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COMPANY REGISTRATION NUMBER: 05818816
B & C Fire Engineering Limited
Filleted Unaudited Financial Statements
31 May 2023
B & C Fire Engineering Limited
Statement of Financial Position
31 May 2023
2023
2022
(restated)
Note
£
£
Fixed assets
Tangible assets
6
92,731
64,316
Current assets
Stocks
82,925
7,500
Debtors
7
286,819
148,544
Cash at bank and in hand
5,710
123,770
---------
---------
375,454
279,814
Creditors: amounts falling due within one year
8
256,161
235,331
---------
---------
Net current assets
119,293
44,483
---------
---------
Total assets less current liabilities
212,024
108,799
Creditors: amounts falling due after more than one year
9
68,711
Provisions
23,058
---------
---------
Net assets
120,255
108,799
---------
---------
Capital and reserves
Called up share capital
1,500
1,500
Profit and loss account
118,755
107,299
---------
---------
Member's funds
120,255
108,799
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ended 31 May 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 member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476; - The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
B & C Fire Engineering Limited
Statement of Financial Position (continued)
31 May 2023
These financial statements were approved by the board of directors and authorised for issue on 29 August 2024 , and are signed on behalf of the board by:
Mrs K Smallwood
Director
Company registration number: 05818816
B & C Fire Engineering Limited
Notes to the Financial Statements
Year ended 31 May 2023
1. Statutory information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Booth Hall Farm, Clamgoose Lane, Kingsley, Stoke-on-Trent, England, ST10 2EG.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102 Section 1A, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the Companies Act 2006.
3. Accounting policies
(a) Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
(b) Going concern
The financial statements have been prepared on the going concern basis as disclosed in note 11.
(c) Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably. When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period.
(d) Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
(e) 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 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.
(f) Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
(g) Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
(h) Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
25% reducing balance
Motor vehicles
-
25% reducing balance
(i) Impairment of fixed assets
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.
(j) Stocks
Stock is valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
(k) Work in progress
Work in progress is valued on the basis of direct costs plus attributable overheads based on normal level of activity. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of work in progress.
(l) Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset.
(m) 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 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 measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
(n) Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a 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.
(o) Defined contribution pension plans
Contributions to the defined contribution pension plans are recognised as an expense in the period in which the related service is provided.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 7 (2022: 8 ).
5. Director's remuneration
The director's aggregate remuneration in respect of qualifying services was:
2023
2022
(restated)
£
£
Remuneration
15,000
8,177
--------
-------
6. Tangible assets
Plant and machinery
Motor vehicles
Total
£
£
£
Cost
At 1 June 2022 (as restated)
111,480
123,630
235,110
Additions
5,945
42,159
48,104
---------
---------
---------
At 31 May 2023
117,425
165,789
283,214
---------
---------
---------
Depreciation
At 1 June 2022
75,795
94,999
170,794
Charge for the year
9,927
9,762
19,689
---------
---------
---------
At 31 May 2023
85,722
104,761
190,483
---------
---------
---------
Carrying amount
At 31 May 2023
31,703
61,028
92,731
---------
---------
---------
At 31 May 2022
35,685
28,631
64,316
---------
---------
---------
7. Debtors
2023
2022
(restated)
£
£
Trade debtors
133,102
148,544
Other debtors
153,717
---------
---------
286,819
148,544
---------
---------
8. Creditors: amounts falling due within one year
2023
2022
(restated)
£
£
Bank loan
10,000
Trade creditors
166,374
218,551
Corporation tax
8,601
1,800
Social security and other taxes
12,006
Other creditors
71,186
2,974
---------
---------
256,161
235,331
---------
---------
9. Creditors: amounts falling due after more than one year
2023
2022
(restated)
£
£
Bank loan
25,833
Other creditors
42,878
--------
----
68,711
--------
----
10. Prior period errors
The prior period has been adjusted in order to correct accounting errors from prior periods resulting in a decrease in retained earnings in the sum of £334,949 as at 31 May 2022.
11. Going concern
The director has confirmed that she will continue to provide financial support to the company in order to enable it to finance its trading and other obligations for the foreseeable future.
Based on the above, the financial statements have been prepared on the going concern basis.
12. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
(restated)
£
£
Not later than 1 year
3,070
1,534
Later than 1 year and not later than 5 years
2,048
1,661
-------
-------
5,118
3,195
-------
-------
13. Pension commitments
At the year end, the company had a liability of £1,180 (2022: £nil) in relation to its defined contribution pension plan.
14. Related party transactions
Mrs K Smallwood is a related party by virtue of her directorship of and shareholding in the company. During the year, Mrs K Smallwood operated a director's loan account with the company such that, at the year end, she was owed the sum of £ 47,948 (2022: £ 1,582 owed to the company). This loan was interest free and repayable on demand. During the year, the company paid equity dividends on ordinary shares to Mrs K Smallwood in the sum of £ 40,449 (2022: £ 40,866 ).