Leen Gate Engineering Co. Ltd - Accounts to registrar (filleted) - small 23.1.5

Leen Gate Engineering Co. Ltd - Accounts to registrar (filleted) - small 23.1.5

LEEN GATE ENGINEERING CO. LIMITED - Company Information

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REGISTERED NUMBER: 00586831 (England and Wales)






















Financial Statements

for the Year Ended 30 September 2022

for

Leen Gate Engineering Co. Ltd
Leen Gate Engineering Co. Ltd (Registered number: 00586831)






Contents of the Financial Statements
for the Year Ended 30 September 2022




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Leen Gate Engineering Co. Ltd

Company Information
for the Year Ended 30 September 2022







DIRECTORS: M Nowicki
A R Simmons





REGISTERED OFFICE: Redfield Road
Lenton
Nottingham
NG7 2UJ





REGISTERED NUMBER: 00586831 (England and Wales)





AUDITORS: Wright Vigar Limited
Statutory Auditors
Chartered Accountants & Business Advisers
Alexandra House
43 Alexandra St
Nottingham
Nottinghamshire
NG5 1AY
Page 1
Leen Gate Engineering Co. Ltd (Registered number: 00586831)

Balance Sheet
30 September 2022

2022 2021
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 55,647 24,969

CURRENT ASSETS
Stocks 441,687 403,928
Debtors 5 1,225,358 898,960
Cash at bank and in hand 3,347 173,184
1,670,392 1,476,072
CREDITORS
Amounts falling due within one year 6 624,345 571,254
NET CURRENT ASSETS 1,046,047 904,818
TOTAL ASSETS LESS CURRENT
LIABILITIES
1,101,694
929,787

PROVISIONS FOR LIABILITIES 13,912 6,242
NET ASSETS 1,087,782 923,545

CAPITAL AND RESERVES
Called up share capital 10,500 10,500
Retained earnings 1,077,282 913,045
1,087,782 923,545

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 23 June 2023 and were signed on its behalf by:





A R Simmons - Director


The notes form part of these financial statements

Page 2
Leen Gate Engineering Co. Ltd (Registered number: 00586831)

Notes to the Financial Statements
for the Year Ended 30 September 2022

1. STATUTORY INFORMATION

Leen Gate Engineering Co. Ltd 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.

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, excluding discounts, rebates, value added tax and other sales taxes.

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 - 15% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance

Tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.

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.

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

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 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.

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


Page 3 continued...
Leen Gate Engineering Co. Ltd (Registered number: 00586831)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2022

2. ACCOUNTING POLICIES - continued

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.

Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 37 (2021 - 42 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
COST
At 1 October 2021 27,360 60,699 23,175 111,234
Additions 1,329 35,092 - 36,421
At 30 September 2022 28,689 95,791 23,175 147,655
DEPRECIATION
At 1 October 2021 14,908 48,522 22,835 86,265
Charge for year 2,093 3,476 174 5,743
At 30 September 2022 17,001 51,998 23,009 92,008
NET BOOK VALUE
At 30 September 2022 11,688 43,793 166 55,647
At 30 September 2021 12,452 12,177 340 24,969

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Trade debtors 581,892 622,162
Amounts owed by group undertakings 520,789 222,056
Other debtors 122,677 54,742
1,225,358 898,960

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Bank loans and overdrafts 222,062 -
Trade creditors 210,921 155,450
Taxation and social security 97,742 236,962
Other creditors 93,620 178,842
624,345 571,254

7. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Steven Newman LLB BFP FCA (Senior Statutory Auditor)
for and on behalf of Wright Vigar Limited

8. CONTINGENT LIABILITIES

The company has cross guaranteed the bank borrowings of the Leen Gate Stockholders Group.

Page 4 continued...
Leen Gate Engineering Co. Ltd (Registered number: 00586831)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2022

9. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with other Leen Gate Stockholders group companies.

10. ULTIMATE 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.

Page 5