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COMPANY REGISTRATION NUMBER: 04790271
P.E.R Precision Engineering Ltd
Filleted Unaudited Financial Statements
30 June 2022
P.E.R Precision Engineering Ltd
Financial Statements
Year ended 30 June 2022
Contents
Page
Officers and professional advisers
1
Statement of financial position
2
Notes to the financial statements
4
P.E.R Precision Engineering Ltd
Officers and Professional Advisers
The board of directors
Mr P E Rogers
Mrs C A Rogers
Company secretary
Mrs C A Rogers
Registered office
10A Hitchin Lane
Clifton
Shefford
Beds
SG17 5RS
Accountants
Collett Hulance
Chartered Certified Accountants
40 Kimbolton Road
Bedford
MK40 2NR
Bankers
Barclays Bank plc
5/6 High Street
Hitchin
Herts SG5 1BJ
P.E.R Precision Engineering Ltd
Statement of Financial Position
30 June 2022
2022
2021
Note
£
£
£
Fixed assets
Tangible assets
5
15,247
18,137
Current assets
Stocks
5,244
3,635
Debtors
6
23,152
19,793
Cash at bank and in hand
53,462
29,121
--------
--------
81,858
52,549
Creditors: amounts falling due within one year
7
62,229
53,077
--------
--------
Net current assets/(liabilities)
19,629
( 528)
--------
--------
Total assets less current liabilities
34,876
17,609
Provisions
Taxation including deferred tax
2,897
3,446
--------
--------
Net assets
31,979
14,163
--------
--------
P.E.R Precision Engineering Ltd
Statement of Financial Position (continued)
30 June 2022
2022
2021
Note
£
£
£
Capital and reserves
Called up share capital
201
201
Profit and loss account
31,778
13,962
--------
--------
Shareholders funds
31,979
14,163
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 30 June 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- 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 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 26 August 2022 , and are signed on behalf of the board by:
Mr P E Rogers
Director
Company registration number: 04790271
P.E.R Precision Engineering Ltd
Notes to the Financial Statements
Year ended 30 June 2022
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 10A Hitchin Lane, Clifton, Shefford, Beds, SG17 5RS.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Deferred taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
25% reducing balance
Motor vehicles
-
25% reducing balance
Equipment
-
25% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2021: 2 ).
5. Tangible assets
Plant and machinery
Motor vehicles
Equipment
Total
£
£
£
£
Cost
At 1 July 2021
60,954
17,831
4,534
83,319
Additions
1,680
1,680
--------
--------
-------
--------
At 30 June 2022
62,634
17,831
4,534
84,999
--------
--------
-------
--------
Depreciation
At 1 July 2021
46,657
14,569
3,956
65,182
Charge for the year
3,609
816
145
4,570
--------
--------
-------
--------
At 30 June 2022
50,266
15,385
4,101
69,752
--------
--------
-------
--------
Carrying amount
At 30 June 2022
12,368
2,446
433
15,247
--------
--------
-------
--------
At 30 June 2021
14,297
3,262
578
18,137
--------
--------
-------
--------
6. Debtors
2022
2021
£
£
Trade debtors
22,999
19,637
Other debtors
153
156
--------
--------
23,152
19,793
--------
--------
7. Creditors: amounts falling due within one year
2022
2021
£
£
Trade creditors
2,393
2,716
Corporation tax
14,075
7,501
Social security and other taxes
11,570
6,090
Other creditors
34,191
36,770
--------
--------
62,229
53,077
--------
--------