Company registration number 00568173 (England and Wales)
G. NICHOLSON (ENGINEERS) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
G. NICHOLSON (ENGINEERS) LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 4
G. NICHOLSON (ENGINEERS) LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
259,093
247,941
Current assets
Stocks
102,450
91,396
Debtors
4
404,981
265,967
Cash at bank and in hand
693,754
587,317
1,201,185
944,680
Creditors: amounts falling due within one year
5
(331,622)
(302,958)
Net current assets
869,563
641,722
Total assets less current liabilities
1,128,656
889,663
Provisions for liabilities
(38,413)
(34,857)
Net assets
1,090,243
854,806
Capital and reserves
Called up share capital
160,360
360
Profit and loss reserves
929,883
854,446
Total equity
1,090,243
854,806
The director of the company has elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 10 September 2024 and are signed on its behalf by:
Mr P Nicholson
Director
Company registration number 00568173 (England and Wales)
G. NICHOLSON (ENGINEERS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
1
Accounting policies
Company information
G. Nicholson (Engineers) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Blue House Lane, Washington, Tyne and Wear, NE37 2TD.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
1% on cost
Leasehold improvements
at varying rates on cost
Plant and equipment
20% on reducing balance
Fixtures and fittings
15% on reducing balance
Motor vehicles
25% on reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.
1.5
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
G. NICHOLSON (ENGINEERS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 3 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.7
Retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to the profit and loss account in the period to which they relate.
1.8
Leases
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
1.9
Amounts recoverable on contracts
Amounts recoverable on contracts represent turnover which has not yet been invoiced to customers on long-term contracts. Amounts in respect of contracts included in turnover, net of payments received on account are separately disclosed within debtors. Cash received in excess of the value of work done is shown in creditors as payments on account.
Profits are recognised on long-term contracts where the final outcome can be assessed with reasonable certainty. Full provision is made for all known or anticipated losses on each contract immediately such losses are forecast.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
33
26
G. NICHOLSON (ENGINEERS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
3
Tangible fixed assets
Freehold land and buildings
Leasehold improvements
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 April 2023
147,527
260,501
203,881
106,642
171,415
889,966
Additions
9,036
5,194
43,400
57,630
Disposals
(18,200)
(18,200)
At 31 March 2024
147,527
260,501
212,917
111,836
196,615
929,396
Depreciation and impairment
At 1 April 2023
49,135
250,379
184,836
85,149
72,526
642,025
Depreciation charged in the year
1,476
1,596
5,292
3,343
33,066
44,773
Eliminated in respect of disposals
(16,495)
(16,495)
At 31 March 2024
50,611
251,975
190,128
88,492
89,097
670,303
Carrying amount
At 31 March 2024
96,916
8,526
22,789
23,344
107,518
259,093
At 31 March 2023
98,392
10,122
19,045
21,493
98,889
247,941
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
118,114
203,707
Other debtors
286,867
62,260
404,981
265,967
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
194,602
186,953
Taxation and social security
52,852
38,669
Other creditors
84,168
77,336
331,622
302,958