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Registration number: 10734096

Petersen Engineering Limited

Unaudited Filleted Abridged Financial Statements

for the Year Ended 31 March 2024

 

Petersen Engineering Limited

Contents

Company Information

1

Abridged Balance Sheet

2 to 3

Notes to the Unaudited Abridged Financial Statements

4 to 10

 

Petersen Engineering Limited

Company Information

Directors

Robert Petersen

Sally Petersen

Bonnie Petersen

Jesse Petersen

Registered office

Charlton House
32 High Street
Cullompton
Devon
EX15 1AE

Accountants

Batchelor and Company Accountants Limited
Certified
Charlton House
32 High Street
Cullompton
Devon
EX15 1AE

 

Petersen Engineering Limited

(Registration number: 10734096)
Abridged Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

48,000

60,000

Tangible assets

5

157,674

175,610

 

205,674

235,610

Current assets

 

Stocks

6

268,132

221,074

Debtors

7

32,882

114,919

Cash at bank and in hand

 

1,509

20,865

 

302,523

356,858

Creditors: Amounts falling due within one year

(159,375)

(223,050)

Net current assets

 

143,148

133,808

Total assets less current liabilities

 

348,822

369,418

Creditors: Amounts falling due after more than one year

(244,088)

(253,998)

Accruals and deferred income

 

(7,200)

(7,200)

Net assets

 

97,534

108,220

Capital and reserves

 

Called up share capital

8

10

10

Retained earnings

97,524

108,210

Shareholders' funds

 

97,534

108,220

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.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) 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.

 

Petersen Engineering Limited

(Registration number: 10734096)
Abridged Balance Sheet as at 31 March 2024

Approved and authorised by the Board on 26 November 2024 and signed on its behalf by:
 

.........................................
Robert Petersen
Director

 

Petersen Engineering Limited

Notes to the Unaudited Abridged 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 & Wales.

The address of its registered office is:
Charlton House
32 High Street
Cullompton
Devon
EX15 1AE

The principal place of business is:
Beaworthy Mill
Beaworthy
Devon
EX21 5AT

These financial statements were authorised for issue by the Board on 26 November 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 abridged 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 abridged 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 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.

 

Petersen Engineering Limited

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

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.

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 and machinery

15% reducing balance

Motor vehicles

25% reducing balance

Office equipment

15% reducing balance

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.

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.

 

Petersen Engineering Limited

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

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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

 

Petersen Engineering Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 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 17 (2023 - 17).

4

Intangible assets

Total
£

Cost or valuation

At 1 April 2023

120,000

At 31 March 2024

120,000

Amortisation

At 1 April 2023

60,000

Amortisation charge

12,000

At 31 March 2024

72,000

Carrying amount

At 31 March 2024

48,000

At 31 March 2023

60,000

 

Petersen Engineering Limited

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

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 April 2023

-

2,995

206,271

114,931

324,197

Additions

9,662

787

-

10,859

21,308

At 31 March 2024

9,662

3,782

206,271

125,790

345,505

Depreciation

At 1 April 2023

-

1,462

94,720

52,405

148,587

Charge for the year

-

348

27,888

11,008

39,244

At 31 March 2024

-

1,810

122,608

63,413

187,831

Carrying amount

At 31 March 2024

9,662

1,972

83,663

62,377

157,674

At 31 March 2023

-

1,533

111,551

62,526

175,610

Included within the net book value of land and buildings above is £9,662 (2023 - £Nil) in respect of freehold land and buildings.
 

 

Petersen Engineering Limited

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

6

Stocks

2024
£

2023
£

Other inventories

268,132

221,074

7

Debtors

Debtors includes £Nil (2023 - £Nil) due after more than one year.

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

A Ordinary of £1 each

8

8

8

8

B Ordinary of £1 each

1

1

1

1

C Ordinary of £1 each

1

1

1

1

10

10

10

10

9

Dividends

Final dividends paid

2024
£

2023
£

Final dividend of £3,750.00 (2023 - £6,250.00) per each A Ordinary

30,000

50,000

 

 

10

Related party transactions

 

Petersen Engineering Limited

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

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

87,582

83,624

Contributions paid to money purchase schemes

3,212

2,979

90,794

86,603