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Registration number: 04211112

Propbrook Engineering Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2024

 

Propbrook Engineering Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

Propbrook Engineering Limited

Company Information

Director

Mr P J Bates

Company secretary

Mr K Hubbard

Registered office

32 Cato Street
Nechells
Birmingham
B7 4TS

Accountants

Ballards LLP
Chartered Accountants
Oakmoore Court
11C Kingswood Road
Hampton Lovett
Droitwich
Worcestershire
WR9 0QH

 

Propbrook Engineering Limited

(Registration number: 04211112)
Balance Sheet as at 31 December 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

-

19,170

Tangible assets

5

251,212

109,613

 

251,212

128,783

Current assets

 

Stocks

85,121

85,949

Debtors

6

424,582

415,238

Cash at bank and in hand

 

1,298,409

1,185,353

 

1,808,112

1,686,540

Creditors: Amounts falling due within one year

7

(266,913)

(292,045)

Net current assets

 

1,541,199

1,394,495

Total assets less current liabilities

 

1,792,411

1,523,278

Provisions for liabilities

(59,133)

(22,434)

Net assets

 

1,733,278

1,500,844

Capital and reserves

 

Called up share capital

1,000

1,000

Retained earnings

1,732,278

1,499,844

Shareholders' funds

 

1,733,278

1,500,844

 

Propbrook Engineering Limited

(Registration number: 04211112)
Balance Sheet as at 31 December 2024

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.

Director's 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 director acknowledges his 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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 21 March 2025
 

.........................................
Mr P J Bates
Director

   
     
 

Propbrook Engineering 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 its registered office is:
32 Cato Street
Nechells
Birmingham
B7 4TS

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Propbrook Engineering Limited

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

10% on cost

Fixtures and fittings

25% on reducing balance

Motor vehicles

25% on 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.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

Amortised evenly over a 10 year useful life

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Propbrook Engineering Limited

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

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 17 (2023 - 15).

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 January 2024

211,704

211,704

At 31 December 2024

211,704

211,704

Amortisation

At 1 January 2024

192,534

192,534

Amortisation charge

19,170

19,170

At 31 December 2024

211,704

211,704

Carrying amount

At 31 December 2024

-

-

At 31 December 2023

19,170

19,170

 

Propbrook Engineering Limited

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

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 January 2024

31,922

47,670

828,301

907,893

Additions

-

-

209,800

209,800

Disposals

-

(10,915)

(1,600)

(12,515)

At 31 December 2024

31,922

36,755

1,036,501

1,105,178

Depreciation

At 1 January 2024

30,826

40,126

727,328

798,280

Charge for the year

274

1,850

65,934

68,058

Eliminated on disposal

-

(10,772)

(1,600)

(12,372)

At 31 December 2024

31,100

31,204

791,662

853,966

Carrying amount

At 31 December 2024

822

5,551

244,839

251,212

At 31 December 2023

1,096

7,544

100,973

109,613

6

Debtors

Current

2024
£

2023
£

Trade debtors

404,285

398,119

Prepayments

20,297

17,119

 

424,582

415,238

 

Propbrook Engineering Limited

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

7

Creditors

Creditors: amounts falling due within one year

2024
 £

2023
 £

Due within one year

Trade creditors

145,925

123,309

Amounts owed to group undertakings and undertakings in which the company has a participating interest

120

120

Taxation and social security

29,811

79,529

Other creditors

91,057

89,087

266,913

292,045