| REGISTERED NUMBER: |
| FINANCIAL STATEMENTS FOR THE PERIOD 1 APRIL 2024 TO 31 DECEMBER 2024 |
| FOR |
| N E ENGINEERING LTD |
| REGISTERED NUMBER: |
| FINANCIAL STATEMENTS FOR THE PERIOD 1 APRIL 2024 TO 31 DECEMBER 2024 |
| FOR |
| N E ENGINEERING LTD |
| N E ENGINEERING LTD (REGISTERED NUMBER: 07032830) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE PERIOD 1 APRIL 2024 TO 31 DECEMBER 2024 |
| Page |
| Balance Sheet | 1 |
| Notes to the Financial Statements | 2 |
| N E ENGINEERING LTD (REGISTERED NUMBER: 07032830) |
| BALANCE SHEET |
| 31 DECEMBER 2024 |
| 31.12.24 | 31.3.24 |
| Notes | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 5 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 6 | ( |
) | ( |
) |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
7 |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 9 |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| N E ENGINEERING LTD (REGISTERED NUMBER: 07032830) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE PERIOD 1 APRIL 2024 TO 31 DECEMBER 2024 |
| 1. | STATUTORY INFORMATION |
| N E Engineering Ltd is a |
| Registered number: |
| Registered office: |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| The principal accounting policies of the company 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. |
| Basis of accounting |
| These financial statements are prepared on a going concern basis, under the historical cost convention. The financial statements are presented in pound sterling which is the company's functional currency. |
| These financial statements are prepared in accordance with FRS 102 including the provisions of Section 1A "Small Entities" and the Companies Act 2006. |
| Comparatives |
| The accounts cover the period from 1 April 2024 to 31 December 2024. The comparatives cover the period from 1 April 2023 to 31 March 2024. |
| The accounting period has been shortened to align the accounting period with that of the ultimate parent company. |
| Revenue recognition |
| Revenue is measured at the fair value of the consideration received or receivable and represents the amount receivable for goods supplied or services rendered, net of returns, discounts and rebates allowed by the company and value added tax. |
| The company recognised revenue when (a) the significant risks and rewards of ownership have been transferred to the buyer; (b) the company retains no continuing involvement or control over the goods; (c) the amount of revenue can be measured reliably; and (d) it is probable that future economic benefits will flow to the entity. |
| Tangible assets |
| Tangible assets are recorded at cost less accumulated depreciation. Cost includes the original purchase price of the asset plus costs attributable to bringing the asset to its working condition for its intended use. Depreciation is charged from the time when tangible assets are brought into use and is calculated so as to write off the cost of fixed assets, less their estimated residual values, over the expected useful economic lives of the assets concerned. The principal annual rates used for this purpose are as follows: |
| Plant and machinery etc | - | 25% on reducing balance, 15% on reducing balance and 10% on cost |
| Government grants |
| Grants are recognised as income, on the basis that there are no unfulfilled conditions or other performance criteria or ongoing measurement that may result in the grant becoming repayable. |
| Stocks and work in progress |
| Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowances 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. |
| N E ENGINEERING LTD (REGISTERED NUMBER: 07032830) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE PERIOD 1 APRIL 2024 TO 31 DECEMBER 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Taxation |
| Taxation for the period comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 period 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. |
| Hire purchase and leasing commitments |
| Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
| The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
| 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. |
| 3. | AVERAGE NUMBER OF EMPLOYEES |
| The average number of employees during the period was |
| 4. | TANGIBLE ASSETS |
| Plant and |
| machinery |
| etc |
| £ |
| COST |
| At 1 April 2024 |
| Additions |
| At 31 December 2024 |
| DEPRECIATION |
| At 1 April 2024 |
| Charge for period |
| At 31 December 2024 |
| NET BOOK VALUE |
| At 31 December 2024 |
| At 31 March 2024 |
| N E ENGINEERING LTD (REGISTERED NUMBER: 07032830) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE PERIOD 1 APRIL 2024 TO 31 DECEMBER 2024 |
| 4. | TANGIBLE ASSETS - continued |
| Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
| Plant and |
| machinery |
| etc |
| £ |
| COST |
| At 1 April 2024 |
| and 31 December 2024 |
| DEPRECIATION |
| At 1 April 2024 |
| Charge for period |
| At 31 December 2024 |
| NET BOOK VALUE |
| At 31 December 2024 |
| At 31 March 2024 |
| 5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.12.24 | 31.3.24 |
| £ | £ |
| Trade debtors |
| Other debtors |
| 6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.12.24 | 31.3.24 |
| £ | £ |
| Bank loans and overdrafts |
| Hire purchase contracts |
| Trade creditors |
| Taxation and social security |
| Other creditors |
| 7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 31.12.24 | 31.3.24 |
| £ | £ |
| Bank loans |
| Hire purchase contracts |
| 8. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 31.12.24 | 31.3.24 |
| £ | £ |
| Hire purchase contracts | 746,176 | 952,653 |
| Hire purchase contracts are secured on the assets to which they relate in note 5. |
| N E ENGINEERING LTD (REGISTERED NUMBER: 07032830) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE PERIOD 1 APRIL 2024 TO 31 DECEMBER 2024 |
| 9. | CALLED UP SHARE CAPITAL |
| Allotted and issued: |
31.12.24 |
31.3.24 |
| Number | Class: | Nominal value: | £ | £ |
| 34 | Ordinary A | £1 | 34 | 34 |
| 34 | Ordinary B | £1 | 34 | 34 |
| 34 | Ordinary C | £1 | 34 | 34 |
| 102 | 102 |
| 10. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
| The Auditors' Report was qualified on the following basis: |
| Basis for opinion |
| With respect to opening stock having a carrying amount of £219,249, the audit evidence available to us was limited because we did not observe the counting of the physical stock as at 31 March 2024, since that date was prior to our appointment as auditor of the company. Owing to the nature of the company's records, we were unable to obtain sufficient appropriate audit evidence regarding the stock quantities by using other audit procedures. As a result, we could not determine whether any adjustments might have been necessary in respect of the stock balances as at 1 April 2024, and consequently on the cost of sales and related elements in the financial statements for the year ended 31 December 2024. |
| The limitation in obtaining sufficient appropriate audit evidence regarding opening stock has a material effect on the current year cost of sales. As a result, we were unable to determine whether any adjustments might have been necessary in respect of cost of sales for the year ended 31 December 2024. |
| We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our qualified opinion. |
| Other Matters |
| The financial statements of the company for the year ended 31 March 2024 were not audited and, accordingly, we do not express an opinion or any form of assurance on those financial statements. Our opinion on the current year’s financial statements is not modified in respect of this matter. |
| for and on behalf of |
| 11. | OTHER FINANCIAL COMMITMENTS |
| At 31 December 2024 the company had total commitments under non-cancellable operating leases over the remaining life of those leases of £70,462 (31 March 2024 - £106,070). |
| 12. | ULTIMATE PARENT COMPANY |
| The immediate parent company is 100% of the issued share capital. |
| The ultimate parent company is the issued share capital of N E Engineering Holdings Limited. |
| Karnell Group AB (publ) prepares consolidated financial statements. Copies of the consolidated financial statements can be obtained from Riddargatan 13 D, SE-114 51 Stockholm, Sweden. |