Edmar Engineering Co. Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 00396168 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST OCTOBER 2023

FOR

EDMAR ENGINEERING CO. LIMITED

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mrs S E Taylor

Mrs P Defaye Catton

Mrs J Sheppard

Mrs A Hayton

Mr R S Dale

REGISTERED OFFICE:

457 Lichfield Road

Aston

BIRMINGHAM

B6 7SS

REGISTERED NUMBER:

00396168 (England and Wales)

ACCOUNTANTS:

Michael Heaven & Associates Limited

Chartered Certified Accountants

47 Calthorpe Road

Edgbaston

BIRMINGHAM

B15 1TH

BANKERS:

HSBC Bank PLC

PO Box 33

9 Queen Square

Wolverhampton

West Midlands

WV1 1TE

INCORPORATED:

13th June 1945

FIXED ASSETS

Tangible assets

4

96,884

104,846

CURRENT ASSETS

Stocks

13,642

17,650

Debtors

129,032

191,770

Cash at bank and in hand

11,986

19,053

154,660

228,473

CREDITORS

Amounts falling due within one year

181,894

181,978

NET CURRENT (LIABILITIES)/ASSETS

(27,234

)

46,495

TOTAL ASSETS LESS CURRENT LIABILITIES

69,650

151,341

CREDITORS

Amounts falling due after more than one year

(11,028

)

(19,039

)

PROVISIONS FOR LIABILITIES

6

(25,673

)

(27,784

)

NET ASSETS

32,949

104,518

CAPITAL AND RESERVES

Called up share capital

7

22,570

22,570

Retained earnings

10,379

81,948

SHAREHOLDERS' FUNDS

32,949

104,518

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st October 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st October 2023 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.

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the year ended 31st October 2023 in accordance with Section 444(2A) of the Companies Act 2006.

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

The financial statements were approved by the Board of Directors and authorised for issue on 20th March 2024 and were signed on its behalf by:

Mrs J Sheppard - Director

Mrs A Hayton - Director

1.	STATUTORY INFORMATION

Edmar Engineering Co. 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 represents sales of goods net of VAT. Turnover is recognised when the goods are physically delivered to the customer. Where goods are supplied under a contract that straddles the year end, turnover is recognised on the percentage complete at the year end.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery

-

20% on cost and 2% on cost

Motor vehicles

-

25% on reducing balance

Computer equipment

-

20% on cost

Stocks

Stock is valued at the lower of cost and net realisable value. Cost is determined on a first in first out basis. Net realisable value represents estimated selling price less costs to complete and sell. Provision is made for slow moving, obsolete or damaged stock where the net realisable value is less than cost.

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

The company contributes into the director's defined contribution pension scheme. Contributions payable to the director's pension scheme are charged to the profit and loss account in the period to which they relate.

Hire purchase and leasing commitments

A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life.

Operating lease payments are recognised as an expense on a straight line basis over the lease term.

Debtors

Short term debtors are measured at transaction price, less any impairment.

Creditors

Short term trade creditors are measured at the transaction price.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2022 - 8 ) .

4.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1st November 2022

218,593

Additions

3,908

At 31st October 2023

222,501

DEPRECIATION

At 1st November 2022

113,747

Charge for year

11,870

At 31st October 2023

125,617

NET BOOK VALUE

At 31st October 2023

96,884

At 31st October 2022

104,846

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Totals

£

COST

At 1st November 2022

and 31st October 2023

81,808

DEPRECIATION

At 1st November 2022

1,636

Charge for year

4,090

At 31st October 2023

5,726

NET BOOK VALUE

At 31st October 2023

76,082

At 31st October 2022

80,172

5.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts

2023

2022

£

£

Net obligations repayable:

Within one year

8,011

7,354

Between one and five years

11,028

19,039

19,039

26,393

Non-cancellable

operating leases

2023

2022

£

£

Within one year

-

55,800

The total lease payments recognised as an expense during the year was £55,800.

6.	PROVISIONS FOR LIABILITIES

2023

2022

£

£

Deferred tax

25,673

27,784

Deferred

tax

£

Balance at 1st November 2022

27,784

Movement during the year

(2,111

)

Balance at 31st October 2023

25,673

Provisions are recognised when the company has a legal or constructive obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle the obligation and the amount of the obligation can be reliably estimated.

Provisions are recognised at the best estimate of the amount required to settle the obligation at the reporting date.

A provision for annual leave accrued by employees as a result of services rendered in the current period, and which employees are entitled to carry forward and use within the next 12 months is recognised. The provision is measured at the salary cost payable for the period of absence.

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2023

2022

value:

£

£

22,450

Ordinary 'A'

£1

22,450

22,450

50

Ordinary 'B'

£1

50

50

20

Ordinary 'C'

£1

20

20

20

Ordinary 'D'

£1

20

20

10

Ordinary 'E'

£1

10

10

20

Ordinary 'F'

£1

20

20

22,570

22,570