Registered number
SC208775
Craft Precision Engineering Ltd
Filleted Accounts
31 March 2022
Craft Precision Engineering Ltd
Registered number: SC208775
Balance Sheet
as at 31 March 2022
Notes 2022 2021
£ £
Fixed assets
Intangible assets 3 42,300 45,825
Tangible assets 4 165,121 190,896
207,421 236,721
Current assets
Stocks 46,055 5,350
Debtors 5 84,629 74,798
Cash at bank and in hand 150,098 28,116
280,782 108,264
Creditors: amounts falling due within one year 6 (135,353) (95,068)
Net current assets 145,429 13,196
Total assets less current liabilities 352,850 249,917
Creditors: amounts falling due after more than one year 7 (75,713) (95,547)
Provisions for liabilities (20,798) (25,505)
Net assets 256,339 128,865
Capital and reserves
Called up share capital 2 2
Profit and loss account 256,337 128,863
Shareholders' funds 256,339 128,865
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr Ian Cubby
Director
Approved by the board on 19 August 2022
Craft Precision Engineering Ltd
Notes to the Accounts
for the year ended 31 March 2022
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings -
Plant and machinery 25% reducing balance
Fixtures, fittings, tools and equipment 25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2022 2021
Number Number
Average number of persons employed by the company 12 12
3 Intangible fixed assets £
Goodwill:
Cost
At 1 April 2021 70,500
At 31 March 2022 70,500
Amortisation
At 1 April 2021 24,675
Provided during the year 3,525
At 31 March 2022 28,200
Net book value
At 31 March 2022 42,300
At 31 March 2021 45,825
Goodwill is being written off in equal annual instalments over its estimated economic life of 20 years.
4 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 April 2021 55,657 301,386 11,745 368,788
Additions - 11,027 - 11,027
Disposals - (2,337) - (2,337)
At 31 March 2022 55,657 310,076 11,745 377,478
Depreciation
At 1 April 2021 - 171,102 6,790 177,892
Charge for the year - 35,250 1,239 36,489
On disposals - (2,024) - (2,024)
At 31 March 2022 - 204,328 8,029 212,357
Net book value
At 31 March 2022 55,657 105,748 3,716 165,121
At 31 March 2021 55,657 130,284 4,955 190,896
Freehold land and buildings: 2022 2021
£ £
Historical cost 55,657 55,657
Cumulative depreciation based on historical cost - -
55,657 55,657
5 Debtors 2022 2021
£ £
Trade debtors 84,629 73,182
Other debtors - 1,616
84,629 74,798
6 Creditors: amounts falling due within one year 2022 2021
£ £
Obligations under finance lease and hire purchase contracts 21,098 37,706
Trade creditors 50,805 33,214
Taxation and social security costs 63,450 24,148
135,353 95,068
7 Creditors: amounts falling due after one year 2022 2021
£ £
Obligations under finance lease and hire purchase contracts 16,429 37,527
Other creditors 59,284 58,020
75,713 95,547
8 Other information
Craft Precision Engineering Ltd is a private company limited by shares and incorporated in Scotland. Its registered office is:
21 Hill Street
Crieff
Perthshire
PH7 3BU
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