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REGISTERED NUMBER: 04653522 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2023

FOR

GROVELEY PRECISION ENGINEERING LIMITED

GROVELEY PRECISION ENGINEERING LIMITED (REGISTERED NUMBER: 04653522)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


GROVELEY PRECISION ENGINEERING LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MAY 2023







DIRECTOR: P T Bennet





REGISTERED OFFICE: Anchor Works
Groveley Road
Christchurch
Dorset
BH23 3HB





REGISTERED NUMBER: 04653522 (England and Wales)





ACCOUNTANTS: Chorus Accounting Limited
9a & 10a Saxon Square
Christchurch
Dorset
BH23 1QA

GROVELEY PRECISION ENGINEERING LIMITED (REGISTERED NUMBER: 04653522)

BALANCE SHEET
31 MAY 2023

2023 2022
Notes £    £   
FIXED ASSETS
Intangible assets 4 - 852
Tangible assets 5 201,801 315,389
201,801 316,241

CURRENT ASSETS
Stocks 617,286 594,076
Debtors 6 213,287 232,775
Cash at bank and in hand 108,259 22,787
938,832 849,638
CREDITORS
Amounts falling due within one year 7 (808,839 ) (730,950 )
NET CURRENT ASSETS 129,993 118,688
TOTAL ASSETS LESS CURRENT LIABILITIES 331,794 434,929

CREDITORS
Amounts falling due after more than one
year

8

(826,826

)

(836,218

)

PROVISIONS FOR LIABILITIES (32,150 ) (52,372 )
NET LIABILITIES (527,182 ) (453,661 )

CAPITAL AND RESERVES
Called up share capital 300 300
Retained earnings (527,482 ) (453,961 )
(527,182 ) (453,661 )

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.

GROVELEY PRECISION ENGINEERING LIMITED (REGISTERED NUMBER: 04653522)

BALANCE SHEET - 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 November 2023 and were signed by:





P T Bennet - Director


GROVELEY PRECISION ENGINEERING LIMITED (REGISTERED NUMBER: 04653522)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

1. STATUTORY INFORMATION

Groveley 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 0, is being amortised evenly over its estimated useful life of fifteen 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 etc - 33% on cost, 25% on reducing balance and 10% on cost

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

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 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.

GROVELEY PRECISION ENGINEERING LIMITED (REGISTERED NUMBER: 04653522)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2023

2. ACCOUNTING POLICIES - continued

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 23 (2022 - 18 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 June 2022
and 31 May 2023 18,700
AMORTISATION
At 1 June 2022 17,848
Charge for year 852
At 31 May 2023 18,700
NET BOOK VALUE
At 31 May 2023 -
At 31 May 2022 852

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 June 2022 1,273,674
Additions 10,710
At 31 May 2023 1,284,384
DEPRECIATION
At 1 June 2022 958,285
Charge for year 124,298
At 31 May 2023 1,082,583
NET BOOK VALUE
At 31 May 2023 201,801
At 31 May 2022 315,389

GROVELEY PRECISION ENGINEERING LIMITED (REGISTERED NUMBER: 04653522)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2023

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 196,775 214,030
Amounts owed by group undertakings 1,310 1,310
Other debtors 15,202 17,435
213,287 232,775

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 10,000 -
Trade creditors 133,712 124,558
Taxation and social security 59,825 38,407
Other creditors 605,302 567,985
808,839 730,950

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans 26,826 -
Other creditors 800,000 836,218
826,826 836,218

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Other loans - 46,866

The other loans are secured by way of:-
- fixed and floating charges
- a chattel mortgage on a fixed charge

10. RELATED PARTY DISCLOSURES

A loan of £1,310 [2021 - £1,160] was owed by Piscario Limited. This company is classified as a related party due to having mutual directors.

11. GOING CONCERN

The director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.