Statutory Copy
ENGINEERING PRODUCTIONS (PUDSEY) 1987 LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
Company Registration No. 00384371 (England and Wales)
ENGINEERING PRODUCTIONS (PUDSEY) 1987 LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 10
ENGINEERING PRODUCTIONS (PUDSEY) 1987 LIMITED
BALANCE SHEET
AS AT
31 MARCH 2021
31 March 2021
- 1 -
2021
2020
Notes
£
£
£
£
Fixed assets
Tangible assets
3
81,177
94,624
Investment properties
4
800,000
711,550
Investments
5
1
1
881,178
806,175
Current assets
Debtors
6
1,567,356
1,516,716
Cash at bank and in hand
728
176,941
1,568,084
1,693,657
Creditors: amounts falling due within one year
7
(79,982)
(246,059)
Net current assets
1,488,102
1,447,598
Total assets less current liabilities
2,369,280
2,253,773
Creditors: amounts falling due after more than one year
8
(41,667)
Provisions for liabilities
(31,249)
(16,980)
Net assets
2,296,364
2,236,793
Capital and reserves
Called up share capital
9
20,317
20,317
Capital redemption reserve
37,632
37,632
Profit and loss reserves
2,238,415
2,178,844
Total equity
2,296,364
2,236,793
ENGINEERING PRODUCTIONS (PUDSEY) 1987 LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2021
31 March 2021
- 2 -
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 March 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 21 December 2021 and are signed on its behalf by:
Mr J L Swallow
Director
Company Registration No. 00384371
ENGINEERING PRODUCTIONS (PUDSEY) 1987 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
- 3 -
1
Accounting policies
Company information
Engineering Productions (Pudsey) 1987 Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
Carlton House, Grammar School Street, Bradford, BD1 4NS.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future based on the continued support of the directors. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
true
The directors do not consider the outbreak of Covid-19 to have created a material uncertainty in relation to the going concern of the company. Further details has been included in the note events after the reporting date.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer
(usually on dispatch of the goods)
, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that
it is probable will be
recover
ed
.
1.4
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
ENGINEERING PRODUCTIONS (PUDSEY) 1987 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
1
Accounting policies
(Continued)
- 4 -
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
10% Straight line
Plant and equipment
20% Reducing balance
Fixtures and fittings
20% Reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.5
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure
. Subsequently it is measured
at fair value a
t
the reporting end date.
Changes in fair value are recognised in profit or loss.
1.6
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
The investments are assessed for impairment at each reporting date
and
any
impairment
losses or reversals of impairment losses are recognised immediately in
profit
or
loss
.
A subsidiary is an entity controlled by the company
. Control is
the power to govern the financial and operating policies of
the
entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities
.
1.7
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the
company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in
profit
or
loss
, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
ENGINEERING PRODUCTIONS (PUDSEY) 1987 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
1
Accounting policies
(Continued)
- 5 -
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit)
in
prior years. A reversal of an impairment loss is recognised immediately in
profit
or
loss
, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.8
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.9
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include
debtors
and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including
creditors
, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities.
Trade creditors
are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
ENGINEERING PRODUCTIONS (PUDSEY) 1987 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
1
Accounting policies
(Continued)
- 6 -
1.10
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.11
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the
profit and loss account
because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the
profit and loss account
, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.12
Leases
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
1.13
Government grants
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met
. Where a
grant does not specify performance conditions
it
is recognised in income when the proceeds are received or receivable
. A grant received before the recognition criteria are satisfied is recognised as a liability.
ENGINEERING PRODUCTIONS (PUDSEY) 1987 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
- 7 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
Total
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 April 2020 and 31 March 2021
131,867
2,811
134,678
Depreciation and impairment
At 1 April 2020
38,544
1,510
40,054
Depreciation charged in the year
13,187
260
13,447
At 31 March 2021
51,731
1,770
53,501
Carrying amount
At 31 March 2021
80,136
1,041
81,177
At 31 March 2020
93,323
1,301
94,624
4
Investment property
2021
£
Fair value
At 1 April 2020
711,550
Revaluations
88,450
At 31 March 2021
800,000
The fair value of the investment property has been arrived at on the basis of a valuation carried out at 31 March 2021 by the Directors. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
5
Fixed asset investments
2021
2020
£
£
Shares in group undertakings and participating interests
1
1
ENGINEERING PRODUCTIONS (PUDSEY) 1987 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
- 8 -
6
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
710
1
Amounts owed by group undertakings
524,109
810,803
Other debtors
1,042,537
705,912
1,567,356
1,516,716
7
Creditors: amounts falling due within one year
2021
2020
£
£
Bank loans
8,333
Trade creditors
32
156
Corporation tax
2,786
Other creditors
71,617
243,117
79,982
246,059
8
Creditors: amounts falling due after more than one year
2021
2020
£
£
Bank loans and overdrafts
41,667
The bank loans and overdrafts relate to a government secured bounce back loan and carry an interest rate of 2.5%.
9
Called up share capital
2021
2020
2021
2020
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Shares of £1 each
-
20,317
-
20,317
Ordinary A Shares of £1 each
12,559
-
12,559
-
Ordinary B Shares of £1 each
5,235
-
5,235
-
Ordinary C Shares of £1 each
1,017
-
1,017
-
Ordinary D Shares of £1 each
753
-
753
-
Ordinary E Shares of £1 each
753
-
753
-
20,317
20,317
20,317
20,317
ENGINEERING PRODUCTIONS (PUDSEY) 1987 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
9
Called up share capital
(Continued)
- 9 -
On the 22 March 2021 a special resolution was passed to convert the 20317 Ordinary £1 shares to £1 alphabet shares as detailed above.
The shares rank parri passu in all respects other than the directors may vote differing rates of dividends to the differing classes of shares.
10
Events after the reporting date
After the year end the Covid-19 pandemic impacted on businesses and the economy in the United Kingdom and worldwide. Measures taken to contain the spread of the virus, including travel bans, quarantines, social distancing, and closures of nonessential services have triggered significant disruptions to businesses worldwide resulting in an economic slowdown.
The company has determined that these are non-adjusting events. Accordingly, the financial position and results of operations as of and for the year ended 31 March 2021 have not been adjusted to reflect any impact.
The duration and impact of the COVID-19 pandemic remains unclear at this time, however the company has carried out a review of the impact that Covid-19 might have on the business. Directors have undertaken research, used published Government advice and consulted with key customers, key suppliers and fellow group companies.
The directors have confidence that the company is well placed to cope with the disruption as a result of Covid-19 and believe all reasonable steps have been undertaken to safeguard the future of the business.
11
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
Purchases
2021
2020
£
£
Entities under common control
923,258
558,600
During the prior year a loan of £8,009 provided by Middleton Brothers Pudsey Limited, a subsidiary, was written off. The balance owing by the company as at 31 March 2021 was £nil (2020 - £nil).
The following amounts were outstanding at the reporting end date:
2021
2020
Amounts due to related parties
£
£
Entities under common control
-
191,000
ENGINEERING PRODUCTIONS (PUDSEY) 1987 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
11
Related party transactions
(Continued)
- 10 -
The following amounts were outstanding at the reporting end date:
2021
2020
Amounts due from related parties
£
£
Entities under common control
1,564,754
1,511,448
12
Directors' transactions
Interest free loans have been granted by the
directors
to
the company
as follows:
Description
% Rate
Opening balance
Closing balance
£
£
Directiors loan account
-
7,617
7,617
7,617
7,617
2021-03-31
2020-04-01
false
21 December 2021
CCH Software
CCH Accounts Production 2021.300
No description of principal activity
Mr S Swallow
Mrs P H Swallow
Mr J L Swallow
Miss H L Swallow
Mrs P H Swallow
00384371
2020-04-01
2021-03-31
00384371
2021-03-31
00384371
2020-03-31
00384371
core:LandBuildings
2021-03-31
00384371
core:OtherPropertyPlantEquipment
2021-03-31
00384371
core:LandBuildings
2020-03-31
00384371
core:OtherPropertyPlantEquipment
2020-03-31
00384371
core:CurrentFinancialInstruments
core:WithinOneYear
2021-03-31
00384371
core:CurrentFinancialInstruments
core:WithinOneYear
2020-03-31
00384371
core:CurrentFinancialInstruments
2021-03-31
00384371
core:CurrentFinancialInstruments
2020-03-31
00384371
core:Non-currentFinancialInstruments
2021-03-31
00384371
core:Non-currentFinancialInstruments
2020-03-31
00384371
core:ShareCapital
2021-03-31
00384371
core:ShareCapital
2020-03-31
00384371
core:CapitalRedemptionReserve
2021-03-31
00384371
core:CapitalRedemptionReserve
2020-03-31
00384371
core:RetainedEarningsAccumulatedLosses
2021-03-31
00384371
core:RetainedEarningsAccumulatedLosses
2020-03-31
00384371
core:ShareCapitalOrdinaryShares
2021-03-31
00384371
core:ShareCapitalOrdinaryShares
2020-03-31
00384371
bus:Director2
2020-04-01
2021-03-31
00384371
core:LandBuildings
core:OwnedOrFreeholdAssets
2020-04-01
2021-03-31
00384371
core:PlantMachinery
2020-04-01
2021-03-31
00384371
core:FurnitureFittings
2020-04-01
2021-03-31
00384371
2019-04-01
2020-03-31
00384371
core:LandBuildings
2020-03-31
00384371
core:OtherPropertyPlantEquipment
2020-03-31
00384371
2020-03-31
00384371
core:LandBuildings
2020-04-01
2021-03-31
00384371
core:OtherPropertyPlantEquipment
2020-04-01
2021-03-31
00384371
core:WithinOneYear
2021-03-31
00384371
core:WithinOneYear
2020-03-31
00384371
bus:PrivateLimitedCompanyLtd
2020-04-01
2021-03-31
00384371
bus:SmallCompaniesRegimeForAccounts
2020-04-01
2021-03-31
00384371
bus:FRS102
2020-04-01
2021-03-31
00384371
bus:AuditExemptWithAccountantsReport
2020-04-01
2021-03-31
00384371
bus:Director1
2020-04-01
2021-03-31
00384371
bus:Director3
2020-04-01
2021-03-31
00384371
bus:Director4
2020-04-01
2021-03-31
00384371
bus:CompanySecretary1
2020-04-01
2021-03-31
00384371
bus:FullAccounts
2020-04-01
2021-03-31
xbrli:pure
xbrli:shares
iso4217:GBP