Endeavor Engineering Ltd Accounts

ENDEAVOR ENGINEERING LTD - Company Information






Endeavor Engineering Ltd
	Company No. 08052383
		Filleted Accounts
		31 March 2017

at	31 March 2017

Company No.		08052383	Notes	2017	2016
				£	£
Fixed assets

	Tangible assets		3	281,991	281,631


				281,991	281,631
Current assets
	Stocks		4	10,500	57,000
	Debtors		5	120,452	78,635

	Cash at bank and in hand			43,766	100,777
				174,718	236,412
Creditors: Amount falling due within one year			6	(99,314)	(153,196)
Net current assets				75,404	83,216
Total assets less current liabilities				357,395	364,847
Creditors: Amounts falling due after more than one year			7	(69,529)	(95,622)
Provisions for liabilities
	Deferred taxation		9	(34,860)	(32,787)
	Other provisions		9	(52,820)	(40,320)
Net assets				200,186	196,118

Capital and reserves
	Called up share capital			100	100
	Share premium account		10	34,986	34,986


	Profit and loss account		10	165,100	161,032

Total equity				200,186	196,118


These accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime of the Companies Act 2006.
For the year ended 31 March 2017 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.

As permitted by section 444 (5A)of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company's profit and loss account.

Approved by the board on 22 December 2017

And signed on its behalf by:

M.S. Bell
Director
22 December 2017

for the year ended 31 March 2017

Accounting policies

Basis of preparation

The accounts have been prepared in accordance with FRS 102 - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006. There were no material departures from that standard.

The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets and in accordance with the accounting policies set out below.

Transition to FRS 102 'The Financial Reporting Standard Applicable in the UK and Republic of Ireland'

The accounts for the year ended 31 March 2017 are the company's first accounts that comply with FRS 102; the company's date of transition to FRS 102 is 1 April 2016.

In preparing the accounts the directors have considered whether, in applying the accounting policies required by FRS 102, a restatement of the comparative items was needed. No restatements were required.

Going concern

These accounts have been prepared on a going concern basis.

The current economic conditions present increased risks for all businesses. In response to such conditions, the directors have carefully considered these risks, including an assessment of uncertainty on future trading projections for a period of at least 12 months from the date of signing the accounts, and the extent to which they might affect the preparation of the accounts on a going concern basis.

The directors consider that the going concern basis is appropriate to the presentation of the accounts.

Turnover

Turnover is measured at the fair value of the consideration received or receivable. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Revenue from the sale of goods is recognised when all the following conditions are satisfied:
• the Company has transferred to the buyer the significant risks and rewards of ownership of the
goods;
• the Company retains neither continuing managerial involvement to the degree usually associated
with ownership nor effective control over the goods sold;
• the amount of revenue can be measured reliably;
• it is probable that the economic benefits associated with the transaction will flow to the Company;
and
• the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Specifically, revenue from the sale of goods is recognised when goods are delivered and legal title is passed.

Taxation

Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the profit and loss account because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The Company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable temporary differences. Deferred tax assets are generally recognised for all deductible timing differences to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.

Current or deferred tax for the year is recognised in profit or loss, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.

Tangible fixed assets and depreciation

Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and accumulated impairment losses.

At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss.

Depreciation is provided at the following annual rates in order to write off the cost or valuation less the estimated residual value of each asset over its estimated useful life:

Plant and machinery

10% Straight line

Computer equipment included in plant and machinery is depreciated on a 25% straight line basis

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Costs, which comprise direct production costs, are based on the method most appropriate to the type of inventory class, but usually on a first-in-first-out basis. Overheads are charged to profit or loss as incurred. Net realisable value is based on the estimated selling price less any estimated completion or selling costs.

When stocks are sold, the carrying amount of those stocks is recognised as an expense in the period in which the related revenue is recognised. The amount of any write-down of stocks to net realisable value and all losses of stocks are recognised as an expense in the period in which the write-down or loss occurs. The amount of any reversal of any write-down of stocks is recognised as a reduction in the amount of inventories recognised as an expense in the period in which the reversal occurs.

Leased assets

Where the company enters into a lease which entails taking substantially all the risks and rewards of ownership of an asset, the lease is treated as a finance lease.
Leases which do not transfer substantially all the risks and rewards of ownership to the Company are classified as operating leases.
Assets held under finance leases are initially recognised as assets of the Company at their fair value at the inception of the lease or, if lower, at the present value of the minimum lease payments. The corresponding liability to the lessor is included in the balance sheet date as a finance lease obligation. Lease payments are apportioned between finance expenses and reduction of the lease obligation so as to achieve a constant rate of interest on the remaining balance of the liability. Finance expenses are recognised immediately in profit or loss, unless they are directly attributable to qualifying assets, in which case they are capitalised in accordance with the Company's policy on borrowing costs (see the accounting policy above).
Assets held under finance leases are depreciated in the same way as owned assets.

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

In the event that lease incentives are received to enter into operating leases, such incentives are recognised as a liability. The aggregate benefit of incentives is recognised as a reduction of rental expense on a straight-line basis.

Pensions

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payments obligations. The contributions are recognised as expenses when they fall due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

Financial instruments

Financial assets and liabilities are recognised when the company becomes party to the contractual provisions of the financial instrument. The company holds basic financial instruments, which comprise cash and cash equivalents, trade and other debtors, equity investments, trade and other creditors, and loans and borrowings. The company has chosen to apply the provisions of Section 11 Basic Financial Instruments in full.

Financial assets - classified as basic financial instruments

i) Cash and cash equivalents include cash in hand, deposits held with banks, and other short term highly liquid investments with original maturities of three months or less.

ii) Trade and other debtors that are receivable within one year are measured at the undiscounted amount of the cash expected to be received, net of any impairment.

At the end of each reporting period, the company assesses whether there is objective evidence that any receivable amount may be impaired. A provision for impairment is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of debt. The amount of the provision is the difference between the asset's carrying amount and the present value of the estimated future cash flows, discounted at the effective interest rate. The amount of the provision is recognised immediately in the profit and loss account.

iii) Trade and other creditors that are payable within one year are measured at the undiscounted amount of the cash expected to be paid.

Critical accounting judgements and key sources of estimatation uncertainty

In applying the company's accounting policies, the director is required to make judgements, estimates, and assumptions in determining the carrying amount of assets and liabilities. The estimates and assumptions are based on the best and most reliable evidence available at the time when the decisions are made, and are based on historical experience and other factors that are considered to be applicable. Due to the inherent subjectivity involved in making such judgements, estimates and assumptions, the actual results and outcomes may differ.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

Provisions

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to the profit and loss account in the year that the Company becomes aware of the obligation, and are measured at the best estimate at balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the balance sheet.

2	Employees
			2017	2016
			Number	Number
		The average number of persons employed during the year :	8	7

3	Tangible fixed assets
			Plant and machinery	Total
			£	£
		Cost or revaluation
		At 1 April 2016	399,601	399,601
		Additions	45,000	45,000



		At 31 March 2017	444,601	444,601
		Depreciation
		At 1 April 2016	117,970	117,970
		Charge for the year	44,640	44,640



		At 31 March 2017	162,610	162,610
		Net book values
		At 31 March 2017	281,991	281,991
		At 31 March 2016	281,631	281,631

4	Stocks
			2017	2016
			£	£
		Raw materials and consumables	4,500	24,000
		Work in progress	6,000	33,000

			10,500	57,000

5	Debtors
			2017	2016
			£	£
		Trade debtors	72,288	69,070

		Corporation tax recoverable	1,916	-


		Loans to directors	23,951	-
		Other debtors	3,287	3,120
		Prepayments and accrued income	19,010	6,445
			120,452	78,635

6	Creditors:
		amounts falling due within one year
			2017	2016
			£	£

		Bank loans and overdrafts	-	313

		Obligations under finance lease and hire purchase contracts	65,652	75,910
		Trade creditors	11,094	5,667

		Corporation tax	-	23,950
		Other taxes and social security	20,073	23,171
		Loans from directors	-	21,785
		Other creditors	1,143	-
		Accruals and deferred income	1,352	2,400
			99,314	153,196

7	Creditors:
		amounts falling due after more than one year
			2017	2016
			£	£



		Obligations under finance lease and hire purchase contracts	57,029	81,289


		Other creditors	12,500	14,333

			69,529	95,622

8	Creditors: secured liabilities
			2017	2016
			£	£
		The aggregate amount of secured liabilities included within creditors	122,680	157,199

9	Provisions for liabilities
		Deferred taxation

			Accelerated capital allowances, losses and other timing differences	Arising from revaluation	Total
			£	£	£
		At 1 April 2016	32,787	-	32,787
		Charge to the profit and loss account for the period	2,073		2,073

		At 31 March 2017	34,860	-	34,860



			2017		2016
			£		£
		Accelerated capital allowances	34,860		32,787



			34,860		32,787

		Other provisions
				Other provisions	Total
				£	£
		At 1 April 2016		40,320	40,320
		Charge for the period		12,500	12,500
		At 31 March 2017		52,820	52,820

Reserves

Share premium account - includes any premiums received on issue of share capital. Any transaction costs associated with the issuing of shares are deducted from share premium.

Profit and loss account - includes all current and prior period retained profits and losses.

11	Dividends
			2017	2016
			£	£
		Dividends for the period:
		Dividends paid in the period	7,740	18,800

			7,740	18,800

		Dividends by type:

		Equity dividends	7,740	18,800
			7,740	18,800

12	Advances and credits to directors
		Included within Other debtors are the following loans to directors:

		Director	Description	At 1 April 2016	Advanced	Repaid	At 31 March 2017
				£	£	£	£
		M.S. Bell	Loan - repaid in full on 21 December 2017	-	11,116	-	11,116
		A.D. Strong	Loan - repaid in full on 21 December 2017	-	12,835	-	12,835






































				-	23,951	-	23,951

Related party disclosures

Controlling parties

Immediate controlling parties

The company is controlled by Mr A Strong and Mr M Bell, who own 86% of the company's share capital.

Additional information

Its registered number is:

08052383

Its registered office is:

Unit 1G

Trident Business Park

Didcot

Oxfordshire

OX11 7HJ

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