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REGISTERED NUMBER: 01435114 (England and Wales)















Unaudited Financial Statements

for the Year Ended 31 March 2022

for

Team Precision Engineering Limited

Team Precision Engineering Limited (Registered number: 01435114)






Contents of the Financial Statements
for the year ended 31 March 2022




Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 4


Team Precision Engineering Limited

Company Information
for the year ended 31 March 2022







DIRECTORS: J J J McSweeney
Mrs J Cann
Mrs S McSweeney





REGISTERED OFFICE: 45 The Vintners
Temple Farm Industrial Estate
Southend-on-Sea
SS2 5RZ





REGISTERED NUMBER: 01435114 (England and Wales)





ACCOUNTANTS: Macrays Accountants & Business Advisers
Lancaster House
Sopwith Crescent
Shotgate
Wickford
Essex
SS11 8YU

Team Precision Engineering Limited (Registered number: 01435114)

Abridged Balance Sheet
31 March 2022

2022 2021
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 4,788 12,173
Investments 5 809,138 809,138
Investment property 6 580,000 620,000
1,393,926 1,441,311

CURRENT ASSETS
Debtors 84 1,296
Cash at bank and in hand 35,318 27,029
35,402 28,325
CREDITORS
Amounts falling due within one year 5,888 10,390
NET CURRENT ASSETS 29,514 17,935
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,423,440

1,459,246

PROVISIONS FOR LIABILITIES 11,000 19,000
NET ASSETS 1,412,440 1,440,246

Team Precision Engineering Limited (Registered number: 01435114)

Abridged Balance Sheet - continued
31 March 2022

2022 2021
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 2,002 2,002
Fair value reserve 7 325,058 365,058
Retained earnings 7 1,085,380 1,073,186
1,412,440 1,440,246

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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 March 2022 in accordance with Section 444(2A) of the Companies Act 2006.

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 9 September 2022 and were signed on its behalf by:





J J J McSweeney - Director


Team Precision Engineering Limited (Registered number: 01435114)

Notes to the Financial Statements
for the year ended 31 March 2022

1. STATUTORY INFORMATION

Team Precision Engineering 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 as modified by the revaluation of certain assets.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

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

Investment Property no depreciation
Plant and Machinery 15% reducing balance
Computer Equipment over 3 years
Motor Vehicles 25% reducing balance.

Government grants
Government grants are recognised as due to the company, when all the conditions for the grant have been met.
Grants that compensate the company for expenses incurred are recognised as income in the periods in which the expenses are recognised.
Capital based grants are included within accruals and deferred income and credited to the trading profit over the expected useful life of the assets concerned.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.


Team Precision Engineering Limited (Registered number: 01435114)

Notes to the Financial Statements - continued
for the year ended 31 March 2022

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.

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.

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 (2021 - 5 ) .

Team Precision Engineering Limited (Registered number: 01435114)

Notes to the Financial Statements - continued
for the year ended 31 March 2022

4. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 April 2021 57,550
Additions 838
Disposals (24,266 )
At 31 March 2022 34,122
DEPRECIATION
At 1 April 2021 45,377
Charge for year 1,718
Eliminated on disposal (17,761 )
At 31 March 2022 29,334
NET BOOK VALUE
At 31 March 2022 4,788
At 31 March 2021 12,173

5. FIXED ASSET INVESTMENTS

Information on investments other than loans is as follows:
Totals
£   
COST
At 1 April 2021
and 31 March 2022 809,138
NET BOOK VALUE
At 31 March 2022 809,138
At 31 March 2021 809,138

Team Precision Engineering Limited (Registered number: 01435114)

Notes to the Financial Statements - continued
for the year ended 31 March 2022

5. FIXED ASSET INVESTMENTS - continued

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Waverley Brownall H & I Limited
Registered office: United Kingdom
Nature of business: holding company
%
Class of shares: holding
Ordinary 57.77
2022 2021
£    £   
Aggregate capital and reserves 591 106
Profit/(loss) for the year 60,485 (502 )

The following is a subsidiary undertaking of Waverley Brownall H & I Limited:

Waverley Brownall Limited
Registered office: United Kingdom
Nature of business: Manufacture of fabricated metals
%
Class of shares: holding
Ordinary 100.00
2022 2021
£    £   
Aggregate capital and reserves 1,285,790 1,310,784
Profit for the year 36,006 96,352

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2021 620,000
Revaluations (40,000 )
At 31 March 2022 580,000
NET BOOK VALUE
At 31 March 2022 580,000
At 31 March 2021 620,000

Team Precision Engineering Limited (Registered number: 01435114)

Notes to the Financial Statements - continued
for the year ended 31 March 2022

6. INVESTMENT PROPERTY - continued

Fair value at 31 March 2022 is represented by:
£   
Valuation in 2017 275,058
Valuation in 2018 50,000
Valuation in 2019 20,000
Valuation in 2021 20,000
Valuation in 2022 (40,000 )
Cost 254,942
580,000

If investment properties had not been revalued they would have been included at the following historical cost:

2022 2021
£    £   
Cost 254,942 254,942
Aggregate depreciation (155,872 ) (150,773 )

Investment properties were valued on an open market basis on 31 March 2022 by Fenn Wright LLP .

7. RESERVES
Fair
Retained value
earnings reserve Totals
£    £    £   

At 1 April 2021 1,073,186 365,058 1,438,244
Deficit for the year (7,782 ) (7,782 )
Dividends (20,024 ) (20,024 )
To fair value reserve 40,000 (40,000 ) -
At 31 March 2022 1,085,380 325,058 1,410,438

8. RELATED PARTY DISCLOSURES

During the year, the company received service charges of £41,000 (2021: £34,800) from Waverley Brownall Limited, a company under the control of Team Precision Engineering Limited.

The company also paid service charges of £8,500 (2021: £0) to Team Properties Limited, a company under the common control of the director Mr JJJ McSweeney.