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REGISTERED NUMBER: 06396783 (England and Wales)














Unaudited Financial Statements

for the Year Ended 31 October 2023

for

Steven Pammenter Engineering Services
Limited

Steven Pammenter Engineering Services
Limited (Registered number: 06396783)

Contents of the Financial Statements
for the Year Ended 31 October 2023










Page

Company information 1

Chartered accountants' report 2

Statement of financial position 3 to 4

Notes to the financial statements 5 to 10


Steven Pammenter Engineering Services
Limited

Company Information
for the Year Ended 31 October 2023







Directors: S Pammenter
G Wilkinson





Secretary: P L Ross





Registered office: Maintenance Yard
The Locks
Hillmorton
Rugby
Warwickshire
CV21 4PP





Registered number: 06396783 (England and Wales)





Accountants: Moore Thompson
Bank House
Broad Street
Spalding
Lincolnshire
PE11 1TB

Chartered Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
Steven Pammenter Engineering Services
Limited


The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Statement of financial position. Readers are cautioned that the Income statement and certain other primary statements and the Report of the directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Steven Pammenter Engineering Services Limited for the year ended 31 October 2023 which comprise the Income statement, Statement of financial position, Statement of changes in equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Steven Pammenter Engineering Services Limited, as a body, in accordance with the terms of our engagement letter dated 23 April 2024. Our work has been undertaken solely to prepare for your approval the financial statements of Steven Pammenter Engineering Services Limited and state those matters that we have agreed to state to the Board of Directors of Steven Pammenter Engineering Services Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Steven Pammenter Engineering Services Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Steven Pammenter Engineering Services Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Steven Pammenter Engineering Services Limited. You consider that Steven Pammenter Engineering Services Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Steven Pammenter Engineering Services Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Moore Thompson
Bank House
Broad Street
Spalding
Lincolnshire
PE11 1TB


25 April 2024

Steven Pammenter Engineering Services
Limited (Registered number: 06396783)

Statement of Financial Position
31 October 2023

2023 2022
Notes £    £    £    £   
Fixed assets
Intangible assets 5 10,234 11,514
Tangible assets 6 37,273 830,994
Investments 7 100 100
47,607 842,608

Current assets
Stocks 1,200 2,400
Debtors 8 429,343 460,555
Cash at bank and in hand 17,687 74,959
448,230 537,914
Creditors
Amounts falling due within one year 9 271,256 549,049
Net current assets/(liabilities) 176,974 (11,135 )
Total assets less current liabilities 224,581 831,473

Creditors
Amounts falling due after more than one
year

10

(132,625

)

(603,044

)

Provisions for liabilities (8,952 ) (10,072 )
Net assets 83,004 218,357

Capital and reserves
Called up share capital 11 100 100
Share premium 14,570 14,570
Revaluation reserve 12 - 148,846
Retained earnings 68,334 54,841
Shareholders' funds 83,004 218,357

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

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

Steven Pammenter Engineering Services
Limited (Registered number: 06396783)

Statement of Financial Position - continued
31 October 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 Income statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 25 April 2024 and were signed on its behalf by:




S Pammenter - Director



G Wilkinson - Director


Steven Pammenter Engineering Services
Limited (Registered number: 06396783)

Notes to the Financial Statements
for the Year Ended 31 October 2023


1. Statutory information

Steven Pammenter Engineering Services 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 as modified by the revaluation of certain assets.

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

Government grants

Small Business Grant Fund (SBGF)
Accrual model
The SBGF represents a cash payments from local authorities to eligible businesses with no future performance-related conditions. Grant income received in relation to SBGF is recognised in the accounts when it becomes receivable for the purpose of giving immediate financial support to the entity.

Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

Goodwill - 10% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on a straight line basis
Plant and machinery - 20% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on a straight line basis

Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Steven Pammenter Engineering Services
Limited (Registered number: 06396783)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023


3. Accounting policies - continued

Financial instruments
Financial liabilities and equity instruments are classified 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 entity after deducting all of its financial liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

Steven Pammenter Engineering Services
Limited (Registered number: 06396783)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023


3. Accounting policies - continued

Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.

For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.

Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

4. Employees and directors

The average number of employees during the year was 10 (2022 - 16 ) .

5. Intangible fixed assets
Goodwill
£   
Cost
At 1 November 2022
and 31 October 2023 51,293
Amortisation
At 1 November 2022 39,779
Amortisation for year 1,280
At 31 October 2023 41,059
Net book value
At 31 October 2023 10,234
At 31 October 2022 11,514

Steven Pammenter Engineering Services
Limited (Registered number: 06396783)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023


6. Tangible fixed assets
Freehold Plant and Motor Computer
property machinery vehicles equipment Totals
£    £    £    £    £   
Cost or valuation
At 1 November 2022 810,000 111,697 65,025 5,055 991,777
Additions - - - 1,482 1,482
Disposals (810,000 ) (1,600 ) (39,950 ) - (851,550 )
At 31 October 2023 - 110,097 25,075 6,537 141,709
Depreciation
At 1 November 2022 42,646 74,635 38,658 4,844 160,783
Charge for year - 7,208 2,448 593 10,249
Eliminated on disposal (42,646 ) (579 ) (23,371 ) - (66,596 )
At 31 October 2023 - 81,264 17,735 5,437 104,436
Net book value
At 31 October 2023 - 28,833 7,340 1,100 37,273
At 31 October 2022 767,354 37,062 26,367 211 830,994


7. Fixed asset investments
Other
investments
£   
Cost
At 1 November 2022
and 31 October 2023 100
Net book value
At 31 October 2023 100
At 31 October 2022 100

8. Debtors: amounts falling due within one year
2023 2022
£    £   
Trade debtors 298,283 295,393
Other debtors 200 -
Amounts owed to related company 122,962 120,000
Directors' current accounts 6,757 -
Prepayments 1,141 45,162
429,343 460,555

Steven Pammenter Engineering Services
Limited (Registered number: 06396783)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023


9. Creditors: amounts falling due within one year
2023 2022
£    £   
Bank loans and overdrafts 67,197 83,972
Trade creditors 31,271 155,958
Corporation tax 20,270 4
Social security and other taxes 12,583 80,730
Pension 1,406 1,181
VAT 132,819 143,569
Other creditors 36 27,150
Directors' current accounts - 46,194
Accruals and deferred income 5,674 10,291
271,256 549,049

Included in other creditors is an amount of £36 (2022 - £25,109) relating to the factoring account secured on trade debtors.

10. Creditors: amounts falling due after more than one year
2023 2022
£    £   
Bank loans 132,625 176,436
Mortgage - 426,608
132,625 603,044

Included within creditors: amounts falling due after more than one year is an amount of £Nil (2022: £380,720) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.

Also included in bank loans is £26,932 (2022: £36,773) relating to a Bounce Back Loan and is payable over 6 years. Repayment and interest is payable after 12 months of loan drawn down £172,442 (2022: £212,163) is relating to a CBILS Loan and is payable over 5 years. Repayment and interest is payable after 12 months of loan drawn down.

Bank loans and overdrafts are secured on the assets of the company.

11. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
100 Ordinary £1 100 100

12. Reserves
Revaluation
reserve
£   
At 1 November 2022 148,846
Disposal of property (148,846 )

At 31 October 2023 -

Steven Pammenter Engineering Services
Limited (Registered number: 06396783)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023


13. Directors' advances, credits and guarantees

The following advances and credits to a director subsisted during the years ended 31 October 2023 and 31 October 2022:

2023 2022
£    £   
S Pammenter
Balance outstanding at start of year (46,194 ) (69,754 )
Amounts advanced 108,761 85,368
Amounts repaid (55,810 ) (61,808 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 6,757 (46,194 )

No Interest was charged on amounts owed to directors.