Registered number
01588949
Clements Engineering (St. Neots) Limited
Unaudited Filleted Accounts
30 September 2024
Clements Engineering (St. Neots) Limited
Registered number: 01588949
Balance Sheet
as at 30 September 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 4 378,357 271,436
Current assets
Stocks 528,466 561,034
Debtors 5 501,001 508,306
Investments held as current assets 6 87,552 85,000
Cash at bank and in hand 603,795 617,921
1,720,814 1,772,261
Creditors: amounts falling due within one year 7 (778,427) (866,168)
Net current assets 942,387 906,093
Total assets less current liabilities 1,320,744 1,177,529
Provisions for liabilities (72,785) (43,973)
Net assets 1,247,959 1,133,556
Capital and reserves
Called up share capital 867 867
Share premium 1,625 1,625
Fair value reserve 8 - 125
Capital redemption reserve 1,958 1,958
Profit and loss account 1,243,509 1,128,981
Shareholder's funds 1,247,959 1,133,556
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
P A Williams
Director
Approved by the board on 20 January 2025
Clements Engineering (St. Neots) Limited
Notes to the Accounts
for the year ended 30 September 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Leasehold land and buildings over the lease term
Plant and machinery 20% reducing balance per annum
Fixtures, fittings, tools and equipment over 5 years
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 27 26
Goodwill
3 Intangible fixed assets £
Cost
At 1 October 2023 14,678
At 30 September 2024 14,678
Amortisation
At 1 October 2023 14,678
At 30 September 2024 14,678
Net book value
At 30 September 2024 -
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 October 2023 160,901 806,860 87,600 1,055,361
Additions - 70,062 105,520 175,582
At 30 September 2024 160,901 876,922 193,120 1,230,943
Depreciation
At 1 October 2023 150,877 587,575 45,473 783,925
Charge for the year 1,646 44,849 22,166 68,661
At 30 September 2024 152,523 632,424 67,639 852,586
Net book value
At 30 September 2024 8,378 244,498 125,481 378,357
At 30 September 2023 10,024 219,285 42,127 271,436
5 Debtors 2024 2023
£ £
Trade debtors 375,477 391,681
Other debtors 125,524 116,625
501,001 508,306
6 Investments held as current assets 2024 2023
£ £
Fair value
Unlisted investments 87,552 85,000
7 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 328,109 465,073
Taxation and social security costs 81,106 130,197
Other creditors 369,212 270,898
778,427 866,168
8 Revaluation reserve 2024 2023
£ £
At 1 October 2023 125 161
Loss on revaluation of land and buildings (125) (36)
At 30 September 2024 - 125
9 Other financial commitments 2024 2023
£ £
Total future minimum payments under non-cancellable operating leases 54,134 121,800
10 Other information
Clements Engineering (St. Neots) Limited is a private company limited by shares and incorporated in England. Its registered office is:
The Industrial Park
Little Staughton
Bedford
MK44 2BN
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