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REGISTERED NUMBER: 04532530 (England and Wales)















Unaudited Financial Statements for the Year Ended 30 September 2024

for

Cargate Engineering Limited

Cargate Engineering Limited (Registered number: 04532530)






Contents of the Financial Statements
for the Year Ended 30 September 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Cargate Engineering Limited

Company Information
for the Year Ended 30 September 2024







DIRECTORS: N Milsom
S Govier
Miss J Milsom





SECRETARY: Mrs L Milsom





REGISTERED OFFICE: Lower Gorse
Rougham
Bury St Edmunds
Suffolk
IP30 9HX





REGISTERED NUMBER: 04532530 (England and Wales)





ACCOUNTANTS: Mead Accounting Limited
Chartered Certified Accountants
The Stables
Summer Road
Walsham Le Willows
Suffolk
IP31 3AJ

Cargate Engineering Limited (Registered number: 04532530)

Balance Sheet
30 September 2024

30.9.24 30.9.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 2,424,983 2,178,334
2,424,983 2,178,334

CURRENT ASSETS
Stocks 18,000 12,000
Debtors 6 776,013 734,254
Cash at bank and in hand 542,555 348,192
1,336,568 1,094,446
CREDITORS
Amounts falling due within one year 7 392,585 346,588
NET CURRENT ASSETS 943,983 747,858
TOTAL ASSETS LESS CURRENT LIABILITIES 3,368,966 2,926,192

CREDITORS
Amounts falling due after more than one year 8 (228,771 ) (427,367 )

PROVISIONS FOR LIABILITIES 11 (480,973 ) (334,122 )
NET ASSETS 2,659,222 2,164,703

CAPITAL AND RESERVES
Called up share capital 12 100 100
Retained earnings 2,659,122 2,164,603
SHAREHOLDERS' FUNDS 2,659,222 2,164,703

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 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.

Cargate Engineering Limited (Registered number: 04532530)

Balance Sheet - continued
30 September 2024


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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 22 February 2025 and were signed on its behalf by:





N Milsom - Director


Cargate Engineering Limited (Registered number: 04532530)

Notes to the Financial Statements
for the Year Ended 30 September 2024

1. STATUTORY INFORMATION

Cargate 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 Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2005, is being amortised evenly over its estimated useful life of ten years.

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.

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 the shorter.
Freehold property - 50 years straight line
Plant and machinery - 33% on cost and 25% on reducing balance
Motor vehicles - 25% on reducing balance

Impairment
At each reporting date, goodwill and other fixed assets, including tangible fixed assets and investments (but excluding investment properties), are assessed to determine whether there is an indication that those assets have suffered an impairment loss. If any indication arises, the recoverable amount is estimated and compared to its carrying amount to determine if an impairment loss has arisen.
If the recoverable amount is lower, the carrying amount of the asset is written down to its recoverable amount and an impairment loss is recognised in profit and loss.
Recoverable amount of the asset is the higher of its value in use and its net realisable value.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cargate Engineering Limited (Registered number: 04532530)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024

2. ACCOUNTING POLICIES - continued

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, and loans from financial institutions or other related parties.

Debts instruments like loans and other accounts receivable and payable are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade payables or receivables, ,are measured initially and subsequently at the undiscounted amount of the cash or other consideration, expected to be paid or received. However if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in the case of an outright short-term loan not at market rate, the financial asset or liability is measured, initially and subsequently at the present value of the future payment discounted at a market rate of interest for a similar debt instrument.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between as asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate, which is an approximation of the amount that the company would receive for the asset if it were to be sold at the balance sheet date.

Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

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

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.

Cargate Engineering Limited (Registered number: 04532530)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024

2. ACCOUNTING POLICIES - continued

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 21 (2023 - 17 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 October 2023
and 30 September 2024 160,000
AMORTISATION
At 1 October 2023
and 30 September 2024 160,000
NET BOOK VALUE
At 30 September 2024 -
At 30 September 2023 -

Cargate Engineering Limited (Registered number: 04532530)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024

5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 October 2023 521,976 3,040,412 3,562,388
Additions - 978,127 978,127
Disposals - (538,490 ) (538,490 )
At 30 September 2024 521,976 3,480,049 4,002,025
DEPRECIATION
At 1 October 2023 10,660 1,373,394 1,384,054
Charge for year 10,226 601,761 611,987
Eliminated on disposal - (418,999 ) (418,999 )
At 30 September 2024 20,886 1,556,156 1,577,042
NET BOOK VALUE
At 30 September 2024 501,090 1,923,893 2,424,983
At 30 September 2023 511,316 1,667,018 2,178,334

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
At 1 October 2023 1,008,072
Transfer to ownership (550,530 )
At 30 September 2024 457,542
DEPRECIATION
At 1 October 2023 300,428
Charge for year 176,911
Transfer to ownership (305,760 )
At 30 September 2024 171,579
NET BOOK VALUE
At 30 September 2024 285,963
At 30 September 2023 707,644

Cargate Engineering Limited (Registered number: 04532530)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.9.24 30.9.23
£    £   
Trade debtors 718,550 693,197
Other debtors 57,463 41,057
776,013 734,254

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.9.24 30.9.23
£    £   
Hire purchase contracts (see note 9) 51,508 121,987
Trade creditors 147,320 131,210
Taxation and social security 153,971 53,478
Other creditors 39,786 39,913
392,585 346,588

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
30.9.24 30.9.23
£    £   
Hire purchase contracts (see note 9) 228,771 427,367

9. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
30.9.24 30.9.23
£    £   
Net obligations repayable:
Within one year 51,508 121,987
Between one and five years 228,771 427,367
280,279 549,354

Non-cancellable operating leases
30.9.24 30.9.23
£    £   
Within one year 15,115 -
Between one and five years 22,673 -
37,788 -

Cargate Engineering Limited (Registered number: 04532530)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024

10. SECURED DEBTS

The following secured debts are included within creditors:

30.9.24 30.9.23
£    £   
Hire purchase contracts 280,279 549,354

Hire purchase liabilities are secured over the assets financed.

The company has a bank overdraft facility which is secured by a charge over the company's assets.

11. PROVISIONS FOR LIABILITIES
30.9.24 30.9.23
£    £   
Deferred tax
Accelerated capital allowances 480,973 395,473
Trading tax losses - (61,351 )
480,973 334,122

Deferred
tax
£   
Balance at 1 October 2023 334,122
Charge to Income Statement during year 146,851
Balance at 30 September 2024 480,973

12. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.9.24 30.9.23
value: £    £   
100 Ordinary £1 100 100

13. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 September 2024 and 30 September 2023:

30.9.24 30.9.23
£    £   
N Milsom
Balance outstanding at start of year - 2,367
Amounts repaid - (2,367 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - -