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Registration number: 10327507

Tula Precision Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 28 February 2023

 

Tula Precision Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Tula Precision Limited

Company Information

Director

Mr C C P Knill-Jones

Registration number

10327507

Registered office

Units 2 and 3
The Old Coal Yard
Westend
Northleach
GL54 3HE

Accountants

mca Shepherd Smail
21 Market Place
Cirencester
Gloucestershire
GL7 2NX

 

Tula Precision Limited

(Registration number: 10327507)
Balance Sheet as at 28 February 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

10,000

10,000

Tangible assets

5

57,135

72,877

 

67,135

82,877

Current assets

 

Stocks

6

118,000

156,246

Debtors

7

252,089

242,011

Cash at bank and in hand

 

32,817

48,843

 

402,906

447,100

Creditors: Amounts falling due within one year

8

(309,876)

(396,610)

Net current assets

 

93,030

50,490

Total assets less current liabilities

 

160,165

133,367

Provisions for liabilities

(10,856)

(13,847)

Net assets

 

149,309

119,520

Capital and reserves

 

Called up share capital

10

10

Retained earnings

149,299

119,510

Shareholders' funds

 

149,309

119,520

 

Tula Precision Limited

(Registration number: 10327507)
Balance Sheet as at 28 February 2023

For the financial year ending 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 4 October 2023
 

Mr C C P Knill-Jones

Director

 

Tula Precision Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
Units 2 and 3
The Old Coal Yard
Westend
Northleach
GL54 3HE

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

These financial statements are prepared in Sterling, which is the functional currency of the company. All monetary amounts are rounded to the nearest £.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Tula Precision Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures and fittings

25% reducing balance

Plant & machinery

25% reducing balance

Equipment

25% reducing balance

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Intangible asset

not provided

 

Tula Precision Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Tula Precision Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 3 (2022 - 3).

 

Tula Precision Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

4

Intangible assets

Other intangible assets
 £

Total
£

Cost or valuation

At 1 March 2022

10,000

10,000

At 28 February 2023

10,000

10,000

Amortisation

Carrying amount

At 28 February 2023

10,000

10,000

At 28 February 2022

10,000

10,000

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 March 2022

29,566

85,260

48,079

162,905

Additions

3,303

-

-

3,303

At 28 February 2023

32,869

85,260

48,079

166,208

Depreciation

At 1 March 2022

17,320

43,524

29,184

90,028

Charge for the year

3,887

10,434

4,724

19,045

At 28 February 2023

21,207

53,958

33,908

109,073

Carrying amount

At 28 February 2023

11,662

31,302

14,171

57,135

At 28 February 2022

12,246

41,736

18,895

72,877

 

Tula Precision Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

6

Stocks

2023
£

2022
£

Other inventories

118,000

156,246

7

Debtors

Current

2023
£

2022
£

Trade debtors

91,025

73,729

Prepayments

4,885

3,808

Other debtors

156,179

164,474

 

252,089

242,011

8

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

50,620

7,615

Taxation and social security

28,871

19,193

Accruals and deferred income

3,318

2,859

Other creditors

227,067

366,943

309,876

396,610

9

Related party transactions

Director's remuneration

The director's remuneration for the year was as follows:

2023
£

2022
£

Remuneration

9,032

9,299

 

Tula Precision Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

10

Dividends

   

2023

 

2022

   

£

 

£

Interim dividend of £638.57 (2022 - £285.71) per ordinary share

 

4,470

 

2,000

         

11

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary A Shares of £1 each

7

7

7

7

Ordinary B Shares of £1 each

3

3

3

3

 

10

10

10

10