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Registration number: NI675055

Bush Engineering Ltd

Unaudited Filleted Financial Statements

for the Year Ended 30 November 2023

 

Bush Engineering Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Bush Engineering Ltd

Company Information

Directors

Mr Barry Meeke

Mrs Caroline Meeke

Registered office

Silverford House
114 Bush Road
Dungannon
Co Tyrone
BT71 6QG

Accountants

Anne Douglas Ltd
2 Killyman Street
Moy
Dungannon
Co Tyrone
BT71 7SJ

 

Bush Engineering Ltd

(Registration number: NI675055)
Balance Sheet as at 30 November 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

2,707

2,707

Tangible assets

5

192,045

138,512

 

194,752

141,219

Current assets

 

Debtors

6

6,033

28,002

Cash at bank and in hand

 

364

1,710

 

6,397

29,712

Creditors: Amounts falling due within one year

7

(325,874)

(241,944)

Net current liabilities

 

(319,477)

(212,232)

Total assets less current liabilities

 

(124,725)

(71,013)

Creditors: Amounts falling due after more than one year

7

(35,000)

-

Provisions for liabilities

(14,293)

(14,442)

Net liabilities

 

(174,018)

(85,455)

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

(174,118)

(85,555)

Shareholders' deficit

 

(174,018)

(85,455)

For the financial year ending 30 November 2023 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.

 

Bush Engineering Ltd

(Registration number: NI675055)
Balance Sheet as at 30 November 2023

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 Board on 22 November 2024 and signed on its behalf by:
 

.........................................
Mr Barry Meeke
Director

 

Bush Engineering Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

1

General information

The company is a private company limited by share capital, incorporated in Northern Ireland.

The address of its registered office is:
Silverford House
114 Bush Road
Dungannon
Co Tyrone
BT71 6QG
Northern Ireland

These financial statements were authorised for issue by the Board on 22 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 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.

 

Bush Engineering Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

Tax

The tax expense for the period comprises 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.

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

Furniture, fittings and equipment

15% Reducing Balance

Motor vehicles

20% Reducing Balance

Plant and machinery

15% Reducing Balance

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

Intangible asset

0% 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.

 

Bush Engineering Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

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.

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 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.

 

Bush Engineering Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2022 - 0).

 

Bush Engineering Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

4

Intangible assets

Other intangible assets
 £

Total
£

Cost or valuation

At 1 December 2022

2,707

2,707

At 30 November 2023

2,707

2,707

Amortisation

Carrying amount

At 30 November 2023

2,707

2,707

At 30 November 2022

2,707

2,707

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 December 2022

1,679

126,625

63,997

192,301

Additions

249

105,000

21,494

126,743

Disposals

-

(32,703)

-

(32,703)

At 30 November 2023

1,928

198,922

85,491

286,341

Depreciation

At 1 December 2022

441

37,886

15,462

53,789

Charge for the year

223

39,784

10,504

50,511

Eliminated on disposal

-

(10,004)

-

(10,004)

At 30 November 2023

664

67,666

25,966

94,296

Carrying amount

At 30 November 2023

1,264

131,256

59,525

192,045

At 30 November 2022

1,238

88,739

48,535

138,512

 

Bush Engineering Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

6

Debtors

Current

2023
£

2022
£

Trade debtors

5,995

27,566

Prepayments

-

436

Other debtors

38

-

 

6,033

28,002

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

10,000

-

Trade creditors

 

52

27,626

Amounts owed to group undertakings and undertakings in which the company has a participating interest

307,427

205,979

Taxation and social security

 

69

6,781

Accruals and deferred income

 

8,326

1,558

 

325,874

241,944

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

35,000

-

8

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary share class 1 of £1 each

100

100

100

100

       
 

Bush Engineering Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

9

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Hire purchase contracts

35,000

-

Current loans and borrowings

2023
£

2022
£

Hire purchase contracts

10,000

-

10

Dividends

2023

2022

£

£

Interim dividend of £288.04 (2022 - £Nil) per ordinary share

28,804

-

 

 

11

Parent and ultimate parent undertaking

The company's immediate parent is Silverford Holdings Ltd, incorporated in Northern Ireland.