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Filleted

Registration number: 03828030

Pembrokeshire Engineering & Camseat Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 August 2024

 

Pembrokeshire Engineering & Camseat Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 10

 

Pembrokeshire Engineering & Camseat Ltd

Company Information

Directors

Mr D Morgan

Miss C Tighe

Mr A Edmundson

Registered office

Unit 7
London Road Ind. Est.
Pembroke Dock
Pembrokeshire
SA72 4RZ

 

Pembrokeshire Engineering & Camseat Ltd

(Registration number: 03828030)
Balance Sheet as at 31 August 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

5

135,574

184,874

Tangible assets

6

29,020

38,839

 

164,594

223,713

Current assets

 

Stocks

7

31,675

68,544

Debtors

8

147,878

155,777

Cash at bank and in hand

 

83,949

53,917

 

263,502

278,238

Creditors: Amounts falling due within one year

9

(112,685)

(89,187)

Net current assets

 

150,817

189,051

Total assets less current liabilities

 

315,411

412,764

Creditors: Amounts falling due after more than one year

9

(138,000)

(188,000)

Provisions for liabilities

(7,280)

(9,709)

Net assets

 

170,131

215,055

Capital and reserves

 

Called up share capital

1,000

1,000

Share premium reserve

29,520

29,520

Profit and loss account

139,611

184,535

Total equity

 

170,131

215,055

For the financial year ending 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

 

Pembrokeshire Engineering & Camseat Ltd

(Registration number: 03828030)
Balance Sheet as at 31 August 2024

Approved and authorised by the Board on 23 May 2025 and signed on its behalf by:
 

.........................................
Mr D Morgan
Director

   
     
 

Pembrokeshire Engineering & Camseat Ltd

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

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
Unit 7
London Road Ind. Est.
Pembroke Dock
Pembrokeshire
SA72 4RZ

These financial statements were authorised for issue by the Board on 23 May 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Pembrokeshire Engineering & Camseat Ltd

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant, Machinery & Equipment

20% Straight Line on Cost

Motor Vehicles

25% Reducing Balance on Net Book Value

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10% Straight Line on Cost

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Pembrokeshire Engineering & Camseat Ltd

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

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Pembrokeshire Engineering & Camseat Ltd

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

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 8 (2023 - 9).

4

Profit before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

9,818

11,569

Amortisation expense

49,300

49,300

 

Pembrokeshire Engineering & Camseat Ltd

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

5

Intangible assets

Goodwill
 £

Other intangible assets
 £

Total
£

Cost or valuation

At 1 September 2023

492,999

24,492

517,491

At 31 August 2024

492,999

24,492

517,491

Amortisation

At 1 September 2023

308,125

24,492

332,617

Amortisation charge

49,300

-

49,300

At 31 August 2024

357,425

24,492

381,917

Carrying amount

At 31 August 2024

135,574

-

135,574

At 31 August 2023

184,874

-

184,874

Revalued assets for the year ended 31 August 2023

6

Tangible assets

Long leasehold land and buildings
£

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 September 2023

1

32,164

70,550

102,715

At 31 August 2024

1

32,164

70,550

102,715

Depreciation

At 1 September 2023

-

30,998

32,878

63,876

Charge for the year

-

402

9,417

9,819

At 31 August 2024

-

31,400

42,295

73,695

Carrying amount

At 31 August 2024

1

764

28,255

29,020

At 31 August 2023

1

1,166

37,672

38,839

Included within the net book value of land and buildings above is £1 (2023 - £1) in respect of long leasehold land and buildings.
 

 

Pembrokeshire Engineering & Camseat Ltd

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

7

Stocks

2024
£

2023
£

Other inventories

31,675

68,544

8

Debtors

2024
£

2023
£

Trade debtors

137,112

143,377

Provision for impairment of debtors

(2,000)

(2,000)

Prepayments

12,766

14,400

147,878

155,777

9

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Trade creditors

 

20,283

39,114

Taxation and social security

 

54,061

13,024

Corporation tax liability

 

30,508

29,146

Other creditors

 

7,833

7,903

 

112,685

89,187

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

11

138,000

188,000

 

Pembrokeshire Engineering & Camseat Ltd

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

10

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

A & B Shares of £1 each

520

520

520

520

A & B Shares of £1 each

240

240

240

240

A & B Shares of £1 each

240

240

240

240

 

1,000

1,000

1,000

1,000

11

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

138,000

188,000