| North Engineering Works Limited |
| Registered Number:SC084215 |
For the year ended 31 August 2024
Scotland
Unaudited Financial Statements
For the year ended 31 August 2024
North Engineering Works Limited
Contents Page
1
Statement of Financial Position
2 to 4
Notes to the Financial Statements
North Engineering Works Limited
Statement of Financial Position
2023
2024
| Property, plant and equipment |
140,152
153,278
3
140,152
153,278
241,390
270,799
4
| Trade and other receivables |
311,872
377,409
5
558,584
| Cash and cash equivalents |
580,832
1,229,040
1,111,846
| Trade and other payables: amounts falling due within one year |
(384,407)
(433,773)
6
727,439
795,267
Net current assets
| Total assets less current liabilities |
935,419
880,717
935,419
Net assets
880,717
100
100
935,319
880,617
935,419
880,717
Shareholders' funds
| For the year ended 31 August 2024 the company was entitled to exemption from audit under Section 477 of the Companies Act 2006 relating to small companies. |
| 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 director acknowledges his responsibilities for:a) ensuring that the company keeps proper 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 Section 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. |
| In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
| The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. |
| These financial statements were approved and authorised for issue by the Board on 05 May 2025 and were signed by: |
| The notes form part of these financial statements |
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For the year ended 31 August 2024
North Engineering Works Limited
Notes to the Financial Statements
Statutory Information
| North Engineering Works Limited is a private limited company, limited by shares, domiciled in Scotland, registration number SC084215. |
Block 24
Kilspindie Road
Dundee
DD2 3QH
| The presentation currency is £ sterling. |
Basis of preparing the financial statements
| These financial statements have been prepared in accordance with the provisions of Section 1A of Financial Reporting Standard 102 'The |
| Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have |
| been prepared under the historical costs convention as modified by the revaluation of certain assets. |
Revenue recognition
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Goodwill
| Goodwill, being the amount paid in connection with the acquisition of a business in 0, is being amortised evenly over its estimated useful life of 15 years. |
Intangible assets
| Intangible assets (including purchased goodwill and patents) are amortised at rates calculated to write off the assets on a straight line basis over their estimated useful economic lives. Impairment of intangible assets is only reviewed where circumstances indicate that the carrying value of an asset may not be fully recoverable. |
Property, plant and equipment
| Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis: |
Land and buildings
Plant and machinery
Motor vehicles
Inventories
| Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Debtors include amounts recoverable on long term contracts which are stated at the net sales value of the work done after provision for contingencies and any anticipated future losses on contracts, less amounts received as progress payments on account. Any excess progress payments are included in creditors as payments on account. |
Hire purchase and leasing commitments
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
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For the year ended 31 August 2024
North Engineering Works Limited
Notes to the Financial Statements Continued
| 2. Intangible fixed assets |
Goodwill
225,964
225,964
225,964
225,964
-
-
| 3. Property, plant and equipment |
Motor vehicles
Land and buildings
773,967
28,200
444,149
301,618
9,751
-
9,751
-
(13,200)
-
-
(13,200)
301,618
453,900
15,000
770,518
| Provision for depreciation and impairment |
620,689
19,201
399,623
201,865
Charge for year
22,316
2,110
8,141
12,065
(12,639)
(12,639)
-
-
630,366
8,672
407,764
213,930
87,688
46,136
6,328
140,152
99,753
44,526
8,999
153,278
2023
2024
270,799
241,390
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For the year ended 31 August 2024
North Engineering Works Limited
Notes to the Financial Statements Continued
| 5. Trade and other receivables |
2023
2024
377,409
311,872
| 6. Trade and other payables: amounts falling due within one year |
2023
2024
218,465
183,227
| Taxation and social security |
115,492
111,483
99,816
89,697
433,773
384,407
| 7. Average number of persons employed |
During the year the average number of employees was 20 (2023 : 19)
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