Company registration number 05278216 (England and Wales)
TASK ENGINEERING (PECKLETON) LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
PAGES FOR FILING WITH REGISTRAR
TASK ENGINEERING (PECKLETON) LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 7
TASK ENGINEERING (PECKLETON) LIMITED
BALANCE SHEET
AS AT
30 NOVEMBER 2023
30 November 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
281,357
Current assets
Stocks
-
122,586
Debtors
4
42,028
Cash at bank and in hand
14,503
179,117
Creditors: amounts falling due within one year
5
(204,089)
Net current liabilities
(24,972)
Total assets less current liabilities
256,385
Creditors: amounts falling due after more than one year
6
(176,072)
Net assets
80,313
Capital and reserves
Called up share capital
7
4
4
Profit and loss reserves
(4)
80,309
Total equity
80,313
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 23 July 2024 and are signed on its behalf by:
A J Duffin
Director
Company registration number 05278216 (England and Wales)
TASK ENGINEERING (PECKLETON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 2 -
1
Accounting policies
Company information
Task Engineering (Peckleton) Limited is a private company limited by shares incorporated in England and Wales. The registered office is 3 Watling Drive, Sketchley Meadows, Hinckley, Leicestershire, LE10 3EY.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
Task Engineering (Peckleton) Limited is a wholly owned subsidiary of Crane Group Limited and the results of Task Engineering (Peckleton) Limited are included in the consolidated financial statements of the ultimate controlling party, Crane Group Holdings Limited. These consolidated financial statements are available from 3 Watling Drive, Sketchley Meadows, Hinckley, Leicestershire, LE10 3EY.
1.2
Going concern
On 31 May 2023 all trading activities were transferred to Crane Electronics Limited, a fellow subsidiary, together with the associated assets and liabilities. The company has not traded since 31 May 2023 and is now dormant.true
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Leasehold improvements
Over the term of the lease
Plant and equipment
20% straight line
Motor vehicles
25% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
TASK ENGINEERING (PECKLETON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 3 -
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.7
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
TASK ENGINEERING (PECKLETON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 4 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.12
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease.
1.13
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
2
9
TASK ENGINEERING (PECKLETON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 5 -
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 December 2022
43,925
613,128
657,053
Additions
14,781
14,781
Transfers
(43,925)
(627,909)
(671,834)
At 30 November 2023
Depreciation and impairment
At 1 December 2022
43,925
331,771
375,696
Depreciation charged in the year
36,975
36,975
Transfers
(43,925)
(368,746)
(412,671)
At 30 November 2023
Carrying amount
At 30 November 2023
At 30 November 2022
281,357
281,357
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
5,815
Other debtors
26,528
Prepayments and accrued income
9,685
42,028
5
Creditors: amounts falling due within one year
2023
2022
£
£
Obligations under finance leases
49,887
Trade creditors
14,674
Amounts owed to group undertakings
109,152
Corporation tax
2
Government grants
4,997
Accruals and deferred income
25,377
204,089
TASK ENGINEERING (PECKLETON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
5
Creditors: amounts falling due within one year
(Continued)
- 6 -
Bank loans and overdrafts are secured by way of fixed and floating charges over the assets of the company.
Hire purchase liabilities which are secured on the assets to which they relate.
6
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Obligations under finance leases
176,072
Bank loans and overdrafts are secured by way of fixed and floating charges over the assets of the company.
Hire purchase liabilities which are secured on the assets to which they relate.
7
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of £1 each
2
2
2
2
Ordinary B share of £1 each
1
1
1
1
Ordinary C share of £1 each
1
1
1
1
4
4
4
4
8
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Debra Knighton FCCA
Statutory Auditor:
Spencer Gardner Dickins Audit LLP
9
Financial commitments, guarantees and contingent liabilities
Task Engineering (Peckleton) Limited is part of a group guarantor scheme regarding the loan notes within the group. At the reporting date Task Engineering (Peckleton) Limited is guarantor for loan notes of £1,990,000 (2022: £1,990,000 ) held within Crane Group Holdings Limited.
TASK ENGINEERING (PECKLETON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 7 -
10
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2023
2022
£
£
109,100
11
Related party transactions
Transactions with related parties
The company has taken advantage of the exemption under the terms of FRS102 not to disclose related party transactions with wholly owned companies within the group.