Fowlmere Engineering Limited Filleted accounts for Companies House (small and micro)

FOWLMERE ENGINEERING LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 00833372

Fowlmere Engineering Limited

Filleted Unaudited Financial Statements

For the year ended

31 December 2020

Fowlmere Engineering Limited

Statement of Financial Position

31 December 2020

	2020		2019
Note	£	£	£	£

Fixed assets

Tangible assets	5		227,934		229,017

Current assets

Stocks		154,976	143,121
Debtors	6	380,614	363,593
Cash at bank and in hand		552,378	370,028
		------------	---------
		1,087,968	876,742

Creditors: amounts falling due within one year	7	832,082		607,909
		------------		---------
Net current assets			255,886		268,833
			---------		---------
Total assets less current liabilities			483,820		497,850

Creditors: amounts falling due after more than one year	8		43,495		58,242

Provisions

Taxation including deferred tax	24,480	24,772
	---------	---------
Net assets	415,845	414,836
	---------	---------

Capital and reserves

Called up share capital	200	200
Non-distributable reserves	54,475	54,475
Profit and loss account	361,170	360,161
	---------	---------
Shareholders funds	415,845	414,836
	---------	---------

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 income and retained earnings has not been delivered.

For the year ending 31 December 2020 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 .

Fowlmere Engineering Limited

Statement of Financial Position (continued)

31 December 2020

These financial statements were approved by the board of directors and authorised for issue on 2 August 2021 , and are signed on behalf of the board by:

Mr R P Nicoll

Director

Company registration number: 00833372

Fowlmere Engineering Limited

Notes to the Financial Statements

Year ended 31 December 2020

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is The Garage, Rectory Lane, Fowlmere, Royston, Hertfordshire, SG8 7TJ.

2. Statement of compliance

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

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover represents the amounts receivable for goods and work done during the year exclusive of VAT.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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 subsequently stated at cost less any accumulated depreciation and impairment losses. In the case of land and buildings these were revalued at the deemed cost in September 1991.

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 & Machinery	-	15% straight line
Fixtures & Fittings	-	15% straight line
Motor Vehicles	-	20% straight line

Freehold Land - not depreciated Freehold Buildings - 4% straight line

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost is based on purchase price.

Finance leases and hire purchase contracts

Assets held under finance leases are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 18 (2019: 18 ).

5. Tangible assets

	Land and buildings	Plant and machinery	Fixtures and fittings	Motor vehicles	Total
	£	£	£	£	£
Cost
At 1 January 2020	92,596	36,138	40,853	324,099	493,686
Additions	–	–	4,527	39,900	44,427
	--------	--------	--------	---------	---------
At 31 December 2020	92,596	36,138	45,380	363,999	538,113
	--------	--------	--------	---------	---------
Depreciation
At 1 January 2020	–	36,138	32,668	195,863	264,669
Charge for the year	–	–	3,044	42,466	45,510
	--------	--------	--------	---------	---------
At 31 December 2020	–	36,138	35,712	238,329	310,179
	--------	--------	--------	---------	---------
Carrying amount
At 31 December 2020	92,596	–	9,668	125,670	227,934
	--------	--------	--------	---------	---------
At 31 December 2019	92,596	–	8,185	128,236	229,017
	--------	--------	--------	---------	---------

The freehold property was revalued in September 1991 by Cheffins, Grain & Comins, Chartered Surveyors, at open market value. The surplus of £54,475 arising on the revaluation was taken to the revaluation reserve. Since this date, the directors have adopted a policy not to revalue fixed assets. In the opinion of the directors all of the value is attributable to the land and none to the building due to its age and condition.

6. Debtors

	2020	2019
	£	£
Trade debtors	283,867	289,148
Other debtors	96,747	74,445
	---------	---------
	380,614	363,593
	---------	---------

7. Creditors: amounts falling due within one year

	2020	2019
	£	£
Bank loans and overdrafts	132,500	–
Trade creditors	540,136	462,249
Social security and other taxes	68,083	74,448
Other creditors	91,363	71,212
	---------	---------
	832,082	607,909
	---------	---------

The bank loan is secured on a fixed and floating charge on the companies assets. Included in other creditors above are £14,748 (2019: £13,359) of obligations which are secured on the assets concerned.

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

	2020	2019
	£	£
Other creditors	43,495	58,242
	--------	--------

Included in other creditors above are £43,495 (2019: £58,242) of obligations which are secured on the assets concerned .

9. Other financial commitments

The total future minimum payments under non-cancellable obligations are £ 60,533 (2019: £ 80,105 ).