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

J REID ENGINEERING LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 04549356

J Reid Engineering Limited

Filleted Unaudited Financial Statements

30 June 2021

J Reid Engineering Limited

Statement of Financial Position

30 June 2021

	2021		2020
Note	£	£	£

Fixed assets

Tangible assets	5		108,307	129,878

Current assets

Stocks		234,200	178,550
Debtors	6	160,240	187,178
Cash at bank and in hand		757,903	887,265
		------------	------------
		1,152,343	1,252,993

Creditors: amounts falling due within one year	7	187,730		158,210
		------------		------------
Net current assets			964,613	1,094,783
			------------	------------
Total assets less current liabilities			1,072,920	1,224,661

Provisions

Taxation including deferred tax	20,289	5,244
	------------	------------
Net assets	1,052,631	1,219,417
	------------	------------

Capital and reserves

Called up share capital	160	160
Profit and loss account	1,052,471	1,219,257
	------------	------------
Shareholders funds	1,052,631	1,219,417
	------------	------------

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 30 June 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

J Reid Engineering Limited

Statement of Financial Position (continued)

30 June 2021

These financial statements were approved by the board of directors and authorised for issue on 24 November 2021 , and are signed on behalf of the board by:

Mr T Edwards
Director

Company registration number: 04549356

J Reid Engineering Limited

Notes to the Financial Statements

Year ended 30 June 2021

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Factory Road, Sandycroft, Deeside, Flintshire, CH5 2QJ.

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, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The preparation of the financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company accounting policies.

Revenue recognition

The turnover shown in the profit and loss account represents amounts invoiced during the year for the manufacture and sale of abrasive cleaning machines and spares, exclusive of Value Added Tax.

Taxation

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.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

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	-	20% Reducing balance with specific variance on selected assets
Motor Vehicles	-	25% reducing balance

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 stock to its present location and condition.

Government grants

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.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 16 (2020: 16 ).

5. Tangible assets

	Plant and machinery	Motor vehicles	Total
	£	£	£
Cost
At 1 July 2020	456,280	32,813	489,093
Additions	6,545	–	6,545
	---------	--------	---------
At 30 June 2021	462,825	32,813	495,638
	---------	--------	---------
Depreciation
At 1 July 2020	338,698	20,517	359,215
Charge for the year	25,041	3,075	28,116
	---------	--------	---------
At 30 June 2021	363,739	23,592	387,331
	---------	--------	---------
Carrying amount
At 30 June 2021	99,086	9,221	108,307
	---------	--------	---------
At 30 June 2020	117,582	12,296	129,878
	---------	--------	---------

6. Debtors

	2021	2020
	£	£
Trade debtors	115,997	180,554
Other debtors	44,243	6,624
	---------	---------
	160,240	187,178
	---------	---------

7. Creditors: amounts falling due within one year

	2021	2020
	£	£
Bank loans and overdrafts	140	–
Trade creditors	86,599	59,488
Social security and other taxes	95,553	95,123
Other creditors	5,438	3,599
	---------	---------
	187,730	158,210
	---------	---------

8. Director's advances, credits and guarantees

No party has overall control of the company. Dividends were paid in the year to directors who are also shareholders as follows: Mr T Edwards : £104,500

9. Related party transactions

No transactions with related parties were undertaken such as are required to be disclosed under Financial Reporting Standard 102 section 33.