Registered number
10280691
Ferox Engineering Solutions Ltd
Filleted Accounts
31 July 2024
Ferox Engineering Solutions Ltd
Registered number: 10280691
Balance Sheet
as at 31 July 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 450 1,008
Tangible assets 4 8,924 11,899
9,374 12,907
Current assets
Stocks 500 500
Debtors 5 98,205 47,499
Cash at bank and in hand 104,888 134,089
203,593 182,088
Creditors: amounts falling due within one year 6 (103,616) (83,788)
Net current assets 99,977 98,300
Total assets less current liabilities 109,351 111,207
Creditors: amounts falling due after more than one year 7 (8,273) (19,552)
Net assets 101,078 91,655
Capital and reserves
Called up share capital 1 1
Profit and loss account 101,077 91,654
Shareholder's funds 101,078 91,655
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
David Wilkinson
Director
Approved by the board on 24 April 2025
Ferox Engineering Solutions Ltd
Notes to the Accounts
for the year ended 31 July 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery over 3-5 years
Motor vehicles 25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 2 1
3 Intangible fixed assets £
Goodwill:
Cost
At 1 August 2023 2,793
At 31 July 2024 2,793
Amortisation
At 1 August 2023 1,785
Provided during the year 558
At 31 July 2024 2,343
Net book value
At 31 July 2024 450
At 31 July 2023 1,008
Intangible fixed assets are being written off in equal annual instalments over their estimated economic life of 5 years.
4 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 August 2023 10,982 29,433 40,415
At 31 July 2024 10,982 29,433 40,415
Depreciation
At 1 August 2023 10,982 17,534 28,516
Charge for the year - 2,975 2,975
At 31 July 2024 10,982 20,509 31,491
Net book value
At 31 July 2024 - 8,924 8,924
At 31 July 2023 - 11,899 11,899
5 Debtors 2024 2023
£ £
Trade debtors 55,736 24,834
Other debtors 42,469 22,665
98,205 47,499
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 8,273 8,273
Trade creditors 71,656 14,359
Taxation and social security costs 23,687 59,818
Other creditors - 1,338
103,616 83,788
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 8,273 19,552
8 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
David Wilkinson
Director's current account 14,415 30,726 (10,000) 35,141
14,415 30,726 (10,000) 35,141
9 Other information
Ferox Engineering Solutions Ltd is a private company limited by shares and incorporated in England. Its registered office is:
14 Ravensdale
Acklam
Middlesbrough
TS5 8TD
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