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Registered number: 06595577
LS Engineering Shropshire Limited
Unaudited Financial Statements
For The Year Ended 31 October 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—7
Page 1
Balance Sheet
Registered number: 06595577
2024 2023
as restated
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 5 382,907 397,544
382,907 397,544
CURRENT ASSETS
Stocks 6 53,000 48,200
Debtors 7 1,557,630 1,413,753
Cash at bank and in hand 497,222 654,333
2,107,852 2,116,286
Creditors: Amounts Falling Due Within One Year 8 (782,852 ) (969,572 )
NET CURRENT ASSETS (LIABILITIES) 1,325,000 1,146,714
TOTAL ASSETS LESS CURRENT LIABILITIES 1,707,907 1,544,258
Creditors: Amounts Falling Due After More Than One Year 9 (208,584 ) (181,735 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (92,664 ) (95,701 )
NET ASSETS 1,406,659 1,266,822
CAPITAL AND RESERVES
Called up share capital 11 100 100
Profit and Loss Account 1,406,559 1,266,722
SHAREHOLDERS' FUNDS 1,406,659 1,266,822
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For the year ending 31 October 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Lee Smith
Director
19 May 2025
The notes on pages 3 to 7 form part of these financial statements.
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Page 3
Notes to the Financial Statements
1. General Information
LS Engineering Shropshire Limited is a private company, limited by shares, incorporated in England & Wales, registered number 06595577 . The registered office is Unit B1, Halesfield 8, Telford, TF7 4QN.
The financial statements are presented in pound sterling.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
The company has taken advantage of the exemptions provided by section 398 of the Companies Act 2006 not to prepare group accounts.
2.2. Turnover
Turnover comprises the invoiced value of goods and services supplied by the company to its customers, net of Value Added Tax and any trade discounts.
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It has been fully amortised.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold 2% Straight Line
Plant & Machinery 25% Reducing Balance
Motor Vehicles 25% Reducing Balance
Fixtures & Fittings 25% Reducing Balance
2.5. Leasing and Hire Purchase Contracts
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.6. Stocks and Work in Progress
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 stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.7. Foreign Currencies
Monetary 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 ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
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2.8. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.9. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
2.10. Government Grant
Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period.
Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the profit and loss account over the useful life of the asset concerned.
All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.
2.11. Investments
Investments in shares are included at cost less impairment.
3. Average Number of Employees
Average number of employees, including directors, during the year was as follows:
2024 2023
Office and administration 5 5
Sales, marketing and distribution 1 1
Manufacturing 20 22
26 28
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4. Intangible Assets
Goodwill
£
Cost
As at 1 November 2023 25,000
As at 31 October 2024 25,000
Amortisation
As at 1 November 2023 25,000
As at 31 October 2024 25,000
Net Book Value
As at 31 October 2024 -
As at 1 November 2023 -
5. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Total
£ £ £ £
Cost
As at 1 November 2023 685,413 196,463 40,275 922,151
Additions - 105,650 1,850 107,500
As at 31 October 2024 685,413 302,113 42,125 1,029,651
Depreciation
As at 1 November 2023 420,302 74,809 29,496 524,607
Provided during the period 66,278 53,049 2,810 122,137
As at 31 October 2024 486,580 127,858 32,306 646,744
Net Book Value
As at 31 October 2024 198,833 174,255 9,819 382,907
As at 1 November 2023 265,111 121,654 10,779 397,544
Included above are assets held under finance leases or hire purchase contracts with a net book value as follows:
2024 2023
as restated
£ £
Motor Vehicles 71,764 -
6. Stocks
2024 2023
as restated
£ £
Materials 25,000 33,200
Work in progress 28,000 15,000
53,000 48,200
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7. Debtors
2024 2023
as restated
£ £
Due within one year
Trade debtors 261,193 436,321
Prepayments and accrued income 23,044 27,389
Other debtors 1,273,393 825,093
Director's loan account - 124,950
1,557,630 1,413,753
8. Creditors: Amounts Falling Due Within One Year
2024 2023
as restated
£ £
Net obligations under finance lease and hire purchase contracts 4,709 -
Trade creditors 120,240 175,694
Bank loans and overdrafts 38,726 17,372
Corporation tax 78,052 61,928
Other taxes and social security 13,859 26,192
VAT 76,447 107,073
Other creditors 25,929 38,837
Accruals and deferred income 69,961 68,359
Director's loan account 812 -
Amounts owed to group undertakings 354,117 474,117
782,852 969,572
The bank loan balance is secured by a fixed and floating charge over the company's assets.
9. Creditors: Amounts Falling Due After More Than One Year
2024 2023
as restated
£ £
Net obligations under finance lease and hire purchase contracts 52,686 -
Bank loans 155,898 181,735
208,584 181,735
10. Obligations Under Finance Leases and Hire Purchase
2024 2023
as restated
£ £
The future minimum finance lease payments are as follows:
Not later than one year 4,709 -
Later than one year and not later than five years 52,686 -
57,395 -
57,395 -
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11. Share Capital
2024 2023
as restated
£ £
Allotted, Called up and fully paid 100 100
12. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
2024 2023
as restated
£ £
Not later than one year 66,000 66,000
Later than one year and not later than five years 209,000 264,000
Later than five years - 11,000
275,000 341,000
13. Pension Commitments
The company operates a defined contribution pension scheme for its employees. The assets of the scheme are held separately from those of the company in an independently administered fund. At the balance sheet date unpaid contributions of £Nil (2023: £3,538) were due to the fund.
14. Related Party Transactions
Included within other debtors is a balance of £1,273,393 (2023: £825,093) owed by companies under common control. No interest was charged on the outstanding amount and there were no conditions attached.
Included within creditors is a balance of £354,117 (2023: £474,117) owed to companies within the group. No interest was charged on the outstanding amount and there were no conditions attached.
15. Ultimate Parent Undertaking and Controlling Party
On 22 November 2022 the shareholders exchanged their shares in the company for new shares issued in D & S Holdings Shropshire Ltd such that from 22 November 2022 the company became a 100% subsidiary of D & S Holdings Shropshire Ltd , a company incorporated in England & Wales.
The ultimate controlling party is the shareholders in the parent company.
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