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Registration number: 05997540

ABK Engineering Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 November 2023

 

ABK Engineering Limited

Contents

Company Information

1

Profit and Loss Account and Statement of Retained Earnings

2

Balance Sheet

3

Notes to the Unaudited Financial Statements

4 to 8

 

ABK Engineering Limited

Company Information

Director

Mr A M Fowler

Company secretary

Ms T A M Gridley

Registered office

Albion House
32 Pinchbeck Road
Spalding
Lincolnshire
PE11 1QD

Accountants

Cannon Williamson
Chartered Certified Accountants
Albion House
32 Pinchbeck Road
Spalding
Lincolnshire
PE11 1QD

 

ABK Engineering Limited

Profit and Loss Account and Statement of Retained Earnings for the Year Ended 30 November 2023

Note

2023
£

2022
£

Turnover

 

198,870

188,863

Cost of sales

 

(85,999)

(82,961)

Gross profit

 

112,871

105,902

Administrative expenses

 

(44,160)

(47,713)

Operating profit

 

68,711

58,189

Other interest receivable and similar income

 

4

5

 

4

5

Profit before tax

68,715

58,194

Taxation

 

(13,908)

(11,064)

Profit for the financial year

 

54,807

47,130

Retained earnings brought forward

 

46,286

63,656

Dividends paid

 

(64,500)

(64,500)

Retained earnings carried forward

 

36,593

46,286

 

ABK Engineering Limited

(Registration number: 05997540)
Balance Sheet as at 30 November 2023

Note

2023
£

2022
£

Fixed Assets

 

Tangible Assets

4

5,607

7,010

Current assets

 

Debtors

6

34,230

35,151

Cash at bank and in hand

 

38,135

33,437

 

72,365

68,588

Creditors: Amounts falling due within one year

7

(40,531)

(27,978)

Net current assets

 

31,834

40,610

Total assets less current liabilities

 

37,441

47,620

Provisions for liabilities

(846)

(1,332)

Net assets

 

36,595

46,288

Capital and Reserves

 

Called up share capital

8

2

2

Retained Earnings

36,593

46,286

Shareholders' funds

 

36,595

46,288

For the financial year ending 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 7 August 2024
 

.........................................
Mr A M Fowler
Director

 

ABK Engineering Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Albion House
32 Pinchbeck Road
Spalding
Lincolnshire
PE11 1QD
United Kingdom

These financial statements were authorised for issue by the director on 7 August 2024.

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.

Going concern

The financial statements have been prepared on a going concern basis.

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 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.

 

ABK Engineering Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023 (continued)

2

Accounting policies (continued)

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.

Tangible Assets

Tangible Assets are stated in the balance sheet 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.

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

Plant and machinery

10% straight line

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 merchandise sold or services performed in the ordinary course of business.

Trade Debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. 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.

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.

 

ABK Engineering Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023 (continued)

2

Accounting policies (continued)

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 and subsequently measured at amortised cost using the effective interest method.

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 the director) during the year, was 2 (2022 - 2).

 

ABK Engineering Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023 (continued)

4

Tangible Assets

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 December 2022

974

60,678

61,652

Additions

-

2,258

2,258

At 30 November 2023

974

62,936

63,910

Depreciation

At 1 December 2022

537

54,105

54,642

Charge for the year

146

3,515

3,661

At 30 November 2023

683

57,620

58,303

Carrying amount

At 30 November 2023

291

5,316

5,607

At 30 November 2022

437

6,573

7,010

5

Stocks

2023
£

2022
£

6

Debtors

Current

2023
£

2022
£

Trade Debtors

34,230

35,151

 

34,230

35,151

7

Creditors

Creditors: amounts falling due within one year

 

ABK Engineering Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023 (continued)

7

Creditors (continued)

2023
£

2022
£

Due within one year

Trade Creditors

2,667

1,089

Taxation and social security

20,754

22,850

Accruals and deferred income

2,090

1,965

Other creditors

15,020

2,074

40,531

27,978

8

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary A shares of £1 each

1

1

1

1

Ordinary B shares of £1 each

1

1

1

1

2

2

2

2