Leen Gate Engineering Co. Limited 30/09/2020 iXBRL

Leen Gate Engineering Co. Limited 30/09/2020 iXBRL

LEEN GATE ENGINEERING CO. LIMITED - Company Information

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Company registration number: 00586831
Leen Gate Engineering Co. Limited
Filleted financial statements
30 September 2020
Leen Gate Engineering Co. Limited
Contents
Directors responsibilities statement
Statement of financial position
Notes to the financial statements
Leen Gate Engineering Co. Limited
Directors responsibilities statement
Year ended 30 September 2020
The directors are responsible for preparing the directors report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period.
In preparing these financial statements, the directors are required to:
- select suitable accounting policies and then apply them consistently;
- make judgments and accounting estimates that are reasonable and prudent; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Leen Gate Engineering Co. Limited
Statement of financial position
30 September 2020
2020 2019
Note £ £ £ £
Fixed assets
Tangible assets 5 30,080 25,264
_________ _________
30,080 25,264
Current assets
Stocks 225,955 199,037
Debtors 6 383,422 373,850
Cash at bank and in hand 338,277 317,547
_________ _________
947,654 890,434
Creditors: amounts falling due
within one year 7 ( 531,309) ( 330,995)
_________ _________
Net current assets 416,345 559,439
_________ _________
Total assets less current liabilities 446,425 584,703
Provisions for liabilities ( 5,109) ( 4,060)
_________ _________
Net assets 441,316 580,643
_________ _________
Capital and reserves
Called up share capital - allotted and fully paid 10,500 10,500
Profit and loss account 430,816 570,143
_________ _________
Shareholders funds 441,316 580,643
_________ _________
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.
These financial statements were approved by the board of directors and authorised for issue on 04 June 2021 , and are signed on behalf of the board by:
A Simmons
Director
Company registration number: 00586831
Leen Gate Engineering Co. Limited
Notes to the financial statements
Year ended 30 September 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 Redfield Road, Lenton, Nottingham, NG7 2UJ.
The principal activity of the company continues to be that of light precision engineering.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis.The financial statements have been prepared in sterling, which is the functional currency of the entity, rounded to the nearest £.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership 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 tax and deferred tax recognised in the reporting period. 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. 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 be paid or recovered 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.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis.
Research and development
Research expenditure is written off in the year in which it is incurred.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and 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:
Plant and machinery - 15 % reducing balance
Fittings fixtures and equipment - 15 % reducing balance
Motor vehicles - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
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. 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 are 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 stocks to their present location and condition.
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 and the performance 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. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 39 (2019: 42 ).
5. Tangible assets
Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £
Cost
At 1 October 2019 23,532 54,403 60,413 138,348
Additions 3,828 6,296 - 10,124
_________ _________ _________ _________
At 30 September 2020 27,360 60,699 60,413 148,472
_________ _________ _________ _________
Depreciation
At 1 October 2019 10,199 44,392 58,493 113,084
Charge for the year 2,398 2,430 480 5,308
_________ _________ _________ _________
At 30 September 2020 12,597 46,822 58,973 118,392
_________ _________ _________ _________
Carrying amount
At 30 September 2020 14,763 13,877 1,440 30,080
_________ _________ _________ _________
At 30 September 2019 13,333 10,011 1,920 25,264
_________ _________ _________ _________
6. Debtors
2020 2019
£ £
Trade debtors 309,535 304,352
Amounts owed by group undertakings and undertakings in which the company has a participating interest - 62,773
Other debtors 73,887 6,725
_________ _________
383,422 373,850
_________ _________
7. Creditors: amounts falling due within one year
2020 2019
£ £
Trade creditors 157,707 136,816
Amounts owed to group undertakings and undertakings in which the company has a participating interest 186,244 53,994
Corporation tax - 17,762
Social security and other taxes 97,264 90,610
Other creditors 90,094 31,813
_________ _________
531,309 330,995
_________ _________
The bank holds as security a fixed charge and a floating charge against the assets of the company incorporating a negative pledge.
8. Operating leases
The company as lessee
The total future minimum lease payments under non-cancellable operating leases are as follows:
£ £
Not later than 1 year 199,200 199,200
Later than 1 year and not later than 5 years 199,200 398,400
_________ _________
398,400 597,600
_________ _________
9. Contingent assets and liabilities
The company has cross guaranteed the bank borrowings of the Leen Gate Stockholders Group. At 30 September 2020 the contingent liability in respect of the guarantee amounted to £3,231,961 (2019 - £3,300,537).
10. Summary audit opinion
The auditor's report for the year dated 04 June 2021 was unqualified.
The senior statutory auditor was Steven Newman LLB BFP FCA for and on behalf of Hobsons CA Limited
11. Related party transactions
The company has taken advantage of the exemption available from disclosing transactions and balances with other Leen Gate Stockholders group companies.
12. Controlling party
The immediate parent company is Leen Gate Manufacturing Limited, a company registered in England and Wales. The registered office and principal place of business of the parent company is that of Leen Gate Engineering Co. Limited .The controlling party is Leen Gate Stockholders Limited , the ultimate parent company.Leen Gate Stockholders Limited prepares the only consolidated financial statements in the group which include the results of Leen Gate Engineering Co. Limited . Copies of the consolidated financial statements are available from Companies House.