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 2022

Port Engineering Limited

Financial Statements

Year ended 31 January 2022

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 2022

	2022	2021
Note	£	£

Fixed assets

Tangible assets	6	1,592,686	1,491,987

Current assets

Stocks		927,011	861,656
Debtors	7	752,085	759,306
Cash at bank and in hand		654,752	1,016,244
		------------	------------
		2,333,848	2,637,206

Creditors: amounts falling due within one year	8	( 826,052)	( 1,258,808)
		------------	------------
Net current assets		1,507,796	1,378,398
		------------	------------
Total assets less current liabilities		3,100,482	2,870,385

Creditors: amounts falling due after more than one year	9	( 317,866)	( 398,854)

Provisions

Taxation including deferred tax	10	( 43,022)	( 20,769)
		------------	------------
Net assets		2,739,594	2,450,762
		------------	------------

Capital and reserves

Called up share capital	12	4	4
Profit and loss account		2,739,590	2,450,758
		------------	------------
Shareholders funds		2,739,594	2,450,762
		------------	------------

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 2022 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 2022

These financial statements were approved by the board of directors and authorised for issue on 2 September 2022 , 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 2022

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 director has reasonable expectation that the company has adequate resources to continue operational existence for the foreseeable future. For this reason, the director continues 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
Short Leasehold Property	-	over lease term
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.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.

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 43 (2021: 50 ).

5. Tax on profit

Major components of tax expense

	2022	2021
	£	£

Current tax:

UK current tax expense	77,547	273,231

Deferred tax:

Origination and reversal of timing differences	22,253	( 8,951)
	--------	---------
Tax on profit	99,800	264,280
	--------	---------

6. Tangible assets

	Freehold Property	Short Leasehold Property	Plant & Machinery	Fixtures, Fittings & Office Equipment	Motor Vehicles	Total
	£	£	£	£	£	£
Cost
At 1 Feb 2021	1,446,539	–	431,324	108,703	270,114	2,256,680
Additions	18,882	77,022	83,945	11,030	53,990	244,869
Disposals	–	–	( 68,213)	–	( 49,055)	( 117,268)
	------------	--------	---------	---------	---------	------------
At 31 Jan 2022	1,465,421	77,022	447,056	119,733	275,049	2,384,281
	------------	--------	---------	---------	---------	------------
Depreciation
At 1 Feb 2021	152,098	–	342,901	85,560	184,134	764,693
Charge for the year	29,309	5,925	39,861	8,544	30,787	114,426
Disposals	–	–	( 55,291)	–	( 32,233)	( 87,524)
	------------	--------	---------	---------	---------	------------
At 31 Jan 2022	181,407	5,925	327,471	94,104	182,688	791,595
	------------	--------	---------	---------	---------	------------
Carrying amount
At 31 Jan 2022	1,284,014	71,097	119,585	25,629	92,361	1,592,686
	------------	--------	---------	---------	---------	------------
At 31 Jan 2021	1,294,441	–	88,423	23,143	85,980	1,491,987
	------------	--------	---------	---------	---------	------------

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 2022	–	14,344	14,344
	----	--------	--------
At 31 January 2021	11,531	49,968	61,499
	--------	--------	--------

7. Debtors

	2022	2021
	£	£
Trade debtors	709,890	747,160
Other debtors	42,195	12,146
	---------	---------
	752,085	759,306
	---------	---------

Other debtors include an amount of £Nil (2021 - £Nil) falling due after more than one year.

8. Creditors: amounts falling due within one year

	2022	2021
	£	£
Bank loans and overdrafts (secured)	22,663	22,972
Trade creditors	645,081	335,277
HP agreements (secured)	7,361	25,753
Corporation tax	77,517	273,231
Social security and other taxes	47,271	533,509
Other creditors	26,159	68,066
	---------	------------
	826,052	1,258,808
	---------	------------

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

	2022	2021
	£	£
Bank loans and overdrafts (secured)	311,288	383,643
HP agreements (secured)	6,578	15,211
	---------	---------
	317,866	398,854
	---------	---------

Included within creditors: amounts falling due after more than one year is an amount of £220,625 (2021: £241,754) 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 2021	20,769
Additions	22,253
	--------
At 31 January 2022	43,022
	--------

11. Deferred tax

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

	2022	2021
	£	£
Included in provisions (note 10)	43,022	20,769
	--------	--------

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

	2022	2021
	£	£
Accelerated capital allowances	43,022	20,769
	--------	--------

12. Called up share capital

Issued, called up and fully paid

	2022		2021
	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 £51,000 (2021 - £8,000) to the shareholders.