Sella-Askus Engineering Limited - Period Ending 2019-11-30

Sella-Askus Engineering Limited

Contents

Company Information	1
Accountants' Report	2
Abridged Balance Sheet	3 to 4
Notes to the Unaudited Abridged Financial Statements	5 to 7

Sella-Askus Engineering Limited

Company Information

Directors

Mr J W Murray Mrs F J Murray Mr S Lane

Registered office

Primrose Works Hawksley Street Oldham Lancs OL8 4PQ

Accountants

Abrams Ashton Ltd Chartered Accountants 7 Waterside Court St. Helens Merseyside WA9 1UA

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Sella-Askus Engineering Limited
for the Year Ended 30 November 2019

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Sella-Askus Engineering Limited for the year ended 30 November 2019 as set out on pages 3 to 7 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 Sella-Askus Engineering Limited, as a body, in accordance with the terms of our engagement letter dated 9 June 2013. Our work has been undertaken solely to prepare for your approval the accounts of Sella-Askus Engineering Limited and state those matters that we have agreed to state to the Board of Directors of Sella-Askus Engineering Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Sella-Askus Engineering Limited and its Board of Directors as a body for our work or for this report.

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

We have not been instructed to carry out an audit or a review of the accounts of Sella-Askus Engineering Limited. 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 accounts.

......................................

Abrams Ashton Ltd
Chartered Accountants
7 Waterside Court
St. Helens
Merseyside
WA9 1UA

4 July 2020

Sella-Askus Engineering Limited

(Registration number: 06644201)
Abridged Balance Sheet as at 30 November 2019

	Note	2019 £	2018 £
Fixed assets
Tangible assets	4	239	475
Current assets
Stocks		42,057	38,757
Debtors		224,532	195,071
Cash at bank and in hand		179	113
		266,768	233,941
Prepayments and accrued income		884	864
Creditors: Amounts falling due within one year	5	(125,394)	(129,690)
Net current assets		142,258	105,115
Total assets less current liabilities		142,497	105,590
Accruals and deferred income		(12,188)	(6,346)
Net assets		130,309	99,244
Capital and reserves
Called up share capital		1	1
Profit and loss account		130,308	99,243
Total equity		130,309	99,244

For the financial year ending 30 November 2019 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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

Sella-Askus Engineering Limited

(Registration number: 06644201)
Abridged Balance Sheet as at 30 November 2019

Approved and authorised by the Board on 3 July 2020 and signed on its behalf by:
 

.........................................

Mr J W Murray
Director

Sella-Askus Engineering Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 November 2019

1	General information

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

The address of its registered office is:
Primrose Works
Hawksley Street
Oldham
Lancs
OL8 4PQ

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 abridged financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These abridged financial statements have been prepared using the historical cost convention. The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Revenue comprises the fair value of the sale of goods and services net of value added tax, rebates and discounts. Sales of goods are recognised when the company has delivered the goods to the customer.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation

Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Equipment	Over the life of the lease
Improvements to property	10% straight line

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Costs include all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Sella-Askus Engineering Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 November 2019

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.

Defined contribution pension obligation

The company operates a defined contribution scheme. The pension costs charged in the financial statements represent the contributions payable by the company during the year.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 7 (2018 - 7).

4	Tangible assets

	Property improvements £	Equipment  £	Total £
Cost or valuation
At 1 December 2018	2,363	2,572	4,935
At 30 November 2019	2,363	2,572	4,935
Depreciation
At 1 December 2018	1,888	2,572	4,460
Charge for the year	236	-	236
At 30 November 2019	2,124	2,572	4,696
Carrying amount
At 30 November 2019	239	-	239
At 30 November 2018	475	-	475

5	Creditors: amounts falling due within one year

Creditors includes a bank overdraft which is secured of £40,438 (2018 - £54,183) by a fixed and floating charge over the Company's assets.

6	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 £19,500 (2018 - £32,500). These relate to non-cancellable operating leases.

There is a corporate cross guarantee between all group companies relating to a group bank overdraft facility.

Sella-Askus Engineering Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 November 2019

7	Parent and ultimate parent undertaking

The company's immediate parent is Precision 21 Limited, incorporated in England and Wales.