5
2 December 2024
false
false
false
false
false
false
false
false
false
false
true
false
false
false
false
false
false
No description of principal activity
2023-04-01
Sage Accounts Production Advanced 2024 - FRS102_2024
34,842
34,842
34,842
10,051
10,051
10,051
xbrli:pure
xbrli:shares
iso4217:GBP
07833187
2023-04-01
2024-03-31
07833187
2024-03-31
07833187
2023-03-31
07833187
2022-04-01
2023-03-31
07833187
2023-03-31
07833187
2022-03-31
07833187
core:FurnitureFittings
2023-04-01
2024-03-31
07833187
bus:RegisteredOffice
2023-04-01
2024-03-31
07833187
bus:OrdinaryShareClass1
2023-04-01
2024-03-31
07833187
bus:OrdinaryShareClass2
2023-04-01
2024-03-31
07833187
bus:OrdinaryShareClass3
2023-04-01
2024-03-31
07833187
bus:LeadAgentIfApplicable
2023-04-01
2024-03-31
07833187
bus:Director1
2023-04-01
2024-03-31
07833187
bus:Director2
2023-04-01
2024-03-31
07833187
core:FurnitureFittings
2023-03-31
07833187
core:FurnitureFittings
2024-03-31
07833187
core:PatentsTrademarksLicencesConcessionsSimilar
2023-04-01
2024-03-31
07833187
core:WithinOneYear
2024-03-31
07833187
core:WithinOneYear
2023-03-31
07833187
core:ShareCapital
2024-03-31
07833187
core:ShareCapital
2023-03-31
07833187
core:RetainedEarningsAccumulatedLosses
2024-03-31
07833187
core:RetainedEarningsAccumulatedLosses
2023-03-31
07833187
core:PatentsTrademarksLicencesConcessionsSimilar
2024-03-31
07833187
core:CostValuation
core:Non-currentFinancialInstruments
2024-03-31
07833187
core:Non-currentFinancialInstruments
2024-03-31
07833187
core:Non-currentFinancialInstruments
2023-03-31
07833187
bus:SmallEntities
2023-04-01
2024-03-31
07833187
bus:Audited
2023-04-01
2024-03-31
07833187
bus:SmallCompaniesRegimeForAccounts
2023-04-01
2024-03-31
07833187
bus:PrivateLimitedCompanyLtd
2023-04-01
2024-03-31
07833187
bus:FullAccounts
2023-04-01
2024-03-31
07833187
bus:OrdinaryShareClass1
2024-03-31
07833187
bus:OrdinaryShareClass1
2023-03-31
07833187
bus:OrdinaryShareClass2
2024-03-31
07833187
bus:OrdinaryShareClass2
2023-03-31
07833187
bus:OrdinaryShareClass3
2024-03-31
07833187
bus:OrdinaryShareClass3
2023-03-31
07833187
bus:AllOrdinaryShares
2024-03-31
07833187
bus:AllOrdinaryShares
2023-03-31
COMPANY REGISTRATION NUMBER:
07833187
Engineering for the Future Limited |
|
Filleted Financial Statements |
|
Engineering for the Future Limited |
|
Year ended 31 March 2024
Officers and professional advisers |
1 |
|
|
Statement of financial position |
2 |
|
|
Notes to the financial statements |
3 |
|
|
Engineering for the Future Limited |
|
Officers and Professional Advisers |
|
The board of directors |
Mr CM Jenkins |
|
Mr DJ Kieft |
|
|
Registered office |
Phoenix House |
|
Llys Felin Newydd |
|
Swansea Enterprise Park |
|
Swansea |
|
SA7 9FG |
|
|
Auditor |
James & Uzzell Ltd |
|
Statutory Auditor |
|
Axis 15, Axis Court |
|
Mallard Way |
|
Riverside Business Park |
|
Swansea |
|
SA7 0AJ |
|
|
Engineering for the Future Limited |
|
Statement of Financial Position |
|
31 March 2024
FIXED ASSETS
Intangible assets |
5 |
34,842 |
– |
Tangible assets |
6 |
– |
63 |
Investments |
7 |
10,051 |
10,051 |
|
-------- |
-------- |
|
44,893 |
10,114 |
|
|
|
|
CURRENT ASSETS
Debtors |
8 |
203,045 |
114,394 |
Cash at bank and in hand |
712 |
33,555 |
|
--------- |
--------- |
|
203,757 |
147,949 |
|
|
|
|
CREDITORS: amounts falling due within one year |
9 |
179,168 |
105,215 |
|
--------- |
--------- |
NET CURRENT ASSETS |
24,589 |
42,734 |
|
-------- |
-------- |
TOTAL ASSETS LESS CURRENT LIABILITIES |
69,482 |
52,848 |
|
-------- |
-------- |
NET ASSETS |
69,482 |
52,848 |
|
-------- |
-------- |
|
|
|
|
CAPITAL AND RESERVES
Called up share capital |
10 |
100 |
100 |
Profit and loss account |
69,382 |
52,748 |
|
-------- |
-------- |
SHAREHOLDERS FUNDS |
69,482 |
52,848 |
|
-------- |
-------- |
|
|
|
|
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements were approved by the
board of directors
and authorised for issue on
2 December 2024
, and are signed on behalf of the board by:
Mr DJ Kieft
Director
Company registration number:
07833187
Engineering for the Future Limited |
|
Notes to the Financial Statements |
|
Year ended 31 March 2024
1.
GENERAL INFORMATION
Engineering for the Future Limited
is a private company limited by shares incorporated in England & Wales, United Kingdom. The address of the registered office is given in the company information on page 1 of these financial statements. The principal activity of the company to build performance, so clients can meet their commercial goals, promote wellbeing and protect the environment.
2.
STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £1. The reporting period of these financial statements and its comparative period is 12 months. These financial statements only include the results of the individual entity made up to 31 March 2024. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
Stock and work in progress
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Work in progress on long term contracts is valued at selling price in line with FRS102 and is included as accrued income in debtors.
All other work in progress is measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the work in progress to its present location and condition.
Employee benefits
When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.
The company operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable.
Going concern
The company meets its day-to-day working capital requirements through its bank facilities. After making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company expects to be in a profitable position during 2025. The company is able to receive support from the companies within the group. The company therefore continues to adopt the going concern basis in preparing its financial statements.
Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
Provisions
Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated.
Critical accounting estimates and assumptions
The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below
Useful economic lives of tangible assets
The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. See note 12 for the carrying amount of the property plant and equipment, and the depreciation accounting policy for the useful economic lives for each class of assets.
Impairment of debtors
The company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience. See note 13 for the net carrying amount of the debtors and associated impairment provision.
Accounting for construction contracts
Recognition of turnover and profit is based on judgements made in respect of the ultimate profitability of a contract. Such judgements are arrived at through the use of estimates in relation to costs and value of work performed to date and to be performed in bringing contracts to completion, including satisfaction of maintenance responsibilities. These estimates are made by reference to recovery of pre-contract costs, surveys of progress against the construction programme, changes in work scope, the contractual terms under which the work is being performed including the recoverability of any unagreed income from variations on the likely outcome of discussions on claims, costs incurred and external certification of the work performed. The company has the appropriate control procedures to ensure all estimates are determined on a consistent basis and subject to appropriate review and authorisation.
Provisions
Estimates are used in determining the value of provisions when recognised. This will be based on historical information, known expectations and reasonable outcomes.
Going concern
The assessment of going concern may include the use of critical judgements in respect of impact of various external factors such as political, economic and social issues. Material uncertainties are considered in this regard.
Research & Development
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.
Goodwill and intangible fixed assets
Accounting standards require the recognition of intangible assets as part of a business combination. The methods used to value such intangible assets require the use of estimates. Future results are impacted by the amortization periods adopted and changes to the estimated useful lives would result in different effects on the
profit and loss account and balance sheet. Goodwill is amortized and tested at least annually for impairment along with finite lives of intangible assets and other assets. Tests for impairment are based on subjective assumptions.
Debtors and creditors receivable/payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
Leases
Rentals payable and receivable under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.
Research & development
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. i) Sale of goods Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably. ii) Interest receivable Interest income is recognised using the effective interest method. iii) Construction contracts When the outcome of a construction contract can be estimated reliably, contract costs and turnover are recognised by reference to the stage of completion at the balance sheet date. Stage of completion is measured by reference to application. Where the outcome cannot be measured reliably, contract costs are recognised as an expense in the period in which they are incurred and contract turnover is recognised to the extent of costs incurred that it is probable will be recoverable. When it is probable that contract costs will exceed the total contract turnover, the expected loss is recognised as an expense immediately, with a corresponding provision.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
Fixtures and fittings |
- |
15% straight line |
|
Equipment |
- |
|
|
|
|
|
Investments in associates
Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.
Impairment
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.
4.
EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to
5
(2023:
3
).
5.
INTANGIBLE ASSETS
|
Patents, trademarks and licences |
|
£ |
Cost |
|
Additions |
– |
Additions from internal developments |
34,842 |
|
-------- |
At 31 March 2024 |
34,842 |
|
-------- |
Amortisation |
|
At 1 April 2023 and 31 March 2024 |
– |
|
-------- |
Carrying amount |
|
At 31 March 2024 |
34,842 |
|
-------- |
At 31 March 2023 |
– |
|
-------- |
|
|
6.
TANGIBLE ASSETS
|
Fixtures and fittings |
Equipment |
Total |
|
£ |
£ |
£ |
Cost |
|
|
|
At 1 April 2023 and 31 March 2024 |
2,786 |
|
3,666 |
|
------ |
---- |
------ |
Depreciation |
|
|
|
At 1 April 2023 |
2,786 |
|
3,603 |
Charge for the year |
– |
|
63 |
|
------ |
---- |
------ |
At 31 March 2024 |
2,786 |
|
3,666 |
|
------ |
---- |
------ |
Carrying amount |
|
|
|
At 31 March 2024 |
– |
– |
– |
|
------ |
---- |
------ |
At 31 March 2023 |
– |
|
63 |
|
------ |
---- |
------ |
|
|
|
|
7.
INVESTMENTS
|
Shares in participating interests |
|
£ |
Cost |
|
At 1 April 2023 and 31 March 2024 |
10,051 |
|
-------- |
Impairment |
|
At 1 April 2023 and 31 March 2024 |
– |
|
-------- |
|
|
Carrying amount |
|
At 31 March 2024 |
10,051 |
|
-------- |
At 31 March 2023 |
10,051 |
|
-------- |
|
|
8.
DEBTORS
|
2024 |
2023 |
|
£ |
£ |
Trade debtors |
10,656 |
9,965 |
Amounts owed by group undertakings and undertakings in which the company has a participating interest |
113,183 |
22,603 |
Other debtors |
79,206 |
81,826 |
|
--------- |
--------- |
|
203,045 |
114,394 |
|
--------- |
--------- |
|
|
|
9.
CREDITORS:
amounts falling due within one year
|
2024 |
2023 |
|
£ |
£ |
Bank loans and overdrafts |
24,767 |
– |
Trade creditors |
69,747 |
25,892 |
Amounts owed to group undertakings and undertakings in which the company has a participating interest |
10,051 |
50,052 |
Social security and other taxes |
26,775 |
12,279 |
Other creditors |
47,828 |
16,992 |
|
--------- |
--------- |
|
179,168 |
105,215 |
|
--------- |
--------- |
|
|
|
Aggregated secured liabilities amount to £24,767. (2023: £Nil) On 7th August 2024 the company & other group companies entered into a financial arrangement with its bank. The bank has registered a fixed and floating charge over the company's assets.
10.
CALLED UP SHARE CAPITAL
Issued, called up and fully paid
|
2024 |
2023 |
|
No. |
£ |
No. |
£ |
A Ordinary shares of £ 1 each |
52 |
52 |
52 |
52 |
B Ordinary shares of £ 1 each |
24 |
24 |
24 |
24 |
C Ordinary shares of £ 1 each |
24 |
24 |
24 |
24 |
|
---- |
---- |
---- |
---- |
|
100 |
100 |
100 |
100 |
|
---- |
---- |
---- |
---- |
|
|
|
|
|
11.
CONTINGENT LIABILITIES
The company is party to a group cross guarantee in respect of the groups bank borrowings. At the year end the bank borrowings of DRS FM Services Limited covered by the cross guarantee amounted to £128,202 (2023: £60,713).
12.
PARENT UNDERTAKINGS
The ultimate parent company is Raven Delta Limited, a company registered in Great Britain. The registered office of Raven Delta Limited is Phoenix House Llys Felin Newydd, Swansea Enterprise Park, Swansea, United Kingdom, SA7 9FG.
The accounts for the company are also included in the group accounts of the parent named above and these accounts can be obtained from the registered office.
13.
OTHER FINANCIAL COMMITMENTS
Total financial commitments, guarantees and contingencies which are not included in the balance sheet amount to £38,273. (2023: £57,410).
14.
SUMMARY AUDIT OPINION
The auditor's report dated
2 December 2024
was
unqualified
.
The senior statutory auditor was
ALISON JAYNE UZZELL FCCA
, for and on behalf of
James & Uzzell Ltd
.
15.
RELATED PARTY TRANSACTIONS
The following transactions were undertaken during the year with related parties: Entities over which the entity has control
|
|
2024 |
2023 |
|
|
£ |
£ |
|
Balance due (to)/from entities over which the entity has control |
51 |
51 |
|
|
|
|
Key Management Personnel of the entity or its parent
|
|
2024 |
2023 |
|
|
£ |
£ |
|
Balance Owed (to) key management personnel |
(3,000) |
(2,500) |
|
|
|
|
Other related parties
|
|
2024 |
2023 |
|
|
£ |
£ |
|
Balance owed (to) related parties |
(14,976) |
(54,977) |
|
Balance owed from related parties |
113,185 |
22,604 |
|
|
|
|
No interest was incurred or charged on these balances.