REGISTERED NUMBER: 08421922 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 March 2023

for

Sarissa Precision Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

S R Cumming

Mrs P Cumming

A Hill

A A S Hagues

REGISTERED OFFICE:

Unit 4, 82 Thorpes Road

Heanor Industrial Estate

Heanor

Derbyshire

DE75 7EE

REGISTERED NUMBER:

08421922 (England and Wales)

ACCOUNTANTS:

SP Accountancy Ltd

Lanes End

Ashover Road

Littlemoor

Chesterfield

Derbyshire

S45 0BL

FIXED ASSETS

Intangible assets

4

6,700

10,200

Tangible assets

5

67,859

89,749

74,559

99,949

CURRENT ASSETS

Stocks

5,300

13,630

Debtors

6

92,997

128,979

Cash at bank

6,823

22,423

105,120

165,032

CREDITORS

Amounts falling due within one year

7

98,562

157,292

NET CURRENT ASSETS

6,558

7,740

TOTAL ASSETS LESS CURRENT LIABILITIES

81,117

107,689

CREDITORS

Amounts falling due after more than one year

8

(25,394

)

(37,634

)

PROVISIONS FOR LIABILITIES

(12,893

)

(17,052

)

NET ASSETS

42,830

53,003

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

42,730

52,903

SHAREHOLDERS' FUNDS

42,830

53,003

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 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 25 September 2023 and were signed on its behalf by:

A Hill - Director

1.	STATUTORY INFORMATION

Sarissa Precision 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 2020, is being amortised evenly over its estimated useful life of ten years.

Intangible 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.

Plant and machinery etc

-

straight line over 3 years, 25% on reducing balance and 15% on reducing balance

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.

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 13 (2022 - 14 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2022

and 31 March 2023

35,000

AMORTISATION

At 1 April 2022

24,800

Charge for year

3,500

At 31 March 2023

28,300

NET BOOK VALUE

At 31 March 2023

6,700

At 31 March 2022

10,200

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 April 2022

195,953

Additions

3,092

Disposals

(515

)

At 31 March 2023

198,530

DEPRECIATION

At 1 April 2022

106,204

Charge for year

24,982

Eliminated on disposal

(515

)

At 31 March 2023

130,671

NET BOOK VALUE

At 31 March 2023

67,859

At 31 March 2022

89,749

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.23

31.3.22

£

£

Trade debtors

63,278

104,642

Other debtors

29,719

24,337

92,997

128,979

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.23

31.3.22

£

£

Bank loans and overdrafts

10,000

10,000

Hire purchase contracts

2,238

2,238

Trade creditors

30,284

24,090

Taxation and social security

25,653

26,833

Other creditors

30,387

94,131

98,562

157,292

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.23

31.3.22

£

£

Bank loans

21,667

31,667

Hire purchase contracts

3,727

5,967

25,394

37,634