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REGISTERED NUMBER: NI063859 (Northern Ireland)












Warwick Engineering (NI) Limited

Unaudited Financial Statements for the Year Ended 30 April 2024






Warwick Engineering (NI) Limited (Registered number: NI063859)






Contents of the Financial Statements
for the year ended 30 April 2024




Page

Company information 1

Balance sheet 2

Notes to the financial statements 4


Warwick Engineering (NI) Limited

Company Information
for the year ended 30 April 2024







Directors: Mrs J Warwick
Mr C Warwick



Registered office: 67a Whappstown Road
Moorfields
Ballymena
BT42 3DB



Registered number: NI063859 (Northern Ireland)



Accountants: Exchange Accountants Limited
Chartered Certified Accountants
Oakmont House
2 Queens Road
Lisburn
BT27 4TZ



Bankers: First Trust Bank
92 Ann Street
Belfast
Co. Antrim
BT1 3AY

Warwick Engineering (NI) Limited (Registered number: NI063859)

Balance Sheet
30 April 2024

2024 2023
Notes £    £   
Fixed assets
Intangible assets 4 150,000 200,000
Tangible assets 5 150,444 150,466
300,444 350,466

Current assets
Stocks 363,080 522,731
Debtors 6 386,678 449,863
Cash at bank 525 1,730
750,283 974,324
Creditors
Amounts falling due within one year 7 (641,340 ) (734,036 )
Net current assets 108,943 240,288
Total assets less current liabilities 409,387 590,754

Creditors
Amounts falling due after more than one
year

8

(121,537

)

(293,192

)

Provisions for liabilities - (12,213 )
Net assets 287,850 285,349

Capital and reserves
Called up share capital 127 127
Share premium 249,875 249,875
Retained earnings 37,848 35,347
Shareholders' funds 287,850 285,349

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Warwick Engineering (NI) Limited (Registered number: NI063859)

Balance Sheet - continued
30 April 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 31 October 2024 and were signed on its behalf by:





Mrs J Warwick - Director


Warwick Engineering (NI) Limited (Registered number: NI063859)

Notes to the Financial Statements
for the year ended 30 April 2024

1. Statutory information

Warwick Engineering (NI) Limited is a private company, limited by shares , registered in Northern Ireland. The company's registered number and registered office address can be found on the Company Information page.

2. Accounting policies

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2007, is being amortised evenly over its estimated useful life of twenty years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Land and buildings - 2% Straight line
Plant and machinery etc - 25% Straight line and 15% Reducing balance

Stocks
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

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 or deferred taxation assets and liabilities are not discounted.

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 balance sheet date.


Warwick Engineering (NI) Limited (Registered number: NI063859)

Notes to the Financial Statements - continued
for the year ended 30 April 2024

2. Accounting policies - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. Employees and directors

The average number of employees during the year was 22 (2023 - 27 ) .

4. Intangible fixed assets
Goodwill
£   
Cost
At 1 May 2023
and 30 April 2024 1,000,000
Amortisation
At 1 May 2023 800,000
Charge for year 50,000
At 30 April 2024 850,000
Net book value
At 30 April 2024 150,000
At 30 April 2023 200,000

Warwick Engineering (NI) Limited (Registered number: NI063859)

Notes to the Financial Statements - continued
for the year ended 30 April 2024

5. Tangible fixed assets
Plant and
Land and machinery
buildings etc Totals
£    £    £   
Cost
At 1 May 2023 27,799 636,120 663,919
Additions - 26,715 26,715
Disposals - (93,096 ) (93,096 )
At 30 April 2024 27,799 569,739 597,538
Depreciation
At 1 May 2023 7,340 506,113 513,453
Charge for year 556 26,181 26,737
Eliminated on disposal - (93,096 ) (93,096 )
At 30 April 2024 7,896 439,198 447,094
Net book value
At 30 April 2024 19,903 130,541 150,444
At 30 April 2023 20,459 130,007 150,466

6. Debtors: amounts falling due within one year
2024 2023
£    £   
Trade debtors 316,386 366,889
Other debtors 70,292 82,974
386,678 449,863

7. Creditors: amounts falling due within one year
2024 2023
£    £   
Bank loans and overdrafts 279,069 201,204
Hire purchase contracts 5,565 21,194
Trade creditors 68,619 109,269
Taxation and social security 36,685 109,993
Other creditors 251,402 292,376
641,340 734,036

8. Creditors: amounts falling due after more than one year
2024 2023
£    £   
Bank loans 107,623 293,192
Hire purchase contracts 13,914 -
121,537 293,192

Warwick Engineering (NI) Limited (Registered number: NI063859)

Notes to the Financial Statements - continued
for the year ended 30 April 2024

9. Secured debts

The following secured debts are included within creditors:

2024 2023
£    £   
Bank overdraft 39,833 -
Bank loans 346,859 494,396
Hire purchase contracts 19,479 21,194
406,171 515,590

Bank loans are secured by a charge over the company assets.

The pension scheme loan was secured by a charge over the shares of the company.

Hire purchase creditors are secured on the assets to which the hire purchase contracts relate.

10. Directors' advances, credits and guarantees

The following advances and credits to directors subsisted during the years ended 30 April 2024 and 30 April 2023:

2024 2023
£    £   
Mrs J Warwick and Mr C Warwick
Balance outstanding at start of year (260,483 ) 235,239
Amounts advanced 265,740 313,136
Amounts repaid (233,250 ) (808,858 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (227,993 ) (260,483 )