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REGISTERED NUMBER: 04587329 (England and Wales)












Financial Statements

for the Year Ended 31 December 2023

for

Worswick Engineering Ltd

Worswick Engineering Ltd (Registered number: 04587329)






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


Worswick Engineering Ltd

Company Information
for the Year Ended 31 December 2023







DIRECTORS: A C Worswick
N A Worswick C.Eng.F.I.Mech.E.





REGISTERED OFFICE: Philips Road
Blackburn
Lancashire
BB1 5SG





REGISTERED NUMBER: 04587329 (England and Wales)





ACCOUNTANTS: Egan Roberts Limited
Accountants
Citygate
Longridge Road
Preston
Lancashire
PR2 5BQ

Worswick Engineering Ltd (Registered number: 04587329)

Balance Sheet
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 600,000 600,000
Tangible assets 5 7,197 670
607,197 600,670

CURRENT ASSETS
Stocks 6 124,273 81,433
Debtors 7 586,014 324,155
Cash at bank and in hand 16,392 157,389
726,679 562,977
CREDITORS
Amounts falling due within one year 8 596,894 497,322
NET CURRENT ASSETS 129,785 65,655
TOTAL ASSETS LESS CURRENT
LIABILITIES

736,982

666,325

PROVISIONS FOR LIABILITIES 1,031 127
NET ASSETS 735,951 666,198

CAPITAL AND RESERVES
Called up share capital 100 100
Revaluation reserve 9 600,000 600,000
Retained earnings 135,851 66,098
SHAREHOLDERS' FUNDS 735,951 666,198

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.

Worswick Engineering Ltd (Registered number: 04587329)

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 12 September 2024 and were signed on its behalf by:





N A Worswick C.Eng.F.I.Mech.E. - Director


Worswick Engineering Ltd (Registered number: 04587329)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Worswick Engineering Ltd 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 as modified by the revaluation of certain assets.

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

Intangible assets
Intangible assets represent intellectual property relating to drawings and designs produced by the company. The costs of such drawings carried out during the year are written off to the profit and loss account as incurred.

An annual revaluation and impairment review of the intellectual property is carried by the directors.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 10% on cost
Fixtures and fittings - 10% on cost

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

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Long term contract work in progress is shown at cost including attributable overheads after deducting foreseeable losses and payments on account.

Turnover on long term contracts is determined by the stage of completion of contracts on the basis of valuation of work to date.

Operating profit includes attributable profit on long term contracts completed and amounts recoverable on contracts not yet completed, the latter also being included under debtors due within one year.


Worswick Engineering Ltd (Registered number: 04587329)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued
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.

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.

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11 (2022 - 18 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST OR VALUATION
At 1 January 2023
and 31 December 2023 600,000
NET BOOK VALUE
At 31 December 2023 600,000
At 31 December 2022 600,000

Worswick Engineering Ltd (Registered number: 04587329)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

4. INTANGIBLE FIXED ASSETS - continued

Cost or valuation at 31 December 2023 is represented by:

Other
intangible
assets
£   
Valuation in 2010 600,000

Intellectual property was valued on market value basis on 31 December 2010 by the directors.

5. TANGIBLE FIXED ASSETS
Fixtures
Plant and and
machinery fittings Totals
£    £    £   
COST
At 1 January 2023 15,490 15,346 30,836
Additions 6,750 - 6,750
At 31 December 2023 22,240 15,346 37,586
DEPRECIATION
At 1 January 2023 15,490 14,676 30,166
Charge for year 56 167 223
At 31 December 2023 15,546 14,843 30,389
NET BOOK VALUE
At 31 December 2023 6,694 503 7,197
At 31 December 2022 - 670 670

6. STOCKS
2023 2022
£    £   
Stock 50,000 50,000
Work-in-progress 1,127,648 368,446
Progress payments receivable (1,053,375 ) (337,013 )
124,273 81,433

Worswick Engineering Ltd (Registered number: 04587329)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 512,959 5,679
Amounts outstanding on contracts 45,056 267,014
VAT 17,029 42,629
Prepayments 10,970 8,833
586,014 324,155

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 90,061 -
Trade creditors 160,293 67,121
Social security and other taxes 33,697 2,678
Advance payments on contracts 303 168,502
Directors' current accounts 71,920 59,458
Accrued expenses 240,620 199,563
596,894 497,322

9. RESERVES
Revaluation
reserve
£   
At 1 January 2023
and 31 December 2023 600,000