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REGISTERED NUMBER: 01368906 (England and Wales)















Lomas Engineering Limited

Unaudited Financial Statements For The Year Ended 31 August 2024






Lomas Engineering Limited (Registered number: 01368906)






Contents of the Financial Statements
For The Year Ended 31 August 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3

Chartered Accountants' Report 7

Lomas Engineering Limited

Company Information
For The Year Ended 31 August 2024







DIRECTORS: I J Lomas
S D Lomas



SECRETARY: I J Lomas



REGISTERED OFFICE: 11 Orgreave Place
Handsworth
Sheffield
South Yorkshire
S13 9LU



REGISTERED NUMBER: 01368906 (England and Wales)



ACCOUNTANTS: Kingswood Allotts Limited
Chartered Accountants
Sidings Court
Lakeside
Doncaster
South Yorkshire
DN4 5NU



BANKERS: Barclays Bank plc
18 - 22 Commercial Street
Sheffield
S1 2AT

Lomas Engineering Limited (Registered number: 01368906)

Balance Sheet
31 August 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 792,678 829,612
Investments 5 22,395 22,395
815,073 852,007

CURRENT ASSETS
Stocks 412,036 407,519
Debtors 6 1,064,122 906,343
Cash at bank and in hand 1,007,403 1,107,695
2,483,561 2,421,557
CREDITORS
Amounts falling due within one year 7 466,879 463,388
NET CURRENT ASSETS 2,016,682 1,958,169
TOTAL ASSETS LESS CURRENT LIABILITIES 2,831,755 2,810,176

CREDITORS
Amounts falling due after more than one year 8 (95,920 ) (140,521 )

PROVISIONS FOR LIABILITIES (86,961 ) (99,384 )
NET ASSETS 2,648,874 2,570,271

CAPITAL AND RESERVES
Called up share capital 10 3,040 3,040
Capital redemption reserve 1,010 1,010
Retained earnings 2,644,824 2,566,221
SHAREHOLDERS' FUNDS 2,648,874 2,570,271

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

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

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 20 February 2025 and were signed on its behalf by:





I J Lomas - Director


Lomas Engineering Limited (Registered number: 01368906)

Notes to the Financial Statements
For The Year Ended 31 August 2024

1. STATUTORY INFORMATION

Lomas 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.

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.

Preparation of consolidated financial statements
The financial statements contain information about Lomas Engineering Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Turnover
Turnover represents the value of work done for which the company has earned the right to consideration in exchange for performance, excluding value added tax.

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.
Improvements to property - 25% on cost and Straight line over 8 years
Plant and machinery - Straight line over 8 years
Fixtures and fittings - 20% on cost and Straight line over 8 years
Motor vehicles - 25% on reducing balance and Straight line over 8 years

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost less any provision for impairment.

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

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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Lomas Engineering Limited (Registered number: 01368906)

Notes to the Financial Statements - continued
For The Year Ended 31 August 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 in respect of the directors. The scheme and its assets are held by independent managers. The pension charge represents contributions due from the company and amounted to £96,665 (2022: £54,333).

Grants
Grants received in respect of revenue expenditure are credited to the profit and loss account in the year to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 32 (2023 - 30 ) .

4. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 September 2023 255,428 3,331,106 179,906 249,413 4,015,853
Additions 26,995 145,529 5,959 - 178,483
At 31 August 2024 282,423 3,476,635 185,865 249,413 4,194,336
DEPRECIATION
At 1 September 2023 173,460 2,742,389 139,159 131,233 3,186,241
Charge for year 16,889 154,888 12,757 30,883 215,417
At 31 August 2024 190,349 2,897,277 151,916 162,116 3,401,658
NET BOOK VALUE
At 31 August 2024 92,074 579,358 33,949 87,297 792,678
At 31 August 2023 81,968 588,717 40,747 118,180 829,612

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 September 2023
and 31 August 2024 502,597 163,845 666,442
DEPRECIATION
At 1 September 2023
and 31 August 2024 238,636 92,273 330,909
NET BOOK VALUE
At 31 August 2024 263,961 71,572 335,533
At 31 August 2023 263,961 71,572 335,533

Lomas Engineering Limited (Registered number: 01368906)

Notes to the Financial Statements - continued
For The Year Ended 31 August 2024

5. FIXED ASSET INVESTMENTS
Shares in
group
undertaking
£   
COST
At 1 September 2023
and 31 August 2024 64,635
PROVISIONS
At 1 September 2023
and 31 August 2024 42,240
NET BOOK VALUE
At 31 August 2024 22,395
At 31 August 2023 22,395

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 575,207 392,991
Amounts owed by group undertakings 409,187 504,956
Other debtors 10,009 8,395
Directors' current accounts 69,719 1
1,064,122 906,343

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Hire purchase contracts 48,372 40,549
Trade creditors 223,643 293,608
Taxation 115,586 (42,188 )
Social security and other taxes 38,736 24,982
Other creditors 12,761 20,539
Directors' current accounts - 113,643
Accrued expenses 27,781 12,255
466,879 463,388

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Hire purchase contracts 95,920 140,521

9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Hire purchase contracts 144,292 181,070

The hire purchase contracts are secured on the assets to which the contracts relate.

Lomas Engineering Limited (Registered number: 01368906)

Notes to the Financial Statements - continued
For The Year Ended 31 August 2024

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
2,990 A Ordinary £1 2,990 2,990
50 B Ordinary £1 50 50
3,040 3,040

Each class of shares shall constitute a separate class for the purpose of declaring and paying dividends, but, subject to that one exception, all shares shall rank pari passu as if they were one class.

11. OTHER FINANCIAL COMMITMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
20242023
££
Payable within one year27,39093,000
Payable between one and five years142,744164,190
Payable over five years--
170,134257,190

12. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 August 2024 and 31 August 2023:

2024 2023
£    £   
I J Lomas
Balance outstanding at start of year (113,642 ) (24,031 )
Amounts advanced 183,361 109,389
Amounts repaid - (199,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 69,719 (113,642 )

13. RELATED PARTY DISCLOSURES

1. Directors' current accounts

Included in debtors at the year end is £69,719 owing to its directors (2023: -£113,643). The loan is interest free and has no formal repayment terms.

2. Personal Guarantees

The directors have given personal guarantees in respect of the company's bank borrowings.

Chartered Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
Lomas Engineering Limited

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Lomas Engineering Limited for the year ended 31 August 2024 which comprise the Income Statement, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Lomas Engineering Limited, as a body, in accordance with the terms of our engagement letter dated 22 May 2019. Our work has been undertaken solely to prepare for your approval the financial statements of Lomas Engineering Limited and state those matters that we have agreed to state to the Board of Directors of Lomas Engineering Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Lomas Engineering Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Lomas Engineering Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Lomas Engineering Limited. You consider that Lomas Engineering Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Lomas Engineering Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Kingswood Allotts Limited
Chartered Accountants
Sidings Court
Lakeside
Doncaster
South Yorkshire
DN4 5NU


20 February 2025