REGISTERED NUMBER: 01560777 (England and Wales)

PLYMOUTH ENGINE & GEARBOX COMPANY

LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2024

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr J Bailey

Mr P Furneaux

REGISTERED OFFICE:

Unit 2, Garden Close

Langage Industrial Estate

Plymouth

Devon

PL7 5EU

REGISTERED NUMBER:

01560777 (England and Wales)

ACCOUNTANTS:

Mark Holt & Co Limited

Chartered Accountants

7 Sandy Court

Ashleigh Way

Langage Business Park

Plymouth

Devon

PL7 5JX

FIXED ASSETS

Tangible assets

5

102,042

123,983

CURRENT ASSETS

Stocks

23,530

29,069

Debtors

608,171

527,916

Cash at bank and in hand

53,608

86,013

685,309

642,998

CREDITORS

Amounts falling due within one year

197,711

174,525

NET CURRENT ASSETS

487,598

468,473

TOTAL ASSETS LESS CURRENT LIABILITIES

589,640

592,456

CREDITORS

Amounts falling due after more than one year

(140,976

)

(140,437

)

PROVISIONS FOR LIABILITIES

(15,700

)

(18,900

)

NET ASSETS

432,964

433,119

CAPITAL AND RESERVES

Called up share capital

140

140

Retained earnings

432,824

432,979

SHAREHOLDERS' FUNDS

432,964

433,119

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 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.

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

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 July 2024 in accordance with Section 444(2A) of the Companies Act 2006.

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 4 April 2025 and were signed on its behalf by:

Mr J Bailey - Director

1.	STATUTORY INFORMATION

Plymouth Engine & Gearbox Company 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.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

Turnover

Turnover represents net invoiced sales of precision parts, excluding value added tax. Turnover is recognised when completed precision parts are delivered to the customer.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Fixtures and fittings

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

33% on cost

The element of property held on short leasehold is being depreciated at a rate of 5% on cost to cover the life of the lease.

Impairment of assets

At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in profit or loss.

If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.

Debtors

Short term debtors are measured at transaction price, less any impairment.

Creditors

Short term creditors are measured at the transaction price.

Stocks

Stock is valued at the lower of cost and net realisable value.

Work in progress is valued on the basis of direct costs. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation work in progress.

Taxation

Current tax is recognised for the amount of income tax payable in respect of the taxable profit for the current or past reporting periods using the tax rates and laws that have been enacted or substantively enacted by the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date, except as otherwise indicated.

Deferred tax assets are only 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. If and when all conditions for retaining tax allowances for the cost of a fixed asset have been met, the deferred tax is reversed.

Deferred tax is calculated 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.

The tax expense (income) is presented either in profit or loss, other comprehensive income or equity depending on the transaction that resulted in the tax expense (income).

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.

At inception the Company assesses agreements that transfer the right to use assets. The assessment considers whether the arrangement is a finance lease or an operating lease based on the substances of the arrangement.

Operating leases

Leases that do no transfer all the risks and rewards of ownership are classified as operating leases. Payments under operating leases are charged to the profit and loss account on a straight-line basis over the period of the lease.

Government grants

Grants towards capital expenditure are credited to deferred revenue and released to the profit and loss account over the expected useful life of the assets. Grants towards revenue expenditure are credited to deferred revenue and released to the profit and loss account as the related expenditure is incurred.

Provision for liabilities

Provisions are recognised when the Company has a present (legal or constructive) obligation as a result of a past event; it is probable that an outflow of resources will be required to settle the obligation; and the amount of the obligation can be estimated reliably.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation.

Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value using a pre-tax discount rate. The unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 14 (2023 - 15 ) .

5.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 August 2023

1,140,693

Additions

68

At 31 July 2024

1,140,761

DEPRECIATION

At 1 August 2023

1,016,710

Charge for year

22,009

At 31 July 2024

1,038,719

NET BOOK VALUE

At 31 July 2024

102,042

At 31 July 2023

123,983

Fixed assets, included in the above, which are held under finance leases are as follows:

Totals

£

COST

At 1 August 2023

and 31 July 2024

26,666

DEPRECIATION

At 1 August 2023

4,444

Charge for year

6,667

At 31 July 2024

11,111

NET BOOK VALUE

At 31 July 2024

15,555

At 31 July 2023

22,222

6.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Finance leases

2024

2023

£

£

Net obligations repayable:

Within one year

5,307

5,141

Between one and five years

4,364

9,251

9,671

14,392

Non-cancellable operating

leases

2024

2023

£

£

Within one year

4,628

1,787

Between one and five years

8,485

-

13,113

1,787

7.	SECURED DEBTS

The following secured debts are included within creditors:

2024

2023

£

£

Bank overdrafts

74,622

49,806

Bank loans

118,938

95,831

Finance leases

9,671

14,392

203,231

160,029