IRIS Accounts Production v22.1.0.628 08841150 Board of Directors 1.7.20 30.6.21 30.6.21 false true false false false true false A Ordinary 1.00000 C Ordinary 1.00000 D Ordinary 1.00000 E Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pure088411502020-06-30088411502021-06-30088411502020-07-012021-06-30088411502019-06-30088411502019-07-012020-06-30088411502020-06-3008841150ns16:EnglandWales2020-07-012021-06-3008841150ns15:PoundSterling2020-07-012021-06-3008841150ns11:Director12020-07-012021-06-3008841150ns11:PrivateLimitedCompanyLtd2020-07-012021-06-3008841150ns11:SmallEntities2020-07-012021-06-3008841150ns11:AuditExempt-NoAccountantsReport2020-07-012021-06-3008841150ns11:SmallCompaniesRegimeForDirectorsReport2020-07-012021-06-3008841150ns11:SmallCompaniesRegimeForAccounts2020-07-012021-06-3008841150ns11:FullAccounts2020-07-012021-06-300884115012020-07-012021-06-3008841150ns11:OrdinaryShareClass12020-07-012021-06-3008841150ns11:OrdinaryShareClass22020-07-012021-06-3008841150ns11:OrdinaryShareClass32020-07-012021-06-3008841150ns11:OrdinaryShareClass42020-07-012021-06-3008841150ns11:Director22020-07-012021-06-3008841150ns11:Director32020-07-012021-06-3008841150ns11:Director42020-07-012021-06-3008841150ns11:CompanySecretary12020-07-012021-06-3008841150ns11:RegisteredOffice2020-07-012021-06-3008841150ns6:CurrentFinancialInstruments2021-06-3008841150ns6:CurrentFinancialInstruments2020-06-3008841150ns6:Non-currentFinancialInstruments2021-06-3008841150ns6:Non-currentFinancialInstruments2020-06-3008841150ns6:ShareCapital2021-06-3008841150ns6:ShareCapital2020-06-3008841150ns6:SharePremium2021-06-3008841150ns6:SharePremium2020-06-3008841150ns6:RetainedEarningsAccumulatedLosses2021-06-3008841150ns6:RetainedEarningsAccumulatedLosses2020-06-3008841150ns6:NetGoodwill2020-07-012021-06-3008841150ns6:IntangibleAssetsOtherThanGoodwill2020-07-012021-06-3008841150ns6:NetGoodwill2020-06-3008841150ns6:NetGoodwill2021-06-3008841150ns6:NetGoodwill2020-06-3008841150ns6:LandBuildingsns6:ShortLeaseholdAssets2020-06-3008841150ns6:PlantMachinery2020-06-3008841150ns6:LandBuildingsns6:ShortLeaseholdAssets2020-07-012021-06-3008841150ns6:PlantMachinery2020-07-012021-06-3008841150ns6:LandBuildingsns6:ShortLeaseholdAssets2021-06-3008841150ns6:PlantMachinery2021-06-3008841150ns6:LandBuildingsns6:ShortLeaseholdAssets2020-06-3008841150ns6:PlantMachinery2020-06-3008841150ns6:CurrentFinancialInstrumentsns6:WithinOneYear2021-06-3008841150ns6:CurrentFinancialInstrumentsns6:WithinOneYear2020-06-3008841150ns6:CurrentFinancialInstrumentsns6:HirePurchaseContractsns6:WithinOneYear2021-06-3008841150ns6:CurrentFinancialInstrumentsns6:HirePurchaseContractsns6:WithinOneYear2020-06-3008841150ns6:HirePurchaseContractsns6:BetweenOneFiveYears2021-06-3008841150ns6:HirePurchaseContractsns6:BetweenOneFiveYears2020-06-3008841150ns6:HirePurchaseContracts2021-06-3008841150ns6:HirePurchaseContracts2020-06-3008841150ns6:WithinOneYear2021-06-3008841150ns6:WithinOneYear2020-06-3008841150ns6:BetweenOneFiveYears2021-06-3008841150ns6:BetweenOneFiveYears2020-06-3008841150ns6:AllPeriods2021-06-3008841150ns6:AllPeriods2020-06-3008841150ns6:Secured2021-06-3008841150ns6:Secured2020-06-3008841150ns6:AcceleratedTaxDepreciationDeferredTax2021-06-3008841150ns6:AcceleratedTaxDepreciationDeferredTax2020-06-3008841150ns6:DeferredTaxation2020-06-3008841150ns6:DeferredTaxation2020-07-012021-06-3008841150ns6:DeferredTaxation2021-06-3008841150ns11:OrdinaryShareClass12021-06-3008841150ns11:OrdinaryShareClass22021-06-3008841150ns11:OrdinaryShareClass32021-06-3008841150ns11:OrdinaryShareClass42021-06-30
REGISTERED NUMBER: 08841150 (England and Wales)















Unaudited Financial Statements for the Year Ended 30 June 2021

for

Engineering Precision Solutions Limited

Engineering Precision Solutions Limited (Registered number: 08841150)






Contents of the Financial Statements
for the Year Ended 30 June 2021




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Engineering Precision Solutions Limited

Company Information
for the Year Ended 30 June 2021







DIRECTORS: G Brewster
W T Forrester
C J Fellingham
S K Parker





SECRETARY: C J Hill





REGISTERED OFFICE: Station Mills Station Road
Wyke
Bradford
BD12 8LA





REGISTERED NUMBER: 08841150 (England and Wales)





ACCOUNTANTS: Blenheim Advisory Limited
Chartered Certified Accountants
232 Stanningley Road
Leeds
West Yorkshire
LS13 3BA

Engineering Precision Solutions Limited (Registered number: 08841150)

Balance Sheet
30 June 2021

2021 2020
Notes £ £ £ £
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 1,188,081 1,167,717
1,188,081 1,167,717

CURRENT ASSETS
Stocks 414,429 349,413
Debtors 6 705,420 658,906
Prepayments and accrued income - 165,352
Cash at bank and in hand 342,620 51,589
1,462,469 1,225,260
CREDITORS
Amounts falling due within one year 7 1,351,089 937,565
NET CURRENT ASSETS 111,380 287,695
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,299,461

1,455,412

CREDITORS
Amounts falling due after more than
one year

8

(372,264

)

(181,611

)

PROVISIONS FOR LIABILITIES 11 (67,704 ) (61,511 )
NET ASSETS 859,493 1,212,290

Engineering Precision Solutions Limited (Registered number: 08841150)

Balance Sheet - continued
30 June 2021

2021 2020
Notes £ £ £ £
CAPITAL AND RESERVES
Called up share capital 12 543,349 543,349
Share premium 1,881,635 1,881,635
Retained earnings (1,565,491 ) (1,212,694 )
SHAREHOLDERS' FUNDS 859,493 1,212,290

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

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

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 6 September 2022 and were signed on its behalf by:





G Brewster - Director


Engineering Precision Solutions Limited (Registered number: 08841150)

Notes to the Financial Statements
for the Year Ended 30 June 2021

1. STATUTORY INFORMATION

Engineering Precision Solutions 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 the year ended June 2015, is being amortised evenly its estimated useful life of ten years.

Intangible fixed 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.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Leasehold and buildings - 20% on cost
Plant and machinery - 5% on cost
Intellectual property - 5% on cost
Tooling - 5% on cost
Equipment - 25% on cost
Motor vehicles - 25% on cost

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.


Engineering Precision Solutions Limited (Registered number: 08841150)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2021

2. ACCOUNTING POLICIES - continued
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.

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.

Pension
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.

Contributions to defined contribution plans are expensed in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 39 (2020 - 38 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£
COST
At 1 July 2020
and 30 June 2021 200,263
AMORTISATION
At 1 July 2020
and 30 June 2021 200,263
NET BOOK VALUE
At 30 June 2021 -
At 30 June 2020 -

Engineering Precision Solutions Limited (Registered number: 08841150)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2021

5. TANGIBLE FIXED ASSETS
Short Plant and
leasehold machinery Totals
£ £ £
COST
At 1 July 2020 10,668 1,648,655 1,659,323
Additions 12,643 107,456 120,099
Disposals - (45,667 ) (45,667 )
At 30 June 2021 23,311 1,710,444 1,733,755
DEPRECIATION
At 1 July 2020 3,150 488,456 491,606
Charge for year 3,661 86,074 89,735
Eliminated on disposal - (35,667 ) (35,667 )
At 30 June 2021 6,811 538,863 545,674
NET BOOK VALUE
At 30 June 2021 16,500 1,171,581 1,188,081
At 30 June 2020 7,518 1,160,199 1,167,717

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2021 2020
£ £
Trade debtors 663,239 559,456
Other debtors 42,181 99,450
705,420 658,906

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2021 2020
£ £
Bank loans and overdrafts 439,558 316,282
Hire purchase contracts (see note 9)
46,637

32,194
Trade creditors 403,452 276,826
Taxation and social security 352,872 276,654
Other creditors 108,570 35,609
1,351,089 937,565

Engineering Precision Solutions Limited (Registered number: 08841150)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2021

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
2021 2020
£ £
Bank loans 227,119 -
Hire purchase contracts (see note 9)
100,843

90,468
Other creditors 44,302 91,143
372,264 181,611

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 21,008 -

9. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2021 2020
£ £
Net obligations repayable:
Within one year 46,637 32,194
Between one and five years 100,843 90,468
147,480 122,662

Non-cancellable
operating leases
2021 2020
£ £
Within one year 46,637 32,194
Between one and five years 100,843 90,468
147,480 122,662

Engineering Precision Solutions Limited (Registered number: 08841150)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2021

10. SECURED DEBTS

The following secured debts are included within creditors:

2021 2020
£ £
Bank overdrafts 404,469 316,282
Bank loans 262,208 -
666,677 316,282

11. PROVISIONS FOR LIABILITIES
2021 2020
£ £
Deferred tax
Accelerated capital allowances 67,704 61,511

Deferred tax
£
Balance at 1 July 2020 61,511
Charge to Income Statement during year 6,193
Balance at 30 June 2021 67,704

12. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2021 2020
value: £ £
200,000 A Ordinary £1 200,000 200,000
200,000 C Ordinary £1 200,000 200,000
101,960 D Ordinary £1 101,960 101,960
41,389 E Ordinary £1 41,389 41,389
543,349 543,349

13. CONTROLLING PARTY

The company is controlled by it's shareholders.