REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MAY 2024 |
FOR |
FORTH ENGINEERING (CUMBRIA) LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MAY 2024 |
FOR |
FORTH ENGINEERING (CUMBRIA) LIMITED |
FORTH ENGINEERING (CUMBRIA) LIMITED (REGISTERED NUMBER: 04106328) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MAY 2024 |
Page |
Company Information | 1 |
Abridged Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
FORTH ENGINEERING (CUMBRIA) LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MAY 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
BANKERS: |
PO Box 115 |
33 English Street |
Carlisle |
Cumbria |
CA3 8JS |
FORTH ENGINEERING (CUMBRIA) LIMITED (REGISTERED NUMBER: 04106328) |
ABRIDGED BALANCE SHEET |
31 MAY 2024 |
31.5.24 | 31.5.23 |
as restated |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
CURRENT ASSETS |
Stocks |
Debtors |
Cash in hand |
CREDITORS |
Amounts falling due within one year |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 7 |
Retained earnings | 1,986,575 | 915,595 |
SHAREHOLDERS' FUNDS |
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. |
FORTH ENGINEERING (CUMBRIA) LIMITED (REGISTERED NUMBER: 04106328) |
ABRIDGED BALANCE SHEET - continued |
31 MAY 2024 |
The financial statements were approved by the Board of Directors and authorised for issue on |
FORTH ENGINEERING (CUMBRIA) LIMITED (REGISTERED NUMBER: 04106328) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MAY 2024 |
1. | STATUTORY INFORMATION |
Forth Engineering (Cumbria) Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover represents net invoiced sales of goods and services, excluding VAT. |
Goodwill |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Tangible fixed assets |
Leasehold property | - |
Improvements to property | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Computer equipment | - |
Stocks |
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition. |
Research and development |
Expenditure on research and development is written off in the year in which it is incurred. |
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. |
Grants |
Grants received in connection with the purchase of tangible fixed assets are credited to reserve and released to profit and loss account in accordance with the underlying depreciation policy. |
Rental income |
Rents received are calculated on the accruals basis and represent net rental income excluding VAT. |
FORTH ENGINEERING (CUMBRIA) LIMITED (REGISTERED NUMBER: 04106328) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2024 |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | INTANGIBLE FIXED ASSETS |
Totals |
£ |
COST |
At 1 June 2023 |
and 31 May 2024 |
AMORTISATION |
At 1 June 2023 |
and 31 May 2024 |
NET BOOK VALUE |
At 31 May 2024 |
At 31 May 2023 |
5. | TANGIBLE FIXED ASSETS |
Totals |
£ |
COST |
At 1 June 2023 |
Additions |
Disposals | ( |
) |
At 31 May 2024 |
DEPRECIATION |
At 1 June 2023 |
Charge for year |
Eliminated on disposal | ( |
) |
At 31 May 2024 |
NET BOOK VALUE |
At 31 May 2024 |
At 31 May 2023 |
The net book value of tangible fixed assets includes £271,630 (2023: £124,087) in respect of assets held under hire purchase agreements. The amount of depreciation in respect of such assets amounted to £39,632 (2023: £15,283) for the year |
FORTH ENGINEERING (CUMBRIA) LIMITED (REGISTERED NUMBER: 04106328) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2024 |
6. | SECURED DEBTS |
The following secured debts are included within creditors: |
31.5.24 | 31.5.23 |
as restated |
£ | £ |
Bank overdrafts |
Hire purchase | 249,712 | 116,650 |
Barclays Bank plc hold a debenture over the company securing the company's indebtedness to the bank. |
Aldermore Bank hold a fixed and floating charge dated 31st August 2017 covering all property and undertakings of the company. The balance of the factoring account owed to Aldermore Bank will be repaid on receipt of the trade debtors. |
National Westminster Bank Plc hold a fixed and floating charge dated 24th January 2020 covering all property and undertakings of the company. |
7. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.5.24 | 31.5.23 |
value: | as restated |
£ | £ |
Ordinary | £1 | 1,360 | 1,360 |
A ordinary | £1 | 1,000 | 1,000 |
B ordinary | £1 | 500 | 500 |
C ordinary | £1 | 500 | 500 |
3,360 | 3,360 |
8. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to a director subsisted during the years ended 31 May 2024 and 31 May 2023: |
31.5.24 | 31.5.23 |
as restated |
£ | £ |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
During the financial year the director was charged £1,615 (2023: £Nil) interest on the loan which is unsecured and repayable on demand. |
9. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party is |