Registration number:
Lonson Engineering Limited
for the Year Ended 29 February 2024
Lonson Engineering Limited
(Registration number: 08220907)
Balance Sheet as at 29 February 2024
Note |
2024 |
2023 |
|
Fixed assets |
|||
Tangible assets |
|
|
|
Current assets |
|||
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Total assets less current liabilities |
|
|
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
Provisions for liabilities |
( |
( |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
|
|
|
Profit and loss account |
|
|
|
Total equity |
|
|
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 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 and the option not to file the Profit and Loss Account has been taken.
Lonson Engineering Limited
(Registration number: 08220907)
Balance Sheet as at 29 February 2024
These financial statements which 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. and in accordance with the provisions of FRS102 Section 1A Small Entities.
These financial statements were approved and authorised for issue by the
.........................................
Mr Matthew Henry Hudson
Director
Lonson Engineering Limited
Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024
Accounting policies |
Lonson Engineering Limited is a private company, limited by shares, domiciled in England and Wales, company number 08220907. The registered office is at
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 were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
Basis of preparation
These financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.
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 value added tax.
Government grants
Grants that do not impose specified future performance-related conditions are recognised in income when the grant proceeds are received or receivable. Grants that impose specified future performance-related conditions are recognised in income only when the performance-related conditions are met. Grants received before the revenue recognition criteria are satisfied are recognised as a liability.
Tax
The tax expense for the period comprises current tax. Tax is recognised in statement of income and retained earnings, 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.
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.
Lonson Engineering Limited
Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024
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 |
Fixtures & fittings |
33% straight line per annum |
Office equipment |
33% straight line per annum |
Motor Vehicles |
25% straight line per annum |
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.
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.
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.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Lonson Engineering Limited
Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024
Tangible assets |
Fixtures & fittings |
Motor vehicles |
Office equipment |
Total |
|
Cost |
||||
At 1 March 2023 |
|
|
|
|
Additions |
- |
|
- |
|
At 29 February 2024 |
|
|
|
|
Depreciation |
||||
At 1 March 2023 |
|
|
|
|
Charge for the year |
|
|
|
|
At 29 February 2024 |
|
|
|
|
Carrying amount |
||||
At 29 February 2024 |
- |
|
- |
|
At 28 February 2023 |
|
|
|
|
Debtors |
2023 |
2022 |
|
Trade debtors |
|
|
Amounts due from related parties |
|
|
Amounts due from parent undertaking |
153,196 |
163,672 |
Directors Loan Accounts |
17,500 |
17,500 |
Prepayments |
|
|
PAYE and NIC debtor |
|
|
|
|
Amounts due from parent undertakings are repayable after more than one year.
Lonson Engineering Limited
Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024
Creditors |
Creditors: amounts falling due within one year
2023 |
2022 |
|
Due within one year |
||
HP and finance lease liability |
4,431 |
12,326 |
Trade creditors |
|
|
Social security and other taxes |
|
|
Outstanding defined contribution pension costs |
|
|
Other payables |
|
|
Accrued expenses |
|
|
Corporation tax liability |
- |
1,027 |
|
|
|
Due after one year |
||
HP and finance lease liability |
|
|
HP and finance lease liabilities
The HP and finance lease liabilities are secured on the assets to which they relate.
Parent and ultimate parent undertaking |
The company's immediate parent is