Hudson-Swan Engineering Limited Filleted accounts for Companies House (small and micro)

HUDSON-SWAN ENGINEERING LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 01526642

Hudson-Swan Engineering Limited

Filleted Unaudited Abridged Financial Statements

31 March 2023

Hudson-Swan Engineering Limited

Abridged Statement of Financial Position

31 March 2023

	2023		2022
Note	£	£	£

Fixed assets

Tangible assets	5		595,000	459,837

Current assets

Debtors	116,264	134,326
Cash at bank and in hand	6,850	13,202
	---------	---------
	123,114	147,528

Creditors: amounts falling due within one year	814,116		877,145
	---------		---------
Net current liabilities		691,002	729,617
		---------	---------
Total assets less current liabilities		( 96,002)	( 269,780)

Creditors: amounts falling due after more than one year	86,544	124,057
	---------	---------
Net liabilities	( 182,546)	( 393,837)
	---------	---------

Hudson-Swan Engineering Limited

Abridged Statement of Financial Position (continued)

31 March 2023

	2023		2022
Note	£	£	£

Capital and reserves

Called up share capital	800	800
Other reserves	78,350	–
Profit and loss account	( 261,696)	( 394,637)
	---------	---------
Shareholders deficit	( 182,546)	( 393,837)
	---------	---------

These abridged 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 abridged statement of income and retained earnings has not been delivered.

For the year ending 31st March 2023 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 abridged 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 abridged financial statements .

All of the members have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 31st March 2023 in accordance with Section 444(2A) of the Companies Act 2006.

These abridged financial statements were approved by the board of directors and authorised for issue on 20 December 2023 , and are signed on behalf of the board by:

Mr P Caunce
Director

Company registration number: 01526642

Hudson-Swan Engineering Limited

Notes to the Abridged Financial Statements

Year ended 31st March 2023

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Milburn House, 3 Oxford Street, Workington, Cumbria, CA14 2AL.

2. Statement of compliance

These abridged 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

(a) Basis of preparation

The financial statements have been prepared on the going concern basis on the understanding that the directors and the bank will continue to support the business.

(b) Going concern

The company meets its day-to-day working capital requirements through its bank facilities. The current economic conditions continue to create uncertainty over the level of demand for the company's products and the availability of bank finance for the foreseeable future. The company's forecasts and projections, taking account of reasonably possible changes in trading performance, show that the company should be able to operate within the level of its current facilities. The directors have a reasonable expectation that the company has 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.

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.

(d) Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

(e) Taxation

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

(f) 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.

(g) Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

(h)Financial instruments

The only financial instruments in issue are ordinary shares which are classified as equity .

4. Employee numbers

The average number of persons employed by the company during the year amounted to 2 (2022: 2 ).

5. Tangible assets

	£
Cost or valuation
At 1st April 2022	459,837
Additions	56,813
Revaluations	78,350
	---------
At 31st March 2023	595,000
	---------
Depreciation
At 1st April 2022 and 31st March 2023	–
	---------
Carrying amount
At 31st March 2023	595,000
	---------
At 31st March 2022	459,837
	---------

Tangible assets held at valuation

The Freehold property was valued by the Directors using market based evidence for similar properties in the local area.

6. Related party transactions