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Registration number: 06586447

Minear Engineering Holding Limited

Filleted Unaudited Financial Statements

for the Year Ended 29 February 2024

 

Minear Engineering Holding Limited
(Registration number: 06586447)

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Minear Engineering Holding Limited
(Registration number: 06586447)

Company Information

Directors

A J Minear

M Minear

P B Minear

Registered office

28 Alexandra Terrace
Exmouth
Devon
EX8 1BD

Accountants

Thompson Jenner LLP
Chartered Accountants
28 Alexandra Terrace
Exmouth
Devon
EX8 1BD

 

Minear Engineering Holding Limited
(Registration number: 06586447)

Balance Sheet as at 29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

356,423

366,014

Investments

5

2

2

 

356,425

366,016

Current assets

 

Debtors

6

45,081

43,555

Cash at bank and in hand

 

18,035

26,763

 

63,116

70,318

Creditors: Amounts falling due within one year

7

(137,442)

(98,817)

Net current liabilities

 

(74,326)

(28,499)

Total assets less current liabilities

 

282,099

337,517

Creditors: Amounts falling due after more than one year

7

(13,584)

(23,333)

Net assets

 

268,515

314,184

Capital and reserves

 

Called up share capital

4

4

Profit and loss account

268,511

314,180

Total equity

 

268,515

314,184

For the financial year ending 29 February 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

 

Minear Engineering Holding Limited
(Registration number: 06586447)

Balance Sheet as at 29 February 2024

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 22 October 2024 and signed on its behalf by:
 

.........................................
M Minear
Director

 

Minear Engineering Holding Limited
(Registration number: 06586447)

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
28 Alexandra Terrace
Exmouth
Devon
EX8 1BD

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Exemption from preparing group accounts

The company has taken advantage of the exemption in section 398 of the Companies Act 2006 from the requirement to prepare consolidated financial statements, on the grounds that it is a small sized group.

Tax

The tax expense for the period comprises tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

Minear Engineering Holding Limited
(Registration number: 06586447)

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Land and buildings

2% straight line

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Minear Engineering Holding Limited
(Registration number: 06586447)

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2023 - 3).

 

Minear Engineering Holding Limited
(Registration number: 06586447)

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

4

Tangible assets

Land and buildings
£

Total
£

Cost or valuation

At 1 March 2023

479,521

479,521

At 29 February 2024

479,521

479,521

Depreciation

At 1 March 2023

113,507

113,507

Charge for the year

9,591

9,591

At 29 February 2024

123,098

123,098

Carrying amount

At 29 February 2024

356,423

356,423

At 28 February 2023

366,014

366,014

Included within the net book value of land and buildings above is £356,423 (2023 - £366,014) in respect of freehold land and buildings.
 

5

Investments

2024
£

2023
£

Investments in subsidiaries

2

2

Subsidiaries

£

Cost or valuation

At 1 March 2023

2

At 29 February 2024

2

Carrying amount

At 29 February 2024

2

At 28 February 2023

2

 

Minear Engineering Holding Limited
(Registration number: 06586447)

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2024

2023

Subsidiary undertakings

Minear Engineering Limited

28 Alexandra Terrace, Exmouth, Devon. EX8 1BD

Ordinary shares

100%

100%

 

England & Wales

     

Subsidiary undertakings

Minear Engineering Limited

The principal activity of Minear Engineering Limited is the provision of metal work engineering services.

6

Debtors

2024
£

2023
£

Trade debtors

2,000

2,000

Other debtors

43,081

41,555

Total current trade and other debtors

45,081

43,555

 

Minear Engineering Holding Limited
(Registration number: 06586447)

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

7

Creditors

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

10,000

10,000

Amounts owed to group undertakings and undertakings in which the company has a participating interest

9

127,417

88,817

Taxation and social security

 

25

-

 

137,442

98,817

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

13,584

23,333

8

Loans and borrowings

2024
£

2023
£

Current loans and borrowings

Bank borrowings

10,000

10,000

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

13,584

23,333

9

Related party transactions

2024

At 1 March 2023
£

Advances to director
£

Repayments by director
£

At 29 February 2024
£

M Minear

Interest fee loan

40,980

49,100

(47,000)

43,080

         
       

 

 

Minear Engineering Holding Limited
(Registration number: 06586447)

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

2023

At 1 March 2022
£

Advances to director
£

At 28 February 2023
£

M Minear

Interest fee loan

-

40,980

40,980

       
     

 

10

Parent and ultimate parent undertaking

The ultimate controlling party are the directors who own 100% of the share capital.