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REGISTERED NUMBER: 02377070 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

FOR

PROCAST ENGINEERING LIMITED

PROCAST ENGINEERING LIMITED (REGISTERED NUMBER: 02377070)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


PROCAST ENGINEERING LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2023







DIRECTORS: B Newland
Mrs C Newland
J M Newland





SECRETARY: Mrs C Newland





REGISTERED OFFICE: 35 Alban Road
Letchworth Garden City
Hertfordshire
SG6 2AT





BUSINESS ADDRESS: 3 Maressa Bldg
4 Icknield Way
Letchworth Garden City
SG6 1EX





REGISTERED NUMBER: 02377070 (England and Wales)





ACCOUNTANTS: Barrow LLP
Rae House
Dane Street
Bishops Stortford
Herts
CM23 3BT

PROCAST ENGINEERING LIMITED (REGISTERED NUMBER: 02377070)

BALANCE SHEET
31 MARCH 2023

31.3.23 31.3.22
Notes £    £   
FIXED ASSETS
Tangible assets 5 122,131 143,813

CURRENT ASSETS
Stocks 4,724 5,000
Debtors 6 86,433 160,347
Cash at bank and in hand 6,629 98
97,786 165,445
CREDITORS
Amounts falling due within one year 7 (117,539 ) (114,347 )
NET CURRENT (LIABILITIES)/ASSETS (19,753 ) 51,098
TOTAL ASSETS LESS CURRENT LIABILITIES 102,378 194,911

CREDITORS
Amounts falling due after more than one year 8 (19,439 ) (39,785 )

PROVISIONS FOR LIABILITIES (23,205 ) (27,325 )
NET ASSETS 59,734 127,801

CAPITAL AND RESERVES
Called up share capital 10 100 100
Retained earnings 59,634 127,701
SHAREHOLDERS' FUNDS 59,734 127,801

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 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.

PROCAST ENGINEERING LIMITED (REGISTERED NUMBER: 02377070)

BALANCE SHEET - continued
31 MARCH 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 Profit & Loss Account and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 8 April 2024 and were signed on its behalf by:





B Newland - Director


PROCAST ENGINEERING LIMITED (REGISTERED NUMBER: 02377070)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1. STATUTORY INFORMATION

Procast Engineering Limited 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.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. In the directors opinion, there are no significant judgements or key sources of estimation uncertainty.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 15% on reducing balance
Computer equipment - 33% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

PROCAST ENGINEERING LIMITED (REGISTERED NUMBER: 02377070)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

3. ACCOUNTING POLICIES - continued

Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instruments.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes, in effect, a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently measured at amortised cost.

Other financial instruments are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit & Loss Account and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

PROCAST ENGINEERING LIMITED (REGISTERED NUMBER: 02377070)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2022 - 6 ) .

5. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 April 2022
and 31 March 2023 466,749 6,836 32,361 5,064 511,010
DEPRECIATION
At 1 April 2022 352,621 6,690 2,832 5,054 367,197
Charge for year 17,118 135 4,429 - 21,682
At 31 March 2023 369,739 6,825 7,261 5,054 388,879
NET BOOK VALUE
At 31 March 2023 97,010 11 25,100 10 122,131
At 31 March 2022 114,128 146 29,529 10 143,813

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 April 2022
and 31 March 2023 167,500 32,361 199,861
DEPRECIATION
At 1 April 2022 72,586 2,832 75,418
Charge for year 14,237 4,429 18,666
At 31 March 2023 86,823 7,261 94,084
NET BOOK VALUE
At 31 March 2023 80,677 25,100 105,777
At 31 March 2022 94,914 29,529 124,443

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Trade debtors 86,433 127,367
Other debtors - 32,980
86,433 160,347

PROCAST ENGINEERING LIMITED (REGISTERED NUMBER: 02377070)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Bank loans and overdrafts - 21,205
Hire purchase contracts 20,575 28,401
Trade creditors 40,621 25,847
Taxation and social security 49,683 23,848
Other creditors 6,660 15,046
117,539 114,347

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.3.23 31.3.22
£    £   
Hire purchase contracts 19,439 39,785

9. SECURED DEBTS

The following secured debts are included within creditors:

31.3.23 31.3.22
£    £   
Bank overdraft - 21,205
Hire purchase contracts 40,014 68,186
40,014 89,391

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.3.23 31.3.22
value: £    £   
100 Ordinary £1 100 100

11. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

20232022
Mr and Mrs B K Newland and Mr J Newland£   £   

Balance outstanding at start of year28,97746,479
Amounts advanced-39,568
Amounts repaid(31,335)(57,070)
Amounts written off--

Balance outstanding at end of year(2,358)28,977