Holywell Engineering Limited 00993860 false 2022-07-01 2023-06-30 2023-06-30 The principal activity of the company is factory rental. Digita Accounts Production Advanced 6.30.9574.0 true 00993860 2022-07-01 2023-06-30 00993860 2023-06-30 00993860 bus:OrdinaryShareClass1 bus:CumulativeShares 2023-06-30 00993860 core:RetainedEarningsAccumulatedLosses 2023-06-30 00993860 core:ShareCapital 2023-06-30 00993860 core:CurrentFinancialInstruments 2023-06-30 00993860 core:CurrentFinancialInstruments core:WithinOneYear 2023-06-30 00993860 core:Non-currentFinancialInstruments core:AfterOneYear 2023-06-30 00993860 core:FurnitureFittings 2023-06-30 00993860 core:PlantMachinery 2023-06-30 00993860 bus:SmallEntities 2022-07-01 2023-06-30 00993860 bus:AuditExemptWithAccountantsReport 2022-07-01 2023-06-30 00993860 bus:FullAccounts 2022-07-01 2023-06-30 00993860 bus:SmallCompaniesRegimeForAccounts 2022-07-01 2023-06-30 00993860 bus:RegisteredOffice 2022-07-01 2023-06-30 00993860 bus:Director1 2022-07-01 2023-06-30 00993860 bus:OrdinaryShareClass1 2022-07-01 2023-06-30 00993860 bus:OrdinaryShareClass1 bus:CumulativeShares 2022-07-01 2023-06-30 00993860 bus:PrivateLimitedCompanyLtd 2022-07-01 2023-06-30 00993860 core:FurnitureFittings 2022-07-01 2023-06-30 00993860 core:FurnitureFittingsToolsEquipment 2022-07-01 2023-06-30 00993860 core:PlantMachinery 2022-07-01 2023-06-30 00993860 countries:EnglandWales 2022-07-01 2023-06-30 00993860 2021-07-01 2022-06-30 00993860 2022-06-30 00993860 bus:OrdinaryShareClass1 bus:CumulativeShares 2022-06-30 00993860 core:RetainedEarningsAccumulatedLosses 2022-06-30 00993860 core:ShareCapital 2022-06-30 00993860 core:CurrentFinancialInstruments 2022-06-30 00993860 core:CurrentFinancialInstruments core:WithinOneYear 2022-06-30 00993860 core:Non-currentFinancialInstruments core:AfterOneYear 2022-06-30 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 00993860

Holywell Engineering Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 June 2023

 

Holywell Engineering Limited

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 6

 

Holywell Engineering Limited

(Registration number: 00993860)
Balance Sheet as at 30 June 2023

Note

2023
£

2022
£

Current assets

 

Debtors

6

693,910

680,823

Cash at bank and in hand

 

22,754

19,422

 

716,664

700,245

Creditors: Amounts falling due within one year

7

(15)

(14)

Total assets less current liabilities

 

716,649

700,231

Creditors: Amounts falling due after more than one year

7

(3,688,501)

(3,688,524)

Net liabilities

 

(2,971,852)

(2,988,293)

Capital and reserves

 

Called up share capital

8

201

201

Profit and loss account

(2,972,053)

(2,988,494)

Total equity

 

(2,971,852)

(2,988,293)

For the financial year ending 30 June 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 and the option not to file the Directors' Report or the Profit and Loss Account has been taken.

Approved and authorised by the director on 8 March 2024
 

.........................................
A D Little
Director

   
     
 

Holywell Engineering Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales. The company's registration number is 00993860.

The address of its registered office is:
C/o Bissell & Brown
Charter House
56 High Street
Sutton Coldfield
West Midlands
B72 1UJ
United Kingdom

The principal place of business is:
Backworth Mining Office
Shiremoor
Newcastle upon Tyne
NE27 0AE

These financial statements were authorised for issue by the director on 8 March 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 are presented in sterling which is the functional currency of the company and rounded to the nearest £.

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.

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 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.

 

Holywell Engineering Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023 (continued)

2

Accounting policies (continued)

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

25% reducing balance

Fixtures, fittings and equipment

25% 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.

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. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. 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.

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 and subsequently measured at amortised cost using the effective interest method.

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.

Financial instruments

Trade debtors

Trade debtors which are receivable within one year and which do not constitute a financing transaction are initially measured at the transaction price. Trade debtors are subsequently measured at amortised cost, being the transaction price less any amounts settled and any impairment losses.

Where the arrangement with a trade debtor constitutes a financing transaction, the debtor is initially and subsequently measured at the present value of future payments discounted at a market rate of interest for a similar debt instrument.

 

Holywell Engineering Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023 (continued)

2

Accounting policies (continued)

A provision for impairment of trade debtors is established when there is objective evidence that the amounts due will not be collected according to the original terms of the contract. Impairment losses are recognised in profit or loss for the excess of the carrying value of the trade debtor over the present value of the future cash flows discounted using the original effective interest rate. Subsequent reversals of an impairment loss that objectively relate to an event occurring after the impairment loss was recognised, are recognised immediately in profit or loss.

Financial liabilities and equity

Financial instruments are classified as liabilities and equity instruments according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Trade creditors

Trade creditors payable within one year that do not constitute a financing transaction are initially measured at the transaction price and subsequently measured at amortised cost, being the transaction price less any amounts settled.

Where the arrangement with a trade creditor constitutes a financing transaction, the creditor is initially and subsequently measured at the present value of future payments discounted at a market rate of interest for a similar instrument.

Borrowings

Borrowings are initially recognised at the transaction price, including transaction costs, and subsequently measured at amortised cost using the effective interest method. Interest expense is recognised on the basis of the effective interest method and is included in interest payable and other similar charges.

Commitments to receive a loan are measured at cost less impairment.

Derecognition of financial assets and liabilities

A financial asset is derecognised only when the contractual rights to cash flows expire or are settled, or substantially all the risks and rewards of ownership are transferred to another party, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party. A financial liability (or part thereof) is derecognised when the obligation specified in the contract is discharged, cancelled or expires.

3

Staff numbers

The average number of persons employed (including the director) during the year was 1 (2022 - 1).

 

Holywell Engineering Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023 (continued)

4

Profit before tax

Arrived at after charging/(crediting)

2023
 £

2022
 £

Depreciation expense

-

71

5

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Total
£

Cost or valuation

Disposals

3,429

13,979

17,408

At 30 June 2023

3,429

13,979

17,408

Depreciation

Eliminated on disposal

3,429

13,979

17,408

At 30 June 2023

3,429

13,979

17,408

Carrying amount

At 30 June 2023

-

-

-

6

Debtors

Note

2023
£

2022
£

Amounts owed by related parties

692,815

679,725

Other debtors

 

1,095

1,098

 

693,910

680,823

 

Holywell Engineering Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023 (continued)

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Trade creditors

 

15

14

Creditors: amounts falling due after more than one year

2023
£

2022
£

Due after one year

Amounts owed to group undertakings and undertakings in which the company has a participating interest

3,688,501

3,688,524

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares share of £1 each

201

201

201

201

         

Rights, preferences and restrictions

Ordinary shares have the following rights, preferences and restrictions:
Holders of the ordinary share capital have a right to vote and receive dividends.