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REGISTERED NUMBER: 09032571 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2021

FOR

MAZTECH PRECISION ENGINEERING LTD

MAZTECH PRECISION ENGINEERING LTD (REGISTERED NUMBER: 09032571)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2021










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


MAZTECH PRECISION ENGINEERING LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 30 NOVEMBER 2021







DIRECTOR: W M Bouchier





REGISTERED OFFICE: Wellington House
273-275 High Street
London Colney
Hertfordshire
AL2 1HA





REGISTERED NUMBER: 09032571 (England and Wales)





ACCOUNTANTS: Newman Morris Limited
Chartered Accountants
Wellington House
273-275 High Street
London Colney
Hertfordshire
AL2 1HA

MAZTECH PRECISION ENGINEERING LTD (REGISTERED NUMBER: 09032571)

BALANCE SHEET
30 NOVEMBER 2021

2021 2020
Notes £    £   
FIXED ASSETS
Tangible assets 4 706,484 534,624

CURRENT ASSETS
Stocks 85,778 29,157
Debtors 5 128,594 105,343
214,372 134,500
CREDITORS
Amounts falling due within one year 6 (320,250 ) (219,978 )
NET CURRENT LIABILITIES (105,878 ) (85,478 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

600,606

449,146

CREDITORS
Amounts falling due after more than one
year

7

(570,861

)

(410,371

)

PROVISIONS FOR LIABILITIES - (11,310 )
NET ASSETS 29,745 27,465

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 29,645 27,365
SHAREHOLDERS' FUNDS 29,745 27,465

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2021 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.

MAZTECH PRECISION ENGINEERING LTD (REGISTERED NUMBER: 09032571)

BALANCE SHEET - continued
30 NOVEMBER 2021


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 director and authorised for issue on 16 August 2022 and were signed by:





W M Bouchier - Director


MAZTECH PRECISION ENGINEERING LTD (REGISTERED NUMBER: 09032571)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2021


1. STATUTORY INFORMATION

Maztech Precision Engineering Ltd 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
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.

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.
Plant and machinery etc - 25% on reducing balance, 20% 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.

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.

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.

MAZTECH PRECISION ENGINEERING LTD (REGISTERED NUMBER: 09032571)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2021


2. ACCOUNTING POLICIES - continued

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.

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

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2020 - 3 ) .

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 December 2020 952 752,318 753,270
Additions - 287,875 287,875
Disposals - (4,450 ) (4,450 )
At 30 November 2021 952 1,035,743 1,036,695
DEPRECIATION
At 1 December 2020 426 218,220 218,646
Charge for year 191 115,823 116,014
Eliminated on disposal - (4,449 ) (4,449 )
At 30 November 2021 617 329,594 330,211
NET BOOK VALUE
At 30 November 2021 335 706,149 706,484
At 30 November 2020 526 534,098 534,624

MAZTECH PRECISION ENGINEERING LTD (REGISTERED NUMBER: 09032571)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2021


4. TANGIBLE FIXED ASSETS - continued

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

Plant and
machinery
etc
£   
COST
At 1 December 2020 495,800
Additions 270,000
Transfer to ownership (7,800 )
At 30 November 2021 758,000
DEPRECIATION
At 1 December 2020 116,081
Charge for year 86,946
Transfer to ownership (3,189 )
At 30 November 2021 199,838
NET BOOK VALUE
At 30 November 2021 558,162
At 30 November 2020 379,719

5. DEBTORS
2021 2020
£    £   
Amounts falling due within one year:
Trade debtors 95,621 37,772
Other debtors 21,117 55,715
116,738 93,487

Amounts falling due after more than one year:
Other debtors 11,856 11,856

Aggregate amounts 128,594 105,343

The debtor falling due after more than 1 year of £11,856 is held by the company's landlords by way of rent deposit.

MAZTECH PRECISION ENGINEERING LTD (REGISTERED NUMBER: 09032571)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2021


6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2021 2020
£    £   
Bank loans and overdrafts 37,492 18,197
Hire purchase contracts (see note 8) 111,673 73,524
Trade creditors 49,728 51,259
Taxation and social security 52,570 42,672
Other creditors 68,787 34,326
320,250 219,978

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2021 2020
£    £   
Bank loans 80,557 44,509
Hire purchase contracts (see note 8) 410,304 272,891
Other creditors 80,000 92,971
570,861 410,371

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 13,890 4,420

8. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2021 2020
£    £   
Net obligations repayable:
Within one year 111,673 73,524
Between one and five years 410,304 272,891
521,977 346,415

Non-cancellable operating leases
2021 2020
£    £   
Between one and five years 65,840 105,329

MAZTECH PRECISION ENGINEERING LTD (REGISTERED NUMBER: 09032571)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2021


9. SECURED DEBTS

The following secured debts are included within creditors:

2021 2020
£    £   
Bank loans 97,224 -
Hire purchase contracts 521,977 346,415
619,201 346,415

10. RELATED PARTY DISCLOSURES

The director has personally guaranteed finance agreements in respect of the equipment purchased by the company, for which the combined liability amounts to £196,103 at the balance sheet date. The directors also personally guaranteed a loan taken out by the company for which the balance outstanding at the balance sheet date was £12,971.


Included in other creditors are directors loans to the company of £117,912 on which no interest has been charged and £80,000 is classed as being due after more than one year.

11. ULTIMATE CONTROLLING PARTY

The company is controlled by its director, Mr Wayne Bouchier by virtue of ownership of 100% of the issued share cpaital.