Praeter Engineering Limited 09159156 false 2022-09-01 2023-08-31 2023-08-31 The principal activity of the company is Civil Engineering & Design Digita Accounts Production Advanced 6.30.9574.0 true 09159156 2022-09-01 2023-08-31 09159156 2023-08-31 09159156 core:RetainedEarningsAccumulatedLosses 2023-08-31 09159156 core:ShareCapital 2023-08-31 09159156 core:CurrentFinancialInstruments 2023-08-31 09159156 core:CurrentFinancialInstruments core:WithinOneYear 2023-08-31 09159156 core:FurnitureFittingsToolsEquipment 2023-08-31 09159156 core:MotorVehicles 2023-08-31 09159156 core:OtherPropertyPlantEquipment 2023-08-31 09159156 bus:SmallEntities 2022-09-01 2023-08-31 09159156 bus:AuditExemptWithAccountantsReport 2022-09-01 2023-08-31 09159156 bus:FilletedAccounts 2022-09-01 2023-08-31 09159156 bus:SmallCompaniesRegimeForAccounts 2022-09-01 2023-08-31 09159156 bus:RegisteredOffice 2022-09-01 2023-08-31 09159156 bus:Director1 2022-09-01 2023-08-31 09159156 bus:PrivateLimitedCompanyLtd 2022-09-01 2023-08-31 09159156 core:FurnitureFittingsToolsEquipment 2022-09-01 2023-08-31 09159156 core:MotorVehicles 2022-09-01 2023-08-31 09159156 core:OfficeEquipment 2022-09-01 2023-08-31 09159156 core:OtherPropertyPlantEquipment 2022-09-01 2023-08-31 09159156 core:PlantMachinery 2022-09-01 2023-08-31 09159156 countries:England 2022-09-01 2023-08-31 09159156 2022-08-31 09159156 core:FurnitureFittingsToolsEquipment 2022-08-31 09159156 core:MotorVehicles 2022-08-31 09159156 core:OtherPropertyPlantEquipment 2022-08-31 09159156 2021-09-01 2022-08-31 09159156 2022-08-31 09159156 core:RetainedEarningsAccumulatedLosses 2022-08-31 09159156 core:ShareCapital 2022-08-31 09159156 core:CurrentFinancialInstruments 2022-08-31 09159156 core:CurrentFinancialInstruments core:WithinOneYear 2022-08-31 09159156 core:FurnitureFittingsToolsEquipment 2022-08-31 09159156 core:MotorVehicles 2022-08-31 09159156 core:OtherPropertyPlantEquipment 2022-08-31 iso4217:GBP xbrli:pure

Registration number: 09159156

Praeter Engineering Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 August 2023

 

Praeter Engineering Limited

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 6

 

Praeter Engineering Limited

(Registration number: 09159156)
Balance Sheet as at 31 August 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

18,097

23,664

Current assets

 

Debtors

5

813,357

696,299

Cash at bank and in hand

 

1,293,213

967,003

 

2,106,570

1,663,302

Creditors: Amounts falling due within one year

6

(407,667)

(198,795)

Net current assets

 

1,698,903

1,464,507

Total assets less current liabilities

 

1,717,000

1,488,171

Provisions for liabilities

(4,524)

(5,916)

Net assets

 

1,712,476

1,482,255

Capital and reserves

 

Called up share capital

100

100

Retained earnings

1,712,376

1,482,155

Shareholders' funds

 

1,712,476

1,482,255

For the financial year ending 31 August 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their 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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 30 August 2024 and signed on its behalf by:
 

.........................................
T R H Littlejohns
Director

 

Praeter Engineering Limited

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

1

General information

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

The address of its registered office is:
Suite 2 Healey House
Dene Road
Andover
Hampshire
SP10 2AA

These financial statements were authorised for issue by the Board on 30 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.

Revenue recognition

Income is recognised when goods and services have been delivered to customers such that risks and rewards of ownership have transferred to them.

Government grants

Government grants in relation to tangible fixed asset are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.

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.

 

Praeter Engineering Limited

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

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

33% straight line

Office equipment

20% straight line

Motor vehicles

25% reducing balance

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.

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.

 

Praeter Engineering Limited

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

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

Financial instruments


Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.
 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 18 (2022 - 17).

 

Praeter Engineering Limited

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

4

Tangible assets

Office equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 September 2022

8,945

20,201

177,730

206,876

Additions

6,000

-

2,692

8,692

At 31 August 2023

14,945

20,201

180,422

215,568

Depreciation

At 1 September 2022

6,171

15,407

161,634

183,212

Charge for the year

2,256

1,199

10,804

14,259

At 31 August 2023

8,427

16,606

172,438

197,471

Carrying amount

At 31 August 2023

6,518

3,595

7,984

18,097

At 31 August 2022

2,774

4,794

16,096

23,664

5

Debtors

Current

2023
£

2022
£

Trade debtors

783,135

637,969

Prepayments

17,859

18,794

Other debtors

12,363

39,536

 

813,357

696,299

 

Praeter Engineering Limited

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

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

4,236

3,612

Trade creditors

 

135,110

39,727

Taxation and social security

 

203,718

91,134

Accruals and deferred income

 

30,926

35,203

Other creditors

 

33,677

29,119

 

407,667

198,795

7

Related party transactions

During the year payments totalling £22,270 ( 2022 £Nil) were made to T Littlejohns, a director of the company in respect of Consultancy Fees.