Company registration number 5138680 (England and Wales)
BIG EYE ENGINEERING LIMITED
Unaudited financial statements
For the year ended 31 May 2023
Pages for filing with registrar
BIG EYE ENGINEERING LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 4
BIG EYE ENGINEERING LIMITED
STATEMENT OF FINANCIAL POSITION
As at 31 May 2023
31 May 2023
- 1 -
2023
2022
Notes
£
£
£
£
Non-current assets
Property, plant and equipment
3
626
884
Current assets
Inventories
15,306
18,015
Trade and other receivables
4
48,582
57,250
Cash and cash equivalents
31,238
75,006
95,126
150,271
Current liabilities
5
(40,311)
(57,255)
Net current assets
54,815
93,016
Net assets
55,441
93,900
Equity
Called up share capital
6
100
100
Retained earnings
55,341
93,800
Total equity
55,441
93,900
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 31 May 2023 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.
The 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
24 November 2023
24 November 2023
and are signed on its behalf by:
Mr C Brace
Director
Company Registration No. 5138680
BIG EYE ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 May 2023
- 2 -
1
Accounting policies
Company information
Big Eye Engineering Limited is a private company limited by shares incorporated in England and Wales. The registered office is 57 Chiltern Drive, Surbiton, Surrey, KT5 8LP.
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 amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Revenue
Revenue 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.
Revenue is generally recognised as contract activity progresses so that for incomplete contracts it reflects the partial performance of the contractual obligations. For such contracts the amount of revenue reflects the accrual of the right to consideration by reference to the value of work performed.
1.3
Property, plant and equipment
Property, plant and equipment are initially measured at cost and subsequently measured at cost less depreciation and less any impairment losses.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Office and computer equipment
33.33% per annum reducing balance
Motor vehicles
25% per annum reducing balance
1.4
Inventories
Inventories are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition.
1.5
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.
BIG EYE ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 May 2023
1
Accounting policies
(Continued)
- 3 -
1.6
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 statement of financial position 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 trade and other receivables 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 trade and other payables, 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 payments 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.
1.7
Taxation
The tax expense represents the tax currently payable.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement 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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 2 (2022 - 2).
BIG EYE ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 May 2023
- 4 -
3
Property, plant and equipment
Plant and machinery etc
£
Cost
At 1 June 2022 and 31 May 2023
13,789
Depreciation and impairment
At 1 June 2022
12,905
Depreciation charged in the year
258
At 31 May 2023
13,163
Carrying amount
At 31 May 2023
626
At 31 May 2022
884
4
Trade and other receivables
2023
2022
Amounts falling due within one year:
£
£
Trade receivables
7,223
9,210
Other receivables
41,359
48,040
48,582
57,250
5
Current liabilities
2023
2022
£
£
Trade payables
240
Corporation tax
1,836
19,235
Other taxation and social security
26,888
28,796
Other payables
11,347
9,224
40,311
57,255
6
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100