Registered number
06489835
Carter Engineering Supplies Ltd.
Filleted Accounts
31 January 2024
Carter Engineering Supplies Ltd.
Registered number: 06489835
Balance Sheet
as at 31 January 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 - -
Investment property 4 150,000 150,000
Tangible assets 5 843,101 803,466
993,101 953,466
Current assets
Stocks 209,657 246,417
Debtors 6 336,322 407,958
Cash at bank and in hand 315,989 176,934
861,968 831,309
Creditors: amounts falling due within one year 7 (457,735) (402,925)
Net current assets 404,233 428,384
Total assets less current liabilities 1,397,334 1,381,850
Creditors: amounts falling due after more than one year 8 (207,245) (234,479)
Provisions for liabilities (75,746) (70,986)
Net assets 1,114,343 1,076,385
Capital and reserves
Called up share capital 10 10
Profit and loss account 1,114,333 1,076,375
Shareholders' funds 1,114,343 1,076,385
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr P Carter Mr M Carter
Director Director
Approved by the board on 12 August 2024
Carter Engineering Supplies Ltd.
Notes to the Accounts
for the year ended 31 January 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings no depreciation
Plant and machinery 10% reducing balance
Motor vehicles 20% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
Interest income
Interest income is recognised in the profit and loss using the effective interest method.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 9 9
3 Intangible fixed assets £
Cost
At 1 February 2023 20,000
Additions -
Disposals -
At 31 January 2024 20,000
Amortisation
At 1 February 2023 20,000
Provided during the year -
On disposals -
At 31 January 2024 20,000
Net book value
At 31 January 2024 -
At 31 January 2023 -
4 Investment property £
Cost
At 1 February 2023 150,000
Fair value adjustment -
At 31 January 2024 150,000
5 Tangible fixed assets
Land and buildings Plant and machinery Motor vehicles Total
£ £ £ £
Cost
At 1 February 2023 540,119 104,082 227,850 872,051
Additions - 14,453 105,971 120,424
Disposals - (3,497) (34,627) (38,124)
At 31 January 2024 540,119 115,038 299,194 954,351
Depreciation
At 1 February 2023 - 37,158 31,427 68,585
Charge for the year - 9,708 45,174 54,882
On disposals - (935) (11,282) (12,217)
At 31 January 2024 - 45,931 65,319 111,250
Net book value
At 31 January 2024 540,119 69,107 233,875 843,101
At 31 January 2023 540,119 66,924 196,423 803,466
6 Debtors 2024 2023
£ £
Trade debtors 324,704 395,786
Amounts owed by group undertakings and undertakings in which the company has a participating interest 1,020 -
Other debtors 10,598 12,172
336,322 407,958
7 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 20,136 32,581
Obligations under finance lease and hire purchase contracts 26,919 20,955
Trade creditors 257,664 240,791
Taxation and social security costs 132,269 90,301
Other creditors 20,747 18,297
457,735 402,925
Bank loans of £13,128 (2023: £25,561), due within one year, are secured by the company.
Obligations under finance lease and hire purchase contracts of £26,919 (2023: £20,955), due within one year, are secured by the company.
8 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 145,656 164,580
Obligations under finance lease and hire purchase contracts 61,589 69,899
207,245 234,479
Bank loans of £132,247 (2023: £144,183), due after more than one year, are secured by the company.
Obligations under finance lease and hire purchase contracts of £61,589 (2023: £69,899), due after more than one year, are secured by the company.
9 Loans 2024 2023
£ £
Creditors include:
Instalments falling due for payment after more than five years 80,375 88,499
80,375 88,499
10 Related party transactions
During the year, the company loaned £1,020 (2023: £0) to its parent company. The rate of interest charged is 0%. At the balance sheet date £1,020 (2023: £0) was owed from Carter Holdings (Peterborough) Ltd, this balance is included in amounts owed from group undertakings.
11 Other information
Carter Engineering Supplies Ltd. is a private company limited by shares and incorporated in England. Its registered office is:
Unit 6 Woodston Business Centre
Shrewsbury Avenue
Woodston
Peterborough
PE2 7EF
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