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Registration number: 10467487

Engineering & Development Solutions Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Engineering & Development Solutions Limited

Contents

Company Information

1

Directors' Report

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 9

 

Engineering & Development Solutions Limited

Company Information

Directors

Mr Jan Asher Clark

Mr Timothy Patrick Sullivan

Registered office

Unit E4 Threemilestone Industrial Estate
Threemilestone
TRURO
Cornwall
TR4 9LD

 

Engineering & Development Solutions Limited

Directors' Report for the Year Ended 31 March 2024

The directors present their report and the financial statements for the year ended 31 March 2024.

Directors of the company

The directors who held office during the year were as follows:

Mr Jan Asher Clark

Mr Timothy Patrick Sullivan

Small companies provision statement

This report has 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.

Approved by the Board on 20 November 2024 and signed on its behalf by:


Mr Jan Asher Clark
Director


Mr Timothy Patrick Sullivan
Director

 

Engineering & Development Solutions Limited

(Registration number: 10467487)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

41,253

40,778

Current assets

 

Debtors

5

144,828

118,923

Cash at bank and in hand

 

258,114

271,732

 

402,942

390,655

Creditors: Amounts falling due within one year

6

(106,672)

(93,399)

Net current assets

 

296,270

297,256

Total assets less current liabilities

 

337,523

338,034

Provisions for liabilities

(9,427)

-

Net assets

 

328,096

338,034

Capital and reserves

 

Called up share capital

100

100

Retained earnings

327,996

337,934

Shareholders' funds

 

328,096

338,034

For the financial 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.

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.

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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

Engineering & Development Solutions Limited

(Registration number: 10467487)
Balance Sheet as at 31 March 2024

Approved and authorised by the Board on 20 November 2024 and signed on its behalf by:
 

Mr Jan Asher Clark

Director

Mr Timothy Patrick Sullivan

Director

 

Engineering & Development Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 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:
Unit E4 Threemilestone Industrial Estate
Threemilestone
TRURO
Cornwall
TR4 9LD
Great Britain

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.

Going concern

The financial statements have been prepared on a going concern basis.

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 current and 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.

 

Engineering & Development Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

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

Fixtures and Fittings

5 years straight line

Plant and Equipment

40% and 25% reducing balance

Motor Vehicles

20% reducing balance

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.

 

Engineering & Development Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

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.

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 9 (2023 - 9).

 

Engineering & Development Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

4

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2023

-

19,569

61,050

80,619

Additions

4,433

13,929

-

18,362

Disposals

-

-

(17,995)

(17,995)

At 31 March 2024

4,433

33,498

43,055

80,986

Depreciation

At 1 April 2023

-

12,905

26,936

39,841

Charge for the year

887

6,403

5,880

13,170

Eliminated on disposal

-

-

(13,278)

(13,278)

At 31 March 2024

887

19,308

19,538

39,733

Carrying amount

At 31 March 2024

3,546

14,190

23,517

41,253

At 31 March 2023

-

6,664

34,114

40,778

5

Debtors

Current

2024
£

2023
£

Trade debtors

94,918

67,813

Prepayments

23,363

24,049

Other debtors

26,547

27,061

 

144,828

118,923

 

Engineering & Development Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

6

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

2,104

5,526

Taxation and social security

97,043

82,756

Accruals and deferred income

1,950

1,883

Other creditors

5,575

3,234

106,672

93,399

7

Related party transactions

Other transactions with directors

At the balance sheet date, a director owed the company an amount of £20,144 (2023: £19,700) as represented by his directors loan account balance. This balance is repayable on demand to the company and interest has been charged by the company on the outstanding amount during the year.