Registration number:
James White Engineering Group Limited
for the Period from 28 February 2023 to 29 February 2024
James White Engineering Group Limited
Contents
Balance Sheet |
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Notes to the Unaudited Financial Statements |
James White Engineering Group Limited
(Registration number: 09898088)
Balance Sheet as at 29 February 2024
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2024 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
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Provisions for liabilities |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Retained earnings |
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Shareholders' funds |
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James White Engineering Group Limited
(Registration number: 09898088)
Balance Sheet as at 29 February 2024
For the financial period ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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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.
Approved and authorised by the
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James White Engineering Group Limited
Notes to the Unaudited Financial Statements for the Period from 28 February 2023 to 29 February 2024
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
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.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods 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.
James White Engineering Group Limited
Notes to the Unaudited Financial Statements for the Period from 28 February 2023 to 29 February 2024
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.
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 |
Plant and machinery |
16.5% straight line |
Computer equipment |
20% straight line |
Motor Vehicles |
25% reducing balance |
Leasehold improvements |
Over 6 years |
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:
James White Engineering Group Limited
Notes to the Unaudited Financial Statements for the Period from 28 February 2023 to 29 February 2024
Asset class |
Amortisation method and rate |
Goodwill |
10% straight line |
Software |
25% straight line |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits.
Trade debtors
Trade debtors are amounts due from customers for goods sold or services performed in the ordinary course of business.
Trade debtors are recognised at the transaction price.
The company are engaged in invoice factoring. Trade debtors are recorded gross with the correspodning creditor, being the amount advanced including fees, included within creditors.
Stocks
Stocks consist of raw materials and are held at cost. Other stocks include tooling stock which are customised items and are also held at cost.
Items are reviewed periodically for impairment and any write down below cost is taken to the income statement in the relevant year.
Work in progress is amounts that have been completed but not yet invoiced at the period end.
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 at the transaction price.
James White Engineering Group Limited
Notes to the Unaudited Financial Statements for the Period from 28 February 2023 to 29 February 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.
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
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.
Staff numbers |
The average number of persons employed by the company (including directors) during the period, was
James White Engineering Group Limited
Notes to the Unaudited Financial Statements for the Period from 28 February 2023 to 29 February 2024
Intangible assets |
Goodwill |
Software costs |
Total |
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Cost or valuation |
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At 28 February 2023 |
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At 29 February 2024 |
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Amortisation |
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At 28 February 2023 |
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Amortisation charge |
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At 29 February 2024 |
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Carrying amount |
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At 29 February 2024 |
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At 27 February 2023 |
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James White Engineering Group Limited
Notes to the Unaudited Financial Statements for the Period from 28 February 2023 to 29 February 2024
Tangible assets |
Land and buildings |
Furniture, fittings and equipment |
Motor vehicles |
Other tangible assets |
Total |
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Cost or valuation |
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At 28 February 2023 |
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Additions |
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Disposals |
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At 29 February 2024 |
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Depreciation |
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At 28 February 2023 |
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Charge for the period |
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Eliminated on disposal |
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At 29 February 2024 |
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Carrying amount |
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At 29 February 2024 |
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At 27 February 2023 |
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Included in other tangible assets is £78,011 (2023: £42,092) of net book value for assets held on hire purchase contracts.During the year these assets were depreciated by £21,256 (2023: £31,733).
James White Engineering Group Limited
Notes to the Unaudited Financial Statements for the Period from 28 February 2023 to 29 February 2024
Stocks |
2024 |
2023 |
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Work in progress |
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Finished goods and goods for resale |
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Debtors |
Current |
2024 |
2023 |
Trade debtors |
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Prepayments |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
Note |
2024 |
2023 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Creditors: amounts falling due after more than one year
Note |
2024 |
2023 |
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Due after one year |
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Loans and borrowings |
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The carrying amount of Time Finance PLC (formerly GENER8 Finance Limited) is £308,784 (2023: £368,709) and incuded within current borrowings. A fixed and floating charge is held in favour of Time Finance PLC (formerly GENER8 Finance Limited) over all of the assets the company. An additional personal guarantee exists from the shareholders in their shareholding ratios to the value of £80,000.
James White Engineering Group Limited
Notes to the Unaudited Financial Statements for the Period from 28 February 2023 to 29 February 2024
Share capital |
Allotted, called up and fully paid shares
2024 |
2023 |
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No. |
£ |
No. |
£ |
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100 |
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100 |
The share capital of the company consists of Ordinary shares only.
Dividends |
2024 |
2023 |
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£ |
£ |
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Interim dividend of £Nil (2023 - £ |
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2,350 |
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Financial commitments, guarantees and contingencies |
Amounts not provided for in the balance sheet
The total amount of financial commitments that are not included in the balance sheet is £
Related party transactions |
At the balance sheet date, the company was owed £12,889 (2023: was owed £8,484) by Mr I Tubbs, a director of the company. Interest is charged on this loan at the HMRC beneficial loan interest rate of 2.25%.
At the balance sheet date, the company owed £1,593 (2023: was owed £1,281) by Mr D Stevens, a director of the company. This loan is provided interest free and is repayable on demand.
Ultimate controlling party |
The ultimate controlling party is
James White Engineering Group Limited
Notes to the Unaudited Financial Statements for the Period from 28 February 2023 to 29 February 2024
Loans and borrowings |
Non-current loans and borrowings
2024 |
2023 |
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Bank borrowings |
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Hire purchase contracts |
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Other borrowings |
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HP and finance lease liability Aberlink Machine (1-2 yrs) |
14,144 |
- |
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Current loans and borrowings
2024 |
2023 |
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Bank borrowings |
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Hire purchase contracts |
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Other borrowings |
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HP and finance lease liability Aberlink Machine (under 1yr) |
10,329 |
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HP and finance lease liability Jaguar (under 1yr) |
31,664 |
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Bank borrowings
Included in non current borrowings is the Bounce Bank Loan (BBLS) which consist of £12,500 (2023: £22,500) and £10,000 (2023: £10,000) included within creditors due within one year. |
Included in other borrowings are unsecured loans totalling £171,338 (2023: £115,323). Of this amount £71,978 (2023: £49,539) is due within one year and the remaining £99,360 (2023: £65,785) is due in more than one year. Personal guarantee has been provided by I Tubbs and D Stevens on these loans.
The remaining amount within current other borrowings is £308,784 (2023: £368,709) owed to Time Finance PLC (formerly GENER8 Finance Limited) as detailed within the creditors note.
The hire purchase liabilities are secured on the assets concerned as detailed in the fixed asset note.