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COMPANY REGISTRATION NUMBER: 01138828
Roy Allen (Engineering) Limited
Unaudited financial statements
31 December 2023
Roy Allen (Engineering) Limited
Statement of financial position
31 December 2023
2023
2022
Note
£
£
£
£
Fixed assets
Tangible assets
5
757,858
708,106
Current assets
Stocks
27,580
26,484
Debtors
6
783,749
885,809
Cash at bank and in hand
1,291,717
1,331,334
-----------
-----------
2,103,046
2,243,627
Creditors: Amounts falling due within one year
7
( 655,195)
( 1,138,714)
-----------
-----------
Net current assets
1,447,851
1,104,913
-----------
-----------
Total assets less current liabilities
2,205,709
1,813,019
Provisions
Taxation including deferred tax
( 83,843)
( 88,229)
-----------
-----------
Net assets
2,121,866
1,724,790
-----------
-----------
Capital and reserves
Called up share capital
1,850
1,850
Revaluation reserve
159,266
224,083
Capital redemption reserve
650
650
Profit and loss account
1,960,100
1,498,207
-----------
-----------
Shareholders funds
2,121,866
1,724,790
-----------
-----------
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 comprehensive income has not been delivered.
For the year ending 31 December 2023 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 .
Roy Allen (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 23 September 2024 , and are signed on behalf of the board by:
P R Allen
Director
Company registration number: 01138828
Roy Allen (Engineering) Limited
Notes to the financial statements
Year ended 31 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 Fair Green, Diss, Norfolk, IP22 4BG.
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 and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods 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. In respect of long term contracts for on-going services, turnover represents the value of work done in the year including estimates of amounts not invoiced. Turnover in respect of long-term contracts for on-going services is recognised by reference to the stage of completion. Losses in respect of long term contracts are provided in full when it is probable and it can be reliably measured. A provision for long term contracts is recognised as a liability in the statement of financial position and an expense in the income statement.
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. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. 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.
Operating leases
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease. Lease income is recognised in profit or loss on a straight line basis over the lease term. Any initial direct costs incurred in negotiating and arranging the operating lease are added to the carrying amount of the lease and recognised as an expense over the lease term on the same basis as the lease income.
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:
Plant & Machinery
-
15% reducing balance
Motor Vehicles
-
25% reducing balance
Finance leases and hire purchase contracts
Assets held under hire purchase agreements are capitalised and disclosed under tangible fixed assets at their fair value. The capital element of the future payments is treated as a liability and the interest is charged to the profit and loss account at a constant rate of charge on the balance of capital repayments outstanding.
Defined contribution plans
The company operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the company. The annual contributions payable are charged to the profit and loss account. The annual contributions are charged to the profit and loss account.
4. Employee numbers
The average number of employees during the year was 26 (2022: 23 ).
5. Tangible assets
Land and buildings
Plant and machinery
Motor vehicles
Total
£
£
£
£
Cost or valuation
At 1 January 2023
425,000
674,810
289,308
1,389,118
Additions
84,022
36,928
109,688
230,638
Disposals
( 43,964)
( 55,545)
( 99,509)
Revaluations
( 84,022)
( 84,022)
---------
---------
---------
-----------
At 31 December 2023
425,000
667,774
343,451
1,436,225
---------
---------
---------
-----------
Depreciation
At 1 January 2023
513,480
167,532
681,012
Charge for the year
25,616
44,100
69,716
Disposals
( 40,297)
( 32,064)
( 72,361)
---------
---------
---------
-----------
At 31 December 2023
498,799
179,568
678,367
---------
---------
---------
-----------
Carrying amount
At 31 December 2023
425,000
168,975
163,883
757,858
---------
---------
---------
-----------
At 31 December 2022
425,000
161,330
121,776
708,106
---------
---------
---------
-----------
Tangible assets held at valuation
The freehold property was revalued in 2023 by the director and considers the value of the land and building to be the same as last year.
In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
Freehold property
£
At 31 December 2023
Aggregate cost
256,053
Aggregate depreciation
---------
Carrying value
256,053
---------
At 31 December 2022
Aggregate cost
172,301
Aggregate depreciation
---------
Carrying value
172,301
---------
6. Debtors
2023
2022
£
£
Trade debtors
568,874
775,766
Other debtors
214,875
110,043
---------
---------
783,749
885,809
---------
---------
7. Creditors: Amounts falling due within one year
2023
2022
£
£
Trade creditors
322,327
401,310
Social security and other taxes
169,388
232,761
Other creditors
163,480
504,643
---------
-----------
655,195
1,138,714
---------
-----------
8. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
£
£
Not later than 1 year
1,372
1,829
Later than 1 year and not later than 5 years
1,372
------
------
1,372
3,201
------
------