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REGISTERED NUMBER: 01799022 (England and Wales)














Unaudited Financial Statements

for the Year Ended 30 June 2024

for

Aspin Engineering Limited

Aspin Engineering Limited (Registered number: 01799022)






Contents of the Financial Statements
for the Year Ended 30 June 2024




Page

Balance Sheet 1

Notes to the Financial Statements 3


Aspin Engineering Limited (Registered number: 01799022)

Balance Sheet
30 June 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 112,647 112,833
Tangible assets 5 117,915 119,736
230,562 232,569

CURRENT ASSETS
Stocks 26,102 31,282
Debtors 6 69,180 62,972
Cash at bank 302 23,827
95,584 118,081
CREDITORS
Amounts falling due within one year 7 148,964 122,141
NET CURRENT LIABILITIES (53,380 ) (4,060 )
TOTAL ASSETS LESS CURRENT LIABILITIES 177,182 228,509

CREDITORS
Amounts falling due after more than one year 8 (8,680 ) (33,235 )

PROVISIONS FOR LIABILITIES (33,723 ) (38,811 )
NET ASSETS 134,779 156,463

CAPITAL AND RESERVES
Called up share capital 60,000 60,000
Retained earnings 74,779 96,463
SHAREHOLDERS' FUNDS 134,779 156,463

Aspin Engineering Limited (Registered number: 01799022)

Balance Sheet - continued
30 June 2024


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

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

The director acknowledges his 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.

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 Profit and Loss Account has not been delivered.

The financial statements were approved by the director and authorised for issue on 10 February 2025 and were signed by:





Dr A F Aspin - Director


Aspin Engineering Limited (Registered number: 01799022)

Notes to the Financial Statements
for the Year Ended 30 June 2024

1. STATUTORY INFORMATION

Aspin Engineering Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 01799022

Registered office: Unit 5, Egremont Close
Moss Lane Industrial Estate
Whitefield
Manchester
M45 8FH

The presentation currency of the financial statements is the Pound Sterling (£).


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.

Revenue is recognised as the company becomes entitled to consideration for the goods supplied.

Intangible assets - research and development
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.

Research expenditure is written off as incurred. Development expenditure is also written off, except where the director is satisfied as to the technical, commercial and financial viability of certain projects. In such cases the identifiable expenditure is deferred and amortised over the period during which the company is expected to benefit which is currently fifteen years. Provision is made annually for any necessary impairment write down.

Tangible fixed assets
Tangible fixed assets are stated at historical cost less accumulated depreciation and any provision for impairment. The cost of tangible fixed assets includes only expenditure incurred in bringing the assets into working condition for their intended use. Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Fixtures and fittings - 10% on reducing balance
Plant and machinery - 6.67% on cost

The assets residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if appropriate, or if there is an indication of significant change since the last reporting date.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving stock. Work in progress is valued at the purchase cost of materials, direct labour and attributable overheads. At each balance sheet date stocks are assessed for impairment. Any impairment loss is recognised immediately in profit or loss.

Aspin Engineering Limited (Registered number: 01799022)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

2. ACCOUNTING POLICIES - continued

Financial instruments
The company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments.

Basic financial assets, including trade and other receivables, cash and bank balances, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method.

Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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.

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 directors pension scheme. Contributions payable to this scheme and to the staff pension scheme are charged to profit or loss in the period to which they relate. Both schemes are defined contribution schemes.

Employee benefits
The cost of short term employee benefits are recognised as a liability and an expense.

The cost of any unused holiday entitlement and of holidays taken in advance is recognised in the period in which the employees services are received.

Lease and hire purchase contracts
Rentals payable under operating leases are charged to profit and loss account on a straight line basis over the term of the lease.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2023 - 8 ) .

Aspin Engineering Limited (Registered number: 01799022)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

4. INTANGIBLE FIXED ASSETS
Development
expenditure
£   
COST
At 1 July 2023 278,785
Additions 16,500
At 30 June 2024 295,285
AMORTISATION
At 1 July 2023 165,952
Amortisation for year 16,686
At 30 June 2024 182,638
NET BOOK VALUE
At 30 June 2024 112,647
At 30 June 2023 112,833

5. TANGIBLE FIXED ASSETS
Fixtures
Plant and and
machinery fittings Totals
£    £    £   
COST
At 1 July 2023 525,596 27,910 553,506
Additions 6,788 - 6,788
At 30 June 2024 532,384 27,910 560,294
DEPRECIATION
At 1 July 2023 406,760 27,010 433,770
Charge for year 8,519 90 8,609
At 30 June 2024 415,279 27,100 442,379
NET BOOK VALUE
At 30 June 2024 117,105 810 117,915
At 30 June 2023 118,836 900 119,736

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 60,321 58,971
Other debtors 8,859 4,001
69,180 62,972

Aspin Engineering Limited (Registered number: 01799022)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 30,426 22,471
Trade creditors 25,656 10,214
Taxation and social security 43,986 47,022
Other creditors 48,896 42,434
148,964 122,141

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans 8,680 33,235

9. FINANCIAL COMMITMENTS

The financial commitments, which are not included in the balance sheet amount to £708 (2023: £2,124). These financial commitments represent the amount of payments for various leases ending in 2025.

10. RELATED PARTY DISCLOSURES

The company has interest free short term loans, which are repayable on demand, from The Aspin Engineering Limited (Self-Administered) Pension Plan amounting to £28,570 (2023: £24,570),

11. ULTIMATE CONTROLLING PARTY

The parent company is Aspin Developments Ltd.