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REGISTERED NUMBER: 07068447 (England and Wales)
























UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

FOR

GOODMAN PRECISION ENGINEERING LIMITED

GOODMAN PRECISION ENGINEERING LIMITED (REGISTERED NUMBER: 07068447)

CONTENTS OF THE FINANCIAL STATEMENTS
For The Year Ended 31 December 2022










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


GOODMAN PRECISION ENGINEERING LIMITED

COMPANY INFORMATION
For The Year Ended 31 December 2022







DIRECTORS: M P Goodman
S A Reynolds





REGISTERED OFFICE: Ground Floor, Baird House
Seebeck Place
Knowlhill
Milton Keynes
Buckinghamshire
MK5 8FR





BUSINESS ADDRESS: 17-19 Erica Road
Stacey Bushes
Milton Keynes
Buckinghamshire
MK12 6HS





REGISTERED NUMBER: 07068447 (England and Wales)





ACCOUNTANTS: TC Group
Baird House
Seebeck Place
Knowlhill
Milton Keynes
Buckinghamshire
MK5 8FR

GOODMAN PRECISION ENGINEERING LIMITED (REGISTERED NUMBER: 07068447)

BALANCE SHEET
31 December 2022

2022 2021
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 911,074 1,016,868

CURRENT ASSETS
Stocks 35,130 22,189
Debtors 5 553,579 363,598
Cash at bank and in hand 124,961 173,788
713,670 559,575
CREDITORS
Amounts falling due within one year 6 350,726 256,005
NET CURRENT ASSETS 362,944 303,570
TOTAL ASSETS LESS CURRENT LIABILITIES 1,274,018 1,320,438

CREDITORS
Amounts falling due after more than
one year

7

(46,646

)

(111,950

)

PROVISIONS FOR LIABILITIES (151,823 ) (155,444 )
NET ASSETS 1,075,549 1,053,044

CAPITAL AND RESERVES
Called up share capital 9 2 2
Retained earnings 1,075,547 1,053,042
SHAREHOLDERS' FUNDS 1,075,549 1,053,044

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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.

GOODMAN PRECISION ENGINEERING LIMITED (REGISTERED NUMBER: 07068447)

BALANCE SHEET - continued
31 December 2022


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 27 September 2023 and were signed on its behalf by:





M P Goodman - Director


GOODMAN PRECISION ENGINEERING LIMITED (REGISTERED NUMBER: 07068447)

NOTES TO THE FINANCIAL STATEMENTS
For The Year Ended 31 December 2022


1. STATUTORY INFORMATION

Goodman 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.

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 or, if held under a finance lease, over the lease term, whichever is the shorter.
Improvements to property - 20% on cost
Plant and machinery - 10% on cost
Motor vehicles - 25% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

GOODMAN PRECISION ENGINEERING LIMITED (REGISTERED NUMBER: 07068447)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 December 2022


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 32 (2021 - 30 ) .

4. TANGIBLE FIXED ASSETS
Improvements
to Plant and Motor
property machinery vehicles Totals
£    £    £    £   
COST
At 1 January 2022 54,763 2,000,377 12,700 2,067,840
Additions - 100,686 - 100,686
Disposals - (3,180 ) - (3,180 )
At 31 December 2022 54,763 2,097,883 12,700 2,165,346
DEPRECIATION
At 1 January 2022 21,906 1,025,891 3,175 1,050,972
Charge for year 10,952 192,353 3,175 206,480
Eliminated on disposal - (3,180 ) - (3,180 )
At 31 December 2022 32,858 1,215,064 6,350 1,254,272
NET BOOK VALUE
At 31 December 2022 21,905 882,819 6,350 911,074
At 31 December 2021 32,857 974,486 9,525 1,016,868

GOODMAN PRECISION ENGINEERING LIMITED (REGISTERED NUMBER: 07068447)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 December 2022


4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and
machinery
£   
COST
At 1 January 2022 384,000
Additions 82,250
At 31 December 2022 466,250
DEPRECIATION
At 1 January 2022 63,400
Charge for year 46,625
At 31 December 2022 110,025
NET BOOK VALUE
At 31 December 2022 356,225
At 31 December 2021 320,600

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Trade debtors 496,778 240,331
Other debtors 24,450 24,450
Directors' current accounts - 19,993
Tax - 47,428
Prepayments 32,351 31,396
553,579 363,598

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Hire purchase contracts (see note 8) 97,456 98,857
Trade creditors 56,846 55,569
Corporation tax 14,969 -
Social security and other taxes 85,346 31,811
Pension 5,260 3,912
VAT 64,090 53,165
Other creditors 1,039 1,039
Directors' current accounts 7 -
Accrued expenses 25,713 11,652
350,726 256,005

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2022 2021
£    £   
Hire purchase contracts (see note 8) 46,646 111,950

GOODMAN PRECISION ENGINEERING LIMITED (REGISTERED NUMBER: 07068447)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 December 2022


8. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2022 2021
£    £   
Net obligations repayable:
Within one year 97,456 98,857
Between one and five years 46,646 111,950
144,102 210,807

Non-cancellable operating leases
2022 2021
£    £   
In more than five years - 54,333

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2022 2021
value: £    £   
200 Ordinary 1p 2 2

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

At 31 December 2021 the directors owed the company £19,993. This loan was repaid during the year to 31 December 2022.