1 November 2023 v2025.15.1 limited_company_frs_102_section_1a_v1_1_2 companies_houseSoftwarefalsetruetruetrueNo description of principal activityfalsetruexbrli:purexbrli:sharesiso4217:GBP045227192023-11-012024-10-31045227192024-10-31045227192023-10-3104522719core:WithinOneYear2024-10-3104522719core:WithinOneYear2023-10-3104522719core:ShareCapital2024-10-3104522719core:ShareCapital2023-10-3104522719core:OtherReservesSubtotal2024-10-3104522719core:OtherReservesSubtotal2023-10-3104522719core:RetainedEarningsAccumulatedLosses2024-10-3104522719core:RetainedEarningsAccumulatedLosses2023-10-3104522719bus:Director12023-11-012024-10-3104522719bus:RegisteredOffice2023-11-012024-10-3104522719core:PlantMachinery2023-11-012024-10-3104522719core:FurnitureFittingsToolsEquipment2023-11-012024-10-3104522719core:MotorVehicles2023-11-012024-10-31045227192022-11-012023-10-3104522719core:PlantMachinery2023-11-0104522719core:PlantMachinery2024-10-3104522719core:PlantMachinery2023-10-3104522719core:CostValuation2023-11-0104522719core:RevaluationsIncreaseDecreaseInInvestments2024-10-3104522719core:CostValuation2024-10-3104522719core:BetweenOneFiveYears2024-10-3104522719core:BetweenOneFiveYears2023-10-310452271912023-11-012024-10-3104522719countries:EnglandWales2023-11-012024-10-3104522719bus:AuditExemptWithAccountantsReport2023-11-012024-10-3104522719bus:PrivateLimitedCompanyLtd2023-11-012024-10-3104522719bus:SmallEntities2023-11-012024-10-3104522719bus:FullAccounts2023-11-012024-10-31
Company registration number:
04522719
CPS Engineering Limited
Unaudited Filleted Financial Statements for the year ended
31 October 2024
CPS Engineering Limited
Statement of Financial Position
31 October 2024
20242023
Note££
Fixed assets    
Tangible assets 5
413,503
 
292,776
 
Investments 6
182,732
 
160,034
 
596,235
 
452,810
 
Current assets    
Stocks
78,000
 
133,925
 
Debtors 7
549,673
 
550,414
 
Cash at bank and in hand
1,136,643
 
592,234
 
1,764,316
 
1,276,573
 
Creditors: amounts falling due within one year 8
(823,377
)
(722,957
)
Net current assets
940,939
 
553,616
 
Total assets less current liabilities 1,537,174   1,006,426  
Provisions for liabilities
(78,566
)
(59,134
)
Net assets
1,458,608
 
947,292
 
Capital and reserves    
Called up share capital
50
 
50
 
Other reserves
50
 
50
 
Profit and loss account
1,458,508
 
947,192
 
Shareholders funds
1,458,608
 
947,292
 
For the year ending
31 October 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
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 income statement has not been delivered.
These
financial statements
were approved by the board of directors and authorised for issue on
17 March 2025
, and are signed on behalf of the board by:
Mr Daniel Sproul
Director
Company registration number:
04522719
CPS Engineering Limited
Notes to the Financial Statements
Year ended
31 October 2024

1 General information

The company is a private company limited by shares and is registered in England and Wales. The address of the registered office is
30 Nobel Square
,
Burnt Mills Industrial Estate
,
Basildon
,
Essex
,
SS13 1LT
, United Kingdom.

2 Statement of compliance

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

3 Accounting policies

Basis of preparation

The
financial statements
have been prepared on the historical cost basis, as modified by the revaluation of certain assets.
The
financial statements
are prepared in sterling, which is the functional currency of the company.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied, 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.

Current tax

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.

Tangible assets

Tangible assets are initially measured at cost, and are subsequently measured at cost less any accumulated depreciation and accumulated impairment losses or at a revalued amount.
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Plant and machinery
15% straight line
Fixtures, fittings and equipment
15% straight line
Motor vehicles
15% straight line

Fixed asset investments

Investments in subsidiaries, associates and joint ventures accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses.
Investments in subsidiaries, associates and joint ventures accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income or profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted.
Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Other fixed asset investments which are listed are measured at fair value with changes in fair value being recognised in profit or loss.
All other Investments held as fixed assets are initially recorded at cost, and are subsequently stated at cost less any accumulated impairment losses.

Impairment

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.

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 stocks to their present location and condition.

Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities such as trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is more likely than not that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured on an undiscounted basis at the tax rates that would apply in the periods in which timing differences are expected to reverse, based on tax rates and laws enacted at the statement of financial position date.

Provisions for liabilities

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.

Defined contribution pension plan

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.

Operating leases

A lease is classified as an operating lease if it does not transfer substantially all the risks and rewards incidental to ownership. 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.

4 Average number of employees

The average number of persons employed by the company during the year was
32
(2023:
27
).

5 Tangible assets

Plant and machinery etc.
£
Cost  
At
1 November 2023
596,372
 
Additions
230,984
 
Disposals
(37,520
)
At
31 October 2024
789,836
 
Depreciation  
At
1 November 2023
303,596
 
Charge
87,175
 
Disposals
(14,438
)
At
31 October 2024
376,333
 
Carrying amount  
At
31 October 2024
413,503
 
At 31 October 2023
292,776
 

6 Investments

Other investments other than loans
£
Cost or valuation  
At
1 November 2023
160,034
 
Revaluations
22,698
 
At
31 October 2024
182,732
 
Impairment  
At
1 November 2023
and
31 October 2024
-  
Carrying amount  
At
31 October 2024
182,732
 
At 31 October 2023
160,034
 

7 Debtors

20242023
££
Trade debtors
498,882
 
535,105
 
Other debtors
50,791
 
15,309
 
549,673
 
550,414
 

8 Creditors: amounts falling due within one year

20242023
££
Trade creditors
501,600
 
339,964
 
Taxation and social security
262,914
 
252,620
 
Other creditors
58,863
 
130,373
 
823,377
 
722,957
 

9 Share capital

During the period, the company had ordinary share capital (£1 per share) of £50 Allotted, called up and fully paid (2023: £50).

10 Operating leases

The company as lessee    
20242023
££
Not later than 1 year
14,862
 
29,724
 
Later than 1 year and not later than 5 years
0
 
14,862
 
14,862
 
44,586
 

11 Controlling party

The ultimate controlling party of CPS Engineering Limited is CPS Engineering Employees' Trustee Limited as Trustees of CPS Engineering Employees' Share Trust, who holds 100% of the issued share capital and has the ability to direct the company’s financial and operating policies.