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COMPANY REGISTRATION NUMBER: 04821740
Penshaw Engineering Limited
Filleted Unaudited Financial Statements
For the year ended
31 March 2024
Penshaw Engineering Limited
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
928,080
895,552
Current assets
Stocks
249,739
381,099
Debtors
6
1,006,639
873,971
Cash at bank and in hand
130,024
88,703
-----------
-----------
1,386,402
1,343,773
Creditors: amounts falling due within one year
7
893,551
1,081,163
-----------
-----------
Net current assets
492,851
262,610
-----------
-----------
Total assets less current liabilities
1,420,931
1,158,162
Creditors: amounts falling due after more than one year
8
85,087
50,739
Provisions
Taxation including deferred tax
200,000
159,000
-----------
-----------
Net assets
1,135,844
948,423
-----------
-----------
Capital and reserves
Called up share capital
9
15,000
15,000
Profit and loss account
1,120,844
933,423
-----------
---------
Shareholders funds
1,135,844
948,423
-----------
---------
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 March 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 .
Penshaw Engineering Limited
Statement of Financial Position (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 1 October 2024 , and are signed on behalf of the board by:
P Jonas
Director
Company registration number: 04821740
Penshaw Engineering Limited
Notes to the Financial Statements
Year ended 31 March 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 23 Harvey Close, Crowther Industrial Estate, Washington, Tyne & Wear, NE38 0AB.
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. The financial statements are prepared in sterling, which is the functional currency of the entity and rounded to the nearest £1
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
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. Unrelieved tax losses and other deferred tax assets are recognised only 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 balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
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
-
10% straight line
Fixtures and fittings
-
33% straight line
Motor vehicles
-
20% straight line
Equipment
-
33% straight line
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.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 40 (2023: 40 ).
5. Tangible assets
Plant and machinery
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1 April 2023
2,761,331
56,078
30,520
56,433
2,904,362
Additions
161,610
6,714
29,667
2,585
200,576
Disposals
( 83,639)
( 15,280)
( 98,919)
-----------
-------
-------
-------
-----------
At 31 March 2024
2,839,302
62,792
44,907
59,018
3,006,019
-----------
-------
-------
-------
-----------
Depreciation
At 1 April 2023
1,880,314
53,499
30,520
44,477
2,008,810
Charge for the year
156,459
3,790
989
6,810
168,048
Disposals
( 83,639)
( 15,280)
( 98,919)
-----------
-------
-------
-------
-----------
At 31 March 2024
1,953,134
57,289
16,229
51,287
2,077,939
-----------
-------
-------
-------
-----------
Carrying amount
At 31 March 2024
886,168
5,503
28,678
7,731
928,080
-----------
-------
-------
-------
-----------
At 31 March 2023
881,017
2,579
11,956
895,552
-----------
-------
-------
-------
-----------
6. Debtors
2024
2023
£
£
Trade debtors
985,689
802,167
Other debtors
20,950
71,804
-----------
---------
1,006,639
873,971
-----------
---------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
507,052
716,345
Social security and other taxes
203,257
194,239
Other creditors
183,242
170,579
---------
-----------
893,551
1,081,163
---------
-----------
Hire purchase creditors totalling £91,798 (2023: £61,974) are secured by a charge over the assets to which they relate.
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
85,087
50,739
-------
-------
Hire purchase creditors totalling £53,912 (2023: £13,739) are secured by a charge over the assets to which they relate.
9. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
A Ordinary shares of £ 1 each
12,000
12,000
12,000
12,000
B Ordinary shares of £ 1 each
1,500
1,500
1,500
1,500
C Ordinary shares of £ 1 each
1,500
1,500
1,500
1,500
-------
-------
-------
-------
15,000
15,000
15,000
15,000
-------
-------
-------
-------
10. Other financial commitments
Total financial commitments (future minimum lease payments under non-cancellable operating leases) which are not included in the balance sheet amount to £98,605 (2023: £ 176,829 ).