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COMPANY REGISTRATION NUMBER: 1351611
Trecarn Engineering Limited
Filleted Unaudited Financial Statements
31 March 2024
Trecarn Engineering Limited
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
99,334
128,687
Current assets
Stocks
985,269
928,289
Debtors
6
823,060
854,870
Cash at bank and in hand
1,247,856
1,409,414
------------
------------
3,056,185
3,192,573
Creditors: amounts falling due within one year
7
914,500
1,136,364
------------
------------
Net current assets
2,141,685
2,056,209
------------
------------
Total assets less current liabilities
2,241,019
2,184,896
Provisions
Taxation including deferred tax
19,469
25,149
------------
------------
Net assets
2,221,550
2,159,747
------------
------------
Capital and reserves
Called up share capital
8
512
512
Profit and loss account
2,221,038
2,159,235
------------
------------
Shareholders funds
2,221,550
2,159,747
------------
------------
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 31 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 .
Trecarn Engineering Limited
Statement of Financial Position (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 16 September 2024 , and are signed on behalf of the board by:
Mr M D Ensor
Mr S D Bindley
Director
Director
Company registration number: 1351611
Trecarn Engineering Limited
Notes to the Financial Statements
Year ended 31 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 Marquis Drive, Moira, Swadlincote, Derbyshire, DE12 6EJ.
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.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership 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.
Income tax
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.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
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 over the useful economic life of that asset as follows:
Leasehold property improvements
-
Amortised in equal instalments over the term of the lease
Website
-
33% straight line
Fixtures and fittings
-
25% reducing balance
Motor vehicles
-
25% reducing balance
Computer equipment
-
33% straight line
Stocks
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.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
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.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 35 (2023: 31 ).
5. Tangible assets
Leasehold improve- ments
Website
Fixtures and fittings
Motor vehicles
Computer equipment
Total
£
£
£
£
£
£
Cost
At 1 Apr 2023
122,165
19,480
246,574
81,980
67,206
537,405
Additions
2,517
4,135
6,652
Disposals
( 13,950)
( 13,950)
---------
--------
---------
--------
--------
---------
At 31 Mar 2024
122,165
19,480
249,091
68,030
71,341
530,107
---------
--------
---------
--------
--------
---------
Depreciation
At 1 Apr 2023
122,165
19,480
169,394
33,605
64,074
408,718
Charge for the year
19,924
11,745
2,940
34,609
Disposals
( 12,554)
( 12,554)
---------
--------
---------
--------
--------
---------
At 31 Mar 2024
122,165
19,480
189,318
32,796
67,014
430,773
---------
--------
---------
--------
--------
---------
Carrying amount
At 31 Mar 2024
59,773
35,234
4,327
99,334
---------
--------
---------
--------
--------
---------
At 31 Mar 2023
77,180
48,375
3,132
128,687
---------
--------
---------
--------
--------
---------
6. Debtors
2024
2023
£
£
Trade debtors
788,900
827,515
Prepayments and accrued income
33,213
26,504
Other debtors
947
851
---------
---------
823,060
854,870
---------
---------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
163,493
469,167
Accruals and deferred income
41,698
49,349
Corporation tax
124,633
73,685
Social security and other taxes
135,134
80,913
Director loan accounts
122,215
90,230
H J Wigner loan account
49
49
Other creditors
327,278
372,971
---------
------------
914,500
1,136,364
---------
------------
8. Called up share capital
Authorised share capital
2024
2023
No.
£
No.
£
Ordinary A shares of £ 1 each
800
800
800
800
Ordinary B shares of £ 1 each
200
200
200
200
-------
-------
-------
-------
1,000
1,000
1,000
1,000
-------
-------
-------
-------
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary A shares of £ 1 each
312
312
312
312
Ordinary B shares of £ 1 each
200
200
200
200
----
----
----
----
512
512
512
512
----
----
----
----
The holders of the 'B' shares are not entitled to receive notice of, attend, or vote at any General Meeting of the company. They do not have the right to dividends unless recommended by the directors and have no priorities on the winding up of the company. There is no specified date of, or amount receivable, on redemption.
9. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Not later than 1 year
84,000
84,000
Later than 1 year and not later than 5 years
210,000
294,000
---------
---------
294,000
378,000
---------
---------
10. Related party transactions
At the year end, creditors included loans from the directors to the company of £122,215 (2023: £90,230). No interest is charged on the loans.