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Company Registration number: 11189061

R S Byers Engineering Limited

Annual Report and Unaudited
Financial Statements


for the Year Ended 29 February 2024

 

R S Byers Engineering Limited

Contents

Pages

Balance sheet

1 to 2

Notes to the financial statements

3 to 10

 

R S Byers Engineering Limited

Balance Sheet as at 29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

22,927

27,863

Tangible assets

5

326,640

314,302

 

349,567

342,165

Current assets

 

Stocks

6

14,251

11,500

Debtors

7

118,263

193,484

Cash at bank and in hand

 

79

5,337

 

132,593

210,321

Creditors: Amounts falling due within one year

8

(183,727)

(240,870)

Net current liabilities

 

(51,134)

(30,549)

Total assets less current liabilities

 

298,433

311,616

Creditors: Amounts falling due after more than one year

8

(119,068)

(162,338)

Provisions for liabilities

(32,328)

(30,156)

Net assets

 

147,037

119,122

Capital and reserves

 

Called up share capital

200

200

Retained earnings

146,837

118,922

Shareholders' funds

 

147,037

119,122

 

R S Byers Engineering Limited

Balance Sheet as at 29 February 2024 (continued)

For the financial year ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Company registration number: 11189061

Approved and authorised by the Board on 12 June 2024 and signed on its behalf by:
 

.........................................
Mr N S Byers
Director

 

R S Byers Engineering Limited

Notes to the financial statements for the Year Ended 29 February 2024

1

GENERAL INFORMATION

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
7 Peterfield Road
Kingstown Industrial Estate
Carlisle
CA3 0EY

These financial statements were authorised for issue by the Board on 12 June 2024.

2

ACCOUNTING POLICIES

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling, which is the functional currency of the entity. Monetary amounts in these financial statements are rounded to the nearest £.

Going concern

The financial statements have been prepared on a going concern basis.

 

R S Byers Engineering Limited

Notes to the financial statements for the Year Ended 29 February 2024 (continued)

2

ACCOUNTING POLICIES (continued)

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Actual results may differ from these estimates.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

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

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Land and buildings

Straight line over length of lease

Plant and machinery

15% reducing balance

 

R S Byers Engineering Limited

Notes to the financial statements for the Year Ended 29 February 2024 (continued)

2

ACCOUNTING POLICIES (continued)

Motor vehicles

25% reducing balance

Office equipment

15% reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10% straight line

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

 

R S Byers Engineering Limited

Notes to the financial statements for the Year Ended 29 February 2024 (continued)

2

ACCOUNTING POLICIES (continued)

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Classification
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
 Recognition and measurement
Basic financial instruments are initially recognised at the transaction price.
 Impairment
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

3

STAFF NUMBERS

The average number of persons employed by the company (including directors) during the year, was 13 (2023 - 16).

 

R S Byers Engineering Limited

Notes to the financial statements for the Year Ended 29 February 2024 (continued)

4

INTANGIBLE ASSETS

Goodwill
 £

Total
£

Cost or valuation

At 1 March 2023

49,365

49,365

At 29 February 2024

49,365

49,365

Amortisation

At 1 March 2023

21,502

21,502

Amortisation charge

4,936

4,936

At 29 February 2024

26,438

26,438

Carrying amount

At 29 February 2024

22,927

22,927

At 28 February 2023

27,863

27,863

 

R S Byers Engineering Limited

Notes to the financial statements for the Year Ended 29 February 2024 (continued)

5

TANGIBLE ASSETS

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 March 2023

190,956

4,180

30,083

165,699

390,918

Additions

-

5,302

-

37,157

42,459

At 29 February 2024

190,956

9,482

30,083

202,856

433,377

Depreciation

At 1 March 2023

12,739

2,678

15,974

45,225

76,616

Charge for the year

1,928

1,021

3,527

23,645

30,121

At 29 February 2024

14,667

3,699

19,501

68,870

106,737

Carrying amount

At 29 February 2024

176,289

5,783

10,582

133,986

326,640

At 28 February 2023

178,217

1,502

14,109

120,474

314,302

Included within the net book value of land and buildings above is £176,289 (2023 - £178,217) in respect of freehold land and buildings.
 

 

R S Byers Engineering Limited

Notes to the financial statements for the Year Ended 29 February 2024 (continued)

6

STOCKS

2024
£

2023
£

Work in progress

11,751

10,000

Stocks

2,500

1,500

14,251

11,500

7

DEBTORS

Current

2024
£

2023
£

Trade debtors

118,263

187,443

Prepayments

-

6,041

 

118,263

193,484

8

CREDITORS

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

103,648

45,636

Trade creditors

 

33,639

49,753

Amounts owed to group undertakings and undertakings in which the company has a participating interest

4,931

51,959

Taxation and social security

 

28,641

77,189

Accruals and deferred income

 

11,810

15,250

Other creditors

 

1,058

1,083

 

183,727

240,870

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £95,233 (2023 - £37,221).

 

R S Byers Engineering Limited

Notes to the financial statements for the Year Ended 29 February 2024 (continued)

8

CREDITORS (continued)

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

119,068

162,338

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £104,025 (2023 - £138,967).

9

LOANS AND BORROWINGS

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

97,712

121,363

Hire purchase contracts

21,356

40,975

119,068

162,338

Current loans and borrowings

2024
£

2023
£

Bank borrowings

25,635

26,226

Bank overdrafts

58,436

-

Hire purchase contracts

19,577

19,410

103,648

45,636