Kirkgate Engineering Limited
Kirkgate Engineering Limited
Registered number: 01059939
Unaudited ABRIDGED Financial Statements
For The Year Ended 30 June 2018
Kirkgate Engineering Limited
Unaudited Financial Statements
For The Year Ended 30 June 2018
Unaudited Financial Statements
| Contents | |
| Page | |
|---|---|
| Abridged Balance Sheet | 1—2 |
| Notes to the Abridged Financial Statements | 3—6 |
Kirkgate Engineering Limited
Abridged Balance Sheet
As at
30 June 2018
Abridged Balance Sheet
Registered number:
01059939
For the year ending 30 June 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
| 2018 | 2017 | ||||
|---|---|---|---|---|---|
| Notes | £ | £ | £ | £ | |
| FIXED ASSETS | |||||
| Tangible Assets | 3 |
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| CURRENT ASSETS | |||||
| Stocks |
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| Debtors |
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| Cash at bank and in hand |
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| Creditors: Amounts Falling Due Within One Year |
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| NET CURRENT ASSETS (LIABILITIES) |
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| TOTAL ASSETS LESS CURRENT LIABILITIES |
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| Creditors: Amounts Falling Due After More Than One Year | - | (10,714) | |||
| PROVISIONS FOR LIABILITIES | |||||
| Deferred Taxation |
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| NET ASSETS |
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| CAPITAL AND RESERVES | |||||
| Called up share capital | 5 |
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| Revaluation reserve | 7 |
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| Capital redemption reserve |
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| Profit and Loss Account |
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| SHAREHOLDERS' FUNDS | 666,891 | 415,319 | |||
Page 1
Kirkgate Engineering Limited
Abridged Balance Sheet (continued)
As at
30 June 2018
Directors' responsibilities:
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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 Act with respect to accounting records and the preparation of accounts. -
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime. - The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
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All of the company's members have consented to the preparation of an Abridged Profit and Loss Account and an Abridged Balance Sheet for the year end 30 June 2018 in accordance with section 444(2A) of the Companies Act 2006.
On behalf of the board
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The notes on pages 3 to 6 form part of these financial statements.
Page 2
Kirkgate Engineering Limited
Notes to the Abridged Financial Statements
For The Year Ended 30 June 2018
Notes to the Abridged Financial Statements
1.
Accounting Policies
1.1.
Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
1.2.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
1.3.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
| Freehold |
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| Plant & Machinery |
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| Motor Vehicles |
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| Fixtures & Fittings |
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| Computer Equipment |
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1.4.
Leasing and Hire Purchase Contracts
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
1.5.
Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
1.6.
Taxation
The charge for taxation takes into account taxation deferred as a result of timing differences between the treatment of certain items for taxation and accounting purposes. In general, deferred taxation is recognised in respect of timing differences that have originated but not reversed at the balance sheet date. However, deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred taxation is measured on a non-discounted basis at the tax rates that are expected to apply in periods in which the timing differences reverse, based on tax rates and the law enacted or substantively enacted at the balance sheet date.
1.7.
Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
1.8.
Registrar Filing Requirements
The company has taken advantage of Companies Act 2006 section 444(1) and opted not to file the profit and loss account, directors report, and notes to the financial statements relating to the profit and loss account. The notes which are not included have been hidden but original note numbering has remained the same for those that are present.
Page 3
Kirkgate Engineering Limited
Notes to the Abridged Financial Statements (continued)
For The Year Ended 30 June 2018
2.
Average Number of Employees
Average number of employees, including directors, during the year was as follows:
| 2018 | 2017 | ||
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| Office and administration |
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| Manufacturing |
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3.
Tangible Assets
| Total | |
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| £ | |
| Cost | |
| As at |
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| Additions |
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| Disposals |
( |
| Revaluation |
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| As at |
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| Depreciation | |
| As at |
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| Provided during the period |
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| Disposals |
( |
| On revaluations | (58,306) |
| As at |
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| Net Book Value | |
| As at |
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| As at |
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Included above are assets held under finance leases or hire purchase contracts with a net book value as follows:
| 2018 | 2017 | ||
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| £ | £ | ||
| Motor Vehicles |
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| Land & Property | ||||
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| Freehold | Plant & Machinery | Motor Vehicles | Fixtures & Fittings | |
| £ | £ | £ | £ | |
| As at |
...CONTINUED
Page 4
Kirkgate Engineering Limited
Notes to the Abridged Financial Statements (continued)
For The Year Ended 30 June 2018
| At cost | 111,211 | 458,474 | 140,297 | 24,769 |
| At valuation | 208,789 | - | - | - |
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| As at |
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| At cost | 111,211 | 457,804 | 125,007 | 24,769 |
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| Computer Equipment | Total | |
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| £ | £ | |
| As at |
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| At cost | 27,527 | 762,278 |
| At valuation | - | 208,789 |
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971,067 | |
| As at |
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| At cost | 26,588 | 745,379 |
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745,379 | |
Freehold properties were valued on an open market basis on 10 November 2017 by Walker Singleton Chartered Surveyors at £320,000.
4.
Obligations Under Finance Leases and Hire Purchase
| 2018 | 2017 | ||
|---|---|---|---|
| £ | £ | ||
| The maturity of these amounts is as follows: | |||
| Amounts Payable: | |||
| Within one year |
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| Between one and five years |
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Page 5
Kirkgate Engineering Limited
Notes to the Abridged Financial Statements (continued)
For The Year Ended 30 June 2018
6.
Other Commitments
At the end of the period the company had minimum lease payments under non-cancellable leases as follows:
| Other | ||
|---|---|---|
| 2018 | 2017 | |
| £ | £ | |
| Between 1 and 5 years | 7,077 | 9,091 |
| 7,077 | 9,091 | |
7.
Reserves
| Revaluation Reserve | |
|---|---|
| £ | |
| Surplus on revaluation |
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| As at |
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8.
Related Party Transactions
During the year, total dividends of £190,000 (2017: £150,000) were paid to the directors.
9.
Ultimate Controlling Party
The company's ultimate controlling party is Mr Raymond Mark Fox by virtue of his ownership of 70% of the issued share capital in the company.
10.
General Information
Kirkgate Engineering Limited Registered number 01059939 is a limited by shares company incorporated in England & Wales. The Registered Office is Ashton Clough Road, Liversedge, West Yorkshire, WF15 6JX.
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