Arctec Engineering Services Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03037477 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2021

FOR

ARCTEC ENGINEERING SERVICES LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

A D Bates

J McCluskey

SECRETARY:

A D Bates

REGISTERED OFFICE:

Unit 6 Sandmere Road

Leachmere Industrial Estate

Sunderland

SR2 9TP

REGISTERED NUMBER:

03037477 (England and Wales)

ACCOUNTANTS:

Ribchesters

Chartered Accountants

Finchale House

Belmont Business Park

Durham

DH1 1TW

FIXED ASSETS

Tangible assets

4

70,299

82,763

CURRENT ASSETS

Stocks

5

88,716

84,251

Debtors

6

120,601

309,172

Cash at bank and in hand

99,199

46,693

308,516

440,116

CREDITORS

Amounts falling due within one year

7

106,054

207,476

NET CURRENT ASSETS

202,462

232,640

TOTAL ASSETS LESS CURRENT LIABILITIES

272,761

315,403

PROVISIONS FOR LIABILITIES

12,794

15,038

NET ASSETS

259,967

300,365

CAPITAL AND RESERVES

Called up share capital

9

100

100

Retained earnings

259,867

300,265

SHAREHOLDERS' FUNDS

259,967

300,365

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2021 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 21 January 2022 and were signed on its behalf by:

A D Bates - Director

1.	STATUTORY INFORMATION

Arctec Engineering Services Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

15% on reducing balance

Fixtures and fittings

-

10% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

33% on cost

Stocks

Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Going concern

The directors have reviewed the company's forecasts and projections and, in particular, have considered the potential implications of the Coronavirus (COVID-19) pandemic. Whilst the eventual financial impact of the pandemic on the company, and the overall economy, remains uncertain, the directors are confident that the company will be able to remain operational throughout the pandemic.

With the benefit of the government support packages available to help businesses through the pandemic, the directors have a reasonable expectation that the company will have adequate resources to continue in operational existence for the foreseeable future.

The company therefore continues to adopt the going concern basis in preparing its financial statements.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 15 (2020 - 16 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 August 2020

and 31 July 2021

485,677

DEPRECIATION

At 1 August 2020

402,914

Charge for year

12,464

At 31 July 2021

415,378

NET BOOK VALUE

At 31 July 2021

70,299

At 31 July 2020

82,763

5.

STOCKS

2021

2020

£

£

Stocks

88,716

76,780

Payments on account

-

7,471

88,716

84,251

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

112,127

303,770

Other debtors

8,474

5,402

120,601

309,172

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade creditors

50,297

103,022

Taxation and social security

49,471

95,368

Other creditors

6,286

9,086

106,054

207,476

8.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2021

2020

£

£

Within one year

41,722

41,370

Between one and five years

-

576

41,722

41,946

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2021

2020

value:

£

£

100

Ordinary

£1

100

100

10.	RELATED PARTY DISCLOSURES

During the year the directors maintained interest free loans to the company. The total balances on these loans at the year end were £2,318 (2020:- £3,206).