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Registration number: 10015954

Antson Engines Limited

Unaudited Filleted Financial Statements

for the Year Ended 29 February 2024

 

Antson Engines Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

Antson Engines Limited

Company Information

Directors:

F Esposito

A Esposito

Registered office:

1 Thurlow Gardens
Wembley
London
HA0 2AH

Registered number:

10015954

Accountants:

Wem & Co
Chartered Accountants
Savoy House
Savoy Circus
London
W3 7DA

 

Antson Engines Limited

(Registration number: 10015954)
Balance Sheet as at 29 February 2024

Note

29.02.24

28.02.23

   

£

£

£

£

FIXED ASSETS

   

 

Tangible assets

4

 

8,247

 

12,556

CURRENT ASSETS

   

 

Stocks

5

11,250

 

13,500

 

Debtors

6

17,195

 

28,914

 

Cash at bank and in hand

 

7,117

 

3,892

 

 

35,562

 

46,306

 

CREDITORS

   

 

Creditors within 1yr

7

42,246

 

55,948

 

Net current liabilities

   

(6,684)

 

(9,642)

Total assets less current liabilities

   

1,563

 

2,914

Creditors
Amounts falling due after more than one year

7

 

7,000

 

2,499

Net (liabilities)/assets

   

(5,437)

 

415

CAPITAL AND RESERVES

   

 

Called up share capital

 

100

 

100

Profit and loss account

 

(5,537)

 

315

Shareholders' (deficit)/funds

   

(5,437)

 

415

For the financial year ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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.

Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

Antson Engines Limited

(Registration number: 10015954)
Balance Sheet as at 29 February 2024 (continued)

Approved and authorised by the Board on 17 September 2024 and signed on its behalf by:
 

........................................................
F Esposito
Director

 

Antson Engines Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

1.

General information

The company is a private company limited by share capital, incorporated in UK.

The address of its registered office is:
1 Thurlow Gardens
Wembley
London
HA0 2AH

These financial statements were authorised for issue by the Board on 17 September 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 presentational currency is Pound Sterling (£).

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 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 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 taxable income.

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.

 

Antson Engines Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 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

25% on reducing balance and 25% straight line basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Antson Engines Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024 (continued)

2

Accounting policies (continued)

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3.

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 1).

 

Antson Engines Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024 (continued)

4.

Tangible assets

Plant and machinery
£

Office equipment
£

Total
£

Cost or valuation

At 1 March 2023

25,430

1,563

26,993

Additions

275

-

275

At 29 February 2024

25,705

1,563

27,268

Depreciation

At 1 March 2023

13,560

877

14,437

Charge for the year

4,194

390

4,584

At 29 February 2024

17,754

1,267

19,021

Carrying amount

At 29 February 2024

7,951

296

8,247

At 28 February 2023

11,870

686

12,556

5.

Stocks

29.02.24
£

28.02.23
£

Other inventories

11,250

13,500

6.

Debtors

Current

29.02.24
£

28.02.23
£

Trade debtors

15,208

22,702

Prepayments

1,441

1,086

Other debtors

546

5,126

 

17,195

28,914

Included in other debtors is a director's loan of £546 which was repaid in full within nine months after the year-end.
 

 

Antson Engines Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024 (continued)

7.

Creditors

Creditors: amounts falling due within one year

Note

29.02.24
£

28.02.23
£

Due within one year

 

Loans and borrowings

8

24,847

26,081

Trade creditors

 

4,094

7,896

Taxation and social security

 

10,230

11,318

Accruals and deferred income

 

-

200

Other creditors

 

3,075

10,453

 

42,246

55,948

Creditors: amounts falling due after more than one year

Note

29.02.24
£

28.02.23
£

Due after one year

 

Loans and borrowings

8

7,000

2,499

8.

Loans and borrowings

29.02.24
£

28.02.23
£

Non-current loans and borrowings

Hire purchase contract 2 - 5 yrs

-

2,499

Other borrowings

7,000

-

7,000

2,499

29.02.24
£

28.02.23
£

Current loans and borrowings

Bank overdrafts

13,606

8,445

Hire purchase contract

2,499

4,636

Other borrowings

8,742

13,000

24,847

26,081