Minear Engineering Limited 04285505 false 2023-03-01 2024-02-29 2024-02-29 The principal activity of the company is the provision of metal work engineering services. Digita Accounts Production Advanced 6.30.9574.0 true true 04285505 2023-03-01 2024-02-29 04285505 2024-02-29 04285505 core:RetainedEarningsAccumulatedLosses 2024-02-29 04285505 core:ShareCapital 2024-02-29 04285505 core:CurrentFinancialInstruments 2024-02-29 04285505 core:CurrentFinancialInstruments core:WithinOneYear 2024-02-29 04285505 core:Goodwill 2024-02-29 04285505 core:FurnitureFittingsToolsEquipment 2024-02-29 04285505 core:LandBuildings 2024-02-29 04285505 core:MotorVehicles 2024-02-29 04285505 core:OtherPropertyPlantEquipment 2024-02-29 04285505 bus:SmallEntities 2023-03-01 2024-02-29 04285505 bus:AuditExemptWithAccountantsReport 2023-03-01 2024-02-29 04285505 bus:FullAccounts 2023-03-01 2024-02-29 04285505 bus:SmallCompaniesRegimeForAccounts 2023-03-01 2024-02-29 04285505 bus:RegisteredOffice 2023-03-01 2024-02-29 04285505 bus:CompanySecretary1 2023-03-01 2024-02-29 04285505 bus:Director2 2023-03-01 2024-02-29 04285505 bus:Director3 2023-03-01 2024-02-29 04285505 bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 04285505 core:Goodwill 2023-03-01 2024-02-29 04285505 core:Buildings 2023-03-01 2024-02-29 04285505 core:FurnitureFittings 2023-03-01 2024-02-29 04285505 core:FurnitureFittingsToolsEquipment 2023-03-01 2024-02-29 04285505 core:LandBuildings 2023-03-01 2024-02-29 04285505 core:MotorVehicles 2023-03-01 2024-02-29 04285505 core:OfficeEquipment 2023-03-01 2024-02-29 04285505 core:OtherPropertyPlantEquipment 2023-03-01 2024-02-29 04285505 core:PlantMachinery 2023-03-01 2024-02-29 04285505 1 2023-03-01 2024-02-29 04285505 countries:AllCountries 2023-03-01 2024-02-29 04285505 2023-02-28 04285505 core:Goodwill 2023-02-28 04285505 core:FurnitureFittingsToolsEquipment 2023-02-28 04285505 core:LandBuildings 2023-02-28 04285505 core:MotorVehicles 2023-02-28 04285505 core:OtherPropertyPlantEquipment 2023-02-28 04285505 2022-03-01 2023-02-28 04285505 2023-02-28 04285505 core:RetainedEarningsAccumulatedLosses 2023-02-28 04285505 core:ShareCapital 2023-02-28 04285505 core:CurrentFinancialInstruments 2023-02-28 04285505 core:CurrentFinancialInstruments core:WithinOneYear 2023-02-28 04285505 core:FurnitureFittingsToolsEquipment 2023-02-28 04285505 core:LandBuildings 2023-02-28 04285505 core:MotorVehicles 2023-02-28 04285505 core:OtherPropertyPlantEquipment 2023-02-28 iso4217:GBP xbrli:pure

Registration number: 04285505

Minear Engineering Limited

Filleted Unaudited Financial Statements

for the Year Ended 29 February 2024

 

Minear Engineering Limited
(Registration number: 04285505)

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Minear Engineering Limited
(Registration number: 04285505)

Company Information

Directors

M Allen

M Minear

Company secretary

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 Limited
(Registration number: 04285505)

Balance Sheet as at 29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

108,779

98,794

Current assets

 

Stocks

6

6,500

6,500

Debtors

7

794,667

579,748

Cash at bank and in hand

 

63,151

150,861

 

864,318

737,109

Creditors: Amounts falling due within one year

8

(180,224)

(186,841)

Net current assets

 

684,094

550,268

Total assets less current liabilities

 

792,873

649,062

Provisions for liabilities

(12,018)

(12,457)

Net assets

 

780,855

636,605

Capital and reserves

 

Called up share capital

2

2

Profit and loss account

780,853

636,603

Total equity

 

780,855

636,605

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 Limited
(Registration number: 04285505)

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 Limited
(Registration number: 04285505)

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
England

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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises deferred 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.

 

Minear Engineering Limited
(Registration number: 04285505)

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

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

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.

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

Short leasehold property

10% straight line

Plant and machinery

15% straight line

Fixtures and fittings

20% straight line

Motor vehicles

20% straight line

Office equipment

25% straight line

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10% straight line

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.

 

Minear Engineering Limited
(Registration number: 04285505)

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

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

 

Minear Engineering Limited
(Registration number: 04285505)

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

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 25 (2023 - 23).

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 March 2023

200,000

200,000

At 29 February 2024

200,000

200,000

Amortisation

At 1 March 2023

200,000

200,000

At 29 February 2024

200,000

200,000

Carrying amount

At 29 February 2024

-

-

 

Minear Engineering Limited
(Registration number: 04285505)

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

5

Tangible assets

Leasehold land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other property, plant and equipment
 £

Total
£

Cost or valuation

At 1 March 2023

17,607

294,061

41,463

98,610

451,741

Additions

-

1,298

7,315

25,640

34,253

At 29 February 2024

17,607

295,359

48,778

124,250

485,994

Depreciation

At 1 March 2023

16,441

204,589

41,463

90,454

352,947

Charge for the year

167

17,074

1,463

5,564

24,268

At 29 February 2024

16,608

221,663

42,926

96,018

377,215

Carrying amount

At 29 February 2024

999

73,696

5,852

28,232

108,779

At 28 February 2023

1,166

89,472

-

8,156

98,794

6

Stocks

2024
£

2023
£

Other stocks

6,500

6,500

7

Debtors

Note

2024
£

2023
£

Trade debtors

 

432,379

357,365

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

127,417

88,817

Other debtors

 

169,650

85,295

Prepayments and accrued income

 

65,221

48,271

Total current trade and other debtors

 

794,667

579,748

 

Minear Engineering Limited
(Registration number: 04285505)

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

8

Creditors

2024
£

2023
£

Due within one year

Trade creditors

79,683

106,738

Taxation and social security

69,277

59,852

Other creditors

4,412

3,379

Accrued expenses

26,852

16,872

180,224

186,841

9

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £120,941 (2023 - £119,072).

10

Parent and ultimate parent undertaking

The company's immediate parent is Minear Engineering Holding Limited, incorporated in England & Wales.