Company Registration No. 00336576 (England and Wales)
London Engineers Pattern Company Limited
Unaudited accounts
for the year ended 31 March 2024
London Engineers Pattern Company Limited
Unaudited accounts
Contents
London Engineers Pattern Company Limited
Company Information
for the year ended 31 March 2024
Directors
Mrs L E Cutler
Miss J Chaplin
Mrs M E Chaplin
Company Number
00336576 (England and Wales)
Registered Office
65 Reginald Road
Bexhill-On-Sea
TN39 3PQ
Accountants
Newnham & Son Ltd
School Master's House
39 College Street
Petersfield
Hampshire
GU31 4AG
London Engineers Pattern Company Limited
Statement of financial position
as at 31 March 2024
Tangible assets
1,155,508
1,165,602
Investment property
250,000
250,000
Inventories
92,639
168,501
Investments
263,057
301,920
Cash at bank and in hand
71,671
168,993
Creditors: amounts falling due within one year
(39,318)
(111,022)
Net current assets
487,545
626,179
Total assets less current liabilities
1,893,236
2,041,964
Provisions for liabilities
Deferred tax
(29,066)
(16,986)
Net assets
1,864,170
2,024,978
Called up share capital
35,600
35,600
Share premium
103,600
103,600
Revaluation reserve
340,919
347,449
Profit and loss account
1,384,051
1,538,329
Shareholders' funds
1,864,170
2,024,978
For the 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. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 9 August 2024 and were signed on its behalf by
Miss J Chaplin
Director
Company Registration No. 00336576
London Engineers Pattern Company Limited
Notes to the Accounts
for the year ended 31 March 2024
London Engineers Pattern Company Limited is a private company, limited by shares, registered in England and Wales, registration number 00336576. The registered office is 65 Reginald Road, Bexhill-On-Sea, TN39 3PQ.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT. The fair value of consideration takes into account trade and settlement discounts.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods from the foundry), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Tangible fixed assets and depreciation
Tangible assets are initially measured at cost and subsequently at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following basis:
Land & buildings
2% straight line basis
Plant & machinery
15% and 25% reducing balance basis
Motor vehicles
15% and 25% reducing balance basis
Investment property is included at market fair value. Gains are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.
Each year the Directors review and adjust the valuation to reflect the open market value as at the year end, and the valuation is updated.
Investment property comprises two former staff houses, one converted into two flats and one further property acquired in the current year. The fair value of the investment property has been arrived at on the basis of a valuation carried out originally by independent Chartered Surveyors in 2003, and updated by reference to the Directors' valuations after discussions with the company's letting agent. The Valuation was made on an open market value basis by reference to transaction prices for similar properties.
London Engineers Pattern Company Limited
Notes to the Accounts
for the year ended 31 March 2024
Investments in shares are included at fair value. The investments are assessed for impairment at each reporting date and any losses or reversals of impairment losses are recognised immediately in profit or loss.
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. Cost 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.
Inventories held for distribution at no or nominal consideration are measured at the lower of replacement cost and cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of inventories over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
Expenditure on research and development is written off in the year in which it is incurred.
London Engineers Pattern Company Limited
Notes to the Accounts
for the year ended 31 March 2024
4
Tangible fixed assets
Land & buildings
Plant & machinery
Total
Cost or valuation
At cost
At cost
At 1 April 2023
1,418,567
795,252
2,213,819
At 31 March 2024
1,418,567
823,954
2,242,521
At 1 April 2023
382,082
666,135
1,048,217
Charge for the year
6,138
32,658
38,796
At 31 March 2024
388,220
698,793
1,087,013
At 31 March 2024
1,030,347
125,161
1,155,508
At 31 March 2023
1,036,485
129,117
1,165,602
Fair value at 1 April 2023
250,000
6
Investments
Other investments
Valuation at 1 April 2023
183
Valuation at 31 March 2024
183
Amounts falling due within one year
Trade debtors
99,496
97,787
8
Investments held as current assets
2024
2023
Listed investments
263,057
301,920
9
Creditors: amounts falling due within one year
2024
2023
Trade creditors
27,054
30,273
Taxes and social security
6,090
3,421
Other creditors
858
73,483
London Engineers Pattern Company Limited
Notes to the Accounts
for the year ended 31 March 2024
Allotted, called up and fully paid:
142,400 Ordinary shares of £0.25 each
35,600
35,600
11
Average number of employees
During the year the average number of employees was 15 (2023: 17).