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REGISTERED NUMBER: 01059717 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

FURNESS ENGINEERING AND TECHNOLOGY
LIMITED

FURNESS ENGINEERING AND TECHNOLOGY
LIMITED (REGISTERED NUMBER: 01059717)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023




Page

Company Information 1

Certified Accountants' Report 2

Balance Sheet 3

Notes to the Financial Statements 5


FURNESS ENGINEERING AND TECHNOLOGY
LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: Mr T Redshaw
Mrs C A Postlethwaite
Mr R Barrow





REGISTERED OFFICE: Slingsby House
Sandside Road
Ulverston
Cumbria
LA12 9EF





REGISTERED NUMBER: 01059717 (England and Wales)





ACCOUNTANTS: R F Miller & Co
Double Tree Court
10A Cavendish St
Ulverston
Cumbria
LA12 7AD

CERTIFIED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS
ON THE UNAUDITED FINANCIAL STATEMENTS OF
FURNESS ENGINEERING AND TECHNOLOGY
LIMITED

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In accordance with the engagement letter, and in order to assist you to fulfil your duties under the Companies Act 2006, we have compiled the financial statements of the company from the accounting records and information and explanations you have given to us.

This report is made to the director in accordance with the terms of our engagement. Our work has been undertaken to prepare for approval by the director the financial statements that we have been engaged to compile, to report to the director that we have done so, and to state those matters that we have agreed to state to them in this report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's director for our work or for this report.

You have acknowledged on the balance sheet as at 31 December 2023 your duty to ensure that the company has kept proper accounting records and to prepare financial statements that give a true and fair view under the Companies Act 2006. You consider that the company is exempt from the statutory requirement for an audit for the year.

We have not been instructed to carry out an audit of the financial statements. 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 financial statements.






R F Miller & Co
Double Tree Court
10A Cavendish St
Ulverston
Cumbria
LA12 7AD


23 September 2024

FURNESS ENGINEERING AND TECHNOLOGY
LIMITED (REGISTERED NUMBER: 01059717)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 134,824 99,918
Investments 5 200 200
135,024 100,118

CURRENT ASSETS
Stocks 10,746 1,003
Debtors 6 504,473 390,995
Cash at bank and in hand 170,951 145,731
686,170 537,729
CREDITORS
Amounts falling due within one year 7 295,709 171,422
NET CURRENT ASSETS 390,461 366,307
TOTAL ASSETS LESS CURRENT
LIABILITIES

525,485

466,425

PROVISIONS FOR LIABILITIES 31,065 15,188
NET ASSETS 494,420 451,237

CAPITAL AND RESERVES
Called up share capital 500 500
Retained earnings 8 493,920 450,737
SHAREHOLDERS' FUNDS 494,420 451,237

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

FURNESS ENGINEERING AND TECHNOLOGY
LIMITED (REGISTERED NUMBER: 01059717)

BALANCE SHEET - continued
31 DECEMBER 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 23 September 2024 and were signed on its behalf by:





Mr T Redshaw - Director


FURNESS ENGINEERING AND TECHNOLOGY
LIMITED (REGISTERED NUMBER: 01059717)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1. STATUTORY INFORMATION

Furness Engineering And Technology Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

TURNOVER
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

TANGIBLE FIXED ASSETS
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - at varying rates on cost
Fixtures and fittings - at varying rates on cost
Motor vehicles - at varying rates on cost
Computer equipment - at varying rates on cost

INVESTMENTS IN SUBSIDIARIES
Investments in subsidiary undertakings are recognised at cost.

STOCKS
Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Stocks and work in progress are stated at the lower of cost and estimated costs to complete and sell, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Estimated selling price less costs to complete and sell is based on the estimated selling price of the goods less any estimated completion or selling costs likely to be incurred on the sale.

TAXATION
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


FURNESS ENGINEERING AND TECHNOLOGY
LIMITED (REGISTERED NUMBER: 01059717)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

2. ACCOUNTING POLICIES - continued
DEFERRED TAX
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

HIRE PURCHASE AND LEASING COMMITMENTS
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

PENSION COSTS AND OTHER POST-RETIREMENT BENEFITS
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 37 (2022 - 29 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 January 2023 42,138 108,173 69,709 552,209 772,229
Additions - 2,240 64,334 22,099 88,673
Disposals - - (32,091 ) - (32,091 )
At 31 December 2023 42,138 110,413 101,952 574,308 828,811
DEPRECIATION
At 1 January 2023 41,540 81,792 51,478 497,501 672,311
Charge for year - 20,316 7,845 25,606 53,767
Eliminated on disposal - - (32,091 ) - (32,091 )
At 31 December 2023 41,540 102,108 27,232 523,107 693,987
NET BOOK VALUE
At 31 December 2023 598 8,305 74,720 51,201 134,824
At 31 December 2022 598 26,381 18,231 54,708 99,918

FURNESS ENGINEERING AND TECHNOLOGY
LIMITED (REGISTERED NUMBER: 01059717)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

5. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 January 2023
and 31 December 2023 200
NET BOOK VALUE
At 31 December 2023 200
At 31 December 2022 200

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 314,772 225,935
Amounts owed by group undertakings 108,798 107,905
Other debtors - 215
Directors' current accounts 20,000 -
Prepayments and accrued income 60,903 56,940
504,473 390,995

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 83,547 7,392
Corporation tax 46,996 7,897
Social security and other taxes 39,603 29,585
VAT 75,731 105,834
Other creditors 11,060 5,107
Accruals and deferred income 38,772 15,607
295,709 171,422

8. RESERVES
Retained
earnings
£   

At 1 January 2023 450,737
Profit for the year 183,529
Dividends (140,346 )
At 31 December 2023 493,920

9. CONTINGENT LIABILITIES

The company also had a cross guarantee against bank borrowings of the group. The maximum potential liability at 31 December 2023 was £32,571 (2022 - £43,3326).

FURNESS ENGINEERING AND TECHNOLOGY
LIMITED (REGISTERED NUMBER: 01059717)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

At 31 December 2023, Mr T Redshaw owed the company £20,000 (2022 - £Nil), and the company owed Mrs L R Redshaw £Nil (2022 - £Nil) and Mrs C A Postlethwaite £Nil (2022 - £Nil).

11. RELATED PARTY DISCLOSURES

During the year the company made purchases from the parent company, T.Ward & Son, Limited, of £5,489 (2022 - £509), made sales to the parent company of £713 (2022: £691) and paid dividends to the parent company of £140,346 (2022: £166,925).
The balance outstanding at the year end is £103,798 debtor (2022: £102,905).