Tyne & Wear Engineers Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 05553466 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2021

FOR

TYNE & WEAR ENGINEERS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

R Johnson

K Johnson

SECRETARY:

A Ribchester MBE FCA

REGISTERED OFFICE:

5 Whitworth Road

Armstrong Industrial Estate

Washington

Tyne and Wear

NE37 1PP

REGISTERED NUMBER:

05553466 (England and Wales)

ACCOUNTANTS:

Ribchesters

Chartered Accountants

Finchale House

Belmont Business Park

Durham

DH1 1TW

FIXED ASSETS

Intangible assets

4

1

1

Tangible assets

5

32,167

38,783

32,168

38,784

CURRENT ASSETS

Stocks

8,000

8,000

Debtors

6

121,684

176,140

Cash at bank

265,018

83,703

394,702

267,843

CREDITORS

Amounts falling due within one year

7

115,720

43,718

NET CURRENT ASSETS

278,982

224,125

TOTAL ASSETS LESS CURRENT LIABILITIES

311,150

262,909

PROVISIONS FOR LIABILITIES

5,639

6,825

NET ASSETS

305,511

256,084

CAPITAL AND RESERVES

Called up share capital

9

100

100

Retained earnings

305,411

255,984

SHAREHOLDERS' FUNDS

305,511

256,084

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2021 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 25 March 2022 and were signed on its behalf by:

R Johnson - Director

1.	STATUTORY INFORMATION

Tyne & Wear Engineers 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.

In respect of turnover arising from contractual arrangement, income is attributed to the profit and loss account as contract activity progresses in a manner appropriate to the stage of completion of each individual contract.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2005, is not being amortised as such a charge would be immaterial.

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.

Plant and machinery

-

20% on reducing balance

Fixtures and fittings

-

20% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

33% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

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.

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 11 (2020 - 10 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 October 2020

and 30 September 2021

1

NET BOOK VALUE

At 30 September 2021

1

At 30 September 2020

1

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 October 2020

279,876

Additions

1,737

At 30 September 2021

281,613

DEPRECIATION

At 1 October 2020

241,093

Charge for year

8,353

At 30 September 2021

249,446

NET BOOK VALUE

At 30 September 2021

32,167

At 30 September 2020

38,783

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

89,043

54,972

Amounts recoverable on

contracts

20,000

20,000

Other debtors

12,641

101,168

121,684

176,140

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade creditors

37,621

7,712

Taxation and social security

59,297

14,467

Other creditors

18,802

21,539

115,720

43,718

8.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2021

2020

£

£

Within one year

19,705

9,913

Between one and five years

66,570

1,369

86,275

11,282

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2021

2020

value:

£

£

100

Ordinary

£1

100

100

10.	RELATED PARTY DISCLOSURES

A director provided a personal guarantee of £60,000 as security for the company's bank overdraft facility.

During the year a director maintained an interest free loan to the company. At 30 September 2021 the balance on the loan was £128 (2020: £29).

During the year a shareholder made an interest free loan to the company. At 30 September 2021 the balance on the loan was £4,480 (2020: £Nil).