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Registered number: 05892044
Romford Engineering Ltd.
Unaudited Financial Statements
For The Year Ended 31 March 2024
Joan Brown Tax Consultants
Suite 1, Oakdene Studios
Brewery Lane
Leigh
Lancashire
WN7 2RJ
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—4
Page 1
Balance Sheet
Registered number: 05892044
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 892 754
892 754
CURRENT ASSETS
Debtors 5 12,331 747
Cash at bank and in hand 25,543 30,760
37,874 31,507
Creditors: Amounts Falling Due Within One Year 6 (16,774 ) (16,379 )
NET CURRENT ASSETS (LIABILITIES) 21,100 15,128
TOTAL ASSETS LESS CURRENT LIABILITIES 21,992 15,882
NET ASSETS 21,992 15,882
CAPITAL AND RESERVES
Called up share capital 7 2 2
Profit and Loss Account 21,990 15,880
SHAREHOLDERS' FUNDS 21,992 15,882
Page 1
Page 2
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.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr D T Bateson
Director
25th November 2024
The notes on pages 3 to 4 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Romford Engineering Ltd. is a private company, limited by shares, incorporated in England & Wales, registered number 05892044 . The registered office is 14 Brown Lane, Bamber Bridge, Preston, Lancashire, PR5 6ZB.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Fixtures & Fittings 20% Reducing Balance Basis
Computer Equipment 33.33% Straight Line Basis
2.4. Leasing and Hire Purchase Contracts
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
2.6. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
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Page 4
3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2023: 2)
2 2
4. Tangible Assets
Fixtures & Fittings Computer Equipment Total
£ £ £
Cost
As at 1 April 2023 2,453 1,026 3,479
Additions 362 - 362
As at 31 March 2024 2,815 1,026 3,841
Depreciation
As at 1 April 2023 1,699 1,026 2,725
Provided during the period 224 - 224
As at 31 March 2024 1,923 1,026 2,949
Net Book Value
As at 31 March 2024 892 - 892
As at 1 April 2023 754 - 754
5. Debtors
2024 2023
£ £
Due within one year
Trade debtors 12,096 -
Other debtors 235 747
12,331 747
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 1 -
Other creditors 2,213 5,000
Taxation and social security 14,560 11,379
16,774 16,379
7. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 2 2
Page 4