Irving Engineering Limited 31/03/2025 iXBRL

Company registration number: 04506666

Irving Engineering Limited

Unaudited filleted financial statements

For the year ended

31 March 2025

Irving Engineering Limited

Contents

Statement of financial position

Notes to the financial statements

Irving Engineering Limited

Statement of financial position

31 March 2025

		2025		2024
	Note	£	£	£	£

Fixed assets
Tangible assets	3	217,227		104,943
		________		________
			217,227		104,943

Current assets
Stocks		78,535		94,441
Debtors	4	178,879		231,677
Cash at bank and in hand		42,847		67,788
		________		________
		300,261		393,906
Creditors: amounts falling due
within one year	5	( 386,171)		( 435,589)
		________		________
Net current liabilities			( 85,910)		( 41,683)
			________		________
Total assets less current liabilities			131,317		63,260

Creditors: amounts falling due
after more than one year	6		( 69,045)		( 31,079)

Provisions for liabilities			( 12,288)		( 9,190)

			________		________
Net assets			49,984		22,991
			________		________

Capital and reserves
Called up share capital			120		120
Profit and loss account			49,864		22,871
			________		________
Shareholders funds			49,984		22,991
			________		________

For the year ending 31 March 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 financial statements for the year in question in accordance with section 476;

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

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

These financial statements were approved by the board of directors and authorised for issue on 17 December 2025 , and are signed on behalf of the board by:

Mr W L Greggain

Director

Company registration number: 04506666

Irving Engineering Limited

Notes to the financial statements

Year ended 31 March 2025

1. Accounting policies

General information

The company is a private company limited by shares, registered in England and Wales, registration number 04506666 . The address of the registered office is Irving Engineering Ltd, 322 Moss Bay Road, Workington, CA14 5DR.

Basis of preparation

These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied with the same financial statements.

The financial statements have been prepared under the historical cost basis, as modified by the revaluation of certain fixed assets and liabilities and investment properties measured at fair value through profit or lass. The financial statements are prepared in sterling, which is the functional currency of the entity.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. It includes the relevant proportion of contract values where work is partially performed in the period.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

Tangible assets

tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:


Plant and machinery	-	10 %	straight line
Motor vehicles	-	25 %	reducing balance

If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.

Deferred taxation

Deferred taxation is provided on the liability method to take account of timing differences between the treatment of certain items for accounts purposes and their treatment for tax purposes.Tax deferred or accelerated is accounted for in respect of all material timing differences.

Financial instruments

Basic financial instruments are recognised at amortised cost, except for fixed asset investments which are measured at fair value, with changes recognised in the fair value reserve.

Pension costs

The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in comprehensive income when due.

2. Employee numbers

The average number of persons employed by the company during the year amounted to 14 (2024: 15 ).

3. Tangible assets

	Short leasehold property	Plant and machinery	Motor vehicles	Total
	£	£	£	£
Cost
At 1 April 2024	-	248,027	151,833	399,860
Additions	27,367	9,764	165,966	203,097
Disposals	-	( 1,650)	( 122,583)	( 124,233)
	________	________	________	________
At 31 March 2025	27,367	256,141	195,216	478,724
	________	________	________	________
Depreciation
At 1 April 2024	-	194,278	100,639	294,917
Charge for the year	-	9,018	45,456	54,474
Disposals	-	( 660)	( 87,234)	( 87,894)
	________	________	________	________
At 31 March 2025	-	202,636	58,861	261,497
	________	________	________	________
Carrying amount
At 31 March 2025	27,367	53,505	136,355	217,227
	________	________	________	________
At 31 March 2024	-	53,749	51,194	104,943
	________	________	________	________

4. Debtors

	2025	2024
	£	£
Trade debtors	101,403	140,290
Other debtors	77,476	91,387
	________	________
	178,879	231,677
	________	________

5. Creditors: amounts falling due within one year

	2025	2024
	£	£
Bank loans and overdrafts	10,000	10,000
Trade creditors	185,292	193,288
Taxation and social security	37,230	50,948
Obligations under finance leases (secured)	8,008	8,094
Directors loan account	68,654	52,791
Other creditors	76,987	120,468
	________	________
	386,171	435,589
	________	________

6. Creditors: amounts falling due after more than one year

	2025	2024
	£	£
Bank loans and overdrafts	1,667	11,667
Obligations under finance leases (secured)	67,378	19,412
	________	________
	69,045	31,079
	________	________

7. Pension commitments

The company operates a defined contribution pension scheme for the directors and employees. The assets of the scheme are held separately from those of the company in an independently administered fund. At the balance sheet date, unpaid contributions of £1,779 (2024 - £2,067) were due to the fund. They are included in other creditors.