IRIS Accounts Production v24.2.0.383 03560407 Board of Directors 1.1.23 31.12.23 31.12.23 false true false false false true false Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh035604072022-12-31035604072023-12-31035604072023-01-012023-12-31035604072021-12-31035604072022-01-012022-12-31035604072022-12-3103560407ns15:EnglandWales2023-01-012023-12-3103560407ns14:PoundSterling2023-01-012023-12-3103560407ns10:Director12023-01-012023-12-3103560407ns10:PrivateLimitedCompanyLtd2023-01-012023-12-3103560407ns10:SmallEntities2023-01-012023-12-3103560407ns10:AuditExempt-NoAccountantsReport2023-01-012023-12-3103560407ns10:SmallCompaniesRegimeForDirectorsReport2023-01-012023-12-3103560407ns10:SmallCompaniesRegimeForAccounts2023-01-012023-12-3103560407ns10:FullAccounts2023-01-012023-12-310356040712023-01-012023-12-3103560407ns10:OrdinaryShareClass12023-01-012023-12-3103560407ns10:Director22023-01-012023-12-3103560407ns10:Director32023-01-012023-12-3103560407ns10:CompanySecretary12023-01-012023-12-3103560407ns10:RegisteredOffice2023-01-012023-12-3103560407ns5:CurrentFinancialInstruments2023-12-3103560407ns5:CurrentFinancialInstruments2022-12-3103560407ns5:Non-currentFinancialInstruments2023-12-3103560407ns5:Non-currentFinancialInstruments2022-12-3103560407ns5:ShareCapital2023-12-3103560407ns5:ShareCapital2022-12-3103560407ns5:SharePremium2023-12-3103560407ns5:SharePremium2022-12-3103560407ns5:RetainedEarningsAccumulatedLosses2023-12-3103560407ns5:RetainedEarningsAccumulatedLosses2022-12-3103560407ns5:IntangibleAssetsOtherThanGoodwill2023-01-012023-12-3103560407ns5:ComputerSoftware2023-01-012023-12-3103560407ns5:LeaseholdImprovements2023-01-012023-12-3103560407ns5:PlantMachinery2023-01-012023-12-3103560407ns5:FurnitureFittings2023-01-012023-12-3103560407ns5:MotorVehicles2023-01-012023-12-3103560407ns5:ComputerEquipment2023-01-012023-12-3103560407ns5:ComputerSoftware2023-12-3103560407ns5:LeaseholdImprovements2022-12-3103560407ns5:PlantMachinery2022-12-3103560407ns5:FurnitureFittings2022-12-3103560407ns5:LeaseholdImprovements2023-12-3103560407ns5:PlantMachinery2023-12-3103560407ns5:FurnitureFittings2023-12-3103560407ns5:LeaseholdImprovements2022-12-3103560407ns5:PlantMachinery2022-12-3103560407ns5:FurnitureFittings2022-12-3103560407ns5:MotorVehicles2022-12-3103560407ns5:ComputerEquipment2022-12-3103560407ns5:MotorVehicles2023-12-3103560407ns5:ComputerEquipment2023-12-3103560407ns5:MotorVehicles2022-12-3103560407ns5:ComputerEquipment2022-12-3103560407ns5:LeasedAssetsHeldAsLessee2023-01-012023-12-3103560407ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-12-3103560407ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-12-3103560407ns5:CurrentFinancialInstruments2023-01-012023-12-3103560407ns5:Non-currentFinancialInstrumentsns5:BetweenOneTwoYears2023-12-3103560407ns5:Non-currentFinancialInstrumentsns5:BetweenOneTwoYears2022-12-3103560407ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2023-12-3103560407ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2022-12-3103560407ns5:HirePurchaseContractsns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-12-3103560407ns5:HirePurchaseContractsns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-12-3103560407ns5:BetweenOneFiveYearsns5:HirePurchaseContracts2023-12-3103560407ns5:BetweenOneFiveYearsns5:HirePurchaseContracts2022-12-3103560407ns5:HirePurchaseContractsns5:MoreThanFiveYears2023-12-3103560407ns5:HirePurchaseContractsns5:MoreThanFiveYears2022-12-3103560407ns5:HirePurchaseContracts2023-12-3103560407ns5:HirePurchaseContracts2022-12-3103560407ns5:WithinOneYear2023-12-3103560407ns5:WithinOneYear2022-12-3103560407ns5:BetweenOneFiveYears2023-12-3103560407ns5:BetweenOneFiveYears2022-12-3103560407ns5:MoreThanFiveYears2023-12-3103560407ns5:MoreThanFiveYears2022-12-3103560407ns5:AllPeriods2023-12-3103560407ns5:AllPeriods2022-12-3103560407ns5:DeferredTaxation2022-12-3103560407ns5:DeferredTaxation2023-01-012023-12-3103560407ns5:DeferredTaxation2023-12-3103560407ns10:OrdinaryShareClass12023-12-3103560407ns5:RetainedEarningsAccumulatedLosses2022-12-3103560407ns5:SharePremium2022-12-3103560407ns5:RetainedEarningsAccumulatedLosses2023-01-012023-12-31
REGISTERED NUMBER: 03560407 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

CONTRACTS ENGINEERING LIMITED

CONTRACTS ENGINEERING LIMITED (REGISTERED NUMBER: 03560407)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


CONTRACTS ENGINEERING LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: T D Barratt
C I M Barratt
M Blenkinsop





SECRETARY: T D Barratt





REGISTERED OFFICE: Crowe U.K. LLP
Riverside House
40-46 High Street
Maidstone
Kent
ME14 1JH





REGISTERED NUMBER: 03560407 (England and Wales)





ACCOUNTANTS: Crowe U.K. LLP
Riverside House
40-46 High Street
Maidstone
Kent
ME14 1JH

CONTRACTS ENGINEERING LIMITED (REGISTERED NUMBER: 03560407)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 15,122 -
Tangible assets 5 1,005,537 962,946
1,020,659 962,946

CURRENT ASSETS
Stocks 53,279 86,991
Debtors 6 1,223,307 1,353,308
Cash at bank and in hand 74,822 50,710
1,351,408 1,491,009
CREDITORS
Amounts falling due within one year 7 950,486 1,130,661
NET CURRENT ASSETS 400,922 360,348
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,421,581

1,323,294

CREDITORS
Amounts falling due after more than one
year

8

(303,552

)

(370,884

)

PROVISIONS FOR LIABILITIES 11 (223,022 ) (241,125 )
NET ASSETS 895,007 711,285

CAPITAL AND RESERVES
Called up share capital 12 101 101
Share premium 13 97,795 97,795
Retained earnings 13 797,111 613,389
SHAREHOLDERS' FUNDS 895,007 711,285

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

CONTRACTS ENGINEERING LIMITED (REGISTERED NUMBER: 03560407)

BALANCE SHEET - continued
31 DECEMBER 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 9 September 2024 and were signed on its behalf by:





T D Barratt - Director


CONTRACTS ENGINEERING LIMITED (REGISTERED NUMBER: 03560407)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023


1. STATUTORY INFORMATION

Contracts Engineering Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going concern
Accounting standards require the directors to consider the appropriateness of the going concern basis when preparing the financial statements. The directors confirm that they consider that the going concern basis remains appropriate. The directors believe that the company has sufficient resources to continue in operational existence for the foreseeable future. The directors believe this to be the case as the company has positive reserves and cash balances. Thus they continue to adopt the going concern basis of accounting in preparing the annual financial statements.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that completed goods have been delivered to the customer, or held in warehouse at the customers' instruction awaiting future delivery.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of four years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 20% on reducing balance
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Office equipment - 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


CONTRACTS ENGINEERING LIMITED (REGISTERED NUMBER: 03560407)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Debtors
Short term debtors are measured at transaction price, less any impairment.

Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with no significant risk of change in value.

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Creditors
Short term creditors are measured at the transaction price.

Financial reporting standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
- the requirements of Section 7 Statement of Cash Flows;
- the requirements of Section 3 Financial Statement Presentation paragraph 3.17 (d);
- the requirements of Section 11 Financial Instruments paragraphs 11.39 to 11.48A;
- the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.29;
- the requirements of Section 26 Share-based Payment paragraphs 26.18(b), 26.19 to 26.21 and 26.23;
- the requirements of Section 33 Related Party Disclosures paragraph 33.7.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 34 (2022 - 30 ) .

CONTRACTS ENGINEERING LIMITED (REGISTERED NUMBER: 03560407)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


4. INTANGIBLE FIXED ASSETS
Computer
software
£   
COST
Additions 8,024
Disposals (25,613 )
Reclassification/transfer 57,163
At 31 December 2023 39,574
AMORTISATION
Amortisation for year 4,841
Eliminated on disposal (23,433 )
Reclassification/transfer 43,044
At 31 December 2023 24,452
NET BOOK VALUE
At 31 December 2023 15,122

5. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and
property machinery fittings
£    £    £   
COST
At 1 January 2023 59,116 1,886,066 110,023
Additions 35,544 143,655 -
Disposals (4,531 ) (81,619 ) (9,415 )
Reclassification/transfer - - -
At 31 December 2023 90,129 1,948,102 100,608
DEPRECIATION
At 1 January 2023 33,643 1,029,866 91,729
Charge for year 8,220 120,168 4,443
Eliminated on disposal (4,526 ) (60,373 ) (7,723 )
Reclassification/transfer - - -
At 31 December 2023 37,337 1,089,661 88,449
NET BOOK VALUE
At 31 December 2023 52,792 858,441 12,159
At 31 December 2022 25,473 856,200 18,294

CONTRACTS ENGINEERING LIMITED (REGISTERED NUMBER: 03560407)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


5. TANGIBLE FIXED ASSETS - continued

Motor Office
vehicles equipment Totals
£    £    £   
COST
At 1 January 2023 67,136 60,458 2,182,799
Additions 47,862 7,429 234,490
Disposals (8,500 ) - (104,065 )
Reclassification/transfer - (57,163 ) (57,163 )
At 31 December 2023 106,498 10,724 2,256,061
DEPRECIATION
At 1 January 2023 19,521 45,094 1,219,853
Charge for year 20,863 1,063 154,757
Eliminated on disposal (8,420 ) - (81,042 )
Reclassification/transfer - (43,044 ) (43,044 )
At 31 December 2023 31,964 3,113 1,250,524
NET BOOK VALUE
At 31 December 2023 74,534 7,611 1,005,537
At 31 December 2022 47,615 15,364 962,946

The net book value of assets held under finance leases or hire purchase contracts, included above is £174,071 (2022: £306,712).

6. DEBTORS
2023 2022
£    £   
Amounts falling due within one year:
Trade debtors 578,863 704,777
Amounts owed by group undertakings 447,864 488,817
Tax 10,108 80,363
Prepayments and accrued income 159,472 52,351
1,196,307 1,326,308

Amounts falling due after more than one year:
Other debtors 27,000 27,000

Aggregate amounts 1,223,307 1,353,308

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 30,000 30,000
Hire purchase contracts (see note 9) 91,278 132,264
Trade creditors 620,028 547,476
Social security and other taxes 25,574 21,825
VAT 50,928 52,815
Other creditors 2,212 1,863
Invoice discounting 46,171 299,290
Accruals and deferred income 84,295 45,128
950,486 1,130,661

CONTRACTS ENGINEERING LIMITED (REGISTERED NUMBER: 03560407)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR - continued

In May 2020, the company obtained a second Coronavirus Business Interruption Loan of £150,000 repayable in installments over 5 years. First repayment and interest is due 12 months after drawdown. Interest is charged at 3.48% and the loan is secured by a debenture charge. At the balance sheet date, the balance of the loan is £72,500 (2022: £102,500).

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans - 1-2 years 30,000 30,000
Bank loans - 2-5 years 12,500 42,500
Hire purchase contracts (see note 9) 261,052 298,384
303,552 370,884

Amounts falling due in more than five years:

Repayable by instalments
Hire purchase 62,700 40,742

9. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 91,278 132,264
Between one and five years 198,352 257,642
In more than five years 62,700 40,742
352,330 430,648

Non-cancellable operating leases
2023 2022
£    £   
Within one year 160,000 90,000
Between one and five years 360,000 450,000
In more than five years 180,000 -
700,000 540,000

10. SECURED DEBTS

Invoice financing creditor of £46,171 (2022: £299,290) included in creditors due in less than one year is secured on the book debts of the company. Hire purchase borrowings are secured on the assets to which they relate.

11. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 223,022 241,125

CONTRACTS ENGINEERING LIMITED (REGISTERED NUMBER: 03560407)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


11. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1 January 2023 241,125
Utilised during year (18,103 )
Balance at 31 December 2023 223,022

12. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
101 Ordinary £1.00 101 101

13. RESERVES
Retained Share
earnings premium Totals
£    £    £   

At 1 January 2023 613,389 97,795 711,184
Profit for the year 343,722 343,722
Dividends (160,000 ) (160,000 )
At 31 December 2023 797,111 97,795 894,906

14. PENSION COMMITMENTS

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £29,379 (2022: £28,880). At the balance sheet date, there were no contributions outstanding or owed to the fund (2022: £Nil).

15. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Blenkinsop Consulting Limited
A company under common control

For services received in prior years, the company owed Blenkinsop Consulting Limited £6,000 (2022: £6,000) at the balance sheet date.

16. ULTIMATE CONTROLLING PARTY

The controlling party is BAMUK Group Limited.

The ultimate controlling parties are Mr T D Barratt and Mrs C I M Barratt.