2023-04-012024-03-312024-03-31false11020978R.A.F General Engineering 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R.A.F General Engineering Ltd

Registered Number
11020978
(England and Wales)

Unaudited Financial Statements for the Year ended
31 March 2024

R.A.F General Engineering Ltd
Company Information
for the year from 1 April 2023 to 31 March 2024

Directors

GIBKA Aneta
GIBKI Rafal Stanislaw

Registered Address

2 Europe Way
Cockermouth
CA13 0RJ

Registered Number

11020978 (England and Wales)
R.A.F General Engineering Ltd
Statement of Financial Position
31 March 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Intangible assets344
Tangible assets4332,174300,967
332,178300,971
Current assets
Stocks5210,307211,414
Debtors225,084304,807
Cash at bank and on hand4,3646,461
439,755522,682
Creditors amounts falling due within one year6(418,042)(367,583)
Net current assets (liabilities)21,713155,099
Total assets less current liabilities353,891456,070
Creditors amounts falling due after one year7(203,491)(278,023)
Provisions for liabilities9(63,545)(43,008)
Net assets86,855135,039
Capital and reserves
Called up share capital1111
Profit and loss account86,844135,028
Shareholders' funds86,855135,039
The financial statements were approved and authorised for issue by the Board of Directors on 5 August 2024, and are signed on its behalf by:
GIBKA Aneta
Director
GIBKI Rafal Stanislaw
Director

Registered Company No. 11020978
R.A.F General Engineering Ltd
Notes to the Financial Statements
for the year ended 31 March 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Basis of preparation
The financial statements have been prepared under the historical cost convention on a going concern basis unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Turnover policy
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/or 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.
Employee benefits
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further obligation. Contributions to defined contribution plans are expensed in the period to which they relate. Amounts not paid are shown in accruals in the Statement of Financial position. The assets of the plan are held separately from the company in independently administered funds.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to the Income Statement
Current taxation
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
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Intangible assets
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. The assets residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Income. Depreciation is provided on all tangible fixed assets as follows:

Reducing balance (%)
Plant and machinery15
Vehicles25
Office Equipment10
Finance leases and hire purchase contracts
Assets held under finance leases, which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the Statement of Financial Position. They are depreciated over the shorter of their useful lives or the term of the lease. All other lease arrangements are classified as an operating lease. Payments made under operating leases are charged to the Income Statement on a straight line basis over the lease term.
Stocks and work in progress
Stocks are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete). At each date of Statement of financial position, inventories are assessed for impairment. If inventory is impaired, the carrying amount is reduced to its selling price less costs to completed the sale. The impairment loss is recognised immediately in the Income Statement.
Financial instruments
The Company enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
2.Average number of employees

20242023
Average number of employees during the year1617
3.Intangible assets

Goodwill

Total

££
Cost or valuation
At 01 April 2344
At 31 March 2444
Net book value
At 31 March 2444
At 31 March 2344
4.Tangible fixed assets

Plant & machinery

Vehicles

Office Equipment

Total

££££
Cost or valuation
At 01 April 23367,18820,61919,967407,774
Additions60,003-23,60583,608
At 31 March 24427,19120,61943,572491,382
Depreciation and impairment
At 01 April 2393,7267,8415,240106,807
Charge for year46,5753,1952,63152,401
At 31 March 24140,30111,0367,871159,208
Net book value
At 31 March 24286,8909,58335,701332,174
At 31 March 23273,46212,77814,727300,967
5.Stocks

2024

2023

££
Raw materials and consumables147,722148,829
Work in progress62,58562,585
Total210,307211,414
6.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables100,692132,054
Bank borrowings and overdrafts154,53268,407
Taxation and social security81,43897,193
Finance lease and HP contracts59,76443,441
Other creditors20,84425,717
Accrued liabilities and deferred income772771
Total418,042367,583
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. Finance lease and HP contracts equal to £59,764, (2023 - £43,441) are secured against the assets to which they relate.
7.Creditors: amounts due after one year

2024

2023

££
Bank borrowings and overdrafts59,11382,536
Other creditors144,378195,487
Total203,491278,023
Included in other creditors is £0 (2023 - £34,383) due to Hudson Swan Engineering Limited. A fixed and floating charge over the undertaking on all chattels and equipment is in place in relation to this creditor.
8.Obligations under finance leases

2024

2023

££
Finance lease and HP contracts141,763161,104
Finance lease and HP contracts equal to £141,763 (2023 - £161,104) are secured against the assets to which they relate.
9.Provisions for liabilities

2024

2023

££
Net deferred tax liability (asset)63,54543,008
Total63,54543,008
10.Pension commitments
The pension cost charge represents contributions payable by the company to the fund and amounted to £6,443 (2023 - £6,856).
11.Other commitments
At 31 March 2024 the company had future minimum lease payments under non-cancellable operating leases of £112,500 (2023: £150,000).