Frocester Engineering Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 04545026 (England and Wales)

FROCESTER ENGINEERING LIMITED

ABRIDGED UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2023

Page

Company Information

1

Chartered Certified Accountants' Report

2

Abridged Balance Sheet

3

Notes to the Financial Statements

5

DIRECTOR:

A J Locke

REGISTERED OFFICE:

Mendip Business Park

Rooksbridge

Somerset

BS26 2UG

REGISTERED NUMBER:

04545026 (England and Wales)

ACCOUNTANTS:

Poole Resources

Chartered Certified Accountants

95 High Street

Street

Somerset

BA16 0EZ

BANKERS:

HSBC Bank plc

30 High Street

Weston-super-Mare

Somerset

BS23 1JE

The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Frocester Engineering Limited for the year ended 30 September 2023 which comprise the Income Statement, Abridged Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook.

This report is made solely to the director of Frocester Engineering Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Frocester Engineering Limited and state those matters that we have agreed to state to the director of Frocester Engineering Limited in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its director for our work or for this report.

It is your duty to ensure that Frocester Engineering Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Frocester Engineering Limited. You consider that Frocester Engineering Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Frocester Engineering Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Poole Resources

Chartered Certified Accountants

95 High Street

Street

Somerset

BA16 0EZ

7 June 2024

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

938,323

965,840

938,323

965,840

CURRENT ASSETS

Stocks

195,529

249,752

Debtors

347,203

350,716

Cash at bank

326,128

266,974

868,860

867,442

CREDITORS

Amounts falling due within one year

491,704

434,631

NET CURRENT ASSETS

377,156

432,811

TOTAL ASSETS LESS CURRENT LIABILITIES

1,315,479

1,398,651

CREDITORS

Amounts falling due after more than one year

6

(529,736

)

(640,024

)

PROVISIONS FOR LIABILITIES

(38,373

)

(51,375

)

NET ASSETS

747,370

707,252

CAPITAL AND RESERVES

Called up share capital

106

106

Share premium

13,634

13,634

Retained earnings

733,630

693,512

SHAREHOLDERS' FUNDS

747,370

707,252

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 Balance Sheet for the year ended 30 September 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 director and authorised for issue on 6 June 2024 and were signed by:

A J Locke - Director

1.	STATUTORY INFORMATION

Frocester Engineering 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.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2002, has been amortised evenly over its estimated useful life of three years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

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.

Property improvements

-

20% on cost

Plant and machinery

-

25% on reducing balance

Office and design equipment

-

25% on reducing balance

Motor vehicles

-

20% on reducing balance

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 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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 17 (2022 - 18 ) .

4.	INTANGIBLE FIXED ASSETS

Totals

£

COST

At 1 October 2022

and 30 September 2023

10,000

AMORTISATION

At 1 October 2022

and 30 September 2023

10,000

NET BOOK VALUE

At 30 September 2023

-

At 30 September 2022

-

5.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 October 2022

1,386,261

Additions

32,272

Disposals

(22,531

)

At 30 September 2023

1,396,002

DEPRECIATION

At 1 October 2022

420,421

Charge for year

54,542

Eliminated on disposal

(17,284

)

At 30 September 2023

457,679

NET BOOK VALUE

At 30 September 2023

938,323

At 30 September 2022

965,840

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

Totals

£

COST

At 1 October 2022

and 30 September 2023

240,270

DEPRECIATION

At 1 October 2022

153,303

Charge for year

21,742

At 30 September 2023

175,045

NET BOOK VALUE

At 30 September 2023

65,225

At 30 September 2022

86,967

6.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE YEARS

30.9.23

30.9.22

£

£

Repayable by instalments

Bank loans more 5 yr by instal

295,161

302,104

7.	SECURED DEBTS

The following secured debts are included within creditors:

30.9.23

30.9.22

£

£

Bank loans

432,332

457,947

Hire purchase contracts

84,250

123,382

516,582

581,329

The mortgages are secured upon the company's freehold property and amounts due under hire purchase contracts are secured upon the assets concerned.