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Registration number: 11240001

Hayman Engineering Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Hayman Engineering Limited

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

Hayman Engineering Limited

(Registration number: 11240001)
Statement of Financial Position as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

685,125

567,000

Investments

5

775,392

775,392

 

1,460,517

1,342,392

Current assets

 

Debtors

6

51,060

700

Cash at bank and in hand

 

332,840

270,625

 

383,900

271,325

Creditors: Amounts falling due within one year

7

(94,124)

(208,932)

Net current assets

 

289,776

62,393

Total assets less current liabilities

 

1,750,293

1,404,785

Provisions for liabilities

(49,594)

(21,504)

Net assets

 

1,700,699

1,383,281

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

1,700,599

1,383,181

Shareholders' funds

 

1,700,699

1,383,281

For the financial year ending 31 March 2024 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 Statement of Comprehensive Income.

Approved and authorised by the director on 20 August 2024
 

 

Hayman Engineering Limited

(Registration number: 11240001)
Statement of Financial Position as at 31 March 2024 (continued)


Mr C Hayman
Director

 

Hayman Engineering Limited

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

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:
Plym House
3 Longbridge Road
Plymouth
Marsh Mills
Devon
PL6 8LT

Principal activity

The principal activity of the company is that of a holding company.

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 prepared in sterling which is the functional currency of the entity.

Group accounts not prepared

The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group. Hayman Engineering Limited is the parent undertaking, registered at Plym House, 3 Longbridge Road, Marsh Mills, Plymouth, Devon, PL6 8LT.

 

Hayman Engineering Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

2

Accounting policies (continued)

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

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, 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.

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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used.

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.

Investment property

Investment property is measured initially at cost, which includes purchase price and any attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.

 

Hayman Engineering Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

2

Accounting policies (continued)

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Investments

Fixed asset investments are initially recorded at cost, and subsequently recorded at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, 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. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is made at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount if recognised in finance costs in profit or loss in the period it arises.

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

 

Hayman Engineering Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

4

Tangible assets

Investment property
£

Computer equipment
£

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2023

567,000

-

-

-

567,000

Revaluations

46,236

-

-

-

46,236

Additions

5,764

2,641

14,168

49,316

71,889

At 31 March 2024

619,000

2,641

14,168

49,316

685,125

Depreciation

Carrying amount

At 31 March 2024

619,000

2,641

14,168

49,316

685,125

At 31 March 2023

567,000

-

-

-

567,000

Revaluation

The fair value of the company's Freehold property was revalued in 2024.
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £486,749 (2023 - £480,985).

 

Hayman Engineering Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

5

Other financial assets (current and non-current)

Investments
£

Total
£

Non-current financial assets

Cost or valuation

At 1 April 2023

775,392

775,392

At 31 March 2024

775,392

775,392

Impairment

Carrying amount

At 31 March 2024

775,392

775,392

6

Debtors

2024
£

2023
£

Other debtors

51,060

700

51,060

700

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Taxation and social security

9,051

3,093

Accruals and deferred income

18,000

-

Other creditors

67,073

205,839

94,124

208,932

8

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses. This reserve contains accumulated undistributable reserves totalling £99,188.

 

Hayman Engineering Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

9

Related party transactions

Transactions with the director

2024

At 1 April 2023
£

Advances to director
£

Repayments by director
£

At 31 March 2024
£

(3,617)

91,400

(38,000)

49,783

         
       

 


 

2023

At 1 April 2022
£

Advances to director
£

Repayments by director
£

At 31 March 2023
£

(3,617)

40,800

(40,800)

(3,617)

 

Loans from related parties

2023

Subsidiary
£

Total
£

At start of period

360,387

360,387

Repaid

(159,200)

(159,200)

At end of period

201,187

201,187

2024

Subsidiary
£

Total
£

At start of period

201,187

201,187

Repaid

(135,200)

(135,200)

At end of period

65,987

65,987

Terms of loans from related parties

The loan is from the companies subsidiary company, Millennium Engineering Limited. The loan is repayable on demand and does not attract interest.