Company Registration No. 8052383 (England and Wales)
Endeavor Engineering Ltd
Unaudited accounts
for the year ended 31 March 2019
Endeavor Engineering Ltd
Unaudited accounts
Contents
Endeavor Engineering Ltd
Statement of financial position
as at 31 March 2019
Tangible assets
318,795
297,996
Cash at bank and in hand
184,701
75,672
Creditors: amounts falling due within one year
(142,356)
(125,592)
Net current assets
224,988
95,031
Total assets less current liabilities
543,783
393,027
Creditors: amounts falling due after more than one year
(105,029)
(84,730)
Provisions for liabilities
Deferred tax
(47,335)
(41,583)
Other provisions
(96,253)
(73,253)
Net assets
295,166
193,461
Called up share capital
100
100
Share premium
34,986
34,986
Profit and loss account
260,080
158,375
Shareholders' funds
295,166
193,461
For the year ending 31 March 2019 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 and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
Approved by the Board on 19 December 2019.
M S Bell
Director
Company Registration No. 8052383
Endeavor Engineering Ltd
Notes to the Accounts
for the year ended 31 March 2019
Endeavor Engineering Ltd is a private company, limited by shares, registered in England and Wales, registration number 8052383. The registered office is Unit 1G, Trident Business Park, Didcot, Oxfordshire, OX11 7HJ, United Kingdom.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
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 within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them.
These accounts have been prepared on a going concern basis.
The current economic conditions present increased risks for all businesses. In response to such conditions, the directors have carefully considered these risks, including an assessment of uncertainty on future trading projections for a period of at least 12 months from the date of signing the accounts, and the extent to which they might affect the preparation of the accounts on a going concern basis.
The directors consider that the going concern basis is appropriate to the presentation of the accounts.
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 in the profit and loss account because of items of income and 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 basis used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable temporary differences. Deferred tax assets are generally recognised for all deductible timing differences to the extent that it is probably that taxable profits will be available against which those deductible temporary 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 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
Endeavor Engineering Ltd
Notes to the Accounts
for the year ended 31 March 2019
the reporting period.
Current or deferred tax for the year is recognised in the profit and loss account, except where they relate to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
10% straight line
Computer equipment
25% straight line
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
The company operates a defined contribution scheme for the benefit of its employees.
A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations. The contributions are recognised in the profit and loss account when due. Amounts not paid are shown in accruals on the balance sheet. The assets of the plan are held separately from the company in independently administered funds.
Endeavor Engineering Ltd
Notes to the Accounts
for the year ended 31 March 2019
Financial assets and liabilities are recognised when the company becomes party to the contractual provisions of the financial instrument. The company holds basis financial instruments, which comprise cash and cash equivalents, trade and other debtors, equity investments, trade and other creditors, and loans and borrowings. The company has chosen to apply the provisions of Section 11 Basic Financial Instruments in full.
Financial assets - classified as basic financial instruments
i) Cash and cash equivalents include cash in hand, deposits held with banks, and other short term highly liquid investments with original maturities of three months or less.
ii) Trade and other debtors that are receivable within one year are measured at the undiscounted amount of the cash expected to be received, net of any impairment.
At the end of each reporting period, the company assesses whether there is objective evidence that any receivable amount may be impaired. A provision for impairment 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 debt. The amount of the provision is the difference between the asset's carrying amount and the present value of the estimated future cash flows, discounted at the effective interest rate. The amount of the provision is recognised immediately in the profit and loss account.
iii) Trade and other creditors that are payable within one year are measured at the undiscounted amount of the cash expected to be paid.
Critical accounting judgments and key sources of estimation uncertainty
In applying the company's accounting policies, the directors are required to make judgments, estimates, and assumptions in determining the carrying amount of assets and liabilities. The estimates and assumptions are based on the best and most reliable evidence available at the time when the decisions are made, and are based on historical experience and other factors that are considered to be applicable. Due to the inherent subjectivity involved in making such judgments, estimates and assumptions, the actual results and outcomes may differ.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
Provisions are made where an event has taken place that gives the company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of obligation.
Provisions are charged as an expense to the profit and loss account in the year that the company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the balance sheet.
Endeavor Engineering Ltd
Notes to the Accounts
for the year ended 31 March 2019
4
Tangible fixed assets
Plant & machinery
Computer equipment
Total
Cost or valuation
At cost
At cost
At 1 April 2018
511,762
-
511,762
At 31 March 2019
591,753
-
591,753
At 1 April 2018
213,766
-
213,766
Charge for the year
59,089
103
59,192
At 31 March 2019
272,855
103
272,958
At 31 March 2019
318,898
(103)
318,795
At 31 March 2018
297,996
-
297,996
Carrying values included above held under finance leases and hire purchase contracts:
£
£
- Plant & machinery
179,972
172,334
Finished goods
18,000
14,000
Trade debtors
121,105
95,827
Accrued income and prepayments
26,685
25,262
Other debtors
16,853
9,862
Endeavor Engineering Ltd
Notes to the Accounts
for the year ended 31 March 2019
7
Creditors: amounts falling due within one year
2019
2018
Obligations under finance leases and hire purchase contracts
38,741
38,898
Trade creditors
31,311
25,656
Taxes and social security
69,556
44,253
Other creditors
1,358
2,588
Loans from directors
-
11,909
Obligations under finance leases and hire purchase contracts totaling £130,369 (£2018: £111,128) are secured on the plant and machinery they are financing. They are payable in monthly installments over five years from the date they are advanced; £38,741 (2018: £38,898) is shown in creditors due within one year and the balance of £91,628 (2018: £72,230) in creditors due after more than one year.
8
Creditors: amounts falling due after more than one year
2019
2018
Obligations under finance leases and hire purchase contracts
91,628
72,230
Other creditors
13,401
12,500
9
Deferred taxation
2019
2018
Accelerated capital allowances
47,335
41,583
Provision at start of year
41,583
34,860
Charged to the profit and loss account
5,752
6,723
Provision at end of year
47,335
41,583
10
Provisions for liabilities
£
Additional provisions made during the period
23,000
Allotted, called up and fully paid:
100 Ordinary shares of £1 each
100
100
Endeavor Engineering Ltd
Notes to the Accounts
for the year ended 31 March 2019
12
Operating lease commitments
2019
2018
At 31 March 2019 the company has commitments under non-cancellable operating leases as follows:
Operating leases expiring:
Within two to five years
27,615
27,615
Brought
Forward
Advance/
credit
Repaid
Carried
Forward
Director's loan
-
6,677
941
5,736
Director's loan
-
4,327
840
3,487
Included in other debtors are loans to directors of £9,223 (2018: creditor £11,909). These loans are unsecured and interest free, and were repaid on 3 April 2019.
The company is controlled by Mr A Strong and Mr M Bell, who own 86% of the company's share capital.
15
Average number of employees
During the year the average number of employees was 9 (2018: 9).
