Connect Engineering Limited 03122582 false 2023-03-01 2024-02-29 2024-02-29 The principal activity of the company is sheet metal workers and fabricators Digita Accounts Production Advanced 6.30.9574.0 true 03122582 2023-03-01 2024-02-29 03122582 2024-02-29 03122582 bus:OrdinaryShareClass1 2024-02-29 03122582 core:CurrentFinancialInstruments 2024-02-29 03122582 core:CurrentFinancialInstruments core:WithinOneYear 2024-02-29 03122582 core:FurnitureFittingsToolsEquipment 2024-02-29 03122582 core:MotorVehicles 2024-02-29 03122582 core:OtherPropertyPlantEquipment 2024-02-29 03122582 bus:SmallEntities 2023-03-01 2024-02-29 03122582 bus:AuditExemptWithAccountantsReport 2023-03-01 2024-02-29 03122582 bus:FilletedAccounts 2023-03-01 2024-02-29 03122582 bus:SmallCompaniesRegimeForAccounts 2023-03-01 2024-02-29 03122582 bus:RegisteredOffice 2023-03-01 2024-02-29 03122582 bus:CompanySecretary1 2023-03-01 2024-02-29 03122582 bus:Director3 2023-03-01 2024-02-29 03122582 bus:OrdinaryShareClass1 2023-03-01 2024-02-29 03122582 bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 03122582 bus:Agent1 2023-03-01 2024-02-29 03122582 core:FurnitureFittings 2023-03-01 2024-02-29 03122582 core:FurnitureFittingsToolsEquipment 2023-03-01 2024-02-29 03122582 core:MotorVehicles 2023-03-01 2024-02-29 03122582 core:OtherPropertyPlantEquipment 2023-03-01 2024-02-29 03122582 core:PlantMachinery 2023-03-01 2024-02-29 03122582 countries:EnglandWales 2023-03-01 2024-02-29 03122582 2023-02-28 03122582 core:FurnitureFittingsToolsEquipment 2023-02-28 03122582 core:MotorVehicles 2023-02-28 03122582 core:OtherPropertyPlantEquipment 2023-02-28 03122582 2022-03-01 2023-02-28 03122582 2023-02-28 03122582 bus:OrdinaryShareClass1 2023-02-28 03122582 core:CurrentFinancialInstruments 2023-02-28 03122582 core:CurrentFinancialInstruments core:WithinOneYear 2023-02-28 03122582 core:FurnitureFittingsToolsEquipment 2023-02-28 03122582 core:MotorVehicles 2023-02-28 03122582 core:OtherPropertyPlantEquipment 2023-02-28 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 03122582

Connect Engineering Limited

Unaudited Filleted Financial Statements

for the Year Ended 29 February 2024

 

Connect Engineering Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 6

 

Connect Engineering Limited

Company Information

Director

N Gowrie

Company secretary

H Gowrie

Registered office

24 Edwin Road
Philips Park Road
Manchester
M11 3ER

Bankers

HSBC
Ashton Branch
550 Ashton New Road,
Clayton,
Manchester,
M11 4AX

Accountants

McKellens Limited
Chartered Accountants
11 Riverview
The Embankment Business Park
Vale Road
Heaton Mersey
Stockport
SK4 3GN

 

Connect Engineering Limited

(Registration number: 03122582)
Balance Sheet as at 29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

8,960

10,829

Current assets

 

Stocks

5

11,439

20,213

Debtors

6

41,550

16,468

Cash at bank and in hand

 

10,910

12,865

 

63,899

49,546

Creditors: Amounts falling due within one year

7

(157,658)

(151,365)

Net current liabilities

 

(93,759)

(101,819)

Total assets less current liabilities

 

(84,799)

(90,990)

Provisions for liabilities

(432)

(432)

Net liabilities

 

(85,231)

(91,422)

Capital and reserves

 

Called up share capital

8

1,000

1,000

Retained earnings

(86,231)

(92,422)

Shareholders' deficit

 

(85,231)

(91,422)

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.

Director's 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 director acknowledges his 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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 29 October 2024
 

.........................................
N Gowrie
Director

   
     
 

Connect Engineering Limited

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 and Wales.

The address of its registered office is:
24 Edwin Road
Philips Park Road
Manchester
M11 3ER

These financial statements were authorised for issue by the director on 29 October 2024.

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 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.

 

Connect Engineering Limited

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

Plant & Machinery

20% on a reducing balance basis

Fixtures & Fittings

20% on a reducing balance basis

Motor Vehicles

25% on a reducing balance basis

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.

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.

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.

 

Connect Engineering Limited

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

3

Staff numbers

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

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 March 2023

445

27,450

52,930

80,825

Additions

-

-

917

917

Disposals

-

(7,000)

-

(7,000)

At 29 February 2024

445

20,450

53,847

74,742

Depreciation

At 1 March 2023

407

17,213

52,376

69,996

Charge for the year

7

2,559

126

2,692

Eliminated on disposal

-

(6,906)

-

(6,906)

At 29 February 2024

414

12,866

52,502

65,782

Carrying amount

At 29 February 2024

31

7,584

1,345

8,960

At 28 February 2023

38

10,237

554

10,829

 

Connect Engineering Limited

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

5

Stocks

2024
£

2023
£

Stocks and work in progress

11,439

20,213

6

Debtors

Current

2024
£

2023
£

Trade debtors

36,854

11,088

Prepayments

4,696

5,380

 

41,550

16,468

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

-

8,262

Taxation and social security

984

-

Accruals and deferred income

13,163

4,900

Other creditors

143,511

138,203

157,658

151,365

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

1,000

1,000

1,000

1,000