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COMPANY REGISTRATION NUMBER: 07298110
H J O ELECTRO PLATING LTD
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 March 2024
H J O ELECTRO PLATING LTD
FINANCIAL STATEMENTS
YEAR ENDED 31st MARCH 2024
CONTENTS
PAGES
Statement of financial position
1 to 2
Notes to the financial statements
3 to 8
H J O ELECTRO PLATING LTD
STATEMENT OF FINANCIAL POSITION
31 March 2024
2024
2023
Note
£
£
£
£
FIXED ASSETS
Tangible assets
5
9,055
11,720
CURRENT ASSETS
Stock and work in progress
6
3,500
5,000
Debtors
7
43,570
43,802
Cash at bank and in hand
35
20,082
---------
---------
47,105
68,884
CREDITORS: amounts falling due within one year
8
48,894
68,480
---------
---------
NET CURRENT (LIABILITIES)/ASSETS
( 1,789)
404
-------
---------
TOTAL ASSETS LESS CURRENT LIABILITIES
7,266
12,124
CREDITORS: amounts falling due after more than one year
9
4,675
7,975
PROVISIONS
Taxation including deferred tax
2,264
2,930
-------
---------
NET ASSETS
327
1,219
-------
---------
CAPITAL AND RESERVES
Called up share capital
11
100
100
Profit and loss account
227
1,119
----
-------
SHAREHOLDERS FUNDS
327
1,219
----
-------
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 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
H J O ELECTRO PLATING LTD
STATEMENT OF FINANCIAL POSITION (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 3 September 2024 , and are signed on behalf of the board by:
J. R. O'Neill
Director
Company registration number: 07298110
H J O ELECTRO PLATING LTD
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31st MARCH 2024
1. GENERAL INFORMATION
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 8 Longridge Court, Barrington Industrial Estate, Bedlington, Northumberland, NE22 7DQ.
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. The financial statements are prepared in sterling, which is the functional currency of the entity. Monetary amounts in these financial statements are rounded to the nearest £.
Going concern
The financial statements have been prepared on the going concern basis. The directors consider that this basis is appropriate following due consideration of the present financial position, the expected prospects of the company during the twelve months from the date of approval of these financial statements and the continued support of the company's directors, bankers and other lending agents during this time.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
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:
Plant & Machinery
-
20% reducing balance
Office Equipment
-
25% reducing balance
Motor Vehicles
-
25% reducing balance
Stock and work in progress
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. Work in progress is valued on the basis of direct costs plus attributable overheads based on normal level of activity. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of work in progress.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost .
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to 4 (2023: 6 ).
5. TANGIBLE ASSETS
Plant and machinery
Office equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1st April 2023 and 31st March 2024
9,912
1,067
14,000
24,979
-------
-------
---------
---------
Depreciation
At 1st April 2023
4,646
519
8,094
13,259
Charge for the year
1,051
138
1,476
2,665
-------
-------
---------
---------
At 31st March 2024
5,697
657
9,570
15,924
-------
-------
---------
---------
Carrying amount
At 31st March 2024
4,215
410
4,430
9,055
-------
-------
---------
---------
At 31st March 2023
5,266
548
5,906
11,720
-------
-------
---------
---------
6. STOCK AND WORK IN PROGRESS
2024
2023
£
£
Raw materials and consumables
1,500
2,000
Work in progress
2,000
3,000
-------
-------
3,500
5,000
-------
-------
7. DEBTORS
2024
2023
£
£
Trade debtors
37,987
42,552
Directors loan account
4,333
Other debtors
1,250
1,250
---------
---------
43,570
43,802
---------
---------
8. CREDITORS: amounts falling due within one year
2024
2023
£
£
Bank loan
5,202
3,300
Trade creditors
6,750
8,104
Accruals
2,072
1,699
Corporation tax
20,998
17,397
Social security and other taxes
12,207
14,904
Director loan accounts
19,184
Other creditors
1,665
3,892
---------
---------
48,894
68,480
---------
---------
9. CREDITORS: amounts falling due after more than one year
2024
2023
£
£
Bank loan
4,675
7,975
-------
-------
10. DEFERRED TAX
The deferred tax included in the statement of financial position is as follows:
2024
2023
£
£
Included in provisions
2,264
2,930
-------
-------
The deferred tax account consists of the tax effect of timing differences in respect of:
2024
2023
£
£
Accelerated capital allowances
2,264
2,930
-------
-------
11. CALLED UP SHARE CAPITAL
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
100
100
100
100
----
----
----
----
12. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
J. R. O'Neill
( 19,184)
23,517
4,333
---------
---------
-------
2023
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
J. R. O'Neill
( 28,992)
9,808
( 19,184)
---------
-------
---------
13. RELATED PARTY TRANSACTIONS
No transactions with related parties were undertaken such as are required to be disclosed under FRS 102 Section 1A small entities.