Company registration number 00914011 (England and Wales)
REGENT ENGINEERS LIMITED
ANNUAL REPORT AND
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
REGENT ENGINEERS LIMITED
COMPANY INFORMATION
Directors
U K Dalby
R B Dalby
D P Carr
J H Foot
(Appointed 2 December 2024)
Secretary
D P Carr
Company number
00914011
Registered office
205 Gloucester Crescent
Wigston
Leicester
LE18 4YQ
Auditor
Newby Castleman LLP
West Walk Building
110 Regent Road
Leicester
LE1 7LT
Business address
Regent Street
Narborough
Leicester
LE19 2DJ
Bankers
Handelsbanken
St John's House
30 East Street
Leicester
LE1 6NB
REGENT ENGINEERS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 8
REGENT ENGINEERS LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,062,607
1,161,167
Investments
4
725,874
725,874
1,788,481
1,887,041
Current assets
Stocks
896,408
787,144
Debtors
6
1,256,996
1,317,951
Cash at bank and in hand
9
9
2,153,413
2,105,104
Creditors: amounts falling due within one year
7
(2,530,083)
(2,106,005)
Net current liabilities
(376,670)
(901)
Total assets less current liabilities
1,411,811
1,886,140
Creditors: amounts falling due after more than one year
8
(610,133)
(706,406)
Provisions for liabilities
(119,686)
(198,724)
Net assets
681,992
981,010
Capital and reserves
Called up share capital
9
1,003
1,003
Profit and loss reserves
680,989
980,007
Total equity
681,992
981,010

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 22 January 2025 and are signed on its behalf by:
R B Dalby
Director
Company registration number 00914011 (England and Wales)
REGENT ENGINEERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
1
Accounting policies
Company information

Regent Engineers Limited is a private company limited by shares incorporated in England and Wales. The registered office is 205 Gloucester Crescent, Wigston, Leicester, LE18 4YQ.

1.1
Basis of preparation

These financial statements have been prepared in accordance with applicable accounting standards including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

1.2
Going concern

The company meets its day to day working capital requirements through management of its cash resources trueby utilising a bank overdraft facility where needed. The bank overdraft facility is supported by interlocking guarantees from the company's group which maintains a position within the set limits. At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods supplied, net of VAT and trade discounts. Turnover is recognised on the date that goods are despatched as this is the point at which all risks and rewards are deemed to be transferred.

1.4
Tangible fixed assets

Tangible fixed assets are measured at cost, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Plant and machinery
10% or 20% per annum of cost
Fixtures, fittings & equipment
20% or 33% per annum of cost
Motor vehicles
25% per annum of cost
1.5
Fixed asset investments

Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

REGENT ENGINEERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 3 -
1.7
Financial instruments

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Debtors and creditors with no stated interest rate and receivable or payable within one year are measured at transaction price. Any losses arising from impairment are recognised in the profit and loss account.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity.

1.9
Employee benefits

When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee's services are recognised.

1.10
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.11
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements.

Rentals payable under operating leases, including any lease incentives received, are charged to the profit and loss account on a straight line basis over the term of the relevant lease.

REGENT ENGINEERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
1.12
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

1.13

Group accounts

The company is a wholly owned subsidiary of Dalby Holdings Limited and is included in the consolidated financial statements of Dalby Holdings Limited which are publicly available from Companies House, Cardiff.

 

The company has therefore taken advantage of the exemption under section 400 of the Companies Act 2006 from the requirement to prepare consolidated financial statements and these financial statements present information about the company as an individual entity.

 

The registered address of Dalby Holdings Limited is the same as the company's registered office address as given in the company information page of these financial statements.

1.14

Research and development

Research and development expenditure is written off to the profit and loss account in the year in which it is incurred.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
70
70
REGENT ENGINEERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2023
2,995,669
Additions
104,027
At 31 March 2024
3,099,696
Depreciation and impairment
At 1 April 2023
1,834,502
Depreciation charged in the year
202,587
At 31 March 2024
2,037,089
Carrying amount
At 31 March 2024
1,062,607
At 31 March 2023
1,161,167
4
Fixed asset investments
2024
2023
£
£
Investments
725,874
725,874
Movements in fixed asset investments
Shares in group undertakings
£
Cost
At 1 April 2023 & 31 March 2024
725,874
Carrying amount
At 31 March 2024
725,874
At 31 March 2023
725,874
REGENT ENGINEERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
5
Subsidiaries

Details of the company's subsidiaries at 31 March 2024 are as follows:

Name of undertaking
Registered
Nature of business
Class of
% Held
office
shares held
Direct
Indirect
Oakland Press Tool Company Limited
England and Wales
Dormant
Ordinary
100.00
-
Phoenix Aluminium Limited
England and Wales
Metal supplier
Ordinary
100.00
-

The registered address of the above subsidiaries is the same as the company's registered office address as given in the company information page of these financial statements.

6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,139,903
1,191,135
Amounts owed by group undertakings
110,875
108,949
Prepayments and accrued income
6,218
17,867
1,256,996
1,317,951
7
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
1,441,626
1,018,516
Obligations under finance leases
118,641
131,654
Trade creditors
683,009
815,667
Amounts due to subsidiary undertakings
144
9,579
Other taxation and social security
233,221
82,215
Other creditors
25,342
1,154
Accruals and deferred income
28,100
47,220
2,530,083
2,106,005
REGENT ENGINEERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Obligations under finance leases
243,390
339,663
Amounts due to subsidiary undertakings
366,743
366,743
610,133
706,406

The aggregate amount of creditors for which security has been given amounted to £1,803,657 (2023: £1,489,833). Finance leases are secured on the assets to which they relate. The bank overdraft is secured by a fixed and floating charge over the company's assets and an unlimited cross company guarantee between members of the group to which the company belongs.

Amounts included above which fall due after five years are as follows:
Payable by instalments
-
47,619
9
Called up share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
3 Ordinary shares of £1 each
3
3
4,000 Ordinary shares of 25p each
1,000
1,000
1,003
1,003
10
Audit report information

As the profit and loss account has been omitted from the filing copy of the financial statements the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.

The auditor's report was unqualified.

Material uncertainty relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
We draw attention to note 1.2 of the financial statements concerning the company's ability to continue as a going concern. The copmany had net current liabilities as at 31 March 2024. These conditions, along with other matters as set forth in note 1.2, indicate that a material uncertainty exists that may cast doubt on the group's ability to continue as a going concern. Our opinion is not modified in respect of this matter.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The senior statutory auditor was John Griffin FCCA.
The auditor was Newby Castleman LLP.
REGENT ENGINEERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 8 -
11
Related party transactions

The company has taken advantage of the exemption offered by FRS 102 from the requirement to disclose transactions with other group companies that are wholly owned.true

12
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
2,746
67
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