Port Engineering Limited Filleted accounts for Companies House (small and micro)

PORT ENGINEERING LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 5349016

Port Engineering Limited

Filleted Unaudited Financial Statements

31 January 2020

Port Engineering Limited

Financial Statements

Year ended 31 January 2020

Contents	Pages

Statement of financial position	1 to 2

Notes to the financial statements	3 to 8

Port Engineering Limited

Statement of Financial Position

31 January 2020

	2020	2019
Note	£	£

Fixed assets

Tangible assets	6	1,572,255	1,509,867

Current assets

Stocks		535,358	398,565
Debtors	7	318,216	274,282
Cash at bank and in hand		1,802	140,602
		---------	---------
		855,376	813,449

Creditors: amounts falling due within one year	8	( 634,839)	( 510,444)
		---------	---------
Net current assets		220,537	303,005
		------------	------------
Total assets less current liabilities		1,792,792	1,812,872

Creditors: amounts falling due after more than one year	9	( 402,351)	( 440,958)

Provisions

Taxation including deferred tax	10	( 29,720)	( 19,241)
		------------	------------
Net assets		1,360,721	1,352,673
		------------	------------

Capital and reserves

Called up share capital	12	4	4
Profit and loss account		1,360,717	1,352,669
		------------	------------
Shareholders funds		1,360,721	1,352,673
		------------	------------

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

For the year ending 31 January 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Port Engineering Limited

Statement of Financial Position (continued)

31 January 2020

These financial statements were approved by the board of directors and authorised for issue on 2 November 2020 , and are signed on behalf of the board by:

Mr SS Arnold
Director

Company registration number: 5349016

Port Engineering Limited

Notes to the Financial Statements

Year ended 31 January 2020

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Hubbertson Road, Hubberston, Milford Haven, Pembrokeshire, SA73 3PR, Wales.

2. Statement of compliance

These financial statements have been prepared in accordance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the Companies Act 2006.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

The directors have a reasonable expectation that the company has adequate resources to continue operational existence for the foreseeable future. For this reason, the directors continue to adopt the going concern basis of accounting in preparing the annual financial statements.

Judgements and key sources of estimation uncertainty

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.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue from the sale of goods and services is recognised when the significant risks and rewards of ownership of the goods 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.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

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.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Freehold Property	-	2% straight line
Plant & Machinery	-	25% reducing balance
Fixtures & Fittings	-	25% reducing balance
Motor Vehicles	-	25% reducing balance
Office Equipment	-	25% reducing balance

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.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 45 (2019: 40 ).

5. Tax on profit

Major components of tax expense

	2020	2019
	£	£

Current tax:

UK current tax expense	4,291	29,888
Adjustments in respect of prior periods	( 17)	( 70)
	-------	--------
Total current tax	4,274	29,818
	-------	--------

Deferred tax:

Origination and reversal of timing differences	10,479	( 2,950)
	--------	--------
Tax on profit	14,753	26,868
	--------	--------

6. Tangible assets

	Freehold Property	Plant & Machinery	Fixtures & Fittings	Motor Vehicles	Office Equipment	Total
	£	£	£	£	£	£
Cost
At 1 Feb 2019	1,333,800	361,950	31,912	354,541	59,329	2,141,532
Additions	75,572	67,238	704	52,990	8,867	205,371
Disposals	–	–	–	( 55,933)	–	( 55,933)
	------------	---------	--------	---------	--------	------------
At 31 Jan 2020	1,409,372	429,188	32,616	351,598	68,196	2,290,970
	------------	---------	--------	---------	--------	------------
Depreciation
At 1 Feb 2019	94,981	274,841	26,162	191,654	44,027	631,665
Charge for the year	28,186	38,587	1,614	49,108	6,043	123,538
Disposals	–	–	–	( 36,488)	–	( 36,488)
	------------	---------	--------	---------	--------	------------
At 31 Jan 2020	123,167	313,428	27,776	204,274	50,070	718,715
	------------	---------	--------	---------	--------	------------
Carrying amount
At 31 Jan 2020	1,286,205	115,760	4,840	147,324	18,126	1,572,255
	------------	---------	--------	---------	--------	------------
At 31 Jan 2019	1,238,819	87,109	5,750	162,887	15,302	1,509,867
	------------	---------	--------	---------	--------	------------

Finance leases and hire purchase contracts

Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:

	Plant & Machinery	Motor Vehicles	Total
	£	£	£
At 31 January 2020	15,375	60,400	75,775
	--------	--------	--------
At 31 January 2019	–	99,389	99,389
	--------	--------	--------

7. Debtors

	2020	2019
	£	£
Trade debtors	308,753	261,923
Other debtors	9,463	12,359
	---------	---------
	318,216	274,282
	---------	---------

Other debtors include an amount of £Nil (2019 - £Nil) falling due after more than one year .

8. Creditors: amounts falling due within one year

	2020	2019
	£	£
Bank loans and overdrafts (secured)	37,136	31,532
Trade creditors	309,726	257,772
HP agreements (secured)	48,920	24,379
Corporation tax	4,291	29,896
Social security and other taxes	176,706	101,840
Other creditors	58,060	65,025
	---------	---------
	634,839	510,444
	---------	---------

The bank facilities are secured by a fixed and floating charge on the assets of the company.

9. Creditors: amounts falling due after more than one year

	2020	2019
	£	£
Bank loans and overdrafts (secured)	360,287	389,198
HP agreements (secured)	42,064	51,760
	---------	---------
	402,351	440,958
	---------	---------

Included within creditors: amounts falling due after more than one year is an amount of £277,523 (2019: £297,935) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.

10. Provisions

	Deferred tax (note 11)
	£
At 1 February 2019	19,241
Additions	10,479
	--------
At 31 January 2020	29,720
	--------

11. Deferred tax

The deferred tax included in the statement of financial position is as follows:

	2020	2019
	£	£
Included in provisions (note 10)	29,720	19,241
	--------	--------

The deferred tax account consists of the tax effect of timing differences in respect of:

	2020	2019
	£	£
Accelerated capital allowances	29,720	19,241
	--------	--------

12. Called up share capital

Issued, called up and fully paid

	2020		2019
	No.	£	No.	£
Ordinary shares of £ 1 each	2	2	2	2
Ordinary 'A' shares of £ 1 each	1	1	1	1
Ordinary 'B' shares of £ 1 each	1	1	1	1
	----	----	----	----
	4	4	4	4
	----	----	----	----

13. Related party transactions

The company was under the control of Mr SS Arnold , the managing director, and members of his close family throughout the current and previous year by virtue of their controlling interest in the company's issued ordinary share capital. During the year the company paid dividends totalling £10,200 (2019 - £13,000) to the shareholders.