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COMPANY REGISTRATION NUMBER: 7065991
Haven Engineering 2016 Limited
Filleted Unaudited Financial Statements
26 November 2021
Haven Engineering 2016 Limited
Financial Statements
Year ended 26 November 2021
Contents
Pages
Statement of financial position
1 to 2
Notes to the financial statements
3 to 8
Haven Engineering 2016 Limited
Statement of Financial Position
26 November 2021
2021
2020
Note
£
£
Fixed assets
Tangible assets
6
451,244
463,576
Current assets
Stocks
603,600
575,515
Debtors
7
427,040
316,178
Cash at bank and in hand
26,756
34,519
------------
---------
1,057,396
926,212
Creditors: amounts falling due within one year
8
( 1,441,384)
( 1,255,516)
------------
------------
Net current liabilities
( 383,988)
( 329,304)
---------
---------
Total assets less current liabilities
67,256
134,272
Creditors: amounts falling due after more than one year
9
( 2,392)
( 24,741)
Provisions
Taxation including deferred tax
10
( 1,908)
( 2,577)
--------
---------
Net assets
62,956
106,954
--------
---------
Capital and reserves
Called up share capital
12
31,100
31,100
Profit and loss account
31,856
75,854
--------
---------
Shareholders funds
62,956
106,954
--------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 26 November 2021 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 financial statements for the year in question in accordance with section 476 ;
- The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Haven Engineering 2016 Limited
Statement of Financial Position (continued)
26 November 2021
These financial statements were approved by the board of directors and authorised for issue on 17 February 2025 , and are signed on behalf of the board by:
Mrs L.C. Scourfield
Director
Company registration number: 7065991
Haven Engineering 2016 Limited
Notes to the Financial Statements
Year ended 26 November 2021
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Trem Yr Afon, Fleet Street, Pennar, Pembroke Dock, Pembrokeshire, SA72 6RG.
2. Statement of compliance
These financial statements have been prepared in accordance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the Companies Act 2006.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The director has a reasonable expectation that the company has adequate resources to continue operational existence for the foreseeable future. For this reason, the director continues to adopt the going concern basis of accounting in preparing the annual financial statements.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue from the sale of goods and services is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Property Improvements
-
2% straight line
Plant & Machinery
-
25% reducing balance
Fixtures & Fittings
-
25% reducing balance
Motor Vehicles
-
25% reducing balance
Equipment
-
25% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 16 (2020: 18 ).
5. Tax on (loss)/profit
Major components of tax (income)/expense
2021
2020
£
£
Current tax:
UK current tax expense
4,635
Adjustments in respect of prior periods
( 6,865)
-------
-------
Total current tax
( 6,865)
4,635
-------
-------
Deferred tax:
Origination and reversal of timing differences
( 669)
( 537)
-------
-------
Tax on (loss)/profit
( 7,534)
4,098
-------
-------
6. Tangible assets
Property Improvements
Plant & Machinery
Fixtures & Fittings
Motor Vehicles
Equipment
Total
£
£
£
£
£
£
Cost
At 27 Nov 2020
476,207
1,170
1,990
28,875
8,273
516,515
Additions
170
608
778
---------
-------
-------
--------
-------
---------
At 26 Nov 2021
476,207
1,170
2,160
28,875
8,881
517,293
---------
-------
-------
--------
-------
---------
Depreciation
At 27 Nov 2020
26,193
587
1,309
18,684
6,166
52,939
Charge for the year
9,524
146
213
2,548
679
13,110
---------
-------
-------
--------
-------
---------
At 26 Nov 2021
35,717
733
1,522
21,232
6,845
66,049
---------
-------
-------
--------
-------
---------
Carrying amount
At 26 Nov 2021
440,490
437
638
7,643
2,036
451,244
---------
-------
-------
--------
-------
---------
At 26 Nov 2020
450,014
583
681
10,191
2,107
463,576
---------
-------
-------
--------
-------
---------
Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Motor Vehicles
£
At 26 November 2021
5,442
-------
At 26 November 2020
7,256
-------
7. Debtors
2021
2020
£
£
Trade debtors
413,675
305,093
Other debtors
13,365
11,085
---------
---------
427,040
316,178
---------
---------
Other debtors include an amount of £nil (2020 - £nil) falling due after more than one year.
8. Creditors: amounts falling due within one year
2021
2020
£
£
Bank loans and overdrafts (secured)
44,648
47,373
Trade creditors
74,321
84,415
Hire purchase creditors (secured)
2,902
4,580
Corporation tax
23,979
23,066
Social security and other taxes
682,217
1,008,038
Other creditors
613,317
88,044
------------
------------
1,441,384
1,255,516
------------
------------
There is a Company Voluntary Arrangement held by H M Revenue & Customs and Alliance Lifting Services Ltd over Haven Engineering 2016 Limited . The bank facilities are secured by legal charges held by Pulse Cashflow Finance Limited over the assets of the company.
9. Creditors: amounts falling due after more than one year
2021
2020
£
£
Bank loans and overdrafts (secured)
2,392
22,167
Hire purchase creditors (secured)
2,574
-------
--------
2,392
24,741
-------
--------
10. Provisions
Deferred tax (note 11)
£
At 27 November 2020
2,577
Charge against provision
( 669)
-------
At 26 November 2021
1,908
-------
11. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2021
2020
£
£
Included in provisions (note 10)
1,908
2,577
-------
-------
The deferred tax account consists of the tax effect of timing differences in respect of:
2021
2020
£
£
Accelerated capital allowances
2,043
2,577
Unused tax losses
( 135)
-------
-------
1,908
2,577
-------
-------
12. Called up share capital
Issued, called up and fully paid
2021
2020
No.
£
No.
£
Ordinary shares of £ 1 each
31,100
31,100
31,100
31,100
--------
--------
--------
--------
13. Related party transactions
The company was under the control of Mrs L.C. Scourfield throughout the current and previous year. Mrs L.C. Scourfield is the managing director and majority shareholder. No transactions with related parties were undertaken such as are required to be disclosed under FRS 102.