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REGISTERED NUMBER: 01905822













Unaudited Financial Statements

for the Year Ended 31 May 2023

for

Faraday Printed Circuits Limited

Faraday Printed Circuits Limited (Registered number: 01905822)






Contents of the Financial Statements
for the year ended 31 May 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


Faraday Printed Circuits Limited

Company Information
for the year ended 31 May 2023







DIRECTOR: J Pearson



REGISTERED OFFICE: 15-19 Faraday Close
Pattinson Industrial Estate
Washington
Tyne & Wear
NE38 8QJ



REGISTERED NUMBER: 01905822



ACCOUNTANTS: TTR Barnes Limited
Chartered Accountants
3-5 Grange Terrace
Stockton Road
Sunderland
Tyne & Wear
SR2 7DG



BANKERS: HSBC Bank Plc
Kingsway
Team Valley Trading Estate
Gateshead
Tyne and Wear
NE11 0JT

Faraday Printed Circuits Limited (Registered number: 01905822)

Statement of Financial Position
31 May 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 736,847 696,848
Investments 5 695 695
737,542 697,543

CURRENT ASSETS
Stocks 418,539 396,299
Debtors 6 1,520,394 1,623,223
Cash at bank and in hand 75,159 28,832
2,014,092 2,048,354
CREDITORS
Amounts falling due within one year 7 1,539,896 1,252,566
NET CURRENT ASSETS 474,196 795,788
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,211,738

1,493,331

CREDITORS
Amounts falling due after more than one
year

8

(300,135

)

(382,725

)

PROVISIONS FOR LIABILITIES (69,296 ) (51,365 )
NET ASSETS 842,307 1,059,241

CAPITAL AND RESERVES
Called up share capital 16,876 16,876
Revaluation reserve 47,939 78,114
Capital redemption reserve 5,627 5,627
Retained earnings 771,865 958,624
SHAREHOLDERS' FUNDS 842,307 1,059,241

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

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

Faraday Printed Circuits Limited (Registered number: 01905822)

Statement of Financial Position - continued
31 May 2023


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 10 October 2023 and were signed by:





J Pearson - Director


Faraday Printed Circuits Limited (Registered number: 01905822)

Notes to the Financial Statements
for the year ended 31 May 2023

1. STATUTORY INFORMATION

Faraday Printed Circuits Limited is a private company, limited by shares , registered in Not specified/Other. 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.

The financial statements have been prepared on the going concern basis, which assumes that the company will continue in operational existence for the foreseeable future, which the directors consider appropriate.

Turnover
Turnover represents the net invoiced value of sales made during the year, excluding value added tax.

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 reducing balance
Plant and machinery - 15% on cost and 10% on cost
Fixtures and fittings - 20% Straight line
Motor vehicles - 25% on reducing balance
Computer equipment - 33% Straight line

Plant and machinery was revalued on 31st May 2015 by an independent valuer.

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

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

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.

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.

Faraday Printed Circuits Limited (Registered number: 01905822)

Notes to the Financial Statements - continued
for the year ended 31 May 2023

2. ACCOUNTING POLICIES - continued

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
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.

Government grants
Grants on capital expenditure are treated as a deferred credit and are released to the profit and loss account in equal instalments over the estimated useful life of the related assets. Grants of a revenue nature are credited to income in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 44 (2022 - 43 ) .

4. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and
property machinery fittings
£    £    £   
COST OR VALUATION
At 1 June 2022 225,102 2,327,119 303,854
Additions - 188,184 894
Disposals (1,288 ) (232,808 ) (129,862 )
At 31 May 2023 223,814 2,282,495 174,886
DEPRECIATION
At 1 June 2022 216,157 1,663,002 281,162
Charge for year 2,811 129,447 8,535
Eliminated on disposal (1,261 ) (222,811 ) (129,862 )
At 31 May 2023 217,707 1,569,638 159,835
NET BOOK VALUE
At 31 May 2023 6,107 712,857 15,051
At 31 May 2022 8,945 664,117 22,692

Faraday Printed Circuits Limited (Registered number: 01905822)

Notes to the Financial Statements - continued
for the year ended 31 May 2023

4. TANGIBLE FIXED ASSETS - continued

Motor Computer
vehicles equipment Totals
£    £    £   
COST OR VALUATION
At 1 June 2022 14,916 - 2,870,991
Additions - 2,463 191,541
Disposals - - (363,958 )
At 31 May 2023 14,916 2,463 2,698,574
DEPRECIATION
At 1 June 2022 13,822 - 2,174,143
Charge for year 272 453 141,518
Eliminated on disposal - - (353,934 )
At 31 May 2023 14,094 453 1,961,727
NET BOOK VALUE
At 31 May 2023 822 2,010 736,847
At 31 May 2022 1,094 - 696,848

Cost or valuation at 31 May 2023 is represented by:

Improvements Fixtures
to Plant and and
property machinery fittings
£    £    £   
Valuation in 2015 - 337,750 -
Cost 223,814 1,944,745 174,886
223,814 2,282,495 174,886

Motor Computer
vehicles equipment Totals
£    £    £   
Valuation in 2015 - - 337,750
Cost 14,916 2,463 2,360,824
14,916 2,463 2,698,574

Faraday Printed Circuits Limited (Registered number: 01905822)

Notes to the Financial Statements - continued
for the year ended 31 May 2023

4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Fixtures
Plant and and
machinery fittings Totals
£    £    £   
COST OR VALUATION
At 1 June 2022 547,374 29,395 576,769
Additions 128,813 - 128,813
Transfer to ownership (13,700 ) (29,395 ) (43,095 )
At 31 May 2023 662,487 - 662,487
DEPRECIATION
At 1 June 2022 129,640 13,236 142,876
Charge for year 58,776 - 58,776
Transfer to ownership (5,143 ) (13,236 ) (18,379 )
At 31 May 2023 183,273 - 183,273
NET BOOK VALUE
At 31 May 2023 479,214 - 479,214
At 31 May 2022 417,734 16,159 433,893

5. FIXED ASSET INVESTMENTS

Investments (neither listed nor unlisted) were as follows:
2023 2022
£    £   
Assets held for investment 695 695

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 787,325 685,201
Other debtors 3,173 174,877
Amounts owed by parent company 654,809 654,809
Corporation Tax 46,593 71,108
Prepayments and accrued income 28,494 37,228
1,520,394 1,623,223

Faraday Printed Circuits Limited (Registered number: 01905822)

Notes to the Financial Statements - continued
for the year ended 31 May 2023

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 179,498 60,000
Hire purchase contracts 115,506 110,858
Trade creditors 424,268 506,808
Corporation Tax - 12,101
Social security and other taxes 82,718 149,400
Other creditors 700,916 385,910
Accrued expenses 36,990 27,489
1,539,896 1,252,566

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans - 2-5 years 135,000 195,000
Hire purchase 2-5 years 165,135 187,725
300,135 382,725

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank overdraft 119,498 -
Hire purchase 280,642 298,583
Bank loans 195,000 10,000
595,140 308,583

Bank borrowings are secured by a debenture compromising fixed and floating charges over the assets of the company and its parent Faraday Printed Circuits (Holdings) Limited.

There is an unlimited composite guarantee given by the company and Faraday Printed Circuits (Holdings) Limited to secure all liabilities of each other.