Registration number: 04285505

Minear Engineering Limited

Contents

Company Information	1
Balance Sheet	2 to 3
Notes to the Unaudited Financial Statements	4 to 9

Minear Engineering Limited

Company Information

Directors

M Allen M Minear

Company secretary

P B Minear

Registered office

28 Alexandra Terrace Exmouth Devon EX8 1BD

Accountants

Thompson Jenner LLP Chartered Accountants 28 Alexandra Terrace Exmouth Devon EX8 1BD

Minear Engineering Limited

(Registration number: 04285505)
Balance Sheet as at 28 February 2025

	Note	2025 £	2024 £
Fixed assets
Tangible assets	5	95,214	108,779
Current assets
Stocks	6	6,500	6,500
Debtors	7	622,287	794,667
Cash at bank and in hand		26,853	63,151
		655,640	864,318
Creditors: Amounts falling due within one year	8	(280,475)	(180,224)
Net current assets		375,165	684,094
Total assets less current liabilities		470,379	792,873
Provisions for liabilities		(12,554)	(12,018)
Net assets		457,825	780,855
Capital and reserves
Called up share capital		2	2
Retained earnings		457,823	780,853
Shareholders' funds		457,825	780,855

For the financial year ending 28 February 2025 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.

Minear Engineering Limited

(Registration number: 04285505)
Balance Sheet as at 28 February 2025

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.

Approved and authorised by the Board on 27 October 2025 and signed on its behalf by:
 

......................................... M Minear Director

Minear Engineering Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2025

1	General information

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

The address of its registered office is:
28 Alexandra Terrace
Exmouth
Devon
EX8 1BD
England

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.

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.

Minear Engineering Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2025

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 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
Short leasehold property	10% straight line
Plant and machinery	15% straight line
Fixtures and fittings	20% straight line
Motor vehicles	20% straight line
Office equipment	25% 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% straight line

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.

Minear Engineering Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2025

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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

Minear Engineering Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2025

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 23 (2024 - 25).

4	Intangible assets

	Goodwill  £	Total £
Cost or valuation
At 1 March 2024	200,000	200,000
At 28 February 2025	200,000	200,000
Amortisation
At 1 March 2024	200,000	200,000
At 28 February 2025	200,000	200,000
Carrying amount
At 28 February 2025	-	-

Minear Engineering Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2025

5	Tangible assets

	Leasehold land and buildings £	Furniture, fittings and equipment  £	Motor vehicles  £	Other property, plant and equipment  £	Total £
Cost or valuation
At 1 March 2024	17,607	295,359	48,778	124,250	485,994
Additions	-	3,321	-	8,951	12,272
At 28 February 2025	17,607	298,680	48,778	133,201	498,266
Depreciation
At 1 March 2024	16,608	221,663	42,926	96,018	377,215
Charge for the year	167	17,906	1,463	6,301	25,837
At 28 February 2025	16,775	239,569	44,389	102,319	403,052
Carrying amount
At 28 February 2025	832	59,111	4,389	30,882	95,214
At 29 February 2024	999	73,696	5,852	28,232	108,779

6

Stocks

	2025 £	2024 £
Other stocks	6,500	6,500

7

Debtors

	Note	2025 £	2024 £
Trade debtors		429,765	432,379
Amounts owed by group undertakings and undertakings in which the company has a participating interest		4,417	127,417
Other debtors		133,926	169,650
Prepayments and accrued income		54,179	65,221
Total current trade and other debtors		622,287	794,667

Minear Engineering Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2025

8

Creditors

	2025 £	2024 £
Due within one year
Trade creditors	183,419	79,683
Taxation and social security	62,310	69,277
Other creditors	4,469	4,412
Accrued expenses	30,277	26,852
	280,475	180,224

9	Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £171,231 (2024 - £120,941).

10	Parent and ultimate parent undertaking

The company's immediate parent is Minear Engineering Holding Limited, incorporated in England & Wales.