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Registration number: NI614159

P S Engineering (Co Antrim) Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

P S Engineering (Co Antrim) Ltd

(Registration number: NI614159)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

211,044

234,497

Current assets

 

Stocks

6

7,860

7,860

Debtors

7

381,770

205,951

Cash at bank and in hand

 

119,235

159,776

 

508,865

373,587

Creditors: Amounts falling due within one year

8

(123,604)

(82,049)

Net current assets

 

385,261

291,538

Total assets less current liabilities

 

596,305

526,035

Provisions for liabilities

(26,886)

(24,039)

Net assets

 

569,419

501,996

Capital and reserves

 

Called up share capital

9

100

100

Retained earnings

569,319

501,896

Shareholders' funds

 

569,419

501,996

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.

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.

 

P S Engineering (Co Antrim) Ltd

(Registration number: NI614159)
Balance Sheet as at 31 December 2023

Approved and authorised by the director on 23 April 2024
 

.........................................
Mr Philip Stewart
Director

 

P S Engineering (Co Antrim) Ltd

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 Northern Ireland.

The address of its registered office is: 120B Ballinlea Road, Armoy, Ballymoney, Co. Antrim, BT53 8TY.

These financial statements were authorised for issue by the director on 23 April 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.

Revenue recognition

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

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.

 

P S Engineering (Co Antrim) Ltd

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

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.

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

Premises

4% straight line basis

Plant and machinery

15% reducing balance basis

Motor vehicles

15% reducing balance basis

Office equipment

15% reducing balance basis

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

33.33% straight line basis

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.

Short-term debtors and creditors

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the income statement in operating expenses.

 

P S Engineering (Co Antrim) Ltd

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.

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2022 - 2).

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 January 2023

20,000

20,000

At 31 December 2023

20,000

20,000

Amortisation

At 1 January 2023

20,000

20,000

At 31 December 2023

20,000

20,000

Carrying amount

At 31 December 2023

-

-

 

P S Engineering (Co Antrim) Ltd

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

5

Tangible assets

Premises
£

Plant and machinery
£

Motor vehicles
 £

Office Equipment
£

Total
£

Cost or valuation

At 1 January 2023

134,373

132,319

66,999

7,622

341,313

At 31 December 2023

134,373

132,319

66,999

7,622

341,313

Depreciation

At 1 January 2023

26,398

63,973

11,948

4,497

106,816

Charge for the year

4,474

10,252

8,258

469

23,453

At 31 December 2023

30,872

74,225

20,206

4,966

130,269

Carrying amount

At 31 December 2023

103,501

58,094

46,793

2,656

211,044

At 31 December 2022

107,975

68,346

55,051

3,125

234,497

Included within the net book value of premises above is £103,501 (2022 - £107,975) in respect of freehold land and buildings.
 

6

Stock and work in progress

2023
£

2022
£

Work in progress

6,560

6,560

Stock

1,300

1,300

7,860

7,860

7

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

115,603

128,740

Amounts owed by related parties

10

206,707

-

Prepayments

 

5,853

5,039

Other debtors

 

53,607

72,172

   

381,770

205,951

 

P S Engineering (Co Antrim) Ltd

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

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Trade creditors

 

37,583

41,120

Taxation and social security

 

-

3,550

Other creditors

 

44,847

37,379

 

82,430

82,049

9

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

       

10

Related party transactions

Debtors includes an amount of £206,707 (2022: £nil) owing to the company by PCS Property Ltd, a company controlled by the director and his wife. Other debtors includes an amount of £39,937 (2022: £39,937) owing to the company by TJS Steel Supplies Ltd, a company controlled by the director. Other debtors also includes an amount of £2,529 (2022: £2,529) owing to the company by R S Constructon (Co. Antrim) Ltd, a company controlled by the director and his wife.