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Company Registration No. 07304329 (England and Wales)
Broadoak Gear Cutting And Engineering Ltd Unaudited accounts for the year ended 31 October 2023
Broadoak Gear Cutting And Engineering Ltd Unaudited accounts Contents
Page
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Broadoak Gear Cutting And Engineering Ltd Company Information for the year ended 31 October 2023
Directors
P A Russell P Thornber
Company Number
07304329 (England and Wales)
Registered Office
Tuite Tang Wong 15 The Broadway Woodford Green Essex IG8 0HL
Accountants
Tuite Tang Wong Chartered Certified Accountants 15 The Broadway Woodford Green Essex IG8 0HL
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Broadoak Gear Cutting And Engineering Ltd Statement of financial position as at 31 October 2023
2023 
2022 
Notes
£ 
£ 
Fixed assets
Tangible assets
72,303 
84,482 
Current assets
Inventories
15,405 
13,205 
Debtors
161,209 
232,376 
Cash at bank and in hand
310,894 
201,352 
487,508 
446,933 
Creditors: amounts falling due within one year
(142,370)
(145,529)
Net current assets
345,138 
301,404 
Total assets less current liabilities
417,441 
385,886 
Creditors: amounts falling due after more than one year
(23,372)
(33,177)
Net assets
394,069 
352,709 
Capital and reserves
Called up share capital
12 
12 
Profit and loss account
394,057 
352,697 
Shareholders' funds
394,069 
352,709 
For the year ending 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 16 April 2024 and were signed on its behalf by
P A Russell Director Company Registration No. 07304329
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Broadoak Gear Cutting And Engineering Ltd Notes to the Accounts for the year ended 31 October 2023
1
Statutory information
Broadoak Gear Cutting And Engineering Ltd is a private company, limited by shares, registered in England and Wales, registration number 07304329. The registered office is Tuite Tang Wong, 15 The Broadway, Woodford Green, Essex, IG8 0HL.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
20% on reducing balance
Motor vehicles
25% on reducing balance
Computer equipment
25% on reducing balance
Inventories
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Pension costs
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Financial instruments
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.
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Broadoak Gear Cutting And Engineering Ltd Notes to the Accounts for the year ended 31 October 2023
4
Tangible fixed assets
Plant & machinery 
Motor vehicles 
Computer equipment 
Total 
£ 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At cost 
At 1 November 2022
181,860 
81,104 
12,711 
275,675 
Additions
- 
24,644 
- 
24,644 
Disposals
- 
(49,603)
- 
(49,603)
At 31 October 2023
181,860 
56,145 
12,711 
250,716 
Depreciation
At 1 November 2022
143,989 
37,217 
9,987 
191,193 
Charge for the year
7,574 
5,107 
681 
13,362 
On disposals
- 
(26,142)
- 
(26,142)
At 31 October 2023
151,563 
16,182 
10,668 
178,413 
Net book value
At 31 October 2023
30,297 
39,963 
2,043 
72,303 
At 31 October 2022
37,871 
43,887 
2,724 
84,482 
5
Debtors
2023 
2022 
£ 
£ 
Amounts falling due within one year
Trade debtors
149,042 
220,560 
Accrued income and prepayments
12,167 
11,816 
161,209 
232,376 
6
Creditors: amounts falling due within one year
2023 
2022 
£ 
£ 
Bank loans and overdrafts
10,796 
10,990 
VAT
4,418 
6,263 
Trade creditors
52,644 
60,822 
Taxes and social security
63,347 
52,794 
Accrued preference dividends
8,847 
8,700 
Other creditors
2,318 
5,960 
142,370 
145,529 
7
Creditors: amounts falling due after more than one year
2023 
2022 
£ 
£ 
Bank loans
23,372 
33,177 
8
Transactions with related parties
At the year end, the outstanding amount due to the company directors P A Russell was £Nil (2022: £3,969) and P Thornber was £Nil (2022: £3,969).
9
Average number of employees
During the year the average number of employees was 10 (2022: 9).
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