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REGISTERED NUMBER: 01165702 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 March 2024

for

Cromwell Engineering Limited

Cromwell Engineering Limited (Registered number: 01165702)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Cromwell Engineering Limited

Company Information
for the Year Ended 31 March 2024







DIRECTORS: R V Hall
A J Hall
A L Hall
N D Hall





SECRETARY: A J Hall





REGISTERED OFFICE: 1B Cromwell Road
Walton On Thames
Surrey
KT12 3NL





REGISTERED NUMBER: 01165702 (England and Wales)





ACCOUNTANTS: Braywood Ltd
35 Station Approach
West Byfleet
Surrey
KT14 6NF

Cromwell Engineering Limited (Registered number: 01165702)

Balance Sheet
31 March 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 431,394 403,171
431,394 403,171

CURRENT ASSETS
Stocks 5,000 5,000
Debtors 5 515,612 278,208
Cash at bank and in hand 96,628 473,370
617,240 756,578
CREDITORS
Amounts falling due within one year 6 453,562 638,132
NET CURRENT ASSETS 163,678 118,446
TOTAL ASSETS LESS CURRENT
LIABILITIES

595,072

521,617

CREDITORS
Amounts falling due after more than one year 7 (97,868 ) (84,586 )

PROVISIONS FOR LIABILITIES (25,671 ) (10,998 )
NET ASSETS 471,533 426,033

CAPITAL AND RESERVES
Called up share capital 40,000 40,000
Revaluation reserve 194,684 194,684
Retained earnings 236,849 191,349
SHAREHOLDERS' FUNDS 471,533 426,033

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Cromwell Engineering Limited (Registered number: 01165702)

Balance Sheet - continued
31 March 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29 November 2024 and were signed on its behalf by:





A J Hall - Director


Cromwell Engineering Limited (Registered number: 01165702)

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

1. STATUTORY INFORMATION

Cromwell Engineering Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

The Directors expect that trading over the next twelve months will generate positive cash flows and have therefore continued to adopt the going concern basis of preparing the financial statements.

Turnover
Turnover represents net invoiced sales of services and associated goods, excluding value added tax.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Land and buildings - 2% on cost
Plant and machinery etc - 20% on cost

Freehold land is not depreciated. This treatment is a departure from the requirements of the Companies Act concerning depreciation of fixed assets. However, the accounting policy adopted is considered necessary for the accounts to give a true and fair view.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Cromwell Engineering Limited (Registered number: 01165702)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 15 (2023 - 12 ) .

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 April 2023 310,000 213,732 523,732
Additions - 93,263 93,263
Disposals - (69,984 ) (69,984 )
At 31 March 2024 310,000 237,011 547,011
DEPRECIATION
At 1 April 2023 10,850 109,711 120,561
Charge for year 1,550 36,253 37,803
Eliminated on disposal - (42,747 ) (42,747 )
At 31 March 2024 12,400 103,217 115,617
NET BOOK VALUE
At 31 March 2024 297,600 133,794 431,394
At 31 March 2023 299,150 104,021 403,171

Cromwell Engineering Limited (Registered number: 01165702)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
At 1 April 2023 154,822
Additions 91,542
Disposals (27,700 )
At 31 March 2024 218,664
DEPRECIATION
At 1 April 2023 55,623
Charge for year 34,517
Eliminated on disposal (462 )
At 31 March 2024 89,678
NET BOOK VALUE
At 31 March 2024 128,986
At 31 March 2023 99,199

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade debtors 239,304 151,722
Amounts owed by group undertakings - 13,999
Amounts recoverable on contract 253,058 80,204
Other debtors 23,250 32,283
515,612 278,208

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Bank loans and overdrafts 10,000 10,000
Hire purchase contracts 36,069 26,350
Trade creditors 246,003 220,826
Amounts owed to group undertakings 19,001 -
Taxation and social security 120,170 174,182
Other creditors 22,319 206,774
453,562 638,132

Cromwell Engineering Limited (Registered number: 01165702)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.3.24 31.3.23
£    £   
Bank loans 13,333 23,333
Hire purchase contracts 84,535 61,253
97,868 84,586

8. SECURED DEBTS

The following secured debts are included within creditors:

31.3.24 31.3.23
£    £   
Hire purchase contracts 120,604 87,603

The HP agreements are secured against the vans being purchased through the agreements. They have a net book value of £128,986 (2023: £99,199).

9. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 March 2024 and 31 March 2023:

31.3.24 31.3.23
£    £   
A J Hall
Balance outstanding at start of year 20,778 7,395
Amounts advanced 20,689 20,778
Amounts repaid (20,800 ) (7,395 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 20,667 20,778

R V Hall
Balance outstanding at start of year 9,300 -
Amounts advanced - 9,300
Amounts repaid (9,300 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - 9,300

The loans to the directors are unsecured and repayable on demand. Interest is charged in accordance with HMRC beneficial loan interest rates, where appropriate.

10. RELATED PARTY DISCLOSURES

Dividends of £15,000 (2023:£20,000) were paid to Cromwell Property Holdings Ltd, its parent company.

At the balance sheet date, the company owed to Cromwell Property Holdings Ltd £19,001 (2023: was owed £13,999). This loan is interest free, unsecured and repayable on demand.

During the year £21,735 (2023: £26,029) was payable for services and supplies provided by Cromwell Maintenance Limited, a company in which the director A J Hall has an interest.

Cromwell Engineering Limited (Registered number: 01165702)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

11. ULTIMATE CONTROLLING PARTY

The controlling party is Cromwell Property Holdings Ltd..

As a director and majority shareholder of Cromwell Property Holdings Ltd, Mr R V Hall is the ultimate controlling party.