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Company No: 04714058 (England and Wales)

HURFAR ENGINEERING LIMITED

Unaudited Financial Statements
For the financial year ended 30 April 2024
Pages for filing with the registrar

HURFAR ENGINEERING LIMITED

Unaudited Financial Statements

For the financial year ended 30 April 2024

Contents

HURFAR ENGINEERING LIMITED

BALANCE SHEET

As at 30 April 2024
HURFAR ENGINEERING LIMITED

BALANCE SHEET (continued)

As at 30 April 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 4 16,334 18,851
16,334 18,851
Current assets
Stocks 5 3,500 3,500
Debtors 6 33,404 34,276
Cash at bank and in hand 47,086 18,981
83,990 56,757
Creditors: amounts falling due within one year 7 ( 42,659) ( 31,817)
Net current assets 41,331 24,940
Total assets less current liabilities 57,665 43,791
Creditors: amounts falling due after more than one year 8 ( 21,646) ( 26,205)
Net assets 36,019 17,586
Capital and reserves
Called-up share capital 100 100
Profit and loss account 35,919 17,486
Total shareholder's funds 36,019 17,586

For the financial year ending 30 April 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Hurfar Engineering Limited (registered number: 04714058) were approved and authorised for issue by the Board of Directors on 22 November 2024. They were signed on its behalf by:

R V Griffin
Director
HURFAR ENGINEERING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 April 2024
HURFAR ENGINEERING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 April 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Hurfar Engineering Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 45a Darracott Road, Bournemouth, Dorset, BH5 2AY, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

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 company's activities. Turnover is shown net of value added tax, returns, rebates, and discounts and after eliminating sales within the company.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 10 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a basis over its expected useful life, as follows:

Plant and machinery 15 % reducing balance
Fixtures and fittings 15 % reducing balance
Office equipment 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 5 5

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 May 2023 50,000 50,000
At 30 April 2024 50,000 50,000
Accumulated amortisation
At 01 May 2023 50,000 50,000
At 30 April 2024 50,000 50,000
Net book value
At 30 April 2024 0 0
At 30 April 2023 0 0

4. Tangible assets

Plant and machinery Fixtures and fittings Office equipment Total
£ £ £ £
Cost
At 01 May 2023 101,874 8,632 11,514 122,020
Additions 409 0 0 409
At 30 April 2024 102,283 8,632 11,514 122,429
Accumulated depreciation
At 01 May 2023 83,972 8,133 11,064 103,169
Charge for the financial year 2,701 75 150 2,926
At 30 April 2024 86,673 8,208 11,214 106,095
Net book value
At 30 April 2024 15,610 424 300 16,334
At 30 April 2023 17,902 499 450 18,851

5. Stocks

2024 2023
£ £
Stocks 3,500 3,500

6. Debtors

2024 2023
£ £
Trade debtors 32,124 32,599
Corporation tax 0 1,341
Other debtors 1,280 336
33,404 34,276

7. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 4,453 4,453
Trade creditors 8,929 6,603
Taxation and social security 23,468 17,613
Other creditors 5,809 3,148
42,659 31,817

8. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 21,646 26,205

There are no amounts included above in respect of which any security has been given by the small entity.