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REGISTERED NUMBER: 06174256 (England and Wales)
















Unaudited Financial Statements for the Year Ended 31 March 2024

for

Padco Engineering Limited

Padco Engineering Limited (Registered number: 06174256)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Padco Engineering Limited

Company Information
for the Year Ended 31 March 2024







DIRECTORS: C J Padfield
T S Padfield





REGISTERED OFFICE: Lake House
Market Hill
Royston
Hertfordshire
SG8 9JN





BUSINESS ADDRESS: Stanford Rivers Hall Farm
Ongar
Essex
CM5 9QG





REGISTERED NUMBER: 06174256 (England and Wales)





ACCOUNTANTS: Hardcastle Burton LLP
Lake House
Market Hill
Royston
Hertfordshire
SG8 9JN

Padco Engineering Limited (Registered number: 06174256)

Balance Sheet
31 March 2024

31.3.24 31.3.23
Notes £    £    £   
FIXED ASSETS
Tangible assets 4 4,353 4,860

CURRENT ASSETS
Stocks 5 36,550 41,028
Debtors 6 55,639 38,845
Cash at bank 6 865
92,195 80,738
CREDITORS
Amounts falling due within one year 7 21,512 17,363
NET CURRENT ASSETS 70,683 63,375
TOTAL ASSETS LESS CURRENT
LIABILITIES

75,036

68,235

CREDITORS
Amounts falling due after more than one
year

8

(9,142

)

(14,154

)

PROVISIONS FOR LIABILITIES (827 ) (924 )
NET ASSETS 65,067 53,157

CAPITAL AND RESERVES
Called up share capital 10 100 100
Retained earnings 64,967 53,057
SHAREHOLDERS' FUNDS 65,067 53,157

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

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

Padco Engineering Limited (Registered number: 06174256)

Balance Sheet - continued
31 March 2024


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 6 May 2025 and were signed on its behalf by:





C J Padfield - Director


Padco Engineering Limited (Registered number: 06174256)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

Padco 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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% on reducing balance
Computer equipment - 33% on cost

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

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Financial instruments
The company only has basic financial instruments measured at amortised cost, with no financial instruments classified as other or basic instruments measured at fair value.

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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Padco Engineering Limited (Registered number: 06174256)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2023 - 1 ) .

4. TANGIBLE FIXED ASSETS
Plant and Computer
machinery equipment Totals
£    £    £   
COST
At 1 April 2023
and 31 March 2024 35,901 730 36,631
DEPRECIATION
At 1 April 2023 31,070 701 31,771
Charge for year 478 29 507
At 31 March 2024 31,548 730 32,278
NET BOOK VALUE
At 31 March 2024 4,353 - 4,353
At 31 March 2023 4,831 29 4,860

5. STOCKS
31.3.24 31.3.23
£    £   
Stocks 32,980 41,028
Work-in-progress 3,570 -
36,550 41,028

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade debtors 2,807 362
Other debtors 13,194 9,574
Directors' current accounts 39,638 28,909
55,639 38,845

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Bank loans and overdrafts 5,000 5,000
Trade creditors 4,533 2,820
Tax 8,531 6,538
Social security and other taxes 206 218
Pension creditor 25 25
VAT 156 74
Accrued expenses 3,061 2,688
21,512 17,363

Padco Engineering Limited (Registered number: 06174256)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.3.24 31.3.23
£    £   
Bank loans - 2-5 years 9,142 14,154

9. SECURED DEBTS

The following secured debts are included within creditors:

31.3.24 31.3.23
£    £   
Bounce Back Loan 14,142 19,155

There are debentures dated 28 August 2007 and 3 December 2007, securing all monies and liabilities, now or in the future, due to Barclays, against all the assets of the companies.

In 2021, the company received a government backed loan in light of the Covid 19 pandemic. The loan is secured by the government over a 6 year period. The interest is charged at 2.5% per annum from the first repayment date. Loan repayments began on 11 February 2022.

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.3.24 31.3.23
value: £    £   
100 Ordinary shares 1 100 100

11. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

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

31.3.24 31.3.23
£    £   
C J Padfield
Balance outstanding at start of year 28,910 14,657
Amounts advanced 25,342 42,674
Amounts repaid (14,613 ) (28,421 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 39,639 28,910

12. RELATED PARTY DISCLOSURES

During the year, rent of £1,920 (2023: £2,600) was paid to H. Padfield & Sons Limited. The company is related to H. Padfield & Sons Ltd by virtue of their shareholders and directors in common.

13. PENSION

The company operates a defined contribution pension scheme.The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £131 (2023: £131). The pension contributions outstanding at the year end amounted to £25 (2023: £25).