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COMPANY REGISTRATION NUMBER: 5916461
D Pittock Engineering Limited
Filleted Unaudited Financial Statements
31 December 2023
D Pittock Engineering Limited
Financial Statements
Year Ended 31st December 2023
Contents
Page
Chartered Accountant's Report to the Director on the Preparation of the Unaudited Statutory Financial Statements
1
Statement of Financial Position
2
Notes to the Financial Statements
4
D Pittock Engineering Limited
Chartered Accountant's Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of D Pittock Engineering Limited
Year Ended 31st December 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of D Pittock Engineering Limited for the year ended 31st December 2023, which comprise the statement of financial position and the related notes 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 www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the director of D Pittock Engineering Limited. Our work has been undertaken solely to prepare for your approval the financial statements of D Pittock Engineering Limited and state those matters that we have agreed to state to you in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than D Pittock Engineering Limited and its director for our work or for this report.
It is your duty to ensure that D Pittock Engineering Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of D Pittock Engineering Limited. You consider that D Pittock Engineering 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 financial statements of D Pittock Engineering 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 financial statements.
PEYTON TYLER MEARS Chartered accountants
Middleborough House 16 Middleborough Colchester Essex CO1 1QT
10 June 2024
D Pittock Engineering Limited
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
£
Fixed Assets
Tangible assets
5
59,553
48,765
Current Assets
Stocks
4,000
14,554
Debtors
6
17,757
47,708
Cash at bank and in hand
12,910
17,244
--------
--------
34,667
79,506
Creditors: amounts falling due within one year
7
94,572
152,948
--------
---------
Net Current Liabilities
59,905
73,442
--------
--------
Total Assets Less Current Liabilities
( 352)
( 24,677)
Creditors: amounts falling due after more than one year
8
11,000
17,000
--------
--------
Net Liabilities
( 11,352)
( 41,677)
--------
--------
Capital and Reserves
Called up share capital
100
100
Profit and loss account
( 11,452)
( 41,777)
--------
--------
Shareholders Deficit
( 11,352)
( 41,677)
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31st December 2023 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 financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
D Pittock Engineering Limited
Statement of Financial Position (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 10 June 2024 , and are signed on behalf of the board by:
D. A. Pittock
Director
Company registration number: 5916461
D Pittock Engineering Limited
Notes to the Financial Statements
Year Ended 31st December 2023
1. General Information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Middleborough House, 16 Middleborough, Colchester, Essex, CO1 1QT.
2. Statement of Compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting Policies
Basis of Preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue Recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Tangible Assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property
-
10% straight line
Motor vehicles
-
25% straight line
Equipment
-
25% straight line
Impairment of Fixed Assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial Instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
4. Employee Numbers
The average number of persons employed by the company during the year amounted to 3 (2022: 3 ).
5. Tangible Assets
Land and buildings
Motor vehicles
Equipment
Total
£
£
£
£
Cost
At 1st January 2023
106,620
24,578
178,940
310,138
Additions
19,308
114
19,422
Disposals
( 73,872)
( 73,872)
---------
--------
---------
---------
At 31st December 2023
125,928
24,578
105,182
255,688
---------
--------
---------
---------
Depreciation
At 1st January 2023
63,113
22,141
176,119
261,373
Charge for the year
6,769
812
1,053
8,634
Disposals
( 73,872)
( 73,872)
---------
--------
---------
---------
At 31st December 2023
69,882
22,953
103,300
196,135
---------
--------
---------
---------
Carrying amount
At 31st December 2023
56,046
1,625
1,882
59,553
---------
--------
---------
---------
At 31st December 2022
43,507
2,437
2,821
48,765
---------
--------
---------
---------
6. Debtors
2023
2022
£
£
Trade debtors
16,217
46,168
Other debtors
1,540
1,540
--------
--------
17,757
47,708
--------
--------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
6,000
6,000
Trade creditors
6,180
78,832
Social security and other taxes
11,726
10,767
Other creditors
70,666
57,349
--------
---------
94,572
152,948
--------
---------
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
11,000
17,000
--------
--------