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John Hall Engineering Limited
Unaudited financial statements
31 July 2024
Company Registration Number 03379143
John Hall Engineering Limited
Financial statements
year ended 31 July 2024
Contents
Pages
Statement of financial position
1 to 2
Notes to the financial statements
3 to 6
John Hall Engineering Limited
Statement of financial position
31 July 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
5
144,368
182,894
Current assets
Stocks
76,853
62,700
Debtors
6
100,844
140,180
Cash at bank and in hand
151,925
169,000
---------
---------
329,622
371,880
Creditors: amounts falling due within one year
7
78,711
105,632
---------
---------
Net current assets
250,911
266,248
---------
---------
Total assets less current liabilities
395,279
449,142
Provisions
38,258
45,724
---------
---------
Net assets
357,021
403,418
---------
---------
Capital and reserves
Called up share capital
1,500
1,500
Profit and loss account
355,521
401,918
---------
---------
Shareholders funds
357,021
403,418
---------
---------
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 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
John Hall Engineering Limited
Statement of financial position (continued)
31 July 2024
These financial statements were approved by the board of directors and authorised for issue on 11 October 2024 , and are signed on behalf of the board by:
Mr M J Hall
Director
Company registration number: 03379143
John Hall Engineering Limited
Notes to the financial statements
year ended 31 July 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 3d Harpings Road, Hull, HU5 4JF.
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 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.
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. 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 and machinery
-
20% reducing balance
Motor vehicles
-
25% reducing balance
Equipment
-
33% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units .
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.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
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. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 7 (2023: 8 ).
5. Tangible assets
Plant and machinery
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1 August 2023
596,645
16,857
51,214
28,714
693,430
Additions
1,521
770
2,291
Disposals
( 39,056)
5,606
( 33,450)
---------
--------
--------
--------
---------
At 31 July 2024
559,110
17,627
51,214
34,320
662,271
---------
--------
--------
--------
---------
Depreciation
At 1 August 2023
446,632
8,842
27,420
27,642
510,536
Charge for the year
30,232
1,719
4,761
574
37,286
Disposals
( 35,525)
5,606
( 29,919)
---------
--------
--------
--------
---------
At 31 July 2024
441,339
10,561
32,181
33,822
517,903
---------
--------
--------
--------
---------
Carrying amount
At 31 July 2024
117,771
7,066
19,033
498
144,368
---------
--------
--------
--------
---------
At 31 July 2023
150,013
8,015
23,794
1,072
182,894
---------
--------
--------
--------
---------
6. Debtors
2024
2023
£
£
Trade debtors
88,391
128,532
Other debtors
12,453
11,648
---------
---------
100,844
140,180
---------
---------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
12,932
10,821
Amounts owed to group undertakings and undertakings in which the company has a participating interest
12,456
456
Corporation tax
16,725
43,270
Social security and other taxes
25,603
29,230
Other creditors
10,995
21,855
--------
---------
78,711
105,632
--------
---------
8. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Not later than 1 year
22,130
7,518
Later than 1 year and not later than 5 years
61,413
--------
-------
83,543
7,518
--------
-------
9. Controlling party
The Company's immediate parent is Little Willow Holdings Limited , incorporated in England and Wales.