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Registration number: NI612061

Strain Engineering and Co Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 April 2024

 

Strain Engineering and Co Limited

(Registration number: NI612061)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

-

85,500

Tangible assets

5

3,234,966

2,523,987

 

3,234,966

2,609,487

Current assets

 

Stocks

6

245,978

410,291

Debtors

7

2,943,731

1,927,904

Cash at bank and in hand

 

2,110,691

1,279,611

 

5,300,400

3,617,806

Creditors : due within one year

8

(1,652,562)

(1,181,409)

Net current assets

 

3,647,838

2,436,397

Total assets less current liabilities

 

6,882,804

5,045,884

Creditors : due after more than one year

8

(100,135)

(256,292)

Provisions for liabilities

(398,000)

(198,000)

Net assets

 

6,384,669

4,591,592

Capital and reserves

 

Called up share capital

10

1

1

Retained earnings

6,384,668

4,591,591

Shareholders' funds

 

6,384,669

4,591,592

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 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 directors acknowledge their 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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been 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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

Strain Engineering and Co Limited

(Registration number: NI612061)
Balance Sheet as at 30 April 2024

Approved and authorised by the Board on 7 October 2024 and signed on its behalf by:
 

.............................................
Mr Alan Mulholland
Director

 

Strain Engineering and Co Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

1

General information

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

The address of its registered office is: 6 New Ferry Road, Bellaghy, Magherafelt, BT45 8ND.

These financial statements were authorised for issue by the Board on 7 October 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

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

The financial statements have been prepared on a going concern basis.

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.

Government grants

Revenue grants are credited to the profit and loss account in the period in which the related expenditure is incurred.

Tax

The tax expense for the period comprises current 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.

 

Strain Engineering and Co Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10% straight line basis

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

Freehold land and buildings

2% straight line basis

Plant and machinery

20% reducing balance basis

Motor vehicles

20% reducing balance basis

Office equipment

20% reducing balance basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Short-term debtors and creditors

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the income statement in operating expenses.

Work in progress

Work in progress is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

 

Strain Engineering and Co Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 49 (2023 - 40).

 

Strain Engineering and Co Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 May 2023

195,000

195,000

Disposals

(95,000)

(95,000)

At 30 April 2024

100,000

100,000

Amortisation

At 1 May 2023

109,500

109,500

Amortisation charge

7,125

7,125

Amortisation eliminated on disposals

(16,625)

(16,625)

At 30 April 2024

100,000

100,000

Carrying amount

At 30 April 2024

-

-

At 30 April 2023

85,500

85,500

 

Strain Engineering and Co Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

5

Tangible assets

Land and buildings
£

Office equipment
£

Motor vehicles
 £

Plant and equipment
£

Total
£

Cost or valuation

At 1 May 2023

1,798,950

86,080

413,760

1,348,590

3,647,380

Additions

498,549

98,064

141,818

275,732

1,014,163

Disposals

-

-

(80,060)

(36,880)

(116,940)

At 30 April 2024

2,297,499

184,144

475,518

1,587,442

4,544,603

Depreciation

At 1 May 2023

93,334

38,915

256,028

735,116

1,123,393

Charge for the year

45,950

29,044

57,849

127,300

260,143

Eliminated on disposal

-

-

(69,750)

(4,149)

(73,899)

At 30 April 2024

139,284

67,959

244,127

858,267

1,309,637

Carrying amount

At 30 April 2024

2,158,215

116,185

231,391

729,175

3,234,966

At 30 April 2023

1,705,616

47,165

157,732

613,474

2,523,987

Included within the net book value of land and buildings above is £2,158,215 (2023 - £1,705,616) in respect of freehold land and buildings.
 

6

Work in progress

2024
£

2023
£

Work in progress

245,978

410,291

7

Debtors

Current

2024
£

2023
£

Trade debtors

2,189,506

1,557,328

Amounts owed by related parties

303,402

-

Prepayments

83,238

61,175

Other debtors

367,585

309,401

 

2,943,731

1,927,904

 

Strain Engineering and Co Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

8

Creditors: due within one year

2024
£

2023
£

Loans and borrowings

160,794

166,120

Trade creditors

472,368

428,511

Directors current account

28,614

45,614

Taxation and social security

285,958

254,386

Accruals and deferred income

25,620

4,750

Corporation tax

679,208

282,028

1,652,562

1,181,409

9

Creditors: due after more than one year

2024
£

2023
£

Bank borrowings

15,590

126,247

HP and finance lease liabilities

84,545

130,045

100,135

256,292

10

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary shares of £1 each

1

1

1

1