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REGISTERED NUMBER: 00606889 (England and Wales)


















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2023

FOR

ARTHUR STEPHENSON (ENGINEERS) LTD

ARTHUR STEPHENSON (ENGINEERS) LTD (REGISTERED NUMBER: 00606889)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 30 June 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


ARTHUR STEPHENSON (ENGINEERS) LTD

COMPANY INFORMATION
for the Year Ended 30 June 2023







DIRECTORS: A N Stephenson
R A Stephenson
J A Stephenson
T J Stephenson



SECRETARY: A N Stephenson



REGISTERED OFFICE: Gibfield Works
Colliery Lane off Bag Lane
Atherton
Manchester
M46 0RD



REGISTERED NUMBER: 00606889 (England and Wales)



ACCOUNTANTS: Fairhurst
Chartered Accountants
Douglas Bank House
Wigan Lane
Wigan
Lancashire
WN1 2TB



BANKERS: Handelsbanken
6 The Courtyard
Calvin Street
Bolton
Lancashire
BL1 8PB

ARTHUR STEPHENSON (ENGINEERS) LTD (REGISTERED NUMBER: 00606889)

STATEMENT OF FINANCIAL POSITION
30 June 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 943,142 1,013,061
Investments 5 31,626 31,626
974,768 1,044,687

CURRENT ASSETS
Stocks 6 1,418,299 719,377
Debtors 7 2,428,882 1,610,701
Investments 8 15,566 15,566
Cash at bank and in hand 1,010,681 1,023,063
4,873,428 3,368,707
CREDITORS
Amounts falling due within one year 9 1,558,288 741,499
NET CURRENT ASSETS 3,315,140 2,627,208
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,289,908

3,671,895

PROVISIONS FOR LIABILITIES 10 98,210 106,136
NET ASSETS 4,191,698 3,565,759

CAPITAL AND RESERVES
Called up share capital 1,700 1,700
Capital redemption reserve 300 300
Retained earnings 4,189,698 3,563,759
SHAREHOLDERS' FUNDS 4,191,698 3,565,759

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

ARTHUR STEPHENSON (ENGINEERS) LTD (REGISTERED NUMBER: 00606889)

STATEMENT OF FINANCIAL POSITION - continued
30 June 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 12 March 2024 and were signed on its behalf by:





T J Stephenson - Director


ARTHUR STEPHENSON (ENGINEERS) LTD (REGISTERED NUMBER: 00606889)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 30 June 2023

1. STATUTORY INFORMATION

Arthur Stephenson (Engineers) Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with 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. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Preparation of consolidated financial statements
The financial statements contain information about Arthur Stephenson (Engineers) Ltd as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Significant judgements and estimates
Preparation of the financial statements requires management to make significant judgements and estimates. The items in the financial statements where these judgements and estimates have been made include:

a) Useful economic lives
The useful economic lives of fixed assets are assessed on an annual basis on the latest available information. Management believes that the useful economic lives being used currently are still appropriate.

b) Plate stocks
Plate stocks are valued according to differing ratios to estimate the scrap value of steel recorded in stock at the year end. Management believe that the ratio between the scrap element and the manufacturing element is appropriate based on the levels of scrap being recorded.

c) Work in progress
Work in progress is valued at selling price less margin to approximate to cost plus labour and overheads. The margin adjustment is assessed by management each year.

Turnover
The whole of the turnover is attributable to the company's principal activities, which, in the opinion of the directors, constitutes one class of business.

Turnover is measured at the fair value of the consideration received or receivable for goods supplied, stated net of Value Added Tax.

The company recognises revenue when the significant risks and rewards of ownership has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

ARTHUR STEPHENSON (ENGINEERS) LTD (REGISTERED NUMBER: 00606889)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 June 2023

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Tangible fixed assets are stated at cost less depreciation and impairment. Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.


Freehold property-2% on cost
Improvements to property-over the remaining term of the lease
Plant and machinery-20% on reducing balance
Fixtures and fittings-15% on reducing balance
Motor vehicles-25% on reducing balance
Computer equipment-25% on reducing balance

Impairment of assets
At each reporting date assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If the estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in profit or loss.

Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, to the extent that the increased carrying amount does not exceed the carrying amount that would have been determined (net of depreciation) had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised as income immediately.

Stocks and work in progress
Plate stocks are valued at the lower of cost and estimated selling price less costs to complete and sell.

Work in progress is valued at selling price less margin to approximate to cost plus labour and overheads. Each project is assessed as to the degree of completion. No element of profit is included in the valuation of work in progress.

Short term employee benefits
Short-term employee benefits are recognised as an expense in the period in which they are incurred.

The company operates a defined contribution pension scheme. Contributions payable for the year are charged in the profit and loss account.

Fixed asset investments
Fixed asset investments in shares in group undertakings are stated at cost or valuation less any impairment.

Current asset investments
Current asset investments are carried at fair value in the balance sheet, with any adjustments to the market price of the shares recognised through the income statement.

Taxation
Taxation expense represents the sum of the current and deferred tax payable.
Current tax is recognised for the amount of income tax payable in respect of the taxable profit for the current or past reporting period 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 that have originated but not reversed at the reporting date.

Deferred tax is calculated 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.

ARTHUR STEPHENSON (ENGINEERS) LTD (REGISTERED NUMBER: 00606889)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 June 2023

2. ACCOUNTING POLICIES - continued

Financial instruments
Trade and other debtors are initially recognised at the transaction price and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases, the receivables are stated at cost less impairment losses for bad and doubtful debts.

Short term financial liabilities, including trade and other creditors are measured at transaction price. Financial liabilities that have no stated interest rate and are payable within one year shall be measured at the undiscounted amount due, those payable after one year should be measured at amortised cost, using the effective interest rate method.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 60 (2022 - 70 ) .

4. TANGIBLE FIXED ASSETS
Improvements
Freehold to Plant and
property property machinery
£    £    £   
COST
At 1 July 2022 693,750 41,237 4,021,576
Additions - - 57,276
At 30 June 2023 693,750 41,237 4,078,852
DEPRECIATION
At 1 July 2022 205,621 41,237 3,534,814
Charge for year 12,675 - 105,578
At 30 June 2023 218,296 41,237 3,640,392
NET BOOK VALUE
At 30 June 2023 475,454 - 438,460
At 30 June 2022 488,129 - 486,762

ARTHUR STEPHENSON (ENGINEERS) LTD (REGISTERED NUMBER: 00606889)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 June 2023

4. TANGIBLE FIXED ASSETS - continued

Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1 July 2022 42,312 77,700 106,768 4,983,343
Additions - - - 57,276
At 30 June 2023 42,312 77,700 106,768 5,040,619
DEPRECIATION
At 1 July 2022 36,303 53,360 98,947 3,970,282
Charge for year 902 6,085 1,955 127,195
At 30 June 2023 37,205 59,445 100,902 4,097,477
NET BOOK VALUE
At 30 June 2023 5,107 18,255 5,866 943,142
At 30 June 2022 6,009 24,340 7,821 1,013,061

5. FIXED ASSET INVESTMENTS
Other
investments
£   
COST OR VALUATION
At 1 July 2022
and 30 June 2023 31,626
NET BOOK VALUE
At 30 June 2023 31,626
At 30 June 2022 31,626

Cost or valuation at 30 June 2023 is represented by:

Other
investments
£   
Valuation in 2003 30,000
Valuation in 2006 1,626
31,626

6. STOCKS
2023 2022
£    £   
Stocks 196,286 228,908
Work in progress 1,222,013 490,469
1,418,299 719,377

ARTHUR STEPHENSON (ENGINEERS) LTD (REGISTERED NUMBER: 00606889)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 June 2023

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 2,320,491 1,527,954
Other debtors 108,391 82,747
2,428,882 1,610,701

8. CURRENT ASSET INVESTMENTS
2023 2022
£    £   
Listed investments 15,566 15,566

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 1,120,271 455,129
Tax 160,714 -
Social security and other taxes 196,006 176,939
Other creditors 31,626 31,626
Accrued expenses 49,671 77,805
1,558,288 741,499

10. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 98,210 106,136

Deferred
tax
£   
Balance at 1 July 2022 106,136
Credit to Statement of Income and Retained Earnings during year (7,926 )
Balance at 30 June 2023 98,210

11. OTHER FINANCIAL COMMITMENTS

The company had total operating lease commitments of £343,396 (2022: £390,000) at the year end.

12. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

13. ULTIMATE CONTROLLING PARTY

The directors have ultimate control of the company.