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Registration number: 11908954

Scrapheap Engineers Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Scrapheap Engineers Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

Accountants' Report

8

 

Scrapheap Engineers Ltd

Company Information

Director

Mr Benjamin John Sharples

Company secretary

Mr Benjamin John Sharples

Registered office

71-75 Shelton Street
Covent Garden
London
Greater London
WC2H 9JQ

Accountants

EQ Accountants Ltd Unit 4B
Gateway Business Park
Beancross Road
Grangemouth
FK3 8WX

 

Scrapheap Engineers Ltd

(Registration number: 11908954)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

3,003

5,701

Current assets

 

Debtors

5

2,532

30,397

Cash at bank and in hand

 

1,053

1,954

 

3,585

32,351

Creditors: Amounts falling due within one year

6

(16,115)

(31,111)

Net current (liabilities)/assets

 

(12,530)

1,240

Total assets less current liabilities

 

(9,527)

6,941

Creditors: Amounts falling due after more than one year

6

(4,867)

(5,827)

Provisions for liabilities

(571)

(1,083)

Net (liabilities)/assets

 

(14,965)

31

Capital and reserves

 

Called up share capital

1

1

Retained earnings

(14,966)

30

Shareholders' (deficit)/funds

 

(14,965)

31

For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 20 January 2025
 

.........................................
Mr Benjamin John Sharples
Company secretary and director

   
     
 

Scrapheap Engineers Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England .

2

Accounting policies

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

It is the opinion of the director that there is reasonable expectation that the company has adequate resources to continue operations for the foreseeable future. For this reason the going concern basis has been adopted in preparing the financial statements for the period ended 31 March 2024.

Revenue recognition

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 the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

 

Scrapheap Engineers Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Motor vehicles

25% reducing balance

Plant and machinery

33% straight line

Office equipment

33% straight line

Furniture and fittings

25% reducing balance

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual
arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any
contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

 

3

Employees and Directors

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

 

Scrapheap Engineers Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

4

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Cost or valuation

At 1 April 2023

200

1,320

450

9,000

At 31 March 2024

200

1,320

450

9,000

Depreciation

At 1 April 2023

50

570

149

4,500

Charge for the year

50

250

148

2,250

At 31 March 2024

100

820

297

6,750

Carrying amount

At 31 March 2024

100

500

153

2,250

At 31 March 2023

150

750

301

4,500

Total
£

Cost or valuation

At 1 April 2023

10,970

At 31 March 2024

10,970

Depreciation

At 1 April 2023

5,269

Charge for the year

2,698

At 31 March 2024

7,967

Carrying amount

At 31 March 2024

3,003

At 31 March 2023

5,701

5

Debtors

Current

2024
£

2023
£

Other debtors

2,532

30,397

 

2,532

30,397

 

Scrapheap Engineers Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

7

1,073

1,073

Taxation and social security

 

15,042

30,038

 

16,115

31,111

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

7

4,867

5,827

7

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

4,867

5,827

Current loans and borrowings

2024
£

2023
£

Bank borrowings

1,073

1,073

8

Related party transactions

Transactions with directors

Debtors include the following amounts which are owed from individuals who were directors of the company during the year:

2024

At 1 April 2023
£

Repayments by director
£

At 31 March 2024
£

Mr Benjamin John Sharples

Loan

22,727

(20,834)

1,893

 

Scrapheap Engineers Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

2023

At 1 April 2022
£

Advances to director
£

At 31 March 2023
£

Mr Benjamin John Sharples

Loan

3,080

19,647

22,727

 

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Scrapheap Engineers Ltd
for the Year Ended 31 March 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Scrapheap Engineers Ltd for the year ended 31 March 2024 as set out on pages 2 to 7 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.

This report is made solely to the Board of Directors of Scrapheap Engineers Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Scrapheap Engineers Ltd and state those matters that we have agreed to state to the Board of Directors of Scrapheap Engineers Ltd, as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Scrapheap Engineers Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Scrapheap Engineers Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Scrapheap Engineers Ltd. You consider that Scrapheap Engineers Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Scrapheap Engineers Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

EQ Accountants Ltd
Unit 4B
Gateway Business Park
Beancross Road
Grangemouth
FK3 8WX

20 January 2025