Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31No description of principal activity10true2023-01-01falseThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.9truefalse 02641987 2023-01-01 2023-12-31 02641987 2022-01-01 2022-12-31 02641987 2023-12-31 02641987 2022-12-31 02641987 2022-01-01 02641987 c:Director1 2023-01-01 2023-12-31 02641987 d:PlantMachinery 2023-01-01 2023-12-31 02641987 d:PlantMachinery 2023-12-31 02641987 d:PlantMachinery 2022-12-31 02641987 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 02641987 d:FurnitureFittings 2023-01-01 2023-12-31 02641987 d:FurnitureFittings 2023-12-31 02641987 d:FurnitureFittings 2022-12-31 02641987 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 02641987 d:ComputerEquipment 2023-01-01 2023-12-31 02641987 d:ComputerEquipment 2023-12-31 02641987 d:ComputerEquipment 2022-12-31 02641987 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 02641987 d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 02641987 d:CurrentFinancialInstruments 2023-12-31 02641987 d:CurrentFinancialInstruments 2022-12-31 02641987 d:Non-currentFinancialInstruments 2023-12-31 02641987 d:Non-currentFinancialInstruments 2022-12-31 02641987 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 02641987 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 02641987 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-31 02641987 d:Non-currentFinancialInstruments d:AfterOneYear 2022-12-31 02641987 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-12-31 02641987 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2022-12-31 02641987 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-12-31 02641987 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-12-31 02641987 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2023-12-31 02641987 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2022-12-31 02641987 d:ShareCapital 2023-12-31 02641987 d:ShareCapital 2022-12-31 02641987 d:RetainedEarningsAccumulatedLosses 2023-12-31 02641987 d:RetainedEarningsAccumulatedLosses 2022-12-31 02641987 c:FRS102 2023-01-01 2023-12-31 02641987 c:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 02641987 c:FullAccounts 2023-01-01 2023-12-31 02641987 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 02641987 d:WithinOneYear 2023-12-31 02641987 d:WithinOneYear 2022-12-31 02641987 d:BetweenOneFiveYears 2023-12-31 02641987 d:BetweenOneFiveYears 2022-12-31 02641987 2 2023-01-01 2023-12-31 02641987 d:AcceleratedTaxDepreciationDeferredTax 2023-12-31 02641987 d:AcceleratedTaxDepreciationDeferredTax 2022-12-31 02641987 d:TaxLossesCarry-forwardsDeferredTax 2023-12-31 02641987 d:TaxLossesCarry-forwardsDeferredTax 2022-12-31 02641987 e:PoundSterling 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure

Registered number: 02641987










F X ENGINEERING LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
F X ENGINEERING LIMITED
REGISTERED NUMBER: 02641987

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
10,073
15,309

Current assets
  

Stocks
  
10,101
13,424

Debtors due within 1 year
  
27,884
83,407

Cash at bank and in hand
  
139,727
88,300

  
177,712
185,131

Creditors: amounts falling due within one year
 6 
(63,684)
(71,736)

Net current assets
  
 
 
114,028
 
 
113,395

Total assets less current liabilities
  
124,101
128,704

Creditors: amounts falling due after more than one year
 7 
(29,162)
(34,082)

Provisions for liabilities
  

Deferred tax
 9 
(901)
(1,847)

Net assets
  
94,038
92,775


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
93,938
92,675

  
94,038
92,775


Page 1

 
F X ENGINEERING LIMITED
REGISTERED NUMBER: 02641987
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 






N R Guiton
Director

Date: 3 August 2024

The notes on pages 3 to 10 form part of these financial statements.

Page 2

 
F X ENGINEERING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

F X Engineering Limited was incorporated and registered in England & Wales (registered number 02641987). It is a privately owned company and limited by shares. It's registered address is Unit 9F Farnham Trading Estate, Farnham, Surrey, GU9 9NN.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Revenue

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Sale of goods

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.3

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 3

 
F X ENGINEERING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.7

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.8

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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 income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 4

 
F X ENGINEERING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.9
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant & machinery
-
15% straight line
Fixtures & fittings
-
15% straight line
Computer equipment
-
25% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.10

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is 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.

 
2.11

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.12

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 insignificant risk of change in value.

 
2.13

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 5

 
F X ENGINEERING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.14

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.15

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Page 6

 
F X ENGINEERING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.16

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 9 (2022 - 10).


4.


Tangible fixed assets





Plant & machinery
Fixtures & fittings
Computer equipment
Total

£
£
£
£



Cost or valuation


At 1 January 2023
291,722
10,584
6,304
308,610


Additions
-
-
240
240



At 31 December 2023

291,722
10,584
6,544
308,850



Depreciation


At 1 January 2023
276,447
10,584
6,271
293,302


Charge for the year on owned assets
5,396
-
79
5,475



At 31 December 2023

281,843
10,584
6,350
298,777



Net book value



At 31 December 2023
9,879
-
194
10,073



At 31 December 2022
15,275
-
34
15,309

Page 7

 
F X ENGINEERING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Debtors

2023
2022
£
£


Trade debtors
18,793
75,011

Prepayments and accrued income
9,091
8,395

27,884
83,406



6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
5,844
5,844

Trade creditors
23,922
29,692

Corporation tax
21,264
14,825

Other taxation and social security
6,798
14,436

Other creditors
2,916
3,669

Accruals and deferred income
2,940
3,270

63,684
71,736



7.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
29,162
34,082


Page 8

 
F X ENGINEERING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

8.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
5,844
5,844

Amounts falling due 1-2 years

Bank loans
5,844
5,844

Amounts falling due 2-5 years

Bank loans
17,533
17,533

Amounts falling due after more than 5 years

Bank loans
5,786
10,704

35,007
39,925



9.


Deferred taxation




2023
2022


£

£






At beginning of year
(1,847)
(3,652)


Charged to profit or loss
946
1,805



At end of year
(901)
(1,847)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(956)
(3,652)

Other timing differences
55
1,805

(901)
(1,847)

Page 9

 
F X ENGINEERING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

10.


Pension commitments

The Company operates a defined contributions 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 £1,859 (2022 - £1,820).  Contributions of £299 (2022 - £1,040) were payable to the fund at the reporting date.


11.


Commitments under operating leases

At 31 December 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
39,480
39,480

Later than 1 year and not later than 5 years
-
39,480

39,480
78,960

 
Page 10