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Company registration number: 09262124
Andy Kenny Engineering Limited
Unaudited filleted financial statements
31 October 2023
Andy Kenny Engineering Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Andy Kenny Engineering Limited
Directors and other information
Director A Kenny
Company number 09262124
Registered office 105 Garstang Road
Preston
PR1 1LD
Accountants Turner and Brown Limited
105 Garstang Road
Preston
Lancs
PR1 1LD
Andy Kenny Engineering Limited
Chartered accountants report to the director on the preparation of the
unaudited statutory financial statements of Andy Kenny Engineering Limited
Year ended 31 October 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Andy Kenny Engineering Limited for the year ended 31 October 2023 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
This report is made solely to the director of Andy Kenny Engineering Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Andy Kenny Engineering Limited and state those matters that we have agreed to state to them, as a body, in this report. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Andy Kenny Engineering Limited and its director as a body for our work or for this report.
It is your duty to ensure that Andy Kenny Engineering 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 profit of Andy Kenny Engineering Limited. You consider that Andy Kenny Engineering 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 Andy Kenny Engineering 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.
Turner and Brown Limited
Chartered Accountants
105 Garstang Road
Preston
Lancs
PR1 1LD
Andy Kenny Engineering Limited
Statement of financial position
31 October 2023
2023 2022
Note £ £ £ £
Fixed assets
Intangible assets 5 - -
Tangible assets 6 106,924 71,972
_______ _______
106,924 71,972
Current assets
Stocks 1,000 1,000
Debtors 7 232,303 162,718
Cash at bank and in hand 52,572 45,031
_______ _______
285,875 208,749
Creditors: amounts falling due
within one year 8 ( 159,503) ( 124,857)
_______ _______
Net current assets 126,372 83,892
_______ _______
Total assets less current liabilities 233,296 155,864
Creditors: amounts falling due
after more than one year 9 ( 45,417) ( 29,937)
Provisions for liabilities ( 22,680) ( 17,993)
_______ _______
Net assets 165,199 107,934
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 165,099 107,834
_______ _______
Shareholders funds 165,199 107,934
_______ _______
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.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 26 July 2024 , and are signed on behalf of the board by:
A Kenny
Director
Company registration number: 09262124
Andy Kenny Engineering Limited
Notes to the financial statements
Year ended 31 October 2023
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is 105 Garstang Road, Preston, PR1 1LD.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Transition to FRS 102
The entity transitioned from previous UK GAAP to FRS 102 as at 1 November 2021. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 11.
Turnover
Turnover is measured net of any Value Added Tax and any applicable dicounts. Revenue is recognised for both goods sold and services provided upon completion of the work. This is when the invoice is reaised to the customer and the company becomes legally entitled to receive the income.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
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 assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery - 25 % reducing balance
Fittings fixtures and equipment - 25 % reducing balance
Motor vehicles - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
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. 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 are largely independent of the cash inflows from other assets or groups of assets.
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 stocks to their present location and condition.
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 in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes 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.
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 in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2022: 1 ).
5. Intangible assets
Goodwill Total
£ £
Cost
At 1 November 2022 and 31 October 2023 50,000 50,000
_______ _______
Amortisation
At 1 November 2022 and 31 October 2023 50,000 50,000
_______ _______
Carrying amount
At 31 October 2023 - -
_______ _______
At 31 October 2022 - -
_______ _______
6. Tangible assets
Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £
Cost
At 1 November 2022 54,897 6,555 120,845 182,297
Additions 4,170 1,084 64,078 69,332
Disposals - - ( 43,824) ( 43,824)
_______ _______ _______ _______
At 31 October 2023 59,067 7,639 141,099 207,805
_______ _______ _______ _______
Depreciation
At 1 November 2022 25,599 4,320 80,406 110,325
Charge for the year 8,106 617 17,579 26,302
Disposals - - ( 35,746) ( 35,746)
_______ _______ _______ _______
At 31 October 2023 33,705 4,937 62,239 100,881
_______ _______ _______ _______
Carrying amount
At 31 October 2023 25,362 2,702 78,860 106,924
_______ _______ _______ _______
At 31 October 2022 29,298 2,235 40,439 71,972
_______ _______ _______ _______
7. Debtors
2023 2022
£ £
Trade debtors 231,063 159,528
Other debtors 1,240 3,190
_______ _______
232,303 162,718
_______ _______
8. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts 10,077 9,829
Trade creditors 59,582 61,241
Social security and other taxes 60,288 48,006
Other creditors 29,556 5,781
_______ _______
159,503 124,857
_______ _______
9. Creditors: amounts falling due after more than one year
2023 2022
£ £
Bank loans and overdrafts 17,365 27,442
Other creditors 28,052 2,495
_______ _______
45,417 29,937
_______ _______
10. Controlling party
The company is controlled by the director.
11. Transition to FRS 102
These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 November 2021.
Reconciliation of equity
At 1 November 2021 At 31 October 2022
Previously stated Effect of transition FRS 102 (restated) Previously stated Effect of transition FRS 102 (restated)
£ £ £ £ £ £
Fixed assets 78,331 - 78,331 71,972 - 71,972
Current assets 177,190 - 177,190 208,749 - 208,749
Creditors amounts falling due within 1 year ( 120,012) - ( 120,012) ( 124,857) - ( 124,857)
_______ _______ _______ _______ _______ _______
Net current assets 57,178 - 57,178 83,892 - 83,892
_______ _______ _______ _______ _______ _______
Total assets less current liabilities 135,509 - 135,509 155,864 - 155,864
Creditors amounts falling due after more than 1 year ( 43,358) - ( 43,358) ( 29,937) - ( 29,937)
Provisions for liabilities - ( 14,883) ( 14,883) - ( 17,993) ( 17,993)
_______ _______ _______ _______ _______ _______
Net assets 92,151 ( 14,883) 77,268 125,927 ( 17,993) 107,934
_______ _______ _______ _______ _______ _______
_______ _______ _______ _______ _______ _______
This is the first period in which the accounts have been prepared under FRS 102 with the entity previously qualifying as a micro-entity and as a result preparing it's accounts under FRS 105. The only adjustment required upon the adoption of FRS 102 was the introduction of deferred tax. The comparative figures have been adjusted to include these adjustments.