Company Registration No. 7974502 (England and Wales)
ABS Engineering Ltd
Unaudited accounts
for the year ended 31 March 2024
ABS Engineering Ltd
Unaudited accounts
Contents
ABS Engineering Ltd
Company Information
for the year ended 31 March 2024
Directors
Adrian Blackburn
Lynsey Blackburn
Company Number
7974502 (England and Wales)
Registered Office
Evergreen Farm, Wash Road
Kirton
Boston
Lincolnshire
PE20 1QQ
Accountants
CDM Accountants Limited
28 Tytton Lane East
Wyberton
Boston
Lincolnshire
PE21 7HW
ABS Engineering Ltd
Statement of financial position
as at 31 March 2024
Tangible assets
382,883
340,438
Cash at bank and in hand
778,116
433,180
Creditors: amounts falling due within one year
(361,392)
(407,567)
Net current assets
774,820
570,574
Total assets less current liabilities
1,157,703
911,012
Creditors: amounts falling due after more than one year
-
(1,773)
Provisions for liabilities
Deferred tax
(56,900)
(49,066)
Net assets
1,100,803
860,173
Called up share capital
201
201
Profit and loss account
1,100,602
859,972
Shareholders' funds
1,100,803
860,173
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 24 July 2024 and were signed on its behalf by
Adrian Blackburn
Director
Company Registration No. 7974502
ABS Engineering Ltd
Notes to the Accounts
for the year ended 31 March 2024
ABS Engineering Ltd is a private company, limited by shares, registered in England and Wales, registration number 7974502. The registered office is Evergreen Farm, Wash Road, Kirton, Boston, Lincolnshire, PE20 1QQ.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
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 goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
15% reducing balance
Motor vehicles
25% reducing balance
Computer equipment
15% reducing balance
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
ABS Engineering Ltd
Notes to the Accounts
for the year ended 31 March 2024
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
4
Tangible fixed assets
Land & buildings
Plant & machinery
Motor vehicles
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At cost
At 1 April 2023
155,284
102,711
220,735
17,323
496,053
Additions
-
4,678
139,713
621
145,012
Disposals
-
-
(91,222)
-
(91,222)
At 31 March 2024
155,284
107,389
269,226
17,944
549,843
At 1 April 2023
-
42,034
105,827
7,754
155,615
Charge for the year
-
9,805
54,462
1,529
65,796
On disposals
-
-
(54,451)
-
(54,451)
At 31 March 2024
-
51,839
105,838
9,283
166,960
At 31 March 2024
155,284
55,550
163,388
8,661
382,883
At 31 March 2023
155,284
60,677
114,908
9,569
340,438
Carrying values included above held under finance leases and hire purchase contracts:
£
£
- Motor vehicles
9,913
45,009
Amounts falling due within one year
Trade debtors
312,489
515,765
Accrued income and prepayments
2,135
1,716
ABS Engineering Ltd
Notes to the Accounts
for the year ended 31 March 2024
6
Creditors: amounts falling due within one year
2024
2023
Obligations under finance leases and hire purchase contracts
1,949
20,275
Trade creditors
176,212
296,427
Taxes and social security
175,297
85,379
Loans from directors
4,325
2,179
7
Creditors: amounts falling due after more than one year
2024
2023
Obligations under finance leases and hire purchase contracts
-
1,773
Allotted, called up and fully paid:
100 Ordinary A shares of £1 each
100
100
100 Ordinary B shares of £1 each
100
100
1 Ordinary C shares of £1 each
1
1
9
Transactions with related parties
As at the year end there was a related party transaction of £4,325 (2023 - £2,179) of which no interest has been charged during the year.
10
Average number of employees
During the year the average number of employees was 10 (2023: 10).