2022-05-01 09537404 2023-04-30 09537404 2022-05-01 2023-04-30 09537404 2022-04-30 09537404 2021-05-01 2022-04-30 09537404 uk-core:WithinOneYear 2022-04-30 09537404 uk-core:WithinOneYear 2023-04-30 09537404 uk-core:AfterOneYear 2022-04-30 09537404 uk-core:AfterOneYear 2023-04-30 09537404 uk-core:ShareCapital 2023-04-30 09537404 uk-core:ShareCapital 2022-04-30 09537404 uk-core:RetainedEarningsAccumulatedLosses 2023-04-30 09537404 uk-core:RetainedEarningsAccumulatedLosses 2022-04-30 09537404 uk-bus:Director1 2022-05-01 2023-04-30 09537404 uk-core:PlantMachinery 2022-05-01 2023-04-30 09537404 uk-core:WithinOneYear 2023-04-30 09537404 uk-core:WithinOneYear 2022-04-30 09537404 uk-core:AfterOneYear uk-core:Secured 2023-04-30 09537404 uk-core:AfterOneYear uk-core:Secured 2022-04-30 iso4217:GBP xbrli:pure 09537404 uk-bus:AuditExemptWithAccountantsReport 2022-05-01 2023-04-30 09537404 uk-bus:FRS102 2022-05-01 2023-04-30 09537404 uk-bus:FullAccounts 2022-05-01 2023-04-30 09537404 uk-bus:PrivateLimitedCompanyLtd 2022-05-01 2023-04-30
MFV Precision Engineering Limited
Registered Number:09537404
For the year ended 30 April 2023
England and Wales
Unaudited Financial Statements
2
Registered Number :
09537404
As at 30 April 2023
MFV Precision Engineering Limited
Statement of Financial Position
£
£
2022
2023
Notes
Fixed assets
Property, plant and equipment
1,968
2,772
2
1,968
2,772
Current assets
Inventories
6,450
5,540
3
Trade and other receivables
41,899
19,289
4
129,259
Cash and cash equivalents
115,525
140,354
177,608
Trade and other payables: amounts falling due within
one year
(78,726)
(61,308)
5
98,882
79,046
Net current assets
Total assets less current liabilities
81,014
101,654
Trade and other payables: amounts falling due after
more than one year
(34,081)
(34,081)
6
(216)
(307)
Provisions for liabilities
46,717
Net assets
67,266
Capital and reserves
Called up share capital
100
100
Retained earnings
46,617
67,166
46,717
67,266
Shareholders' funds
For the year ended 30 April 2023 the company was entitled to exemption from audit under Section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2023 in accordance with Section 476 of the Companies Act 2006
The director acknowledges his responsibilities for:a) ensuring that the company keeps proper 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 Section 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.
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.
The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
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Registered Number :
09537404
For the year ended 30 April 2023
MFV Precision Engineering Limited
Statement of Financial Position Continued
Mr M Vickery Director
These financial statements were approved and authorised for issue by the Board on 28 September 2023 and were signed by:
The notes form part of these financial statements
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4
For the year ended 30 April 2023
MFV Precision Engineering Limited
Notes to the Financial Statements
Statutory Information
MFV Precision Engineering Limited is a private limited company, limited by shares, domiciled in
England and Wales, registration number 09537404.
Registered address:
Unit 5 Knowle Industrial Estate
Knowle
Braunton
Devon
EX33 2NA
The presentation currency is £ sterling.
1. Accounting policies
Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of Section 1A of
Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic
of Ireland' and the Companies Act 2006. The financial statements have been prepared under the
historical costs convention as modified by the revaluation of certain assets.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax or other similar sales taxes.
Property, plant and equipment
Property, plant and equipment, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Plant and machinery
25% Reducing balance
Government grants
Government grants received are credited to deferred income. Grants towards capital expenditure are released to the profit and loss account over the expected useful life of the assets. Grants received towards revenue expenditure are released to the profit and loss account as the related expenditure is incurred.
Inventories
Inventories are valued at the lower of cost and selling price less costs to complete and sell.
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but are not reversed at the statement of financial position date.
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For the year ended 30 April 2023
MFV Precision Engineering Limited
Notes to the Financial Statements Continued
2. Property, plant and equipment
Plant and
machinery
£
Cost or
valuation
At 01 May 2022
9,297
249
Additions
Disposals
(142)
At 30 April 2023
9,404
Provision for depreciation and impairment
At 01 May 2022
6,525
Charge for year
1,053
(142)
On disposal
At 30 April 2023
7,436
At 30 April 2023
Net book value
1,968
At 30 April 2022
2,772
3. Inventories
2022
2023
£
£
Stocks
5,540
6,450
Inventories are valued at the lower of cost and selling price less costs to complete and sell. Cost is defined as the actual cost of materials. Provision is made for obsolete and slow-moving items. In respect of work in progress this is the percentage of any sales contract that has been completed within the year but invoiced after the yearend and is based on the sales invoice total.
4. Trade and other receivables
2022
2023
£
£
Trade debtors
17,928
39,641
Other debtors
1,361
2,258
41,899
19,289
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For the year ended 30 April 2023
MFV Precision Engineering Limited
Notes to the Financial Statements Continued
5. Trade and other payables: amounts falling due within one year
2022
2023
£
£
Bank loans and overdraft
-
9,678
Trade creditors
2,694
6,901
Taxation and social security
11,742
19,702
Other creditors
46,872
42,445
61,308
78,726
6. Trade and other payables: amounts falling due after more than one year
2022
2023
£
£
Bank loans and overdraft
34,081
34,081
7. Guarantees and other financial commitments
The director continues to support the company by way of his current account which remained in credit
for the full year. The closing balance being £50,774 (2022 £37,425).
Controlling interest
Mark Vickery the director has the controlling interest in the comapany by virtue of his 100%
shareholding.
Pension commitments
8. Average number of persons employed
During the year the average number of employees was 3 (2022 : 4)
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