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Registered number: 01228370
Clarkwood Engineering Limited
Unaudited Financial Statements
For The Year Ended 31 October 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 01228370
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 148,250 158,839
Tangible Assets 5 1,653,938 1,353,441
Investments 6 250,850 250,850
2,053,038 1,763,130
CURRENT ASSETS
Stocks 7 454,250 814,083
Debtors 8 1,900,814 1,863,213
Cash at bank and in hand 220,888 184,046
2,575,952 2,861,342
Creditors: Amounts Falling Due Within One Year 9 (2,324,349 ) (2,635,000 )
NET CURRENT ASSETS (LIABILITIES) 251,603 226,342
TOTAL ASSETS LESS CURRENT LIABILITIES 2,304,641 1,989,472
Creditors: Amounts Falling Due After More Than One Year 10 (544,377 ) (525,575 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (78,880 ) (78,880 )
NET ASSETS 1,681,384 1,385,017
CAPITAL AND RESERVES
Called up share capital 12 12,000 12,000
Profit and Loss Account 1,669,384 1,373,017
SHAREHOLDERS' FUNDS 1,681,384 1,385,017
Page 1
Page 2
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 members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their 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 R C Wood
Director
29/07/2025
The notes on pages 3 to 6 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Clarkwood Engineering Limited is a private company, limited by shares, incorporated in England & Wales, registered number 01228370 . The registered office is Unit 7 Blakenhall Industrial Estate, Sunbeam Street, Blakenhall, Wolverhampton, WV2 4PF.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
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.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Intellectual Property
Intellectual property assets are Patents. It is amortised to the profit and loss account over its estimated economic life which has an effective rate of 5% on cost.
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 1% on cost
Plant & Machinery 10% on cost
Motor Vehicles 20% on cost
Fixtures & Fittings 10% on cost
Computer Equipment 30% on cost
2.5. Leasing and Hire Purchase Contracts
Assets obtained under 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.
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2.7. 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 years 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 assets reflect 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 and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 72 (2023: 72)
72 72
4. Intangible Assets
Intellectual Property
£
Cost
As at 1 November 2023 211,784
As at 31 October 2024 211,784
Amortisation
As at 1 November 2023 52,945
Provided during the period 10,589
As at 31 October 2024 63,534
Net Book Value
As at 31 October 2024 148,250
As at 1 November 2023 158,839
5. Tangible Assets
Land & Property
Freehold Plant & Machinery Motor Vehicles Fixtures & Fittings Total
£ £ £ £ £
Cost
As at 1 November 2023 397,116 3,136,629 44,479 237,738 3,815,962
Additions - 476,841 - 10,329 487,170
As at 31 October 2024 397,116 3,613,470 44,479 248,067 4,303,132
...CONTINUED
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Depreciation
As at 1 November 2023 53,814 2,154,131 26,423 228,153 2,462,521
Provided during the period 3,970 176,458 1,006 5,239 186,673
As at 31 October 2024 57,784 2,330,589 27,429 233,392 2,649,194
Net Book Value
As at 31 October 2024 339,332 1,282,881 17,050 14,675 1,653,938
As at 1 November 2023 343,302 982,498 18,056 9,585 1,353,441
The fair value of the company's Freehold property was revalued on 1 November 2016 by an independent valuer. The re-valuation applied is in line with the directors and valuers expectations if the building were to be realised at the current market value.The valuer acted on behalf of the bank during the finance of the building. Had this class of asset been measured on a historical cost basis, the carrying amount would have been £212,815 (2023 - £212,815).
The fair value of the company's Plant and machinery was revalued on 31 March 2017 by an independent valuer. The revaluation of the assets is in line with the directors expectations of the assets if they were realised at current market values. The valuation of assets was performed by Close Brothers. Had this class of asset been measured on a historical cost basis, the carrying amount would have been £296,000 (2023 - £296,000).
6. Investments
Unlisted
£
Cost
As at 1 November 2023 250,850
As at 31 October 2024 250,850
Provision
As at 1 November 2023 -
As at 31 October 2024 -
Net Book Value
As at 31 October 2024 250,850
As at 1 November 2023 250,850
7. Stocks
2024 2023
£ £
Other inventories 51,000 51,000
Stock and work in progress 403,250 763,083
454,250 814,083
8. Debtors
2024 2023
£ £
Due within one year
Trade debtors 1,508,848 1,472,645
Prepayments and accrued income 19,697 19,199
Other debtors 372,269 371,369
1,900,814 1,863,213
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9. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 273,829 267,212
Trade creditors 1,634,731 1,935,244
Bank loans and overdrafts 64,060 62,320
Other taxes and social security 108,667 107,935
Other creditors 240,062 259,289
Accruals and deferred income 3,000 3,000
2,324,349 2,635,000
10. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 381,698 297,670
Bank loans 162,679 227,905
544,377 525,575
11. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year 273,829 267,212
Later than one year and not later than five years 381,698 297,670
655,527 564,882
655,527 564,882
12. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 12,000 12,000
13. Other Commitments
Included in the balance sheet are financial commitments of £882,266 (2023 - £855,107). The company has secured debt in the form of fixed and floating charges on assets which finance has been raised.
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