Newport Engineering Limited - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: 05514815 (England and Wales)

REPORT OF THE DIRECTORS AND

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST AUGUST 2022

FOR

NEWPORT ENGINEERING LIMITED

Page

Company Information

1

Report of the Directors

2

Balance Sheet

3

Notes to the Financial Statements

5

DIRECTORS:

C E Ings

Mrs G Albone

SECRETARY:

Mrs G Albone

REGISTERED OFFICE:

Manufactory House

Bell Lane

Hertford

Hertfordshire

SG14 1BP

REGISTERED NUMBER:

05514815 (England and Wales)

ACCOUNTANTS:

Cook and Partners Limited

Chartered Accountants

32 Rye Street

Bishop's Stortford

Hertfordshire

CM23 2HG

The directors present their report with the financial statements of the company for the year ended 31st August 2022.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of Engineering Contractors.

DIRECTORS

The directors shown below have held office during the whole of the period from 1st September 2021 to the date of this report.

C E Ings

Mrs G Albone

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:

C E Ings - Director

14th February 2023

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

20,789

27,083

20,789

27,083

CURRENT ASSETS

Stocks

7,175

6,250

Debtors

6

569,308

457,548

Cash at bank and in hand

39,372

132,668

615,855

596,466

CREDITORS

Amounts falling due within one year

7

520,816

384,405

NET CURRENT ASSETS

95,039

212,061

TOTAL ASSETS LESS CURRENT LIABILITIES

115,828

239,144

CREDITORS

Amounts falling due after more than one year

8

33,833

104,400

NET ASSETS

81,995

134,744

CAPITAL AND RESERVES

Called up share capital

1,000

1,000

Retained earnings

80,995

133,744

SHAREHOLDERS' FUNDS

81,995

134,744

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st August 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st August 2022 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 14th February 2023 and were signed on its behalf by:

C E Ings - Director

1.	STATUTORY INFORMATION

Newport 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

Accounting convention

Going Concern Justification

The directors have assessed various factors and risks affecting the company and its ability in these difficult economic times to continue to trade as a going concern. The directors have not identified any material uncertainties or risks related to events or conditions that could affect the carrying values of the company's assets and liabilities as at the balance sheet date. Therefore the financial statements for the year ended 31 August 2019 have been prepared using the going concern basis of accounting.

Revenue

Revenue - Described as turnover - is the value of goods (net of VAT) provided to customers during the year.

Revenue is recognised on the sale of goods when the goods are delivered and title has passed.

Goodwill

Goodwill relates to a business acquired in 2006 which has now been fully amortised

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

-

25% on reducing balance

Fixtures and fittings

-

25% 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.

Hire purchase and leasing commitments

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 11 (2021 - 11 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1st September 2021

and 31st August 2022

456,000

AMORTISATION

At 1st September 2021

and 31st August 2022

456,000

NET BOOK VALUE

At 31st August 2022

-

At 31st August 2021

-

5.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

Computer

machinery

fittings

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1st September 2021

and 31st August 2022

287,625

28,507

60,030

9,203

385,365

DEPRECIATION

At 1st September 2021

268,531

25,816

54,732

9,203

358,282

Charge for year

4,591

379

1,324

-

6,294

At 31st August 2022

273,122

26,195

56,056

9,203

364,576

NET BOOK VALUE

At 31st August 2022

14,503

2,312

3,974

-

20,789

At 31st August 2021

19,094

2,691

5,298

-

27,083

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade debtors

562,216

442,616

Other debtors

7,092

14,932

569,308

457,548

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Bank loans and overdrafts

58,000

11,600

Trade creditors

421,009

303,413

Taxation and social security

34,391

62,307

Other creditors

7,416

7,085

520,816

384,405

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2022

2021

£

£

Bank loans

33,833

104,400

9.	RELATED PARTY DISCLOSURES

The company is under control of the directors, C E Ings and G Y Albone.