REGISTERED NUMBER: |
STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2024 |
FOR |
ARTHUR STEPHENSON (ENGINEERS) LTD |
REGISTERED NUMBER: |
STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2024 |
FOR |
ARTHUR STEPHENSON (ENGINEERS) LTD |
ARTHUR STEPHENSON (ENGINEERS) LTD (REGISTERED NUMBER: 00606889) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the Year Ended 30 June 2024 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Directors | 3 |
Report of the Independent Auditors | 4 |
Income statement | 8 |
Statement of Financial Position | 9 |
Statement of Changes in Equity | 10 |
Statement of Cash Flows | 11 |
Notes to the Statement of Cash Flows | 12 |
Notes to the Financial Statements | 13 |
ARTHUR STEPHENSON (ENGINEERS) LTD |
COMPANY INFORMATION |
for the Year Ended 30 June 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Statutory Auditor |
Chartered Accountants |
Douglas Bank House |
Wigan Lane |
Wigan |
Lancashire |
WN1 2TB |
BANKERS: |
6 The Courtyard |
Calvin Street |
Bolton |
Lancashire |
BL1 8PB |
ARTHUR STEPHENSON (ENGINEERS) LTD (REGISTERED NUMBER: 00606889) |
STRATEGIC REPORT |
for the Year Ended 30 June 2024 |
The directors present their strategic report for the year ended 30 June 2024. |
REVIEW OF BUSINESS |
Turnover for the year ended 30 June 2024 was £10.7m compared to £7.9m for the year to 30 June 2023. A gross margin of 36.7% was achieved compared to 38.5% in the previous year, whilst administrative expenses totalled £2.4m (2023: £2m) resulting in a pleasing operating profit of £1.5m (2023: £1m). |
KPI's |
Senior management continually monitor sales, margins, production and customer orders and use these as the business's KPI's. |
PRINCIPAL RISKS AND UNCERTAINTIES |
Oil and steel prices and exchange rate fluctuations can impact on the company's margins, as well as customer demand for equipment. However with oil and steel prices currently in the middle range, the early indications are that the oil & gas market will start to recover, and if it does the business should be well placed to make the most of any upturn. We continue to maintain a strong balance sheet and have cash at hand if the right opportunity arises to invest in new business opportunities. |
On the financial front we have no bank debt and through management of our customers and suppliers as diligently as we can our finances remain strong. We have worked hard to establish a good team, both on the shop floor and at management level, and feel we are well positioned to take advantage of any upturn in business. |
ON BEHALF OF THE BOARD: |
ARTHUR STEPHENSON (ENGINEERS) LTD (REGISTERED NUMBER: 00606889) |
REPORT OF THE DIRECTORS |
for the Year Ended 30 June 2024 |
The directors present their report with the financial statements of the company for the year ended 30 June 2024. |
PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of precision engineering of medium to large sized machined components and fabrications. |
DIVIDENDS |
The total distribution of dividends for the year ended 30 June 2024 will be £415,928 (2023 - £247,100). |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 July 2023 to the date of this report. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
ARTHUR STEPHENSON (ENGINEERS) LTD |
Opinion |
We have audited the financial statements of Arthur Stephenson (Engineers) Ltd (the 'company') for the year ended 30 June 2024 which comprise the Income statement, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and Notes to the Statement of Cash Flows, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
_ |
In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 30 June 2024 and of its profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
ARTHUR STEPHENSON (ENGINEERS) LTD |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
ARTHUR STEPHENSON (ENGINEERS) LTD |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
- we identified the laws and regulations applicable to the company through discussions with directors and other management, focusing on those that had a direct effect on the financial statements or that had a fundamental effect on it's operations. Key laws and regulations that we identified included the UK Companies Act, tax legislation, employment legislation and Health and Safety regulations. |
- we enquired of the directors and reviewed correspondence with HMRC for evidence of non-compliance with laws and regulations. We also reviewed controls the directors have in place to ensure compliance. |
We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: |
- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and |
- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. |
- performed analytical procedures to identify any unusual or unexpected relationships; |
- tested journal entries to identify unusual transactions; |
- assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias. |
- we reviewed financial statements disclosures and tested to supporting documentation to assess compliance with relevant laws and regulations discussed above; |
- we enquired of the directors about actual and potential litigation and claims. |
Due to inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing fraud or non-compliance with laws and regulations and cannot be expected to detect all fraud and non-compliance with laws and regulations. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
ARTHUR STEPHENSON (ENGINEERS) LTD |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Statutory Auditor |
Chartered Accountants |
Douglas Bank House |
Wigan Lane |
Wigan |
Lancashire |
WN1 2TB |
ARTHUR STEPHENSON (ENGINEERS) LTD (REGISTERED NUMBER: 00606889) |
INCOME STATEMENT |
for the Year Ended 30 June 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
TURNOVER |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
OPERATING PROFIT | 4 |
Income from fixed asset investments |
Interest receivable and similar income |
484 | 413 |
PROFIT BEFORE TAXATION |
Tax on profit | 5 |
PROFIT FOR THE FINANCIAL YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
ARTHUR STEPHENSON (ENGINEERS) LTD (REGISTERED NUMBER: 00606889) |
STATEMENT OF FINANCIAL POSITION |
30 June 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 7 |
Investments | 8 |
CURRENT ASSETS |
Stocks | 9 |
Debtors | 10 |
Investments | 11 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 12 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 14 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 15 |
Capital redemption reserve | 16 |
Retained earnings | 16 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
ARTHUR STEPHENSON (ENGINEERS) LTD (REGISTERED NUMBER: 00606889) |
STATEMENT OF CHANGES IN EQUITY |
for the Year Ended 30 June 2024 |
Called up | Capital |
share | Retained | redemption | Total |
capital | earnings | reserve | equity |
£ | £ | £ | £ |
Balance at 1 July 2022 |
Changes in equity |
Profit for the year | - | 873,039 | - | 873,039 |
Total comprehensive income | - |
Dividends | - | ( |
) | - | ( |
) |
Balance at 30 June 2023 |
Changes in equity |
Profit for the year | - | 1,134,436 | - | 1,134,436 |
Total comprehensive income | - |
Dividends | - | ( |
) | - | ( |
) |
Balance at 30 June 2024 |
ARTHUR STEPHENSON (ENGINEERS) LTD (REGISTERED NUMBER: 00606889) |
STATEMENT OF CASH FLOWS |
for the Year Ended 30 June 2024 |
2024 | 2023 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 |
Tax paid | ( |
) |
Net cash from operating activities |
Cash flows from investing activities |
Purchase of tangible fixed assets | ( |
) | ( |
) |
Interest received |
Dividends received |
Net cash from investing activities | ( |
) | ( |
) |
Cash flows from financing activities |
Equity dividends paid | ( |
) | ( |
) |
Net cash from financing activities | ( |
) | ( |
) |
Increase/(decrease) in cash and cash equivalents | ( |
) |
Cash and cash equivalents at beginning of year |
2 |
1,023,063 |
Cash and cash equivalents at end of year | 2 | 1,475,984 | 1,010,681 |
ARTHUR STEPHENSON (ENGINEERS) LTD (REGISTERED NUMBER: 00606889) |
NOTES TO THE STATEMENT OF CASH FLOWS |
for the Year Ended 30 June 2024 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2024 | 2023 |
£ | £ |
Profit before taxation |
Depreciation charges |
Finance income | (484 | ) | (413 | ) |
1,643,902 | 1,152,607 |
Decrease/(increase) in stocks | ( |
) |
Increase in trade and other debtors | ( |
) | ( |
) |
Increase in trade and other creditors |
Cash generated from operations |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts: |
Year ended 30 June 2024 |
30/6/24 | 1/7/23 |
£ | £ |
Cash and cash equivalents | 1,475,984 | 1,010,681 |
Year ended 30 June 2023 |
30/6/23 | 1/7/22 |
£ | £ |
Cash and cash equivalents | 1,010,681 | 1,023,063 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1/7/23 | Cash flow | At 30/6/24 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 1,010,681 | 465,303 | 1,475,984 |
1,010,681 | 1,475,984 |
Liquid resources |
Current asset investments | 15,566 | - | 15,566 |
15,566 | - | 15,566 |
Total | 1,026,247 | 465,303 | 1,491,550 |
ARTHUR STEPHENSON (ENGINEERS) LTD (REGISTERED NUMBER: 00606889) |
NOTES TO THE FINANCIAL STATEMENTS |
for the Year Ended 30 June 2024 |
1. | STATUTORY INFORMATION |
Arthur Stephenson (Engineers) Ltd is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Preparation of consolidated financial statements |
The financial statements contain information about Arthur Stephenson (Engineers) Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 405 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as the inclusion of its subsidiary is not material for the purpose of giving a true and fair view. |
Significant judgements and estimates |
Preparation of the financial statements requires management to make significant judgements and estimates. The items in the financial statements where these judgements and estimates have been made include: |
a) Useful economic lives |
The useful economic lives of fixed assets are assessed on an annual basis on the latest available information. Management believes that the useful economic lives being used currently are still appropriate. |
b) Plate stocks |
Plate stocks are valued according to differing ratios to estimate the scrap value of steel recorded in stock at the year end. Management believe that the ratio between the scrap element and the manufacturing element is appropriate based on the levels of scrap being recorded. |
c) Work in progress |
Work in progress is valued at selling price less margin to approximate to cost plus labour and overheads. The margin adjustment is assessed by management each year. |
Turnover |
The whole of the turnover is attributable to the company's principal activities, which, in the opinion of the directors, constitutes one class of business. |
Turnover is measured at the fair value of the consideration received or receivable for goods supplied, stated net of Value Added Tax. |
The company recognises revenue when the significant risks and rewards of ownership has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods. |
ARTHUR STEPHENSON (ENGINEERS) LTD (REGISTERED NUMBER: 00606889) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30 June 2024 |
2. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
Tangible fixed assets are stated at cost less depreciation and impairment. Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
Freehold property | - | 2% on cost |
Improvements to property | - | over the remaining term of the lease |
Plant and machinery | - | 20% on reducing balance |
Fixtures and fittings | - | 15% on reducing balance |
Motor vehicles | - | 25% on reducing balance |
Computer equipment | - | 25% on reducing balance |
Impairment of assets |
At each reporting date assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If the estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in profit or loss. |
Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, to the extent that the increased carrying amount does not exceed the carrying amount that would have been determined (net of depreciation) had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised as income immediately. |
Stocks and work in progress |
Plate stocks are valued at the lower of cost and estimated selling price less costs to complete and sell. |
Work in progress is valued at selling price less margin to approximate to cost plus labour and overheads. Each project is assessed as to the degree of completion. No element of profit is included in the valuation of work in progress. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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. |
Short term employee benefits |
Short-term employee benefits are recognised as an expense in the period in which they are incurred. |
The company operates a defined contribution pension scheme. Contributions payable for the year are charged in the profit and loss account. |
ARTHUR STEPHENSON (ENGINEERS) LTD (REGISTERED NUMBER: 00606889) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30 June 2024 |
2. | ACCOUNTING POLICIES - continued |
Fixed asset investments |
Fixed asset investments in shares in group undertakings are stated at cost or valuation less any impairment. |
Current asset investments |
Current asset investments are carried at fair value in the balance sheet, with any adjustments to the market price of the shares recognised through the income statement. |
Financial instruments |
Trade and other debtors are initially recognised at the transaction price and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases, the receivables are stated at cost less impairment losses for bad and doubtful debts. |
Short term financial liabilities, including trade and other creditors are measured at transaction price. Financial liabilities that have no stated interest rate and are payable within one year shall be measured at the undiscounted amount due, those payable after one year should be measured at amortised cost, using the effective interest rate method. |
3. | EMPLOYEES AND DIRECTORS |
2024 | 2023 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
The average number of employees during the year was as follows: |
2024 | 2023 |
Management | 6 | 4 |
Engineers | 4 | 4 |
Sales | 4 | 4 |
Administration | 5 | 5 |
Production | 47 | 43 |
2024 | 2023 |
£ | £ |
Directors' remuneration |
Information regarding the highest paid director is as follows: |
2024 | 2023 |
£ | £ |
Emoluments etc |
ARTHUR STEPHENSON (ENGINEERS) LTD (REGISTERED NUMBER: 00606889) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30 June 2024 |
4. | OPERATING PROFIT |
The operating profit is stated after charging: |
2024 | 2023 |
£ | £ |
Depreciation - owned assets |
Auditors' remuneration |
Property rental |
5. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2024 | 2023 |
£ | £ |
Current tax: |
UK corporation tax |
Deferred tax | ( |
) |
Tax on profit |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
2024 | 2023 |
£ | £ |
Profit before tax |
Profit multiplied by the standard rate of corporation tax in the UK of (2023 - |
Effects of: |
Expenses not deductible for tax purposes |
Income not taxable for tax purposes | ( |
) | ( |
) |
Fixed asset timing differences | (27,521 | ) | (49,168 | ) |
Remeasurement of deferred tax | 30,241 | (7,926 | ) |
Total tax charge | 385,161 | 152,788 |
6. | DIVIDENDS |
2024 | 2023 |
£ | £ |
B Ordinary shares of £1 each |
Interim paid |
C Ordinary shares of £1 each |
Interim |
D Ordinary shares of £1 each |
Interim |
ARTHUR STEPHENSON (ENGINEERS) LTD (REGISTERED NUMBER: 00606889) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30 June 2024 |
7. | TANGIBLE FIXED ASSETS |
Improvements |
Freehold | to | Plant and |
property | property | machinery |
£ | £ | £ |
COST |
At 1 July 2023 |
Additions |
At 30 June 2024 |
DEPRECIATION |
At 1 July 2023 |
Charge for year |
At 30 June 2024 |
NET BOOK VALUE |
At 30 June 2024 |
At 30 June 2023 |
Fixtures |
and | Motor | Computer |
fittings | vehicles | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 July 2023 |
Additions |
At 30 June 2024 |
DEPRECIATION |
At 1 July 2023 |
Charge for year |
At 30 June 2024 |
NET BOOK VALUE |
At 30 June 2024 |
At 30 June 2023 |
8. | FIXED ASSET INVESTMENTS |
Unlisted |
investments |
£ |
COST OR VALUATION |
At 1 July 2023 |
and 30 June 2024 |
NET BOOK VALUE |
At 30 June 2024 |
At 30 June 2023 |
ARTHUR STEPHENSON (ENGINEERS) LTD (REGISTERED NUMBER: 00606889) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30 June 2024 |
8. | FIXED ASSET INVESTMENTS - continued |
Cost or valuation at 30 June 2024 is represented by: |
Unlisted |
investments |
£ |
Valuation in 2003 | 30,000 |
Valuation in 2006 | 1,626 |
31,626 |
The company's investments at the Statement of Financial Position date in the share capital of companies include the following: |
Subsidiary |
Principal Activity |
% Holding |
Direct/Indirect Holding |
Edward Ormerod & Co Limited | Dormant | 100% | Direct |
This company is registered in England and Wales. |
9. | STOCKS |
2024 | 2023 |
£ | £ |
Stocks |
Work in progress | 1,230,508 | 1,222,013 |
10. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Other debtors |
11. | CURRENT ASSET INVESTMENTS |
2024 | 2023 |
£ | £ |
Listed investments | 15,566 | 15,566 |
Market value of listed investments at 30 June 2024 - £ 12,906 (2023 - £ 11,939 ). |
12. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade creditors |
Tax |
Social security and other taxes |
Other creditors |
Accrued expenses |
ARTHUR STEPHENSON (ENGINEERS) LTD (REGISTERED NUMBER: 00606889) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30 June 2024 |
13. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2024 | 2023 |
£ | £ |
Within one year |
Between one and five years |
14. | PROVISIONS FOR LIABILITIES |
2024 | 2023 |
£ | £ |
Deferred tax | 128,451 | 98,210 |
Deferred |
tax |
£ |
Balance at 1 July 2023 |
Charge to Income statement during year |
Balance at 30 June 2024 |
15. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
A Ordinary | £1 | 682 | 935 |
(2023 - 935 ) |
B Ordinary | £1 | 767 | 765 |
C Ordinary | £1 | 166 | - |
D Ordinary | £1 | 85 | - |
1,700 | 1,700 |
During the year, the shares in the company have been redesignated as A Ordinary, B Ordinary, C Ordinary and D Ordinary shares. |
16. | RESERVES |
Capital |
Retained | redemption |
earnings | reserve | Totals |
£ | £ | £ |
At 1 July 2023 | 4,189,998 |
Profit for the year | - |
Dividends | ( |
) | - | ( |
) |
At 30 June 2024 | 4,908,506 |
Retained earnings includes all current and prior retained period profits and losses. |
The capital redemption reserve includes the nominal value of shares repurchased by the company. |
ARTHUR STEPHENSON (ENGINEERS) LTD (REGISTERED NUMBER: 00606889) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30 June 2024 |
17. | PENSION COMMITMENTS |
The company operates a defined contribution pension scheme for its directors and other eligible employees. The assets of the scheme are held separately from those of the company in independently administered funds. Contributions to the scheme for the year amounted to £90,663 (2023 - £78,984) and at the year end there were £18,036 (2023 - £14,609) of unpaid contributions. |
18. | RELATED PARTY DISCLOSURES |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
The company's premises are situated on land partly-owned by the Arthur Stephenson Pension Fund. Two of the directors, A N Stephenson and Mrs J A Stephenson are trustees of the Pension Fund. The annual rent payable on the land is £77,750. |
19. | ULTIMATE CONTROLLING PARTY |