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REGISTERED NUMBER: 05094023 (England and Wales)
















Financial Statements

for the Year Ended 30 April 2023

for

Adnet Precision Engineering Limited

Adnet Precision Engineering Limited (Registered number: 05094023)

Contents of the Financial Statements
for the Year Ended 30 April 2023










Page

Company Information 1

Report of the Accountants 2

Balance Sheet 3

Notes to the Financial Statements 5


Adnet Precision Engineering Limited

Company Information
for the Year Ended 30 April 2023







DIRECTOR: C Day





SECRETARY: J E Day





REGISTERED OFFICE: Unit B1 Nexus Court
Hurricane Road
Gloucester Business Park, Brockworth
GLOUCESTER
GL3 4AG





REGISTERED NUMBER: 05094023 (England and Wales)





ACCOUNTANTS: GCSD Accountants Limited
701 Stonehouse Park
Sperry Way
Stonehouse
Gloucestershire
GL10 3UT

Adnet Precision Engineering Limited

Report of the Accountants to the Director of
Adnet Precision Engineering Limited


The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements and the related notes from the company's accounting records and from information and explanations you have given us.

This report is made solely to the Board of Directors as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements and state those matters that we have agreed to state to the Board of Directors, as a body, in this report. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that the Company has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit. You consider that the Company is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of the Company. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






GCSD Accountants Limited


28 June 2023

Adnet Precision Engineering Limited (Registered number: 05094023)

Balance Sheet
30 April 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 2,700 5,400
Tangible assets 5 284,250 92,010
286,950 97,410

CURRENT ASSETS
Stocks 45,655 30,885
Debtors 6 104,895 106,012
Cash at bank 177,508 170,932
328,058 307,829
CREDITORS
Amounts falling due within one year 7 187,130 197,376
NET CURRENT ASSETS 140,928 110,453
TOTAL ASSETS LESS CURRENT
LIABILITIES

427,878

207,863

CREDITORS
Amounts falling due after more than
one year

8

(210,568

)

-

PROVISIONS FOR LIABILITIES 10 (70,144 ) (16,638 )
NET ASSETS 147,166 191,225

Adnet Precision Engineering Limited (Registered number: 05094023)

Balance Sheet - continued
30 April 2023

2023 2022
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 10 10
Retained earnings 147,156 191,215
SHAREHOLDERS' FUNDS 147,166 191,225

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2023.

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 her 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 28 June 2023 and were signed by:





C Day - Director


Adnet Precision Engineering Limited (Registered number: 05094023)

Notes to the Financial Statements
for the Year Ended 30 April 2023


1. STATUTORY INFORMATION

Adnet Precision Engineering 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 2004, is being amortised evenly over its estimated useful life of twenty 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 - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance

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.


Adnet Precision Engineering Limited (Registered number: 05094023)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2023


2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

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 14 (2022 - 13 ) .

Adnet Precision Engineering Limited (Registered number: 05094023)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2023


4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 May 2022
and 30 April 2023 54,000
AMORTISATION
At 1 May 2022 48,600
Charge for year 2,700
At 30 April 2023 51,300
NET BOOK VALUE
At 30 April 2023 2,700
At 30 April 2022 5,400

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 May 2022 643,085
Additions 286,948
At 30 April 2023 930,033
DEPRECIATION
At 1 May 2022 551,075
Charge for year 94,708
At 30 April 2023 645,783
NET BOOK VALUE
At 30 April 2023 284,250
At 30 April 2022 92,010

Adnet Precision Engineering Limited (Registered number: 05094023)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2023


6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 103,607 98,663
Other debtors 1,288 7,349
104,895 106,012

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Hire purchase contracts (see note 9) 26,004 -
Trade creditors 40,909 53,556
Taxation and social security 26,586 39,592
Other creditors 93,631 104,228
187,130 197,376

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Hire purchase contracts (see note 9) 210,568 -

Adnet Precision Engineering Limited (Registered number: 05094023)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2023


9. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

2023 2022
£    £   
Gross obligations repayable:
Within one year 42,995 -
Between one and five years 257,969 -
300,964 -

Finance charges repayable:
Within one year 16,991 -
Between one and five years 47,401 -
64,392 -

Net obligations repayable:
Within one year 26,004 -
Between one and five years 210,568 -
236,572 -

10. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 70,144 16,638

Deferred
tax
£   
Balance at 1 May 2022 16,638
Accelerated capital allowances 53,506
Balance at 30 April 2023 70,144