Caseware UK (AP4) 2023.0.135 2023.0.135 2023-11-302023-11-30falsetrue2022-12-01falseengineering and toolmaking1412trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 01447981 2022-12-01 2023-11-30 01447981 2021-12-01 2022-11-30 01447981 2023-11-30 01447981 2022-11-30 01447981 c:Director1 2022-12-01 2023-11-30 01447981 d:PlantMachinery 2022-12-01 2023-11-30 01447981 d:PlantMachinery 2023-11-30 01447981 d:PlantMachinery 2022-11-30 01447981 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-12-01 2023-11-30 01447981 d:MotorVehicles 2022-12-01 2023-11-30 01447981 d:MotorVehicles 2023-11-30 01447981 d:MotorVehicles 2022-11-30 01447981 d:MotorVehicles d:OwnedOrFreeholdAssets 2022-12-01 2023-11-30 01447981 d:FurnitureFittings 2022-12-01 2023-11-30 01447981 d:FurnitureFittings 2023-11-30 01447981 d:FurnitureFittings 2022-11-30 01447981 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-12-01 2023-11-30 01447981 d:OwnedOrFreeholdAssets 2022-12-01 2023-11-30 01447981 d:CurrentFinancialInstruments 2023-11-30 01447981 d:CurrentFinancialInstruments 2022-11-30 01447981 d:Non-currentFinancialInstruments 2023-11-30 01447981 d:Non-currentFinancialInstruments 2022-11-30 01447981 d:CurrentFinancialInstruments d:WithinOneYear 2023-11-30 01447981 d:CurrentFinancialInstruments d:WithinOneYear 2022-11-30 01447981 d:Non-currentFinancialInstruments d:AfterOneYear 2023-11-30 01447981 d:Non-currentFinancialInstruments d:AfterOneYear 2022-11-30 01447981 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-11-30 01447981 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2022-11-30 01447981 d:ShareCapital 2023-11-30 01447981 d:ShareCapital 2022-11-30 01447981 d:RetainedEarningsAccumulatedLosses 2023-11-30 01447981 d:RetainedEarningsAccumulatedLosses 2022-11-30 01447981 c:FRS102 2022-12-01 2023-11-30 01447981 c:AuditExempt-NoAccountantsReport 2022-12-01 2023-11-30 01447981 c:FullAccounts 2022-12-01 2023-11-30 01447981 c:PrivateLimitedCompanyLtd 2022-12-01 2023-11-30 01447981 d:HirePurchaseContracts d:WithinOneYear 2023-11-30 01447981 d:HirePurchaseContracts d:WithinOneYear 2022-11-30 01447981 d:HirePurchaseContracts d:BetweenOneFiveYears 2023-11-30 01447981 d:HirePurchaseContracts d:BetweenOneFiveYears 2022-11-30 01447981 e:PoundSterling 2022-12-01 2023-11-30 iso4217:GBP xbrli:pure

Registered number: 01447981










I. AND G. ENGINEERING LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 NOVEMBER 2023

 
I. AND G. ENGINEERING LIMITED
REGISTERED NUMBER: 01447981

BALANCE SHEET
AS AT 30 NOVEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
514,859
399,085

  
514,859
399,085

Current assets
  

Debtors: amounts falling due within one year
 5 
197,482
195,857

Cash at bank and in hand
 6 
354,781
231,497

  
552,263
427,354

Creditors: amounts falling due within one year
 7 
(305,426)
(305,485)

Net current assets
  
 
 
246,837
 
 
121,869

Total assets less current liabilities
  
761,696
520,954

Creditors: amounts falling due after more than one year
 8 
(244,061)
(149,603)

Provisions for liabilities
  

Deferred tax
  
(123,306)
(75,826)

  
 
 
(123,306)
 
 
(75,826)

Net assets
  
394,329
295,525


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
394,229
295,425

  
394,329
295,525


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 statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
Page 1

 
I. AND G. ENGINEERING LIMITED
REGISTERED NUMBER: 01447981
    
BALANCE SHEET (CONTINUED)
AS AT 30 NOVEMBER 2023


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




David Andrew Evans
Director

Date: 5 August 2024

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

Page 2

 
I. AND G. ENGINEERING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

1.


General information

I. and G. Engineering Limited is a private company, limited by shares, registered in England and Wales. The company's registered office address is:
Unit 1
Swansea Valley Business Park
Glanyrafon
Ystalyfera
Swansea
SA9 2EB.

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Going concern

After making enquires, the directors have a reasonable expectation that the company has adequate
resources to continue in operational existence for the foreseeable future and to meet its financial
obligations as they fall due. Accordingly, the directors continues to adopt the going concern basis in
preparing the annual report and accounts.

 
2.3

Revenue

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

 
2.4

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.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

Page 3

 
I. AND G. ENGINEERING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.Accounting policies (continued)

 
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.

 
2.6

Current and deferred taxation

Current tax, including UK corporation tax and foreign tax, is provided at amounts expected to be
paid(or recovered) using the tax rates and laws that have been enacted or substantively enacted by
the balance sheet date.
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. Timing differences are differences between the company's taxable profits and its results as stated in the financial statements that arise from the inclusion of gains and losses in tax assessments in periods different from those in which they are recognised in the financial statements.
A net deferred tax asset is regarded as recoverable and therefore recognised only to the extent that,
on the basis of all available evidence, it can be regarded as more likely than not that there will be
suitable taxable profits from which the future reversal of the underlying timing differences can be
deducted.

 
2.7

Tangible fixed assets

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant and machinery
-
10%
Motor vehicles
-
20%
Fixtures and fittings
-
20%

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.

 
2.8

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.

Page 4

 
I. AND G. ENGINEERING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.Accounting policies (continued)

 
2.9

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.

 
2.10

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.

 
2.11

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.12

Financial instruments

Basic financial assets, which include trade and other debtors and cash and bank balances, are initially measured at transaction price unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Basic financial liabilities, including trade and other creditors, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest.
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors which are considered to be relevant. Actual results may differ from these estimates.

Page 5

 
I. AND G. ENGINEERING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.Accounting policies (continued)

  
2.13

Significant judgements and estimates

In the application of the company's accounting policies, the directors are required to make
judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are
not readily apparent from other sources. The estimates and associated assumptions are based on
historical experience and other factors which are considered to be relevant. Actual results may differ
from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision only effects that period, or in the period of the revision and future periods if the revision affects both current and future periods.
The following are the critical judgements that the directors have made in the process of applying the company's accounting policies and that have the most significant effect on the amounts recognised in the financial statements.
Impairment of assets
Assets are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the income statement.
Provisions and contingencies
Provisions are recognised when the company has a present obligation as a result of a past event and a reliable estimate can be made of a probable adverse outcome. Otherwise, material contingent liabilities are disclosed unless a transfer of economic benefits is considered remote. Contingent assets are only disclosed if an inflow of economic benefits is probable.


3.


Employees

The average monthly number of employees, including directors, during the year was 14 (2022 - 12).

Page 6

 
I. AND G. ENGINEERING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

4.


Tangible fixed assets





Plant and machinery
Motor vehicles
Fixtures and fittings
Total

£
£
£
£



Cost or valuation


At 1 December 2022
1,156,240
17,495
49,975
1,223,710


Additions
189,248
-
2,342
191,590



At 30 November 2023

1,345,488
17,495
52,317
1,415,300



Depreciation


At 1 December 2022
769,929
17,495
37,201
824,625


Charge for the year on owned assets
68,620
-
7,196
75,816



At 30 November 2023

838,549
17,495
44,397
900,441



Net book value



At 30 November 2023
506,939
-
7,920
514,859



At 30 November 2022
386,311
-
12,774
399,085

Included above are assets held under finance leasese of hire purchase contracts with a net book value of £383,717 (2022 - £333,657).

Page 7

 
I. AND G. ENGINEERING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

5.


Debtors

2023
2022
£
£


Trade debtors
197,104
195,857

Prepayments and accrued income
378
-

197,482
195,857



6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
354,781
231,497

354,781
231,497



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
4,294
3,466

Trade creditors
72,860
95,569

Corporation tax
33,114
26,164

Other taxation and social security
51,250
46,270

Hire purchase contracts
70,265
69,245

Other creditors
55,492
62,431

Accruals and deferred income
18,151
2,340

305,426
305,485



8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
6,083
10,601

Hire purchase contracts
237,978
139,002

244,061
149,603


Page 8

 
I. AND G. ENGINEERING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

9.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
4,294
3,466


4,294
3,466

Amounts falling due 1-2 years

Bank loans
6,083
10,601


6,083
10,601



10,377
14,067



10.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2023
2022
£
£


Within one year
70,265
69,245

Between 1-5 years
237,978
139,002

308,243
208,247


11.Other financial commitments

At the balance sheet date the company had financial commitments in respect of rent of £30,374 (2022 -
£30,374).

 
Page 9