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Registration number: 04931505

Chris Putt Motor Engineers Limited

Unaudited Filleted Financial Statements

31 December 2024

 

Chris Putt Motor Engineers Limited

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

Chris Putt Motor Engineers Limited

(Registration number: 04931505)
Statement of Financial Position as at 31 December 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

16,615

20,930

Current assets

 

Debtors

7

29,634

75,178

Cash at bank and in hand

 

64,233

33,729

 

93,867

108,907

Creditors: Amounts falling due within one year

8

(26,751)

(24,850)

Net current assets

 

67,116

84,057

Total assets less current liabilities

 

83,731

104,987

Provisions for liabilities

(4,125)

(5,197)

Net assets

 

79,606

99,790

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

79,506

99,690

Shareholders' funds

 

79,606

99,790

 

Chris Putt Motor Engineers Limited

(Registration number: 04931505)
Statement of Financial Position as at 31 December 2024 (continued)

For the financial 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 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 and 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 Statement of Comprehensive Income.

Approved and authorised by the Board on 17 February 2025 and signed on its behalf by:
 


C J Putt
Director

 

Chris Putt Motor Engineers Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales. The address of the registered office is Plym House, 3 Longbridge Road, Plymouth, PL6 8LT.

Principal activity

The principal activity of the company is that of motor engineers.

2

Accounting policies

Statement of compliance

These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

Basis of preparation

The financial statements have been prepared on the historical cost basis.

The financial statements are prepared in sterling which is the functional currency of the entity.

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.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

Turnover

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.

 

Chris Putt Motor Engineers Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

2

Accounting policies (continued)

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. 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 capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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 stated in the statement of financial position at cost, 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:

Asset class

Depreciation method and rate

Plant & Equipment

25% reducing balance

Computer Equipment

25% straight line

Motor Vehicles

25% reducing balance

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.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, 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. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Costs include all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.

 

Chris Putt Motor Engineers Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

2

Accounting policies (continued)

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 in finance costs 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 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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 1 (2023 - 1).

 

Chris Putt Motor Engineers Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 January 2024

30,000

30,000

At 31 December 2024

30,000

30,000

Amortisation

At 1 January 2024

30,000

30,000

At 31 December 2024

30,000

30,000

Carrying amount

At 31 December 2024

-

-

5

Tangible assets

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2024

12,931

399

35,734

49,064

Additions

1,074

149

-

1,223

At 31 December 2024

14,005

548

35,734

50,287

Depreciation

At 1 January 2024

10,357

399

17,378

28,134

Charge for the year

912

37

4,589

5,538

At 31 December 2024

11,269

436

21,967

33,672

Carrying amount

At 31 December 2024

2,736

112

13,767

16,615

At 31 December 2023

2,574

-

18,356

20,930

 

Chris Putt Motor Engineers Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

6

Stocks

2024
£

2023
£

7

Debtors

2024
£

2023
£

Trade debtors

1,592

1,559

Other debtors

28,042

73,619

29,634

75,178

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

-

2,222

Taxation and social security

 

25,909

22,066

Accruals and deferred income

 

842

562

 

26,751

24,850


Loan and borrowings include amounts owing under hire purchase of £Nil (2023 - £2,222). which were secured.

9

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.

 

Chris Putt Motor Engineers Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

10

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Finance lease liabilities

-

2,222

11

Related party transactions

Transactions with directors

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
o/standing
£

Directors

72,920

43,590

(89,167)

27,343

         
       

 

2023

Balance
brought
forward
£

Advances
/(credits) to
the directors
£

Amounts
repaid
£

Balance
o/standing
£

Directors

34,763

74,257

(36,100)

72,920

 

Interest has been charged at the official rate and the loan is repayable on demand.