social security and other taxes
43,278
23,086
Obligations under finance leases and hire purchase contracts
66,771
59,347
Invoice finance facility
6,406
------------
------------
543,649
457,412
------------
------------
10. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
170,035
216,620
Obligations under finance leases and hire purchase contracts
139,167
64,242
Accruals and deferred income
47,724
46,215
------------
------------
356,926
327,077
------------
------------
11. Deferred tax
The deferred tax included in the balance sheet is as follows:
2023
2022
£
£
Included in provisions
125,000
106,000
------------
------------
The deferred tax account consists of the tax effect of timing differences in respect of:
2023
2022
£
£
Accelerated capital allowances
125,000
106,000
------------
------------
12. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
100
100
100
100
------------
------------
------------
------------
13. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
£
£
Later than 5 years
302,750
346,000
------------
------------
14. Secured liabilities
The aggregate amount of secured liabilities at the year end totalled £260,374 (2022 - £279,004).
15. Related party transactions
Control of the company The company is a wholly owned subsidiary of S Haigh & Sons Engineering Limited. This company is controlled by S D Haigh and Mrs R D Haigh.