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REGISTERED NUMBER: 02373765 (England and Wales)















Unaudited Financial Statements

for the Year Ended 31 March 2022

for

Brooks Precision Engineering Limited

Brooks Precision Engineering Limited (Registered number: 02373765)






Contents of the Financial Statements
FOR THE YEAR ENDED 31 MARCH 2022




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Brooks Precision Engineering Limited

Company Information
FOR THE YEAR ENDED 31 MARCH 2022







DIRECTOR: M R Collier-Brooks





SECRETARY: M R Collier-Brooks





REGISTERED OFFICE: Unit 6
Aylesbury Business Centre
Chamberlain Road
Aylesbury
Buckinghamshire
HP19 8DY





REGISTERED NUMBER: 02373765 (England and Wales)





ACCOUNTANTS: Connolly Accountants & Business Advisors Ltd
Chartered Certified Accountants
The Stable Yard
Vicarage Road
Stony Stratford
Milton Keynes
Buckinghamshire
MK11 1BN

Brooks Precision Engineering Limited (Registered number: 02373765)

Balance Sheet
31 MARCH 2022

2022 2021
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 534,504 602,888

CURRENT ASSETS
Stocks 44,429 49,752
Debtors 5 367,984 304,077
Cash at bank 159,548 235,666
571,961 589,495
CREDITORS
Amounts falling due within one year 6 150,383 167,043
NET CURRENT ASSETS 421,578 422,452
TOTAL ASSETS LESS CURRENT
LIABILITIES

956,082

1,025,340

CREDITORS
Amounts falling due after more than one year 7 - (11,902 )

PROVISIONS FOR LIABILITIES (62,244 ) (73,795 )
NET ASSETS 893,838 939,643

CAPITAL AND RESERVES
Called up share capital 100 100
Revaluation reserve 45,952 45,952
Retained earnings 847,786 893,591
SHAREHOLDERS' FUNDS 893,838 939,643

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2022 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

Brooks Precision Engineering Limited (Registered number: 02373765)

Balance Sheet - continued
31 MARCH 2022


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 director and authorised for issue on 19 August 2022 and were signed by:





M R Collier-Brooks - Director


Brooks Precision Engineering Limited (Registered number: 02373765)

Notes to the Financial Statements
FOR THE YEAR ENDED 31 MARCH 2022

1. STATUTORY INFORMATION

Brooks Precision 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

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.

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 or, if held under a finance lease, over the lease term, whichever is the shorter.
Land and buildings - 2% on cost
Plant and machinery etc - 33.33% on cost, 25% on reducing balance and 15% on reducing balance

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.

Brooks Precision Engineering Limited (Registered number: 02373765)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 MARCH 2022

2. ACCOUNTING POLICIES - continued

Financial instruments
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provision 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 costs 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 a 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 and loans from related companies 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 costs, 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. Amounts 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.

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.


Brooks Precision Engineering Limited (Registered number: 02373765)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 MARCH 2022

2. ACCOUNTING POLICIES - continued
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
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

Covid going concern
The directors have considered the impact of COVID-19 in relation to their assessment of going concern of the Company. In their opinion, they have taken all reasonable steps to mitigate these factors.

As at the point of authorising the accounts, and for the foreseeable future, the directors have determined that there is no material uncertainty that casts doubt on the entity's ability to continue as a going concern. Therefore, they consider the going concern assumption to still be appropriate.

The directors acknowledge that given the currently rapidly changing business and social environment, there are likely to be significant unknown factors which may present themselves. Such factors are considered by the directors to represent a general inherent level of risk in relation to the going concern assumption albeit not quantifiable at this time.

Government grants
Covid-19 related Job Retention Scheme government grants are included in the 'other operating income' line item. There are no unfulfilled conditions or other contingencies attaching to these grants. The grants are recognised under the performance model and the income recognised over the period of furlough on a straight-line basis.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2021 - 8 ) .

Brooks Precision Engineering Limited (Registered number: 02373765)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 MARCH 2022

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 April 2021
and 31 March 2022 249,768 1,192,035 1,441,803
DEPRECIATION
At 1 April 2021 60,572 778,343 838,915
Charge for year 4,996 63,388 68,384
At 31 March 2022 65,568 841,731 907,299
NET BOOK VALUE
At 31 March 2022 184,200 350,304 534,504
At 31 March 2021 189,196 413,692 602,888

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
At 1 April 2021 709,400
Transfer to ownership (531,200 )
At 31 March 2022 178,200
DEPRECIATION
At 1 April 2021 439,808
Charge for year 12,211
Transfer to ownership (343,009 )
At 31 March 2022 109,010
NET BOOK VALUE
At 31 March 2022 69,190
At 31 March 2021 269,592

Brooks Precision Engineering Limited (Registered number: 02373765)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 MARCH 2022

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Trade debtors 242,783 182,669
Other debtors 125,201 121,408
367,984 304,077

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Bank loans and overdrafts 11,902 12,437
Hire purchase contracts - 8,877
Trade creditors 41,924 45,660
Taxation and social security 93,969 97,639
Other creditors 2,588 2,430
150,383 167,043

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2022 2021
£    £   
Bank loans - 11,902

8. SECURED DEBTS

The following secured debts are included within creditors:

2022 2021
£    £   
Bank loans 11,902 24,339
Hire purchase contracts - 8,877
11,902 33,216

Bank loans are secured against the asset to which they relate.

Brooks Precision Engineering Limited (Registered number: 02373765)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 MARCH 2022

9. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2022 and 31 March 2021:

2022 2021
£    £   
**UNKNOWN DIRECTOR 1**
Balance outstanding at start of year 84,850 84,850
Amounts advanced 117,727 112,726
Amounts repaid (117,727 ) (112,726 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 84,850 84,850

All balances are repayable on demand.