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Registration number: 03435037

Bells Engineering Products Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Bells Engineering Products Limited

Contents

Company Information

1

Directors' Report

2

Accountants' Report

3

Balance Sheet

4

Statement of Changes in Equity

5

Notes to the Unaudited Financial Statements

6 to 10

 

Bells Engineering Products Limited

Company Information

Directors

Mr MJ O'Neill

Mr M Churn

Mr P Edgar

Registered office

874 Plymouth Road
Slough Trading Estate
Slough
Berkshire
SL1 4LP

Accountants

JTTF Accountants Ltd
Chartered Accountants
19 Lillian Road
London
SW13 9JG

 

Bells Engineering Products Limited

Directors' Report for the Year Ended 31 March 2024

The directors present their report and the financial statements for the year ended 31 March 2024.

Directors of the company

The directors who held office during the year were as follows:

Mr MJ O'Neill

Mr M Churn

Mr P Edgar

Principal activity

The principal activity of the company is supply & fit of engineering components.

Small companies provision statement

This report has 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.

Approved and authorised by the Board on 29 August 2024 and signed on its behalf by:
 

.........................................
Mr P Edgar
Director

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Bells Engineering Products Limited
for the Year Ended 31 March 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Bells Engineering Products Limited for the year ended 31 March 2024 as set out on pages 4 to 10 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Bells Engineering Products Limited, as a body, in accordance with the terms of our engagement letter dated 21 April 2004. Our work has been undertaken solely to prepare for your approval the accounts of Bells Engineering Products Limited and state those matters that we have agreed to state to the Board of Directors of Bells Engineering Products Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Bells Engineering Products Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Bells Engineering Products Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Bells Engineering Products Limited. You consider that Bells Engineering Products Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Bells Engineering Products Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

JTTF Accountants Ltd
Chartered Accountants
19 Lillian Road
London
SW13 9JG

29 August 2024

 

Bells Engineering Products Limited

(Registration number: 03435037)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

11,987

14,774

Current assets

 

Stocks

5

5,000

5,000

Debtors

6

549,046

347,866

Cash at bank and in hand

 

298,106

152,018

 

852,152

504,884

Creditors: Amounts falling due within one year

7

(436,178)

(196,147)

Net current assets

 

415,974

308,737

Net assets

 

427,961

323,511

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

427,861

323,411

Shareholders' funds

 

427,961

323,511

For the financial 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.

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 29 August 2024 and signed on its behalf by:
 

.........................................
Mr P Edgar
Director

 

Bells Engineering Products Limited

Statement of Changes in Equity for the Year Ended 31 March 2024

Share capital
£

Retained earnings
£

Total
£

At 1 April 2023

100

323,411

323,511

Profit for the year

-

202,450

202,450

Dividends

-

(98,000)

(98,000)

At 31 March 2024

100

427,861

427,961

Share capital
£

Retained earnings
£

Total
£

At 1 April 2022

100

293,307

293,407

Profit for the year

-

94,104

94,104

Dividends

-

(64,000)

(64,000)

At 31 March 2023

100

323,411

323,511

 

Bells Engineering Products Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

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

The address of its registered office is:
874 Plymouth Road
Slough Trading Estate
Slough
Berkshire
SL1 4LP
United Kingdom

These financial statements were authorised for issue by the Board on 29 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.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current 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.

 

Bells Engineering Products Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

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

25% Reducing balance

Motor vehicles

25% Reducing balance

Office equipment

15% 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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress 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. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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.

 

Bells Engineering Products Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 9 (2023 - 8).

 

Bells Engineering Products Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

4

Tangible assets

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2023

33,164

16,952

45,711

95,827

Additions

807

-

-

807

At 31 March 2024

33,971

16,952

45,711

96,634

Depreciation

At 1 April 2023

26,737

14,708

39,608

81,053

Charge for the year

1,731

337

1,526

3,594

At 31 March 2024

28,468

15,045

41,134

84,647

Carrying amount

At 31 March 2024

5,503

1,907

4,577

11,987

At 31 March 2023

6,427

2,244

6,103

14,774

5

Stocks

2024
£

2023
£

Raw materials and consumables

5,000

5,000

6

Debtors

Current

2024
£

2023
£

Trade debtors

428,884

239,390

Prepayments

10,163

8,476

Other debtors

109,999

100,000

 

549,046

347,866

 

Bells Engineering Products Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

291,765

152,695

Taxation and social security

104,998

39,119

Other creditors

39,415

4,333

436,178

196,147

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

       

9

Dividends

Interim dividends paid

2024
£

2023
£

Interim dividend of £980.00 (2023 - £640.00) per each Ordinary

98,000

64,000