Registered number
02683779
Chris Hodgson Engineering Ltd
Report and Accounts
29 February 2024
Chris Hodgson Engineering Ltd
Registered number: 02683779
Balance Sheet
as at 29 February 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 448,412 486,617
Current assets
Stocks 237,000 253,000
Debtors 4 1,160,699 1,292,428
1,397,699 1,545,428
Creditors: amounts falling due within one year 5 (894,827) (1,163,432)
Net current assets 502,872 381,996
Total assets less current liabilities 951,284 868,613
Creditors: amounts falling due after more than one year 6 (153,039) (253,039)
Net assets 798,245 615,574
Capital and reserves
Called up share capital 1,000 1,000
Profit and loss account 797,245 614,574
Shareholders' funds 798,245 615,574
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr C L P Hodgson
Director
Approved by the board on 23 April 2024
Chris Hodgson Engineering Ltd
Notes to the Accounts
for the year ended 29 February 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 25 years
Motor vehicles 25% straight line
Plant and machinery 15% straight line
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. 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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 38 40
3 Tangible fixed assets
Land and buildings Plant and machinery Motor vehicles Total
£ £ £ £
Cost
At 1 March 2023 257,553 722,551 529,192 1,509,296
Additions - 33,405 10,750 44,155
Disposals - - (34,775) (34,775)
At 29 February 2024 257,553 755,956 505,167 1,518,676
Depreciation
At 1 March 2023 120,785 482,205 419,689 1,022,679
Charge for the year 10,085 38,195 27,203 75,483
On disposals - - (27,898) (27,898)
At 29 February 2024 130,870 520,400 418,994 1,070,264
Net book value
At 29 February 2024 126,683 235,556 86,173 448,412
At 28 February 2023 136,768 240,346 109,503 486,617
4 Debtors 2024 2023
£ £
Trade debtors 480,601 932,274
Amounts recoverable on contracts 625,000 284,195
Accrued income - 6,353
Payments in advance 55,098 51,570
Other debtors - 18,036
1,160,699 1,292,428
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 125,009 228,908
Obligations under finance lease and hire purchase contracts - 6,720
Trade creditors 498,029 613,548
Payments received on account 9,533 43,601
Corporation tax 64,925 -
Other taxes and social security costs 123,481 224,213
Accrued charges 73,850 46,442
894,827 1,163,432
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 150,000 250,000
Directors' loan accounts 3,039 3,039
153,039 253,039
7 Loans 2024 2023
£ £
Creditors include:
Secured bank loans 250,000 350,000
Unlimited debenture provided to lender.
8 Controlling party
The majority of the share capital is owned by CHE Holdings Ltd (company number 13225518). Mr C Hodgson owns all of the share capital in CHE Holdings Ltd and is the ultimate controlling party.
9 Other information
Chris Hodgson Engineering Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Seven Acres
Hollacombe
Chumleigh
Devon
EX18 7QH
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