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REGISTERED NUMBER: 12519218 (England and Wales)














Financial Statements for the Year Ended 31 March 2022

for

Carmels Precision Limited

Carmels Precision Limited (Registered number: 12519218)






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


Carmels Precision Limited

Company Information
for the Year Ended 31 March 2022







DIRECTORS: Mrs U C Okoye
E K Okoye





REGISTERED OFFICE: 10 Malvern Road,
Aylesbury
Buckinghamshire
HP20 1QF





REGISTERED NUMBER: 12519218 (England and Wales)





ACCOUNTANTS: Farrell & Co
1C Amberside
Wood Lane
Hemel Hempstead
Hertfordshire
HP2 4TP

Carmels Precision Limited (Registered number: 12519218)

Balance Sheet
31 March 2022

31.3.22 31.3.21
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 11,200 -
Tangible assets 5 34,500 -
45,700 -

CURRENT ASSETS
Stocks 95,700 -
Debtors 6 105,187 -
Prepayments and accrued income 7,260 -
Cash at bank and in hand 25,000 8
233,147 8
CREDITORS
Amounts falling due within one year 7 286,291 -
NET CURRENT (LIABILITIES)/ASSETS (53,144 ) 8
TOTAL ASSETS LESS CURRENT
LIABILITIES

(7,444

)

8

PROVISIONS FOR LIABILITIES 6,555 -
NET (LIABILITIES)/ASSETS (13,999 ) 8

CAPITAL AND RESERVES
Called up share capital 8 8
Retained earnings 8 (14,007 ) -
SHAREHOLDERS' FUNDS (13,999 ) 8

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 directors acknowledge their 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.

Carmels Precision Limited (Registered number: 12519218)

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 19 August 2022 and were signed on its behalf by:





E K Okoye - Director


Carmels Precision Limited (Registered number: 12519218)

Notes to the Financial Statements
for the Year Ended 31 March 2022

1. STATUTORY INFORMATION

Carmels Precision 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.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2022, is being amortised evenly over its estimated useful life of five years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of five years.

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 - 25% 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.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.


Carmels Precision Limited (Registered number: 12519218)

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
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 20 (2021 - NIL ) .

4. INTANGIBLE FIXED ASSETS
Patents
and
Goodwill licences Totals
£    £    £   
COST
Additions 12,750 1,250 14,000
At 31 March 2022 12,750 1,250 14,000
AMORTISATION
Amortisation for year 2,550 250 2,800
At 31 March 2022 2,550 250 2,800
NET BOOK VALUE
At 31 March 2022 10,200 1,000 11,200

Carmels Precision Limited (Registered number: 12519218)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2022

5. TANGIBLE FIXED ASSETS
Plant and
machinery
£   
COST
Additions 46,000
At 31 March 2022 46,000
DEPRECIATION
Charge for year 11,500
At 31 March 2022 11,500
NET BOOK VALUE
At 31 March 2022 34,500

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.22 31.3.21
£    £   
Trade debtors 21,656 -
Other debtors 83,531 -
105,187 -

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.22 31.3.21
£    £   
Trade creditors 1 -
Amounts owed to associates 238,996 -
Taxation and social security 10,425 -
Other creditors 36,869 -
286,291 -

8. RESERVES
Retained
earnings
£   

Deficit for the year (14,007 )
At 31 March 2022 (14,007 )

9. RELATED PARTY DISCLOSURES

As at 31 March 2022, the Company was given an interest free, unsecured loan by Carmel's Limited, a company owned 100% by both Directors. The balance of the loan amounted to £238,995.81.