Company Registration No. 08413265 (England and Wales)
53 DEGREES NORTH ENGINEERING LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MARCH 2022
PAGES FOR FILING WITH REGISTRAR
Brightfield Business Hub
Bakewell Road
Orton Southgate
Peterborough
Cambridgeshire
PE2 6XU
53 DEGREES NORTH ENGINEERING LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 10
53 DEGREES NORTH ENGINEERING LIMITED
BALANCE SHEET
AS AT
31 MARCH 2022
31 March 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
3
582,335
551,623
Current assets
Stocks
4,023
18,766
Debtors
4
466,236
300,374
Cash at bank and in hand
194,574
235,008
664,833
554,148
Creditors: amounts falling due within one year
5
(310,263)
(216,431)
Net current assets
354,570
337,717
Total assets less current liabilities
936,905
889,340
Creditors: amounts falling due after more than one year
6
(262,081)
(296,097)
Provisions for liabilities
(21,023)
(25,984)
Net assets
653,801
567,259
Capital and reserves
Called up share capital
205
205
Revaluation reserve
7
58,470
Profit and loss reserves
595,126
567,054
Total equity
653,801
567,259
53 DEGREES NORTH ENGINEERING LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2022
31 March 2022
- 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 2022 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 19 December 2022 and are signed on its behalf by:
TGS Clayton
Director
Company Registration No. 08413265
53 DEGREES NORTH ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
- 3 -
1
Accounting policies
Company information
53 Degrees North Engineering Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
53 North House 8 Caxton Way, Dinnington, Sheffield, South Yorkshire, United Kingdon, S25 3QE.
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
A
true
t the time of approving the financial statements
,
t
he directors have a reasonable expectation that the
company
has adequate resources to continue in operational existence for the foreseeable future. Thus
t
he directors continue to adopt the going concern basis of accounting in preparing the financial statements.
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
.
53 DEGREES NORTH ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
1
Accounting policies
(Continued)
- 4 -
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.
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
1% Reducing Balamce
Fixtures and fittings
20% Reducing Balance
Computers
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
.
Properties whose fair value can be measured reliably are held under the revaluation model and are carried at a revalued amount, being their fair value at the date of valuation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. The fair value of the land and buildings is usually considered to be their market value.
Revaluation gains and losses are recognised in other comprehensive income and accumulated in equity, except to the extent that a revaluation gain reverses a revaluation loss previously recognised in
profit
or
loss
or a revaluation loss exceeds the accumulated revaluation gains recognised in equity
;
such
gains and loss
es
are recognised in
profit
or
loss
.
1.5
Stocks
Stocks 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 stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.6
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.
53 DEGREES NORTH ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
1
Accounting policies
(Continued)
- 5 -
1.7
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.
1.8
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.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
53 DEGREES NORTH ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
1
Accounting policies
(Continued)
- 6 -
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.
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or
fixed assets
.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.12
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair
value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
53 DEGREES NORTH ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
1
Accounting policies
(Continued)
- 7 -
Rentals payable under operating leases,
including
any lease incentives received, are charged to
profit or loss
on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease
s
asset are consumed.
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.
1.14
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation
in the period
are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
32
32
53 DEGREES NORTH ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
- 8 -
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost or valuation
At 1 April 2021
416,530
270,360
686,890
Additions
6,290
6,290
Disposals
(7,775)
(7,775)
Revaluation
58,470
58,470
At 31 March 2022
475,000
268,875
743,875
Depreciation and impairment
At 1 April 2021
1,665
133,602
135,267
Depreciation charged in the year
1,649
27,173
28,822
Eliminated in respect of disposals
(2,549)
(2,549)
At 31 March 2022
3,314
158,226
161,540
Carrying amount
At 31 March 2022
471,686
110,649
582,335
At 31 March 2021
414,865
136,758
551,623
Revaluation Reserve
The freehold land & buildings class of fixed assets was revalued on 31 March 2022 by the directors of the company. This basis of the valuation was on an existing use basis. The class of asset has a current value of £471,686 (2021 - £414,865) and a carrying historical cost of £416,530 (2021 - £416,530).
53 DEGREES NORTH ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
- 9 -
4
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
404,364
287,269
Other debtors
48,257
13,105
452,621
300,374
2022
2021
Amounts falling due after more than one year:
£
£
Other debtors
13,615
Total debtors
466,236
300,374
5
Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans
10,306
10,517
Trade creditors
79,869
54,362
Taxation and social security
154,050
97,401
Other creditors
66,038
54,151
310,263
216,431
6
Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts
262,081
272,177
Other creditors
23,920
262,081
296,097
Creditors include a bank loan repayable my instalments of £214,290 (2021: £226,856) due after more than five years. National Westminster Bank plc have a fixed charge over the company's freehold property.
53 DEGREES NORTH ENGINEERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
- 10 -
7
Revaluation reserve
2022
2021
£
£
At the beginning of the year
Revaluation surplus arising in the year
58,470
At the end of the year
58,470
-
8
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2022
2021
£
£
102,441
2022-03-31
2021-04-01
false
19 December 2022
CCH Software
CCH Accounts Production 2022.300
No description of principal activity
TGS Clayton
SM Palmer
KN Smith
CM Wragg
08413265
2021-04-01
2022-03-31
08413265
2022-03-31
08413265
2021-03-31
08413265
core:LandBuildings
2022-03-31
08413265
core:OtherPropertyPlantEquipment
2022-03-31
08413265
core:LandBuildings
2021-03-31
08413265
core:OtherPropertyPlantEquipment
2021-03-31
08413265
core:CurrentFinancialInstruments
core:WithinOneYear
2022-03-31
08413265
core:CurrentFinancialInstruments
core:WithinOneYear
2021-03-31
08413265
core:Non-currentFinancialInstruments
core:AfterOneYear
2022-03-31
08413265
core:Non-currentFinancialInstruments
core:AfterOneYear
2021-03-31
08413265
core:CurrentFinancialInstruments
2022-03-31
08413265
core:CurrentFinancialInstruments
2021-03-31
08413265
core:Non-currentFinancialInstruments
2022-03-31
08413265
core:Non-currentFinancialInstruments
2021-03-31
08413265
core:ShareCapital
2022-03-31
08413265
core:ShareCapital
2021-03-31
08413265
core:RevaluationReserve
2022-03-31
08413265
core:RevaluationReserve
2021-03-31
08413265
core:RetainedEarningsAccumulatedLosses
2022-03-31
08413265
core:RetainedEarningsAccumulatedLosses
2021-03-31
08413265
core:RevaluationReserve
2021-03-31
08413265
core:RevaluationReserve
2020-03-31
08413265
bus:Director1
2021-04-01
2022-03-31
08413265
core:LandBuildings
core:OwnedOrFreeholdAssets
2021-04-01
2022-03-31
08413265
core:FurnitureFittings
2021-04-01
2022-03-31
08413265
core:ComputerEquipment
2021-04-01
2022-03-31
08413265
2020-04-01
2021-03-31
08413265
core:LandBuildings
2021-03-31
08413265
core:OtherPropertyPlantEquipment
2021-03-31
08413265
2021-03-31
08413265
core:LandBuildings
2021-04-01
2022-03-31
08413265
core:OtherPropertyPlantEquipment
2021-04-01
2022-03-31
08413265
core:WithinOneYear
2022-03-31
08413265
core:WithinOneYear
2021-03-31
08413265
core:AfterOneYear
2022-03-31
08413265
core:AfterOneYear
2021-03-31
08413265
core:RevaluationReserve
2021-04-01
2022-03-31
08413265
bus:PrivateLimitedCompanyLtd
2021-04-01
2022-03-31
08413265
bus:SmallCompaniesRegimeForAccounts
2021-04-01
2022-03-31
08413265
bus:FRS102
2021-04-01
2022-03-31
08413265
bus:AuditExemptWithAccountantsReport
2021-04-01
2022-03-31
08413265
bus:Director2
2021-04-01
2022-03-31
08413265
bus:Director3
2021-04-01
2022-03-31
08413265
bus:Director4
2021-04-01
2022-03-31
08413265
bus:FullAccounts
2021-04-01
2022-03-31
xbrli:pure
xbrli:shares
iso4217:GBP