IRIS Accounts Production v24.2.0.383 04396162 Board of Directors Board of Directors 1.4.23 31.3.24 31.3.24 false true false false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh043961622023-03-31043961622024-03-31043961622023-04-012024-03-31043961622022-03-31043961622022-04-012023-03-31043961622023-03-3104396162ns15:EnglandWales2023-04-012024-03-3104396162ns14:PoundSterling2023-04-012024-03-3104396162ns10:Director12023-04-012024-03-3104396162ns10:Director22023-04-012024-03-3104396162ns10:PrivateLimitedCompanyLtd2023-04-012024-03-3104396162ns10:SmallEntities2023-04-012024-03-3104396162ns10:AuditExempt-NoAccountantsReport2023-04-012024-03-3104396162ns10:SmallCompaniesRegimeForDirectorsReport2023-04-012024-03-3104396162ns10:SmallCompaniesRegimeForAccounts2023-04-012024-03-3104396162ns10:FullAccounts2023-04-012024-03-310439616212023-04-012024-03-3104396162ns10:RegisteredOffice2023-04-012024-03-3104396162ns5:CurrentFinancialInstruments2024-03-3104396162ns5:CurrentFinancialInstruments2023-03-3104396162ns5:Non-currentFinancialInstruments2024-03-3104396162ns5:Non-currentFinancialInstruments2023-03-3104396162ns5:ShareCapital2024-03-3104396162ns5:ShareCapital2023-03-3104396162ns5:RetainedEarningsAccumulatedLosses2024-03-3104396162ns5:RetainedEarningsAccumulatedLosses2023-03-3104396162ns5:NetGoodwill2023-04-012024-03-3104396162ns5:IntangibleAssetsOtherThanGoodwill2023-04-012024-03-3104396162ns5:PlantMachinery2023-04-012024-03-3104396162ns5:MotorVehicles2023-04-012024-03-3104396162ns5:ComputerEquipment2023-04-012024-03-3104396162ns5:NetGoodwill2023-03-3104396162ns5:NetGoodwill2024-03-3104396162ns5:NetGoodwill2023-03-3104396162ns5:LeaseholdImprovements2023-03-3104396162ns5:PlantMachinery2023-03-3104396162ns5:MotorVehicles2023-03-3104396162ns5:ComputerEquipment2023-03-3104396162ns5:LeaseholdImprovements2023-04-012024-03-3104396162ns5:LeaseholdImprovements2024-03-3104396162ns5:PlantMachinery2024-03-3104396162ns5:MotorVehicles2024-03-3104396162ns5:ComputerEquipment2024-03-3104396162ns5:LeaseholdImprovements2023-03-3104396162ns5:PlantMachinery2023-03-3104396162ns5:MotorVehicles2023-03-3104396162ns5:ComputerEquipment2023-03-3104396162ns5:CurrentFinancialInstrumentsns5:WithinOneYear2024-03-3104396162ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-03-3104396162ns5:Non-currentFinancialInstrumentsns5:MoreThanFiveYears2024-03-3104396162ns5:Non-currentFinancialInstrumentsns5:MoreThanFiveYears2023-03-3104396162ns5:WithinOneYear2024-03-3104396162ns5:WithinOneYear2023-03-3104396162ns5:BetweenOneFiveYears2024-03-3104396162ns5:BetweenOneFiveYears2023-03-3104396162ns5:MoreThanFiveYears2024-03-3104396162ns5:MoreThanFiveYears2023-03-3104396162ns5:AllPeriods2024-03-3104396162ns5:AllPeriods2023-03-3104396162ns5:Secured2024-03-3104396162ns5:Secured2023-03-31
REGISTERED NUMBER: 04396162 (England and Wales)










Unaudited Financial Statements

for the Year Ended 31 March 2024

for

Peter Haines Engineers Limited

Peter Haines Engineers Limited (Registered number: 04396162)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Peter Haines Engineers Limited

Company Information
for the Year Ended 31 March 2024







DIRECTORS: J K Tagg
Mrs A Tagg





REGISTERED OFFICE: Thorpe Lane
Thorpe Road Industrial Estate
Banbury
Oxfordshire
OX16 4UT





REGISTERED NUMBER: 04396162 (England and Wales)





ACCOUNTANTS: Attwoods
Chartered Certified Accountants
90-92 High Street
Evesham
Worcestershire
WR11 4EU

Peter Haines Engineers Limited (Registered number: 04396162)

Balance Sheet
31 March 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 7,200 8,400
Tangible assets 5 35,459 28,848
42,659 37,248

CURRENT ASSETS
Stocks 55,036 53,779
Debtors 6 344,817 525,855
Cash at bank and in hand 338,556 234,846
738,409 814,480
CREDITORS
Amounts falling due within one year 7 338,777 301,864
NET CURRENT ASSETS 399,632 512,616
TOTAL ASSETS LESS CURRENT
LIABILITIES

442,291

549,864

CREDITORS
Amounts falling due after more than one
year

8

(52,500

)

(157,500

)

PROVISIONS FOR LIABILITIES (8,865 ) (7,212 )
NET ASSETS 380,926 385,152

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 380,826 385,052
380,926 385,152

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Peter Haines Engineers Limited (Registered number: 04396162)

Balance Sheet - continued
31 March 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 6 June 2024 and were signed on its behalf by:




Mrs A Tagg - Director



J K Tagg - Director


Peter Haines Engineers Limited (Registered number: 04396162)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

Peter Haines Engineers Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Changes in accounting policies
Goodwill acquired in 2002 is now being amortised over an estimated useful life of 10 years from the start of the financial year ended 31 March 2021.

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

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2002, is being amortised evenly over its estimated useful life of ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% on reducing balance
Motor vehicles - 20% on cost
Computer equipment - 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


Peter Haines Engineers Limited (Registered number: 04396162)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2023 - 7 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 April 2023
and 31 March 2024 12,000
AMORTISATION
At 1 April 2023 3,600
Charge for year 1,200
At 31 March 2024 4,800
NET BOOK VALUE
At 31 March 2024 7,200
At 31 March 2023 8,400

Peter Haines Engineers Limited (Registered number: 04396162)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

5. TANGIBLE FIXED ASSETS
Improvements
to Plant and Motor Computer
property machinery vehicles equipment Totals
£    £    £    £    £   
COST
At 1 April 2023 12,746 107,585 21,694 22,641 164,666
Additions - 12,841 1,000 441 14,282
Disposals - - (2,000 ) - (2,000 )
At 31 March 2024 12,746 120,426 20,694 23,082 176,948
DEPRECIATION
At 1 April 2023 2,723 92,290 21,156 19,649 135,818
Charge for year 2,004 4,672 183 812 7,671
Eliminated on disposal - - (2,000 ) - (2,000 )
At 31 March 2024 4,727 96,962 19,339 20,461 141,489
NET BOOK VALUE
At 31 March 2024 8,019 23,464 1,355 2,621 35,459
At 31 March 2023 10,023 15,295 538 2,992 28,848

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade debtors 330,312 287,784
Amounts owed by group undertakings - 227,037
Other debtors 3,819 724
Prepayments 10,686 10,310
344,817 525,855

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Other loans 105,000 105,000
Trade creditors 50,799 46,217
Taxation 98,817 73,423
Social security and other taxes 11,138 10,755
Net wages 5,728 5,530
VAT 56,236 55,660
Accrued expenses 11,059 5,279
338,777 301,864

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.3.24 31.3.23
£    £   
Other loans - over 1 year 52,500 157,500

Peter Haines Engineers Limited (Registered number: 04396162)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

9. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31.3.24 31.3.23
£    £   
Within one year 64,200 63,368
Between one and five years 46,000 98,474
In more than five years 2,800 5,333
113,000 167,175

10. SECURED DEBTS

The following secured debts are included within creditors:

31.3.24 31.3.23
£    £   
Other loans 157,500 262,500

Other loans are secured by:

A fixed charge on all future freehold or leasehold properties;
A fixed equitable charge on all estates or interests in all present and future freehold or leasehold properties.
A fixed charge on all plant, machinery, vehicles, furniture and office equipment now or in the future.
A fixed charge on all stocks, share and other securities now or in the future.
A fixed charge on the goodwill and uncalled capital; and a floating charge all other present and future assets.

11. ULTIMATE CONTROLLING PARTY

The controlling party is Tagg's Truck Services Limited.

The ultimate controlling party is Mr J K Tagg and Mrs A Tagg.