Acomb Engineering Limited 03958670 false 2023-01-01 2023-12-31 2023-12-31 The principal activity of the company is that of metal fabrication engineering Digita Accounts Production Advanced 6.30.9574.0 true 03958670 2023-01-01 2023-12-31 03958670 2023-12-31 03958670 core:CurrentFinancialInstruments 2023-12-31 03958670 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 03958670 core:FurnitureFittings 2023-12-31 03958670 core:LandBuildings core:OwnedOrFreeholdAssets 2023-12-31 03958670 core:MotorVehicles 2023-12-31 03958670 core:PlantMachinery 2023-12-31 03958670 1 2023-12-31 03958670 bus:SmallEntities 2023-01-01 2023-12-31 03958670 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 03958670 bus:FullAccounts 2023-01-01 2023-12-31 03958670 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 03958670 bus:RegisteredOffice 2023-01-01 2023-12-31 03958670 bus:Director1 2023-01-01 2023-12-31 03958670 bus:Director2 2023-01-01 2023-12-31 03958670 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 03958670 core:FurnitureFittings 2023-01-01 2023-12-31 03958670 core:LandBuildings 2023-01-01 2023-12-31 03958670 core:LandBuildings core:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 03958670 core:MotorVehicles 2023-01-01 2023-12-31 03958670 core:PlantMachinery 2023-01-01 2023-12-31 03958670 core:OtherRelatedParties 2023-01-01 2023-12-31 03958670 countries:EnglandWales 2023-01-01 2023-12-31 03958670 1 2023-01-01 2023-12-31 03958670 2022-12-31 03958670 core:FurnitureFittings 2022-12-31 03958670 core:LandBuildings core:OwnedOrFreeholdAssets 2022-12-31 03958670 core:MotorVehicles 2022-12-31 03958670 core:PlantMachinery 2022-12-31 03958670 1 2022-12-31 03958670 2022-01-01 2022-12-31 03958670 2022-12-31 03958670 core:CurrentFinancialInstruments 2022-12-31 03958670 core:CurrentFinancialInstruments core:WithinOneYear 2022-12-31 03958670 core:FurnitureFittings 2022-12-31 03958670 core:LandBuildings core:OwnedOrFreeholdAssets 2022-12-31 03958670 core:MotorVehicles 2022-12-31 03958670 core:PlantMachinery 2022-12-31 iso4217:GBP xbrli:pure

Registration number: 03958670

Acomb Engineering Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

Acomb Engineering Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

Acomb Engineering Limited

Company Information

Directors

T M Webster

Mrs B A Webster

Registered office

Catfoss
Hull
East Yorkshire
HU11 5SP

 

Acomb Engineering Limited

(Registration number: 03958670)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

743,877

763,073

Current assets

 

Stocks

5

42,445

57,890

Debtors

6

1,804,422

2,321,551

Cash at bank and in hand

 

1,733,836

997,041

 

3,580,703

3,376,482

Creditors: Amounts falling due within one year

7

(349,248)

(585,215)

Net current assets

 

3,231,455

2,791,267

Total assets less current liabilities

 

3,975,332

3,554,340

Provisions for liabilities

(102,580)

(85,511)

Net assets

 

3,872,752

3,468,829

Capital and reserves

 

Called up share capital

100

100

Retained earnings

3,872,652

3,468,729

Shareholders' funds

 

3,872,752

3,468,829

For the financial year ending 31 December 2023 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.

Approved and authorised by the Board on 5 June 2024 and signed on its behalf by:
 

.........................................
T M Webster
Director

 

Acomb Engineering Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital incorporated in England and Wales and the company registration number is 03958670.

The address of its registered office is:
Catfoss
Hull
East Yorkshire
HU11 5SP

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 presented in sterling and are rounded to the nearest pound.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of metal fabrication engineering 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 income 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.

 

Acomb Engineering Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023


Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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 balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.

Tangible assets

Tangible assets are stated in the statement of financial position 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.

At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If the estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in the profit and loss account.

If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss has been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in the profit and loss account.

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

2% on cost

Plant and machinery

20% on written down value

Fixtures and fittings

20% on written down value

Motor vehicles

25% on written down value

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for the provision of services in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Acomb Engineering Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the Company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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.

3

Staff numbers

The average number of persons employed by the Company (including Directors) during the year, was 13 (2022 - 15).

 

Acomb Engineering Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

4

Tangible assets

Land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2023

387,687

26,066

557,639

371,859

1,343,251

Additions

-

748

-

149,675

150,423

Disposals

-

-

-

(180,820)

(180,820)

At 31 December 2023

387,687

26,814

557,639

340,714

1,312,854

Depreciation

At 1 January 2023

46,377

12,336

328,682

192,783

580,178

Charge for the year

7,754

2,817

45,791

26,099

82,461

Eliminated on disposal

-

-

-

(93,662)

(93,662)

At 31 December 2023

54,131

15,153

374,473

125,220

568,977

Carrying amount

At 31 December 2023

333,556

11,661

183,166

215,494

743,877

At 31 December 2022

341,310

13,730

228,957

179,076

763,073

Included within the net book value of land and buildings above is £333,556 (2022 - £341,310) in respect of freehold land and buildings.
 

5

Stocks

2023
£

2022
£

Other inventories

42,445

57,890

6

Debtors

2023
£

2022
£

Trade debtors

558,089

1,097,225

Prepayments

5,583

4,646

Other debtors

1,240,750

1,219,680

1,804,422

2,321,551

 

Acomb Engineering Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

132,554

303,551

Taxation and social security

213,390

278,524

Accruals and deferred income

3,304

3,140

349,248

585,215

8

Related party transactions

Transactions with Directors

2023

At 1 January 2023
£

Advances to Director
£

Repayments by Director
£

At 31 December 2023
£

Unsecured, interest free, repayable on demand

17,380

1,940,805

(1,917,735)

40,450

         
       

 

Other transactions with directors

At the year end, the directors owed the company £40,450 (2022: £17,380). This amount is unsecured, interest free and repayable on demand.

Summary of transactions with other related parties

During the year the company loaned monies to Webster Property Holdings Limited, a company under the control of T M Webster and Mrs B A webster.