Frocester Engineering Limited - Accounts to registrar (filleted) - small 18.2

Frocester Engineering Limited - Accounts to registrar (filleted) - small 18.2

FROCESTER ENGINEERING LIMITED - Company Information

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REGISTERED NUMBER: 04545026 (England and Wales)















FROCESTER ENGINEERING LIMITED

ABRIDGED UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2020





Poole Resources
Chartered Certified Accountants
95 High Street
Street
Somerset
BA16 0EZ








FROCESTER ENGINEERING LIMITED (REGISTERED NUMBER: 04545026)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2020




Page

Company Information 1

Chartered Certified Accountants' Report 2

Abridged Balance Sheet 3

Notes to the Financial Statements 5


FROCESTER ENGINEERING LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 SEPTEMBER 2020







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
Page 1
CHARTERED CERTIFIED ACCOUNTANTS' REPORT TO THE DIRECTOR
ON THE UNAUDITED FINANCIAL STATEMENTS OF
FROCESTER ENGINEERING LIMITED

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 2020 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


11 March 2021

This page does not form part of the statutory financial statements

Page 2
FROCESTER ENGINEERING LIMITED (REGISTERED NUMBER: 04545026)

ABRIDGED BALANCE SHEET
30 SEPTEMBER 2020

30.9.20 30.9.19
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 526,711 589,855
Investments 6 - 27,953
526,711 617,808

CURRENT ASSETS
Stocks 234,811 197,015
Debtors 295,614 486,661
Cash at bank 238,367 139,328
768,792 823,004
CREDITORS
Amounts falling due within one year 299,082 409,057
NET CURRENT ASSETS 469,710 413,947
TOTAL ASSETS LESS CURRENT
LIABILITIES
996,421
1,031,755

CREDITORS
Amounts falling due after more than one
year
7
(421,750
)
(385,204
)

PROVISIONS FOR LIABILITIES (44,439 ) (54,359 )
NET ASSETS 530,232 592,192

The notes form part of these financial statements

Page 3 continued...
FROCESTER ENGINEERING LIMITED (REGISTERED NUMBER: 04545026)

ABRIDGED BALANCE SHEET - continued
30 SEPTEMBER 2020

30.9.20 30.9.19
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 106 106
Share premium 13,634 13,634
Retained earnings 516,492 578,452
SHAREHOLDERS' FUNDS 530,232 592,192

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2020 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 2020 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 10 March 2021 and were signed by:





A J Locke - Director


The notes form part of these financial statements

Page 4
FROCESTER ENGINEERING LIMITED (REGISTERED NUMBER: 04545026)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2020

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 and 12.5% on reducing balance

Investments in subsidiaries and associates
Investments in subsidiary and associate undertakings are recognised at cost.

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.

Page 5 continued...
FROCESTER ENGINEERING LIMITED (REGISTERED NUMBER: 04545026)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2020

2. ACCOUNTING POLICIES - continued

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 23 (2019 - 24 ) .

4. INTANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 October 2019
and 30 September 2020 10,000
AMORTISATION
At 1 October 2019
and 30 September 2020 10,000
NET BOOK VALUE

At 30 September 2020 -
At 30 September 2019 -

Page 6 continued...
FROCESTER ENGINEERING LIMITED (REGISTERED NUMBER: 04545026)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2020

5. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 October 2019 902,132
Additions 18,507
Disposals (14,300 )
At 30 September 2020 906,339
DEPRECIATION
At 1 October 2019 312,277
Charge for year 75,064
Eliminated on disposal (7,713 )
At 30 September 2020 379,628
NET BOOK VALUE
At 30 September 2020 526,711
At 30 September 2019 589,855

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

Totals
£   
COST
At 1 October 2019 361,941
Transfer to ownership (51,921 )
At 30 September 2020 310,020
DEPRECIATION
At 1 October 2019 121,983
Charge for year 50,274
Transfer to ownership (24,013 )
At 30 September 2020 148,244
NET BOOK VALUE
At 30 September 2020 161,776
At 30 September 2019 239,958

Page 7 continued...
FROCESTER ENGINEERING LIMITED (REGISTERED NUMBER: 04545026)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2020

6. FIXED ASSET INVESTMENTS

Information on investments other than loans is as follows:
Totals
£   
COST
At 1 October 2019 27,953
Impairments (27,953 )
At 30 September 2020 -
NET BOOK VALUE
At 30 September 2020 -
At 30 September 2019 27,953

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
FIVE YEARS
30.9.20 30.9.19
£    £   
Repayable by instalments
Bank loans more 5 yr by instal 113,173 127,558
Hire purchase 9,563 30,163
122,736 157,721

8. SECURED DEBTS

The following secured debts are included within creditors:

30.9.20 30.9.19
£    £   
Bank loans 274,823 185,258
Hire purchase contracts 193,920 230,118
468,743 415,376

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

Page 8