Standard Engineering Limited Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 03731414

Standard Engineering Limited

Filleted Unaudited Financial Statements

For the year ended

31 July 2024

Standard Engineering Limited

Financial Statements

Year ended 31 July 2024

Contents	Page

Officers and professional advisers	1

Statement of financial position	2

Notes to the financial statements	4

Standard Engineering Limited

Officers and Professional Advisers

DIRECTOR	K A Malyon

COMPANY SECRETARY	D Malyon

REGISTERED OFFICE	10 Garrard Way
	Telford Way Industrial Estate
	Kettering
	Northamptonshire
	NN16 8TD

ACCOUNTANTS	Streets
	Chartered Accountants
	Potton House
	Wyboston Lakes
	Great North Road
	Wyboston
	Bedford
	MK44 3BZ

BANKERS	HSBC
	22 Abington Street
	Northampton
	NN1 2AN

Standard Engineering Limited

Statement of Financial Position

31 July 2024

	2024	2023
Note	£	£

Fixed assets

Tangible assets	6	30,762	33,144

Current assets

Stocks		120,397	108,061
Debtors	7	296,367	204,599
Cash at bank and in hand		11,269	49,650
		---------	---------
		428,033	362,310

Creditors: amounts falling due within one year	8	329,076	243,502
		---------	---------
Net current assets		98,957	118,808
		---------	---------
Total assets less current liabilities		129,719	151,952

Creditors: amounts falling due after more than one year	9	26,169	51,147

Provisions	10	96	–
		---------	---------
Net assets		103,454	100,805
		---------	---------

Capital and reserves

Called up share capital	50,000	50,000
Capital redemption reserve	25,000	25,000
Profit and loss account	28,454	25,805
	---------	---------
Shareholders funds	103,454	100,805
	---------	---------

These financial statements have been prepared and delivered 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'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 31 July 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 financial statements for the year in question in accordance with section 476 ;

- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Standard Engineering Limited

Statement of Financial Position (continued)

31 July 2024

These financial statements were approved by the board of directors and authorised for issue on 2 April 2025 , and are signed on behalf of the board by:

K A Malyon
Director

Company registration number: 03731414

Standard Engineering Limited

Notes to the Financial Statements

Year ended 31 July 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 10 Garrard Way, Telford Way Industrial Estate, Kettering, Northamptonshire, NN16 8TD.

2. Statement of compliance

These 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 financial statements have been prepared on the historical cost basis and prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of income and retained earnings, 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.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to profit and loss.

Operating leases

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.

Lease income is recognised in profit or loss on a straight line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis. Costs, including depreciation, incurred in earning the lease income are recognised as an expense. Any initial direct costs incurred in negotiating and arranging the operating lease are added to the carrying amount of the lease and recognised as an expense over the lease term on the same basis as the lease income.

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	-	5% straight line per annum

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.

Depreciation

Depreciation is calculated so as to write off the cost of an asset, less its residual value, over the useful economic life of that asset as follows:

Plant and machinery	-	10% or 20% straight line per annum
Fixtures and fittings	-	20% or 25% straight line per annum
Motor vehicles	-	20% straight line per annum
Computers	-	20% straight line per annum

Stocks

Stocks and work in progress 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 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.

Defined contribution pension plans

Contributions to defined contribution pension plans are recognised as an expense in the period in which the related service is provided.

Government grants

Government grants are recognised using the accrual model.

Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 9 (2023: 9 ).

5. Intangible assets

	Goodwill
	£
Cost
At 1 August 2023 and 31 July 2024	2,841
	-------
Amortisation
At 1 August 2023 and 31 July 2024	2,841
	-------
Carrying amount
At 31 July 2024	–
	-------
At 31 July 2023	–
	-------

6. Tangible assets

	Plant and machinery	Fixtures and fittings	Motor vehicles	Computers	Total
	£	£	£	£	£
Cost
At 1 August 2023	107,658	47,863	59,135	23,142	237,798
Additions	6,843	1,100	–	1,602	9,545
Disposals	–	( 7,543)	–	( 8,682)	( 16,225)
	---------	--------	--------	--------	---------
At 31 July 2024	114,501	41,420	59,135	16,062	231,118
	---------	--------	--------	--------	---------
Depreciation
At 1 August 2023	101,753	25,866	55,912	21,123	204,654
Charge for the year	2,057	5,968	3,223	678	11,926
Disposals	–	( 7,543)	–	( 8,681)	( 16,224)
	---------	--------	--------	--------	---------
At 31 July 2024	103,810	24,291	59,135	13,120	200,356
	---------	--------	--------	--------	---------
Carrying amount
At 31 July 2024	10,691	17,129	–	2,942	30,762
	---------	--------	--------	--------	---------
At 31 July 2023	5,905	21,997	3,223	2,019	33,144
	---------	--------	--------	--------	---------

Finance leases and hire purchase contracts

Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:

	Plant and machinery	Motor vehicles	Total
	£	£	£
At 31 July 2024	4,532	–	4,532
	-------	----	-------
At 31 July 2023	5,857	3,223	9,080
	-------	-------	-------

7. Debtors

	2024	2023
	£	£
Trade debtors	99,769	46,895
Amounts owed by group undertakings and undertakings in which the company has a participating interest	154,943	141,702
Other debtors	41,655	16,002
	---------	---------
	296,367	204,599
	---------	---------

8. Creditors: amounts falling due within one year

	2024	2023
	£	£
Bank loans and overdrafts	24,000	24,000
Trade creditors	108,387	78,260
Amounts owed to group undertakings and undertakings in which the company has a participating interest	29,375	–
Social security and other taxes	31,048	28,331
Other creditors	136,266	112,911
	---------	---------
	329,076	243,502
	---------	---------

Bank loans and overdrafts are secured by way of a debenture over the assets of the company. Included in bank loans and overdrafts above is £24,000 (2023 £24,000) obtained under the government Coronavirus Business Interruption Loan Scheme. Included within other creditors are liabilities due under hire purchase and finance leases, totalling £977 (2023 £837), which are secured on the assets concerned.

9. Creditors: amounts falling due after more than one year

	2024	2023
	£	£
Bank loans and overdrafts	22,000	46,000
Other creditors	4,169	5,147
	--------	--------
	26,169	51,147
	--------	--------

Bank loans and overdrafts are secured by way of a debenture over the assets of the company. Included in bank loans and overdrafts above is £22,000 (2023 £46,000) obtained under the government Coronavirus Business Interruption Loan Scheme. Included within other creditors are liabilities due under hire purchase and finance leases totalling £4,169 (2023 £5,147) which are secured on the assets concerned.

10. Provisions

	Deferred tax (note 11)
	£
At 1 August 2023	–
Additions	96
	----
At 31 July 2024	96
	----

11. Deferred tax

The deferred tax included in the statement of financial position is as follows:

	2024	2023
	£	£
Included in debtors (note 7)	–	326
Included in provisions (note 10)	( 96)	–
	----	----
	( 96)	326
	----	----

The deferred tax account consists of the tax effect of timing differences in respect of:

	2024	2023
	£	£
Accelerated capital allowances	96	( 326)
	----	----

12. Operating leases

As lessee

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2024	2023
	£	£
Not later than 1 year	71,400	56,500
Later than 1 year and not later than 5 years	89,250	127,125
	---------	---------
	160,650	183,625
	---------	---------

As lessor

The total future minimum lease payments receivable under non-cancellable operating leases are as follows:

	2024	2023
	£	£
Not later than 1 year	2,125	1,333
	-------	-------

13. Director's advances, credits and guarantees

The director has a loan account with the company on which no interest is charged. At the start of the year £Nil (2023 £7,834) was due to the company. During the year there were advances to the director of £5,941 (2023 £6,116) and repayments of £1,359 (2023 £13,950). At the year end the balance due to the company was £4,582 (2023 £Nil).

14. Controlling party

The company's ultimate parent undertaking is Standard Engineering Holdings Limited, a company incorporated in England and Wales and whose Registered Office address is 10 Garrard Way, Telford Way Industrial Estate, Kettering, England, NN16 8TD.