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COMPANY REGISTRATION NUMBER: 01319606
T Shinton Engineering Limited
Unaudited Abridged Financial Statements
30 June 2024
T Shinton Engineering Limited
Abridged Financial Statements
Year ended 30 June 2024
Contents
Page
Directors' report
1
Abridged statement of income and retained earnings
2
Abridged statement of financial position
3
Notes to the abridged financial statements
5
The following pages do not form part of the abridged financial statements
Chartered accountant's report to the board of directors on the preparation of the unaudited statutory abridged financial statements
12
T Shinton Engineering Limited
Directors' Report
Year ended 30 June 2024
The directors present their report and the unaudited abridged financial statements of the company for the year ended 30 June 2024 .
Directors
The directors who served the company during the year were as follows:
T Shinton
E E Shinton
R Whitaker
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 27 March 2025 and signed on behalf of the board by:
R Whitaker
Director
Registered office:
Unit 23
Waterside Industrial Estate
Ettingshall
Wolverhampton
WV2 2RH
T Shinton Engineering Limited
Abridged Statement of Income and Retained Earnings
Year ended 30 June 2024
2024
2023
Note
£
£
Gross profit
315,418
244,769
Administrative expenses
254,054
242,010
----------
----------
Operating profit
61,364
2,759
Other interest receivable and similar income
1,810
407
Interest payable and similar expenses
708
1,006
----------
----------
Profit before taxation
5
62,466
2,160
Tax on profit
7,865
5,031
---------
-------
Profit/(loss) for the financial year and total comprehensive income
54,601
( 2,871)
---------
-------
Dividends paid and payable
( 26,680)
( 23,240)
Retained earnings at the start of the year
368,120
394,231
----------
----------
Retained earnings at the end of the year
396,041
368,120
----------
----------
All the activities of the company are from continuing operations.
T Shinton Engineering Limited
Abridged Statement of Financial Position
30 June 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
7
130,074
161,820
Current assets
Stocks
26,120
26,120
Debtors
155,295
188,972
Cash at bank and in hand
222,204
159,112
----------
----------
403,619
374,204
Creditors: amounts falling due within one year
110,468
129,861
----------
----------
Net current assets
293,151
244,343
----------
----------
Total assets less current liabilities
423,225
406,163
Creditors: amounts falling due after more than one year
4,183
9,203
Provisions
Taxation including deferred tax
22,501
28,340
----------
----------
Net assets
396,541
368,620
----------
----------
Capital and reserves
Called up share capital
500
500
Profit and loss account
396,041
368,120
----------
----------
Shareholders funds
396,541
368,620
----------
----------
These abridged financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
For the year ending 30 June 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 abridged 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 abridged financial statements .
All of the members have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 30 June 2024 in accordance with Section 444(2A) of the Companies Act 2006.
T Shinton Engineering Limited
Abridged Statement of Financial Position (continued)
30 June 2024
These abridged financial statements were approved by the board of directors and authorised for issue on 27 March 2025 , and are signed on behalf of the board by:
R Whitaker
Director
Company registration number: 01319606
T Shinton Engineering Limited
Notes to the Abridged Financial Statements
Year ended 30 June 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 23, Waterside Industrial Estate, Ettingshall, Wolverhampton, WV2 2RH.
2. Statement of compliance
These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The abridged financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The abridged 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.
Revenue recognition
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.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
20% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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:
Freehold property
-
3% straight line
Plant and machinery
-
20% reducing balance
Fixtures and fittings
-
20% reducing balance
Motor vehicles
-
20% reducing balance
Impairment of fixed assets
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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
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 stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the abridged statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
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 abridged 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 as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
Defined contribution plans
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. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 8 (2023: 9 ).
5. Profit before taxation
Profit before taxation is stated after charging:
2024
2023
£
£
Depreciation of tangible assets
31,746
27,774
---------
---------
6. Intangible assets
£
Cost
At 1 July 2023 and 30 June 2024
17,000
---------
Amortisation
At 1 July 2023 and 30 June 2024
17,000
---------
Carrying amount
At 30 June 2024
---------
At 30 June 2023
---------
7. Tangible assets
£
Cost
At 1 July 2023 and 30 June 2024
726,382
----------
Depreciation
At 1 July 2023
564,562
Charge for the year
31,746
----------
At 30 June 2024
596,308
----------
Carrying amount
At 30 June 2024
130,074
----------
At 30 June 2023
161,820
----------
8. Financial instruments
Financial instruments such as trade debtors, cash and trade creditors arise from the companys operations.
9. Directors' advances, credits and guarantees
During the year, the company made interest-free advances to a director amounting to £2,500 (2023: £nil). These were repayable on demand. The company received repayments of £nil (2023: £nil).
10. Related party transactions
At 30 June 2024 the company had outstanding loans due to the directors of £43 (2023: £469) included within other creditors. At 30 June 2024 the company had outstanding loans due from the directors of £2,500 (2023: £Nil) included within other debtors. All related party loans are interest-free and repayable on demand.
T Shinton Engineering Limited
Management Information
Year ended 30 June 2024
The following pages do not form part of the abridged financial statements.
T Shinton Engineering Limited
Chartered Accountant's Report to the Board of Directors on the Preparation of the Unaudited Statutory Abridged Financial Statements of T Shinton Engineering Limited
Year ended 30 June 2024
As described on the abridged statement of financial position, the directors of the company are responsible for the preparation of the abridged financial statements for the year ended 30 June 2024, which comprise the abridged statement of income and retained earnings, abridged statement of financial position and the related notes. You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these abridged financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
DAW WHITE MURRALL Chartered accountants
1 George Street Snow Hill Wolverhampton WV2 4DG
27 March 2025