15 false false false false false false false false false false true false false false false false true true No description of principal activity 2024-01-01 Sage Accounts Production Advanced 2024 - FRS102_2024 40,567 15,457 25,110 xbrli:pure xbrli:shares iso4217:GBP NI009577 2024-01-01 2024-12-31 NI009577 2024-12-31 NI009577 2023-12-31 NI009577 2023-01-01 2023-12-31 NI009577 2023-12-31 NI009577 2022-12-31 NI009577 core:PlantMachinery 2024-01-01 2024-12-31 NI009577 core:FurnitureFittings 2024-01-01 2024-12-31 NI009577 core:MotorVehicles 2024-01-01 2024-12-31 NI009577 bus:OrdinaryShareClass1 2024-01-01 2024-12-31 NI009577 bus:PreferenceShareClass1 2024-01-01 2024-12-31 NI009577 bus:Director2 2024-01-01 2024-12-31 NI009577 bus:Director3 2024-01-01 2024-12-31 NI009577 core:WithinOneYear 2024-12-31 NI009577 core:WithinOneYear 2023-12-31 NI009577 core:LandBuildings core:LongLeaseholdAssets 2023-12-31 NI009577 core:PlantMachinery 2023-12-31 NI009577 core:FurnitureFittings 2023-12-31 NI009577 core:MotorVehicles 2023-12-31 NI009577 core:LandBuildings core:LongLeaseholdAssets 2024-12-31 NI009577 core:PlantMachinery 2024-12-31 NI009577 core:FurnitureFittings 2024-12-31 NI009577 core:MotorVehicles 2024-12-31 NI009577 core:LandBuildings core:LongLeaseholdAssets 2024-01-01 2024-12-31 NI009577 core:AfterOneYear 2024-12-31 NI009577 core:AfterOneYear 2023-12-31 NI009577 core:ShareCapital 2024-12-31 NI009577 core:ShareCapital 2023-12-31 NI009577 core:CapitalRedemptionReserve 2024-12-31 NI009577 core:CapitalRedemptionReserve 2023-12-31 NI009577 core:RetainedEarningsAccumulatedLosses 2024-12-31 NI009577 core:RetainedEarningsAccumulatedLosses 2023-12-31 NI009577 core:BetweenOneFiveYears 2024-12-31 NI009577 core:BetweenOneFiveYears 2023-12-31 NI009577 1 core:AfterOneYear 2024-12-31 NI009577 1 core:AfterOneYear 2023-12-31 NI009577 core:MoreThanFiveYears 2024-12-31 NI009577 core:MoreThanFiveYears 2023-12-31 NI009577 core:DeferredTaxation 2024-01-01 2024-12-31 NI009577 core:LandBuildings core:LongLeaseholdAssets 2023-12-31 NI009577 core:PlantMachinery 2023-12-31 NI009577 core:FurnitureFittings 2023-12-31 NI009577 core:MotorVehicles 2023-12-31 NI009577 core:DeferredTaxation 2023-12-31 NI009577 core:DeferredTaxation 2024-12-31 NI009577 bus:Director2 2023-12-31 NI009577 bus:Director2 2024-12-31 NI009577 bus:Director3 2023-12-31 NI009577 bus:Director3 2024-12-31 NI009577 bus:Director2 2023-12-31 NI009577 bus:Director3 2023-12-31 NI009577 bus:Director2 2023-01-01 2023-12-31 NI009577 bus:Director3 2023-01-01 2023-12-31 NI009577 bus:Director1 2024-01-01 2024-12-31 NI009577 bus:SmallEntities 2024-01-01 2024-12-31 NI009577 bus:AuditExemptWithAccountantsReport 2024-01-01 2024-12-31 NI009577 bus:SmallCompaniesRegimeForAccounts 2024-01-01 2024-12-31 NI009577 bus:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 NI009577 bus:FullAccounts 2024-01-01 2024-12-31 NI009577 bus:OrdinaryShareClass1 2024-12-31 NI009577 bus:OrdinaryShareClass1 2023-12-31 NI009577 bus:PreferenceShareClass1 2024-12-31 NI009577 bus:PreferenceShareClass1 2023-12-31
COMPANY REGISTRATION NUMBER: NI009577
Engineering Distributors Limited
Filleted unaudited financial statements
31 December 2024
Engineering Distributors Limited
Statement of financial position
31 December 2024
2024
2023
Note
£
£
£
£
Fixed assets
Tangible assets
5
255,022
322,182
Current assets
Stocks
6
2,465,068
2,054,348
Debtors
7
1,372,663
1,642,366
Cash at bank and in hand
870,526
1,037,667
----------
----------
4,708,257
4,734,381
Creditors: amounts falling due within one year
8
1,643,685
1,627,242
----------
----------
Net current assets
3,064,572
3,107,139
----------
----------
Total assets less current liabilities
3,319,594
3,429,321
Creditors: amounts falling due after more than one year
9
256,168
272,569
Provisions
Taxation including deferred tax
11
25,110
40,567
----------
----------
Net assets
3,038,316
3,116,185
----------
----------
Capital and reserves
Called up share capital
12
2,760
2,760
Capital redemption reserve
13
240
240
Profit and loss account
13
3,035,316
3,113,185
----------
----------
Shareholders funds
3,038,316
3,116,185
----------
----------
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 31 December 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
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:
Mr AP Clarke
Mr AA Clarke
Director
Director
Company registration number: NI009577
Engineering Distributors Limited
Notes to the financial statements
Year ended 31 December 2024
1. General information
The company is a private company limited by shares, registered in Northern Ireland, company registration number NI009577 . The address of the registered office is 13 Sydenham Road, Belfast, BT3 9DH.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Summary of significant 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 and the level of rounding is £1.
Disclosure exemptions
Disclosures in respect of financial instruments have not been presented.
Judgements and key sources of estimation uncertainty
The judgements that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows: Critical estimates and assumptions Impairment of debtors The company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the credit rating of the debtor, the age profile of the debtor and historical experience.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership 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.
Income tax
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.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis. Lease income is recognised in profit or loss on a straight line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis. Costs, including depreciation, incurred in earning the lease income are recognised as an expense. Any initial direct costs incurred in negotiating and arranging the operating lease are added to the carrying amount of the lease and recognised as an expense over the lease term on the same basis as the lease income.
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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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:
Leasehold Property
-
straight line over the life of the lease
Plant & Machinery
-
10% straight line
Fixture & Fittings
-
10% straight line
Motor Vehicles
-
25% straight line
Computer equipment
-
20% straight line
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. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
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.
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. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company 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. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. 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 are 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. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
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 15 (2023: 16 ).
5. Tangible assets
Long leasehold property
Plant and machinery
Fixtures and fittings
Motor vehicles
Computer equipment
Total
£
£
£
£
£
£
Cost
At 1 Jan 2024
165,578
145,631
158,966
315,378
11,912
797,465
Additions
8,236
548
8,784
-------
-------
-------
-------
------
-------
At 31 Dec 2024
165,578
153,867
158,966
315,378
12,460
806,249
-------
-------
-------
-------
------
-------
Depreciation
At 1 Jan 2024
47,282
110,963
151,644
163,012
2,382
475,283
Charge for the year
3,312
7,467
1,672
61,001
2,492
75,944
-------
-------
-------
-------
------
-------
At 31 Dec 2024
50,594
118,430
153,316
224,013
4,874
551,227
-------
-------
-------
-------
------
-------
Carrying amount
At 31 Dec 2024
114,984
35,437
5,650
91,365
7,586
255,022
-------
-------
-------
-------
------
-------
At 31 Dec 2023
118,296
34,668
7,322
152,366
9,530
322,182
-------
-------
-------
-------
------
-------
6. Stocks
2024
2023
£
£
Finished goods and goods for resale
2,465,068
2,054,348
----------
----------
7. Debtors
2024
2023
£
£
Trade debtors
1,369,141
1,600,193
Prepayments and accrued income
3,522
3,680
Corporation tax repayable
7,138
Other debtors
31,355
----------
----------
1,372,663
1,642,366
----------
----------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
1,306,229
1,325,590
Accruals and deferred income
120,067
102,267
Corporation tax
90,988
94,284
Obligations under finance leases and hire purchase contracts
16,401
16,401
Director loan accounts
110,000
88,700
----------
----------
1,643,685
1,627,242
----------
----------
9. Creditors: amounts falling due after more than one year
2024
2023
£
£
Shares classed as financial liabilities
181,602
181,602
Obligations under finance leases and hire purchase contracts
74,566
90,967
-------
-------
256,168
272,569
-------
-------
10. Finance leases and hire purchase contracts
The total future minimum lease payments under finance leases and hire purchase contracts are as follows:
2024
2023
£
£
Not later than 1 year
16,401
16,401
Later than 1 year and not later than 5 years
74,566
90,967
------
-------
90,967
107,368
------
-------
11. Provisions
Deferred tax
£
At 1 January 2024
40,567
Charge against provision
( 15,457)
------
At 31 December 2024
25,110
------
12. Called up share capital
Authorised share capital
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
2,760
2,760
2,760
2,760
Preference shares of £ 1 each
181,602
181,602
181,602
181,602
-------
-------
-------
-------
184,362
184,362
184,362
184,362
-------
-------
-------
-------
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Amounts presented in equity:
Ordinary shares of £ 1 each
2,760
2,760
2,760
2,760
-----
-----
-----
-----
Amounts presented in liabilities:
Preference shares of £ 1 each
181,602
181,602
181,602
181,602
-------
-------
-------
-------
The holder of any of the Preference Shares has no right to any dividend on the shares (preferential or otherwise) unless in the absolute discretion of the directors or the Company in any year a declaration of dividend of such amount as the directors or the Company may determine is made specifically in relation to the Preference Shares. The shares have no redemption entitlement. On a winding-up or other return of capital, the holder of any of the Preference Shares has the right to repayment of the amounts paid up on the shares (including any premiums) in priority to any payment to the holders of any other shares in the capital of the company but has no further right to participate in any profits or assets of the Company whatsoever. The holder of any of the Preference Shares has no right to attend meetings of the Company or to vote on any resolutions of the Company whether proposed as written resolutions or as resolutions to be passed at meetings of the Company.
13. Reserves
Capital redemption reserve - This reserve records the nominal value of shares repurchased by the company. Profit and loss account - This reserve records retained earnings and accumulated losses.
14. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Not later than 1 year
203,717
138,220
Later than 1 year and not later than 5 years
814,868
552,880
Later than 5 years
6,111,510
4,146,600
----------
----------
7,130,095
4,837,700
----------
----------
15. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Mr AP Clarke
( 44,350)
( 125,000)
114,350
( 55,000)
Mr AA Clarke
( 44,350)
( 125,000)
114,350
( 55,000)
------
-------
-------
-------
( 88,700)
( 250,000)
228,700
( 110,000)
------
-------
-------
-------
2023
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Mr AP Clarke
( 100,000)
55,650
( 44,350)
Mr AA Clarke
( 100,000)
55,650
( 44,350)
---
-------
-------
------
( 200,000)
111,300
( 88,700)
---
-------
-------
------
The amounts due to directors are unsecured and interest free.
16. Related party transactions
The owner of the property which is the company's main distribution site is a related party by virtue of common control. During the year the company paid rent to the owner of £203,717 (2023: £138,220).
17. Controlling interest
The ultimate controlling parties are AA Clarke and AP Clarke due to their equity shareholding.