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Company Registration number: 04007560

Norwest Engineering Limited

Annual Report and Unaudited
Financial Statements


for the Year Ended 30 June 2024

 

Norwest Engineering Limited

Contents

Pages

Balance sheet

1 to 2

Notes to the financial statements

3 to 7

 

Norwest Engineering Limited

Balance Sheet as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

607,107

674,671

Current assets

 

Stocks

5

134,750

86,472

Debtors

6

205,068

229,607

Cash at bank and in hand

 

2,377,907

2,453,381

 

2,717,725

2,769,460

Creditors: Amounts falling due within one year

7

(209,626)

(190,485)

Net current assets

 

2,508,099

2,578,975

Total assets less current liabilities

 

3,115,206

3,253,646

Provisions for liabilities

(138,117)

(151,804)

Net assets

 

2,977,089

3,101,842

Capital and reserves

 

Called up share capital

1

1

Retained earnings

2,977,088

3,101,841

Shareholders' funds

 

2,977,089

3,101,842

 

Norwest Engineering Limited

Balance Sheet as at 30 June 2024 (continued)

For the financial year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 16 August 2024
 

.........................................
Mr N McKenzie
Director

Company registration number: 04007560

 

Norwest Engineering Limited

Notes to the financial statements for the Year Ended 30 June 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:
The Stripes
Cumwhinton
Carlisle
CA4 0AW

These financial statements were authorised for issue by the director on 16 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.

The financial statements are prepared in sterling, which is the functional currency of the entity. Monetary amounts in these financial statements are rounded to the nearest £.

Going concern

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

 

Norwest Engineering Limited

Notes to the financial statements for the Year Ended 30 June 2024 (continued)

2

ACCOUNTING POLICIES (continued)

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Actual results may differ from these estimates.

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 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 corporation 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.

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.

 

Norwest Engineering Limited

Notes to the financial statements for the Year Ended 30 June 2024 (continued)

2

ACCOUNTING POLICIES (continued)

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

15% Reducing balance

Motor vehicles

25% Reducing balance

Office equipment

15% Reducing balance

Freehold property

No charge

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

Classification
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
 Recognition and measurement
Basic financial instruments are initially recognised at the transaction price.
 Impairment
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

3

STAFF NUMBERS

The average number of persons employed by the company (including the director) during the year, was 14 (2023 - 12).

 

Norwest Engineering Limited

Notes to the financial statements for the Year Ended 30 June 2024 (continued)

4

TANGIBLE ASSETS

Freehold property
£

Equipment
£

Motor vehicles
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 July 2023

52,136

42,218

22,502

2,080,989

2,197,845

Additions

-

1,200

-

26,883

28,083

Disposals

-

-

(1)

(6,000)

(6,001)

At 30 June 2024

52,136

43,418

22,501

2,101,872

2,219,927

Depreciation

At 1 July 2023

-

34,848

16,877

1,471,449

1,523,174

Charge for the year

-

1,136

1,406

93,105

95,647

Eliminated on disposal

-

-

(1)

(6,000)

(6,001)

At 30 June 2024

-

35,984

18,282

1,558,554

1,612,820

Carrying amount

At 30 June 2024

52,136

7,434

4,219

543,318

607,107

At 30 June 2023

52,136

7,370

5,625

609,540

674,671

 

Norwest Engineering Limited

Notes to the financial statements for the Year Ended 30 June 2024 (continued)

5

STOCKS

2024
£

2023
£

Work in progress

56,750

40,327

Stocks

78,000

46,145

134,750

86,472

6

DEBTORS

Current

2024
£

2023
£

Trade debtors

187,775

228,876

Prepayments

564

731

Other debtors

16,729

-

 

205,068

229,607

7

CREDITORS

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

 

Trade creditors

 

76,130

33,881

Director's current account

84,899

87,901

Taxation and social security

 

32,159

64,903

Accruals and deferred income

 

16,438

3,800

 

209,626

190,485