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REGISTERED NUMBER: SC262713 (Scotland)















Unaudited Financial Statements for the Year Ended 31 January 2023

for

CP Precision Engineering Limited

CP Precision Engineering Limited (Registered number: SC262713)






Contents of the Financial Statements
for the Year Ended 31 January 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


CP Precision Engineering Limited

Company Information
for the Year Ended 31 January 2023







DIRECTOR: P B Davidson





SECRETARY: Mrs F Davidson





REGISTERED OFFICE: Tayvallich
36 Wilson Road
Banchory
Aberdeenshire
AB31 5UY





REGISTERED NUMBER: SC262713 (Scotland)





ACCOUNTANTS: The Grant Considine Partnership
Chartered Accountants
46 High Street
Banchory
Aberdeenshire
AB31 5SR

CP Precision Engineering Limited (Registered number: SC262713)

Statement of Financial Position
31 January 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 15,526 10,489

CURRENT ASSETS
Stocks 2,423 2,880
Debtors 6 50,899 47,642
Cash at bank 7,521 10,350
60,843 60,872
CREDITORS
Amounts falling due within one year 7 46,548 45,949
NET CURRENT ASSETS 14,295 14,923
TOTAL ASSETS LESS CURRENT
LIABILITIES

29,821

25,412

PROVISIONS FOR LIABILITIES 1,375 72
NET ASSETS 28,446 25,340

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings 28,444 25,338
SHAREHOLDERS' FUNDS 28,446 25,340

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 director and authorised for issue on 26 September 2023 and were signed by:





P B Davidson - Director


CP Precision Engineering Limited (Registered number: SC262713)

Notes to the Financial Statements
for the Year Ended 31 January 2023

1. STATUTORY INFORMATION

CP Precision Engineering Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods and services rendered during the year, exclusive of VAT and trade discounts.

Tangible fixed assets
Tangible fixed assets are included at cost less depreciation and impairment. Depreciation is provided at the following annual rates in order to write off each asset over its expected useful life.

Plant and machineryat varying rates between 10% and 20% on cost
Fixtures and fittings20% on reducing balance
Motor vehicles20% on cost
Computer equipment33% on cost

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

Financial instruments
The following assets and liabilities are classified as financial instruments - trade debtors, trade creditors, bank loans and directors' loans.

Directors' loans (being repayable on demand), trade debtors and trade creditors are measured at the undiscounted amount of cash or other consideration expected to be paid or received.

Financial assets are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit and loss.

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 statement of financial position date.


CP Precision Engineering Limited (Registered number: SC262713)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2023

3. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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 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.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2022 - 5 ) .

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 February 2022 233,431
Additions 14,782
At 31 January 2023 248,213
DEPRECIATION
At 1 February 2022 222,942
Charge for year 9,745
At 31 January 2023 232,687
NET BOOK VALUE
At 31 January 2023 15,526
At 31 January 2022 10,489

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 45,225 36,923
Other debtors 5,674 10,719
50,899 47,642

CP Precision Engineering Limited (Registered number: SC262713)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2023

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 13,906 16,959
Taxation and social security 10,628 9,505
Other creditors 22,014 19,485
46,548 45,949

8. SECURED DEBTS

Bank overdrafts are secured by a bond and floating charge over the assets of the company and by a first ranking standard security over assets.