Company Registration No. 03693270 (England and Wales)
FIVE PEN ENGINEERING LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 JANUARY 2024
PAGES FOR FILING WITH REGISTRAR
Celixir House
Stratford Business & Technology Park
Innovation Way, Banbury Road
Stratford-upon-Avon
Warwickshire
United Kingdom
CV37 7GZ
FIVE PEN ENGINEERING LIMITED
CONTENTS
Page
Company information
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 7
FIVE PEN ENGINEERING LIMITED
COMPANY INFORMATION
- 1 -
Directors
Mr K J Clifton
Mr M B Harman
Secretary
Mr M B Harman
Company number
03693270
Registered office
Unit 2a Old Timber Yard
Southam Road
Long Itchington
Southam
Warwickshire
England
CV47 9QL
Accountants
TC Group
Celixir House
Stratford Business & Technology Park
Innovation Way, Banbury Road
Stratford-upon-Avon
Warwickshire
United Kingdom
CV37 7GZ
FIVE PEN ENGINEERING LIMITED
BALANCE SHEET
AS AT
31 JANUARY 2024
31 January 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
145,958
162,389
Current assets
Stocks
199,765
215,166
Debtors
4
281,250
317,685
Cash at bank and in hand
15,189
42,648
496,204
575,499
Creditors: amounts falling due within one year
5
(248,087)
(323,314)
Net current assets
248,117
252,185
Total assets less current liabilities
394,075
414,574
Creditors: amounts falling due after more than one year
6
(183,080)
(265,208)
Provisions for liabilities
(35,493)
(40,597)
Net assets
175,502
108,769
Capital and reserves
Called up share capital
1,000
1,000
Profit and loss reserves
174,502
107,769
Total equity
175,502
108,769
FIVE PEN ENGINEERING LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 JANUARY 2024
31 January 2024
- 3 -
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 6 August 2024 and are signed on its behalf by:
Mr M B Harman
Director
Company registration number 03693270 (England and Wales)
FIVE PEN ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
- 4 -
1
Accounting policies
Company information
Five Pen Engineering Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 2a Old Timber Yard, Southam Road, Long Itchington, Southam, Warwickshire, England, CV47 9QL.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2
Turnover
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 and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
15% reducing balance
Fixtures and fittings
15% reducing balance
Motor vehicles
25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
FIVE PEN ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 5 -
1.4
Stocks
Stocks are stated 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 stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement 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 stocks 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.
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
FIVE PEN ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 6 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
16
15
3
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 February 2023
1,304,491
63,623
36,370
1,404,484
Additions
4,194
4,656
8,850
Disposals
(5,749)
(5,749)
At 31 January 2024
1,308,685
68,279
30,621
1,407,585
Depreciation and impairment
At 1 February 2023
1,171,669
34,883
35,543
1,242,095
Depreciation charged in the year
20,184
4,874
207
25,265
Eliminated in respect of disposals
(5,733)
(5,733)
At 31 January 2024
1,191,853
39,757
30,017
1,261,627
Carrying amount
At 31 January 2024
116,832
28,522
604
145,958
At 31 January 2023
132,822
28,740
827
162,389
The net book value of tangible fixed assets includes £nil (2023:£77,993) in respect of assets held under hire purchase contracts.
FIVE PEN ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 7 -
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
155,962
196,921
Other debtors
125,288
120,764
281,250
317,685
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
68,483
54,774
Trade creditors
92,808
175,184
Taxation and social security
6,516
28,875
Other creditors
80,280
64,481
248,087
323,314
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
183,080
265,208
7
Secured debts
The following secured debt is included within creditors:
Hire Purchase 2024 £nil (2023: £23,552).
9
Directors' transactions
Description
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
M Harman
-
61,045
77,440
(70,000)
68,485
61,045
77,440
(70,000)
68,485