Caseware UK (AP4) 2022.0.179 2022.0.179 2023-09-302023-09-3020The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.2022-10-01falseManufacture of metal structures and parts of structures22truetrue 00521342 2022-10-01 2023-09-30 00521342 2021-10-01 2022-09-30 00521342 2023-09-30 00521342 2022-09-30 00521342 2021-10-01 00521342 c:Director1 2022-10-01 2023-09-30 00521342 d:Buildings 2022-10-01 2023-09-30 00521342 d:Buildings 2023-09-30 00521342 d:Buildings 2022-09-30 00521342 d:Buildings d:OwnedOrFreeholdAssets 2022-10-01 2023-09-30 00521342 d:Buildings d:LeasedAssetsHeldAsLessee 2022-10-01 2023-09-30 00521342 d:PlantMachinery 2022-10-01 2023-09-30 00521342 d:PlantMachinery 2023-09-30 00521342 d:PlantMachinery 2022-09-30 00521342 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-10-01 2023-09-30 00521342 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2022-10-01 2023-09-30 00521342 d:MotorVehicles 2022-10-01 2023-09-30 00521342 d:MotorVehicles 2023-09-30 00521342 d:MotorVehicles 2022-09-30 00521342 d:MotorVehicles d:OwnedOrFreeholdAssets 2022-10-01 2023-09-30 00521342 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2022-10-01 2023-09-30 00521342 d:OwnedOrFreeholdAssets 2022-10-01 2023-09-30 00521342 d:LeasedAssetsHeldAsLessee 2022-10-01 2023-09-30 00521342 d:CurrentFinancialInstruments 2023-09-30 00521342 d:CurrentFinancialInstruments 2022-09-30 00521342 d:Non-currentFinancialInstruments 2023-09-30 00521342 d:Non-currentFinancialInstruments 2022-09-30 00521342 d:CurrentFinancialInstruments d:WithinOneYear 2023-09-30 00521342 d:CurrentFinancialInstruments d:WithinOneYear 2022-09-30 00521342 d:Non-currentFinancialInstruments d:AfterOneYear 2023-09-30 00521342 d:Non-currentFinancialInstruments d:AfterOneYear 2022-09-30 00521342 d:ShareCapital 2023-09-30 00521342 d:ShareCapital 2022-09-30 00521342 d:SharePremium 2023-09-30 00521342 d:SharePremium 2022-09-30 00521342 d:RevaluationReserve 2023-09-30 00521342 d:RevaluationReserve 2022-09-30 00521342 d:RetainedEarningsAccumulatedLosses 2023-09-30 00521342 d:RetainedEarningsAccumulatedLosses 2022-09-30 00521342 d:AcceleratedTaxDepreciationDeferredTax 2023-09-30 00521342 d:AcceleratedTaxDepreciationDeferredTax 2022-09-30 00521342 d:TaxLossesCarry-forwardsDeferredTax 2023-09-30 00521342 d:TaxLossesCarry-forwardsDeferredTax 2022-09-30 00521342 c:OrdinaryShareClass1 2022-10-01 2023-09-30 00521342 c:OrdinaryShareClass1 2023-09-30 00521342 c:OrdinaryShareClass1 2022-09-30 00521342 c:FRS102 2022-10-01 2023-09-30 00521342 c:AuditExempt-NoAccountantsReport 2022-10-01 2023-09-30 00521342 c:FullAccounts 2022-10-01 2023-09-30 00521342 c:PrivateLimitedCompanyLtd 2022-10-01 2023-09-30 00521342 d:WithinOneYear 2023-09-30 00521342 d:WithinOneYear 2022-09-30 00521342 d:BetweenOneFiveYears 2023-09-30 00521342 d:BetweenOneFiveYears 2022-09-30 00521342 d:MoreThanFiveYears 2023-09-30 00521342 d:MoreThanFiveYears 2022-09-30 00521342 5 2022-10-01 2023-09-30 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 00521342









CROFTON ENGINEERING LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 SEPTEMBER 2023

 
CROFTON ENGINEERING LIMITED
REGISTERED NUMBER: 00521342

BALANCE SHEET
AS AT 30 SEPTEMBER 2023

2023
2022
Note
£
£

FIXED ASSETS
  

Tangible assets
 4 
971,169
830,235

  
971,169
830,235

CURRENT ASSETS
  

Stocks
  
4,290
6,398

Debtors: amounts falling due after more than one year
 5 
112,025
45,118

Debtors: amounts falling due within one year
 5 
1,414,085
1,259,154

Cash at bank and in hand
  
970,098
686,888

  
2,500,498
1,997,558

Creditors: amounts falling due within one year
 6 
(1,302,349)
(991,183)

NET CURRENT ASSETS
  
 
 
1,198,149
 
 
1,006,375

TOTAL ASSETS LESS CURRENT LIABILITIES
  
2,169,318
1,836,610

Creditors: amounts falling due after more than one year
 7 
(159,885)
(77,696)

PROVISIONS FOR LIABILITIES
  

Deferred tax
 8 
(96,840)
(61,251)

  
 
 
(96,840)
 
 
(61,251)

NET ASSETS
  
1,912,593
1,697,663


CAPITAL AND RESERVES
  

Called up share capital 
 9 
15,447
15,447

Share premium account
  
15,606
15,606

Revaluation reserve
  
402,746
415,551

Profit and loss account
  
1,478,794
1,251,059

  
1,912,593
1,697,663


Page 1

 
CROFTON ENGINEERING LIMITED
REGISTERED NUMBER: 00521342
    
BALANCE SHEET (CONTINUED)
AS AT 30 SEPTEMBER 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




G Godfrey
Director

Date: 17 April 2024

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
CROFTON ENGINEERING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

1.


GENERAL INFORMATION

Crofton Engineering Limited is a private company limited by shares and incorporated in England and Wales. Its registered office is Crofton Engineering Building, Cambridge Road, Linton, Cambridge, CB21 4NN.
The Company's functional and presentational currency is GBP.

2.ACCOUNTING POLICIES

 
2.1

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

TURNOVER

Turnover represents income recognised for goods and services supplied during the year, exclusive of VAT.
In respect of long-term contracts and contracts for ongoing services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of long-term contracts and contracts for ongoing services is recognised by reference to the stage of completion.

 
2.3

OPERATING LEASES: THE COMPANY AS LESSEE

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.4

FINANCE COSTS

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.5

PENSIONS

DEFINED CONTRIBUTION PENSION PLAN

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 3

 
CROFTON ENGINEERING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2.ACCOUNTING POLICIES (CONTINUED)

 
2.6

CURRENT AND DEFERRED TAXATION

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.7

TANGIBLE FIXED ASSETS

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using either the straight line or reducing balance methods.

Depreciation is provided on the following basis:

Freehold property
-
24 years straight line (excluding land)
Plant and machinery
-
10 - 50% straight line
Motor vehicles
-
20% reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 4

 
CROFTON ENGINEERING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2.ACCOUNTING POLICIES (CONTINUED)

 
2.8

REVALUATION OF TANGIBLE FIXED ASSETS

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

 
2.9

STOCKS

Stocks comprise manufacturing materials held for production and resale and are valued at the lower of cost and net realisable value, after making due allowances for obsolete and slow moving items. Cost is based on purchase price.

 
2.10

DEBTORS

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.11

CASH AND CASH EQUIVALENTS

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.12

CREDITORS

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.13

DIVIDENDS

Equity dividends are recognised when they become legally payable. 


3.


EMPLOYEES

The average monthly number of employees, including directors, during the year was 22 (2022 - 20).

Page 5

 
CROFTON ENGINEERING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

4.


TANGIBLE FIXED ASSETS





Freehold property
Plant and machinery
Motor vehicles
Total

£
£
£
£



COST OR VALUATION


At 1 October 2022
755,000
506,002
79,674
1,340,676


Additions
-
24,810
199,465
224,275


Disposals
-
(21,073)
(10,957)
(32,030)



At 30 September 2023

755,000
509,739
268,182
1,532,921



DEPRECIATION


At 1 October 2022
176,667
316,748
17,026
510,441


Charge for the year on owned assets
22,083
11,146
11,070
44,299


Charge for the year on financed assets
-
18,729
18,598
37,327


Disposals
-
(21,073)
(9,242)
(30,315)



At 30 September 2023

198,750
325,550
37,452
561,752



NET BOOK VALUE



At 30 September 2023
556,250
184,189
230,730
971,169



At 30 September 2022
578,333
189,254
62,648
830,235

Freehold property includes £225,000 (2022 - £225,000) of land which is not depreciated.
During the year ended 30 September 2014, the freehold property was revalued based upon the existing value in use at the vaulation date. This was elected as deemed cost on transition to FRS 102.

Page 6

 
CROFTON ENGINEERING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

5.


DEBTORS

2023
2022
£
£

DUE AFTER MORE THAN ONE YEAR

Trade debtors
112,025
45,118


2023
2022
£
£

DUE WITHIN ONE YEAR

Trade debtors
86,445
170,839

Amounts owed by group undertakings
192,091
-

Other debtors
269,160
153,524

Prepayments and accrued income
866,389
934,791

1,414,085
1,259,154



6.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023
2022
£
£

Trade creditors
848,983
643,543

Amounts owed to group undertakings
-
24,596

Corporation tax
75,816
141,099

Other taxation and social security
31,076
42,707

Obligations under finance lease and hire purchase contracts
81,802
43,587

Other creditors
7,919
17,621

Accruals and deferred income
256,753
78,030

1,302,349
991,183


Obligations under hire purchase contracts are secured on the assets to which they relate.


7.


CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2023
2022
£
£

Obligations under finance leases and hire purchase contracts
159,885
77,696


Obligations under hire purchase contracts are secured on the assets to which they relate.

Page 7

 
CROFTON ENGINEERING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

8.


DEFERRED TAXATION




2023
2022


£

£






At beginning of year
61,251
32,863


Charged to profit or loss
35,589
28,388



AT END OF YEAR
96,840
61,251

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
96,889
61,251

Short term timing differences
(49)
-

96,840
61,251


9.


SHARE CAPITAL

2023
2022
£
£
ALLOTTED, CALLED UP AND FULLY PAID



15,447 (2022 - 15,447) ordinary shares of £1.00 each
15,447
15,447



10.


COMMITMENTS UNDER OPERATING LEASES

At 30 September 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
12,361
12,728

Later than 1 year and not later than 5 years
29,865
41,142

Later than 5 years
-
1,083

42,226
54,953

Page 8

 
CROFTON ENGINEERING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

11.


PROVISIONS, CONTINGENCIES AND GUARANTEES

The Company's freehold property is secured by way of a fixed and floating charge against the borrowings of the parent company.

 
Page 9