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Registration number: 04509209

Fussey Engineering Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 November 2024

 

Fussey Engineering Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

Fussey Engineering Limited

(Registration number: 04509209)
Balance Sheet as at 30 November 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

515,435

513,412

Current assets

 

Debtors

6

698,062

980,521

Cash at bank and in hand

 

1,467,294

1,116,040

 

2,165,356

2,096,561

Creditors: Amounts falling due within one year

7

(560,320)

(523,684)

Net current assets

 

1,605,036

1,572,877

Total assets less current liabilities

 

2,120,471

2,086,289

Provisions for liabilities

(102,563)

(84,706)

Net assets

 

2,017,908

2,001,583

Capital and reserves

 

Called up share capital

3,000

3,000

Retained earnings

2,014,908

1,998,583

Shareholders' funds

 

2,017,908

2,001,583

For the financial year ending 30 November 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. As permitted by section 444 (5A) of the Companies Act 2006, the Directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

Fussey Engineering Limited

(Registration number: 04509209)
Balance Sheet as at 30 November 2024

Approved and authorised by the Board on 22 May 2025 and signed on its behalf by:
 

.........................................
D G Fussey
Director

.........................................
M D Fussey
Director

 

Fussey Engineering Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

1

General information

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

The address of its registered office is:
Lancaster Approach
North Killingholme
Grimsby
N E Lincolnshire
DN40 3JZ

These financial statements were authorised for issue by the Board on 22 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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

These financial statements cover the individual entity, Fussey Engineering Limited.

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.

The financial statements are presented in sterling and are rounded to the nearest pound.

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.

 

Fussey Engineering Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the Company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the statement of financial position 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 and machinery

15 -25% reducing balance

Motor vehicles

25% reducing balance

Leasehold improvements

10% straight line

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 years

Investments

Investments are included at fair value where they can be measured reliably, with the changes in fair value recognised in profit or loss. Investments which cannot be measured reliably at fair value are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

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.

 

Fussey Engineering Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

Trade 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.

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.

Trade 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.

 

Fussey Engineering Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

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.

3

Staff numbers

The average number of persons employed by the Company (including Directors) during the year, was 30 (2023 - 30).

 

Fussey Engineering Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 December 2023

300,000

300,000

At 30 November 2024

300,000

300,000

Amortisation

At 1 December 2023

300,000

300,000

At 30 November 2024

300,000

300,000

Carrying amount

At 30 November 2024

-

-

5

Tangible assets

Land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 December 2023

132,423

90,823

928,719

274,211

1,426,176

Additions

-

-

61,250

66,187

127,437

Disposals

-

-

(42,450)

(64,148)

(106,598)

At 30 November 2024

132,423

90,823

947,519

276,250

1,447,015

Depreciation

At 1 December 2023

132,423

63,306

595,464

121,571

912,764

Charge for the year

-

9,891

59,840

42,530

112,261

Eliminated on disposal

-

-

(40,715)

(52,730)

(93,445)

At 30 November 2024

132,423

73,197

614,589

111,371

931,580

Carrying amount

At 30 November 2024

-

17,626

332,930

164,879

515,435

At 30 November 2023

-

27,517

333,255

152,640

513,412

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

 

Fussey Engineering Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

6

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

254,922

259,522

Amounts owed from group undertakings and undertakings in which the company has a participating interest

9

-

43,567

Prepayments

 

78,333

23,337

Other debtors

 

364,807

654,095

   

698,062

980,521

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

18,008

-

Trade creditors

 

122,057

414,444

Amounts owed to Company undertakings and undertakings in which the Company has a participating interest

9

197,656

-

Taxation and social security

 

118,816

48,997

Accruals and deferred income

 

96,004

55,975

Other creditors

 

7,779

4,268

 

560,320

523,684

8

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Other borrowings

18,008

-

9

Related party transactions

 

Fussey Engineering Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

The company has taken advantage of the exemption in section 33 of FRS 102 ' Related Party Disclosures' from disclosing transactions with other members of the group in which any subsidiary which is a party to the transaction is wholly owned by the group.
 

10

Parent and ultimate parent undertaking

The company's immediate parent is Fussey Holdings Limited, incorporated in England.

 The ultimate parent is Fussey Services Limited, incorporated in England.