ACCOUNTS - Final Accounts

Analysis of the maturity of loans is given below:

BELCHER ENGINEERING LIMITED - Company Information

Caseware UK (AP4) 2016.0.181 2016.0.181 2019-03-312019-03-31The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.truetrueNo description of principal activityfalse2018-04-01 1406022 2018-04-01 2019-03-31 1406022 2017-04-01 2018-03-31 1406022 2019-03-31 1406022 2018-03-31 1406022 2017-04-01 1406022 c:Director1 2018-04-01 2019-03-31 1406022 c:Director3 2018-04-01 2019-03-31 1406022 d:Buildings d:ShortLeaseholdAssets 2018-04-01 2019-03-31 1406022 d:Buildings d:ShortLeaseholdAssets 2019-03-31 1406022 d:Buildings d:ShortLeaseholdAssets 2018-03-31 1406022 d:PlantMachinery 2018-04-01 2019-03-31 1406022 d:PlantMachinery 2019-03-31 1406022 d:PlantMachinery 2018-03-31 1406022 d:PlantMachinery d:OwnedOrFreeholdAssets 2018-04-01 2019-03-31 1406022 d:MotorVehicles 2018-04-01 2019-03-31 1406022 d:MotorVehicles 2019-03-31 1406022 d:MotorVehicles 2018-03-31 1406022 d:MotorVehicles d:OwnedOrFreeholdAssets 2018-04-01 2019-03-31 1406022 d:OwnedOrFreeholdAssets 2018-04-01 2019-03-31 1406022 d:Goodwill 2018-04-01 2019-03-31 1406022 d:CurrentFinancialInstruments 2019-03-31 1406022 d:CurrentFinancialInstruments 2018-03-31 1406022 d:Non-currentFinancialInstruments 2019-03-31 1406022 d:CurrentFinancialInstruments d:WithinOneYear 2019-03-31 1406022 d:CurrentFinancialInstruments d:WithinOneYear 2018-03-31 1406022 d:Non-currentFinancialInstruments d:AfterOneYear 2019-03-31 1406022 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2019-03-31 1406022 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2019-03-31 1406022 d:ShareCapital 2019-03-31 1406022 d:ShareCapital 2018-03-31 1406022 d:CapitalRedemptionReserve 2019-03-31 1406022 d:CapitalRedemptionReserve 2018-03-31 1406022 d:RetainedEarningsAccumulatedLosses 2019-03-31 1406022 d:RetainedEarningsAccumulatedLosses 2018-03-31 1406022 d:AcceleratedTaxDepreciationDeferredTax 2019-03-31 1406022 d:AcceleratedTaxDepreciationDeferredTax 2018-03-31 1406022 c:FRS102 2018-04-01 2019-03-31 1406022 c:AuditExemptWithAccountantsReport 2018-04-01 2019-03-31 1406022 c:FullAccounts 2018-04-01 2019-03-31 1406022 c:PrivateLimitedCompanyLtd 2018-04-01 2019-03-31 1406022 d:HirePurchaseContracts d:WithinOneYear 2019-03-31 1406022 d:HirePurchaseContracts d:BetweenOneFiveYears 2019-03-31 iso4217:GBP xbrli:pure

Registered number: 1406022

BELCHER ENGINEERING LTD

FILLETED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2019

BELCHER ENGINEERING LTD

CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF BELCHER ENGINEERING LTD
FOR THE YEAR ENDED 31 MARCH 2019

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Belcher Engineering Ltd for the year ended 31 March 2019 which comprise the Balance sheet and the related notes from the Company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/ members/regulations-standards-and-guidance/.

This report is made solely to the Board of directors of Belcher Engineering Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Belcher Engineering Ltd and state those matters that we have agreed to state to the Board of directors of Belcher Engineering Ltd, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Belcher Engineering Ltd and its Board of directors, as a body, for our work or for this report.

It is your duty to ensure that Belcher Engineering Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Belcher Engineering Ltd. You consider that Belcher Engineering Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Belcher Engineering Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Whiting & Partners

Greenwood House

Greenwood Court

Skyliner Way

Bury St Edmunds

Suffolk

IP32 7GY

23 December 2019

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BELCHER ENGINEERING LTD

REGISTERED NUMBER: 1406022

BALANCE SHEET

AS AT 31 MARCH 2019

		2019		2018
Note		£		£

Fixed assets
Intangible assets	4		101,000		-
Tangible assets	5		102,332		87,116
			203,332		87,116
Current assets
Stocks	6	227,228		191,842
Debtors	7	107,236		157,851
Cash at bank and in hand	8	104,139		158,178
		438,603		507,871
Creditors: amounts falling due within one year	9	(82,250)		(156,019)
Net current assets			356,353		351,852
Total assets less current liabilities			559,685		438,968
Creditors: amounts falling due after more than one year			(103,511)		-
Provisions for liabilities
Deferred tax	13	(18,301)		(15,184)
			(18,301)		(15,184)
Net assets			437,873		423,784

Capital and reserves
Called up share capital	14	12,000	12,000
Capital redemption reserve		6,000	6,000
Profit and loss account		419,873	405,784
		437,873	423,784

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BELCHER ENGINEERING LTD

REGISTERED NUMBER: 1406022

BALANCE SHEET (CONTINUED)

AS AT 31 MARCH 2019

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared 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 financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 23 December 2019.

Mr G E Miller	Mrs C M Stone
Director	Director

The notes on pages 4 to 14 form part of these financial statements.

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BELCHER ENGINEERING LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2019

1.	General information

Belcher Engineering Ltd is a private company, limited by shares, domiciled in England and Wales, registration number 1406022. The registered office is Briar Cottage, Briar Lane, Rickinghall, Diss, Norfolk, IP22 1NA.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

2.2

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Statement of income and retained earnings except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of income and retained earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in the Statement of income and retained earnings within 'other operating income'.

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BELCHER ENGINEERING LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2019

2.Accounting policies (continued)

2.3

Revenue recognition

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

∙the Company has transferred the significant risks and rewards of ownership to the buyer;

∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the transaction; and

∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

2.4

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to the Statement of income and retained earnings on a straight line basis over the lease term.

2.5

Interest income

Interest income is recognised in the Statement of income and retained earnings using the effective interest method.

2.6

Finance costs

Finance costs are charged to the Statement of income and retained earnings over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

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BELCHER ENGINEERING LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2019

2.Accounting policies (continued)

2.7

Borrowing costs

All borrowing costs are recognised in the Statement of income and retained earnings in the year in which they are incurred.

2.8

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for 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 as an expense in the Statement of income and retained earnings when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

2.9

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of income and retained earnings, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance sheet date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

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BELCHER ENGINEERING LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2019

2.Accounting policies (continued)

2.10

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is to be amortised on a straight line basis to the Statement of income and retained earnings over its useful economic life commencing April 2019.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

2.11

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, listed below.

Depreciation is provided on the following basis:

S/Term Leasehold Property	-	Over 5 years straight line basis
Plant & machinery	-	15% Per annum reducing balance basis
Motor vehicles	-	25% Per annum reducing balance basis

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of income and retained earnings.

2.12

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first outbasis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is 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.

Page 7

BELCHER ENGINEERING LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2019

2.Accounting policies (continued)

2.13

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.14

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.15

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.16

Provisions for liabilities

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 the obligation.
Provisions are charged as an expense to the Statement of income and retained earnings 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.

2.17

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

2.18

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Employees

The average monthly number of employees, including directors, during the year was 10 (2018 - 10).

Page 8

BELCHER ENGINEERING LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2019

4.	Intangible assets

		Goodwill
		£
	Cost
	Additions	101,000
	At 31 March 2019	101,000

	Net book value
	At 31 March 2019	101,000
	At 31 March 2018	-

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BELCHER ENGINEERING LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2019

5.	Tangible fixed assets

	S/Term Leasehold Property	Plant & machinery	Motor vehicles	Total
	£	£	£	£
Cost or valuation
At 1 April 2018	39,092	234,620	22,919	296,631
Additions	3,123	21,952	18,895	43,970
Disposals	-	(42,313)	(17,870)	(60,183)
At 31 March 2019	42,215	214,259	23,944	280,418
Depreciation
At 1 April 2018	32,137	158,358	19,020	209,515
Charge for the year on owned assets	2,783	13,818	5,600	22,201
Disposals	-	(36,157)	(17,473)	(53,630)
At 31 March 2019	34,920	136,019	7,147	178,086
Net book value
At 31 March 2019	7,295	78,240	16,797	102,332
At 31 March 2018	6,955	76,262	3,899	87,116

6.	Stocks
		2019	2018
		£	£

Raw materials and consumables	227,228	191,842
	227,228	191,842

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BELCHER ENGINEERING LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2019

Debtors

					2019	2018
					£	£



Trade debtors	83,835	119,999
Other debtors	21,120	17,676
Prepayments and accrued income	2,281	20,176
	107,236	157,851

8.	Cash and cash equivalents
		2019	2018
		£	£

Cash at bank and in hand	104,139	158,178
	104,139	158,178

9.	Creditors: Amounts falling due within one year
		2019	2018
		£	£

Bank loans	7,269	-
Trade creditors	28,507	13,357
Corporation tax	-	45,747
Other taxation and social security	26,963	21,633
Obligations under finance lease and hire purchase contracts	3,080	-
Other creditors	5,441	27,977
Accruals and deferred income	10,990	47,305
	82,250	156,019

Page 11

BELCHER ENGINEERING LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2019

10.	Creditors: Amounts falling due after more than one year
		2019	2018
		£	£

Bank loans	92,731	-
Net obligations under finance leases and hire purchase contracts	10,780	-
	103,511	-

Amounts falling due within one year
Bank loans	7,269	-
	7,269	-

Amounts falling due 2-5 years
Bank loans	34,456	-
	34,456	-
Amounts falling due after more than 5 years
Bank loans	58,275	-
	58,275	-
	100,000	-

Page 12

BELCHER ENGINEERING LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2019

Within one year	3,080	-
Between 1-5 years	10,780	-
	13,860	-

13.	Deferred taxation

	2019	2018
	£	£

At beginning of year	(15,184)	(18,993)
Charged to profit or loss	(3,116)	3,809
At end of year	(18,300)	(15,184)

The provision for deferred taxation is made up as follows:
	2019	2018
	£	£

	Accelerated capital allowances	(18,300)	(15,184)
		(18,300)	(15,184)

Page 13

BELCHER ENGINEERING LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2019

14.	Share capital
		2019	2018
		£	£

Allotted, called up and fully paid

12,000 (2018 - 12,000) Ordinary shares of £1.00 each	12,000	12,000

15.	Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £1,703 (2018 - £671).

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