Registered number
NI058681
ANNETT ENGINEERING LTD
Filleted Accounts
31 March 2024
ANNETT ENGINEERING LTD
Registered number: NI058681
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 24,000 32,000
Tangible assets 4 11,885 13,982
35,885 45,982
Current assets
Stocks 22,080 20,235
Debtors 5 800 800
Cash at bank and in hand 385,149 296,917
408,029 317,952
Creditors: amounts falling due within one year 6 (106,726) (87,196)
Net current assets 301,303 230,756
Total assets less current liabilities 337,188 276,738
Provisions for liabilities (2,635) (2,635)
Net assets 334,553 274,103
Capital and reserves
Called up share capital 2 2
Profit and loss account 334,551 274,101
Shareholders' funds 334,553 274,103
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Ronald Annett
Director
Approved by the board on 9 October 2024
ANNETT ENGINEERING LTD
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 15% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 4 -
3 Intangible fixed assets £
Goodwill:
Cost
At 1 April 2023 40,000
At 31 March 2024 40,000
Amortisation
At 1 April 2023 8,000
Provided during the year 8,000
At 31 March 2024 16,000
Net book value
At 31 March 2024 24,000
At 31 March 2023 32,000
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2023 41,308
At 31 March 2024 41,308
Depreciation
At 1 April 2023 27,326
Charge for the year 2,097
At 31 March 2024 29,423
Net book value
At 31 March 2024 11,885
At 31 March 2023 13,982
5 Debtors 2024 2023
£ £
Other debtors 800 800
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 1 1
Trade creditors 24,502 25,861
Corporation tax 33,997 21,949
Other taxes and social security costs 4,062 3,748
Other creditors 44,164 35,637
106,726 87,196
7 Other information
ANNETT ENGINEERING LTD is a private company limited by shares and incorporated in Northern Ireland. Its registered office is:
21 School Road
Ballymartin
Newry
Co Down
BT34 4PQ
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