IRIS Accounts Production v24.3.2.46 03258722 Board of Directors 1.4.23 31.3.24 31.3.24 false true false false false true false 'A' Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh032587222023-03-31032587222024-03-31032587222023-04-012024-03-31032587222022-02-14032587222022-02-152023-03-31032587222023-03-3103258722ns15:EnglandWales2023-04-012024-03-3103258722ns14:PoundSterling2023-04-012024-03-3103258722ns10:Director12023-04-012024-03-3103258722ns10:PrivateLimitedCompanyLtd2023-04-012024-03-3103258722ns10:SmallEntities2023-04-012024-03-3103258722ns10:AuditExempt-NoAccountantsReport2023-04-012024-03-3103258722ns10:SmallCompaniesRegimeForDirectorsReport2023-04-012024-03-3103258722ns10:SmallCompaniesRegimeForAccounts2023-04-012024-03-3103258722ns10:FullAccounts2023-04-012024-03-310325872212023-04-012024-03-3103258722ns10:OrdinaryShareClass12023-04-012024-03-3103258722ns10:Director52023-04-012024-03-3103258722ns10:RegisteredOffice2023-04-012024-03-3103258722ns5:CurrentFinancialInstruments2024-03-3103258722ns5:CurrentFinancialInstruments2023-03-3103258722ns5:Non-currentFinancialInstruments2024-03-3103258722ns5:Non-currentFinancialInstruments2023-03-3103258722ns5:ShareCapital2024-03-3103258722ns5:ShareCapital2023-03-3103258722ns5:RetainedEarningsAccumulatedLosses2024-03-3103258722ns5:RetainedEarningsAccumulatedLosses2023-03-3103258722ns5:IntangibleAssetsOtherThanGoodwill2023-04-012024-03-3103258722ns5:ComputerSoftware2023-04-012024-03-3103258722ns5:ComputerSoftware2023-03-3103258722ns5:ComputerSoftware2024-03-3103258722ns5:ComputerSoftware2023-03-3103258722ns5:PlantMachinery2023-03-3103258722ns5:FurnitureFittings2023-03-3103258722ns5:MotorVehicles2023-03-3103258722ns5:ComputerEquipment2023-03-3103258722ns5:PlantMachinery2023-04-012024-03-3103258722ns5:FurnitureFittings2023-04-012024-03-3103258722ns5:MotorVehicles2023-04-012024-03-3103258722ns5:ComputerEquipment2023-04-012024-03-3103258722ns5:PlantMachinery2024-03-3103258722ns5:FurnitureFittings2024-03-3103258722ns5:MotorVehicles2024-03-3103258722ns5:ComputerEquipment2024-03-3103258722ns5:PlantMachinery2023-03-3103258722ns5:FurnitureFittings2023-03-3103258722ns5:MotorVehicles2023-03-3103258722ns5:ComputerEquipment2023-03-3103258722ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2023-03-3103258722ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2023-04-012024-03-3103258722ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2024-03-3103258722ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2023-03-3103258722ns5:CurrentFinancialInstrumentsns5:WithinOneYear2024-03-3103258722ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-03-3103258722ns5:Non-currentFinancialInstruments2023-04-012024-03-3103258722ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2024-03-3103258722ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2023-03-3103258722ns5:HirePurchaseContractsns5:WithinOneYear2024-03-3103258722ns5:HirePurchaseContractsns5:WithinOneYear2023-03-3103258722ns5:BetweenOneFiveYearsns5:HirePurchaseContracts2024-03-3103258722ns5:BetweenOneFiveYearsns5:HirePurchaseContracts2023-03-3103258722ns5:HirePurchaseContracts2024-03-3103258722ns5:HirePurchaseContracts2023-03-3103258722ns5:HirePurchaseContractsns5:CurrentFinancialInstrumentsns5:WithinOneYear2024-03-3103258722ns5:HirePurchaseContractsns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-03-3103258722ns5:WithinOneYear2024-03-3103258722ns5:WithinOneYear2023-03-3103258722ns5:BetweenOneFiveYears2024-03-3103258722ns5:BetweenOneFiveYears2023-03-3103258722ns5:MoreThanFiveYears2024-03-3103258722ns5:MoreThanFiveYears2023-03-3103258722ns5:AllPeriods2024-03-3103258722ns5:AllPeriods2023-03-3103258722ns5:Secured2024-03-3103258722ns5:Secured2023-03-3103258722ns5:DeferredTaxation2023-03-3103258722ns5:DeferredTaxation2023-04-012024-03-3103258722ns5:DeferredTaxation2024-03-3103258722ns10:OrdinaryShareClass12024-03-3103258722ns5:RetainedEarningsAccumulatedLosses2023-03-3103258722ns5:RetainedEarningsAccumulatedLosses2023-04-012024-03-31
REGISTERED NUMBER: 03258722 (England and Wales)









M C E ENGINEERING LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024






M C E ENGINEERING LIMITED (REGISTERED NUMBER: 03258722)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


M C E ENGINEERING LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: A J Lines
M J Southworth





REGISTERED OFFICE: Unit 6 Empire Business Park
Parcel Terrace
Derby
Derbyshire
DE1 1LY





REGISTERED NUMBER: 03258722 (England and Wales)





ACCOUNTANTS: UHY Hacker Young (Bham) LLP
9-11 Vittoria Street
Birmingham
B1 3ND

M C E ENGINEERING LIMITED (REGISTERED NUMBER: 03258722)

BALANCE SHEET
31 MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 249,017 263,885
249,017 263,885

CURRENT ASSETS
Stocks 6 443,906 628,354
Debtors 7 1,271,878 377,117
Cash at bank 325,764 161,128
2,041,548 1,166,599
CREDITORS
Amounts falling due within one year 8 2,133,777 647,635
NET CURRENT (LIABILITIES)/ASSETS (92,229 ) 518,964
TOTAL ASSETS LESS CURRENT
LIABILITIES

156,788

782,849

CREDITORS
Amounts falling due after more than
one year

9

(372,469

)

(720,967

)

PROVISIONS FOR LIABILITIES 13 (56,279 ) (17,062 )
NET (LIABILITIES)/ASSETS (271,960 ) 44,820

M C E ENGINEERING LIMITED (REGISTERED NUMBER: 03258722)

BALANCE SHEET - continued
31 MARCH 2024

2024 2023
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 14 80 80
Retained earnings 15 (272,040 ) 44,740
SHAREHOLDERS' FUNDS (271,960 ) 44,820

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 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.

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 Statement of comprehensive income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 19 February 2025 and were signed on its behalf by:





A J Lines - Director


M C E ENGINEERING LIMITED (REGISTERED NUMBER: 03258722)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1. STATUTORY INFORMATION

M C E Engineering Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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 the Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. It is the intention for MCE to be fully supported by the Invictus Engineering Group over the next year and to work much more closely with sister company CE Turner, the latter having a significant defence sector orderbook.

The directors have prepared financial forecasts which are showing that the business has sufficient resources to meet its liabilities for at least twelve months from signing these financial statements. Thus, the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

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

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.

Computer software is being amortised evenly over its estimated useful life of nil years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is shorter.
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% straight line

M C E ENGINEERING LIMITED (REGISTERED NUMBER: 03258722)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

2. ACCOUNTING POLICIES - continued

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.

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.

Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost re reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of comprehensive income, 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.


M C E ENGINEERING LIMITED (REGISTERED NUMBER: 03258722)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 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.

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

Debtors
Basic financial assets, including trade and other debtors, are intially 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, less any impairment.

Cash and cash equivalents
Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and other short-term highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

M C E ENGINEERING LIMITED (REGISTERED NUMBER: 03258722)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

2. ACCOUNTING POLICIES - continued

Creditors
Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related parties, 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 payments discounted at a market rate of interest. Such instruments are subsequently carried at amortised cost using the effective interest method, less any impairment.

Government grants
Grant income is recognised in the profit and loss at the time at which all conditions of the grant have been satisfied.

Grant income relating to capital purchases is deferred and released to the profit and loss account over the life of the asset of which it was received to fund.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 33 (2023 - 35 ) .

4. INTANGIBLE FIXED ASSETS
Computer
software
£   
COST
At 1 April 2023
and 31 March 2024 11,020
AMORTISATION
At 1 April 2023
and 31 March 2024 11,020
NET BOOK VALUE
At 31 March 2024 -
At 31 March 2023 -

M C E ENGINEERING LIMITED (REGISTERED NUMBER: 03258722)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

5. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 April 2023 453,164 46,539 32,400 104,155 636,258
Additions 65,045 4,078 - 28,902 98,025
At 31 March 2024 518,209 50,617 32,400 133,057 734,283
DEPRECIATION
At 1 April 2023 274,422 20,194 25,935 51,822 372,373
Charge for year 102,260 3,380 1,641 5,612 112,893
At 31 March 2024 376,682 23,574 27,576 57,434 485,266
NET BOOK VALUE
At 31 March 2024 141,527 27,043 4,824 75,623 249,017
At 31 March 2023 178,742 26,345 6,465 52,333 263,885

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and
machinery
£   
COST
At 1 April 2023
and 31 March 2024 82,990
DEPRECIATION
At 1 April 2023 18,764
Charge for year 9,382
At 31 March 2024 28,146
NET BOOK VALUE
At 31 March 2024 54,844
At 31 March 2023 64,226

M C E ENGINEERING LIMITED (REGISTERED NUMBER: 03258722)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

6. STOCKS
2024 2023
£    £   
Stocks 132,984 29,238
Work-in-progress 310,922 599,116
443,906 628,354

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 764,847 359,526
Amounts owed by group undertakings 472,037 -
Prepayments 34,994 17,591
1,271,878 377,117

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts (see note 10) 74,732 109,501
Hire purchase contracts (see note 11) 17,352 16,251
Trade creditors 423,525 269,507
Tax (14,287 ) (14,287 )
Social security and other taxes 97,250 42,889
VAT 154,618 31,279
Other creditors 453,166 162,772
Accruals and deferred income 927,421 29,723
2,133,777 647,635

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans (see note 10) 85,940 281,880
Hire purchase contracts (see note 11) 21,735 39,087
Chiltern Industries Ltd 264,794 400,000
372,469 720,967

The loan of £264,794 from Chiltern Industries does not have defined terms. Repayment will not be sought until all other creditors of more than 1 year have been paid.

M C E ENGINEERING LIMITED (REGISTERED NUMBER: 03258722)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

10. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£    £   
Amounts falling due within one year or on demand:
Bank loans 74,732 109,501

Amounts falling due between two and five years:
Bank loans - 2-5 years 85,940 281,880

11. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£    £   
Gross obligations repayable:
Within one year 19,405 19,405
Between one and five years 22,639 42,044
42,044 61,449

Finance charges repayable:
Within one year 2,053 3,154
Between one and five years 904 2,957
2,957 6,111

Net obligations repayable:
Within one year 17,352 16,251
Between one and five years 21,735 39,087
39,087 55,338

M C E ENGINEERING LIMITED (REGISTERED NUMBER: 03258722)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

11. LEASING AGREEMENTS - continued

Non-cancellable operating leases
2024 2023
£    £   
Within one year 103,000 80,250
Between one and five years 286,667 217,000
In more than five years - 16,667
389,667 313,917

12. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 160,672 391,381
Hire purchase contracts 39,087 55,338
199,759 446,719

Obligations under hire purchase contracts are secured on the assets to which they relate.

13. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 56,279 17,062

Deferred
tax
£   
Balance at 1 April 2023 17,062
Provided during year 39,217
Balance at 31 March 2024 56,279

14. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
80 'A' Ordinary 1 80 80

M C E ENGINEERING LIMITED (REGISTERED NUMBER: 03258722)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

15. RESERVES
Retained
earnings
£   

At 1 April 2023 44,740
Deficit for the year (316,780 )
At 31 March 2024 (272,040 )

16. PENSION COMMITMENTS

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund. Contributions totalling £27,805 (2023: £27,149) were paid in the year in respect of the defined contribution scheme.

17. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Chiltern Industries Limited is a company in which a Director Arnold James Lines is also a Director. As at 31 March 2024, a balance was owed to Chiltern Industries of £264,794 (2023: £400,000). This amount outstanding is unsecured with no formal agreement in place.

18. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is A J Lines, following the acquisition of 100% shareholding in Invictus Engineering Group Limited, the parent company of M C E Engineering Limited on 28 March 2024.