Registered number
05145725
PRS Machining Limited
Unaudited Filleted Accounts
30 June 2023
PRS Machining Limited
Report and accounts
Contents
Page
Company information 1
Directors' report 2
Chartered Accountants' report 3
Balance sheet 4
Notes to the accounts 5
PRS Machining Limited
Company Information
Directors
R Martin
S May
J Martin (appointed 16 October 2022)
J May (appointed 16 October 2022)
Accountants
Cochrane & Co Accountants Limited
38 Kings Road
Lee-on-the-Solent
Hampshire
PO13 9NU
Registered office
Unit 4
Clarence Wharf
Mumby Road
Gosport
PO12 1AJ
Registered number
05145725
PRS Machining Limited
Registered number: 05145725
Directors' Report
The directors present their report and accounts for the year ended 30 June 2023.
Principal activities
The company's principal activity during the year continued to be that of precision engineering.
Directors
The following persons served as directors during the year:
R Martin
S May
J Martin (appointed 16 October 2022)
J May (appointed 16 October 2022)
Small company provisions
This report has been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime.
This report was approved by the board on 18 October 2023 and signed on its behalf.
R Martin
Director
PRS Machining Limited
Chartered Accountants' report to the board of directors on the preparation of the unaudited statutory accounts of PRS Machining Limited for the year ended 30 June 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of PRS Machining Limited for the year ended 30 June 2023 which comprise of the Profit and Loss Account, the Balance Sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at
www.icaew.com/en/members/regulations-standards-and-guidance
Our work has been undertaken in accordance with ICAEW Technical Release 07/16 AAF.
Cochrane & Co Accountants Limited
Chartered Accountants
38 Kings Road
Lee-on-the-Solent
Hampshire
PO13 9NU
18 October 2023
PRS Machining Limited
Registered number: 05145725
Balance Sheet
as at 30 June 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 138,493 143,105
Current assets
Stocks 3,000 4,200
Debtors 4 120,278 65,048
Cash at bank and in hand 184,939 115,457
308,217 184,705
Creditors: amounts falling due within one year 5 (141,508) (104,870)
Net current assets 166,709 79,835
Total assets less current liabilities 305,202 222,940
Creditors: amounts falling due after more than one year 6 (2,087) (10,428)
Provisions for liabilities (34,623) (27,190)
Net assets 268,492 185,322
Capital and reserves
Called up share capital 68 68
Capital redemption reserve 34 34
Other reserve 7 74,670 74,670
Profit and loss account 193,720 110,550
Shareholders' funds 268,492 185,322
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
R Martin S May
Director Director
Approved by the board on 18 October 2023
PRS Machining Limited
Notes to the Accounts
for the year ended 30 June 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 10% straight line
Fixtures, fittings, tools and equipment 25% reducing balance
Motor vehicles 25% straight line
The plant was revalued at transition by the directors, at a value of £126,000. The historic cost of the related plant was £142,287 with accumulated depreciation at transition of £90,956. The valuation represents residual value. The depreciation charged in 2016 against these assets was reversed. The valuation will be adopted as cost going forward under FRS 102.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 5 5
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 July 2022 222,781 1,495 224,276
Additions 1,838 - 1,838
At 30 June 2023 224,619 1,495 226,114
Depreciation
At 1 July 2022 79,676 1,495 81,171
Charge for the year 6,450 - 6,450
At 30 June 2023 86,126 1,495 87,621
Net book value
At 30 June 2023 138,493 - 138,493
At 30 June 2022 143,105 - 143,105
4 Debtors 2023 2022
£ £
Trade debtors 109,616 56,056
Other debtors 10,662 8,992
120,278 65,048
5 Creditors: amounts falling due within one year 2023 2022
£ £
Obligations under finance lease and hire purchase contracts 8,343 8,343
Trade creditors 47,646 36,286
Corporation tax 47,410 30,178
Other taxes and social security costs 23,133 14,882
Other creditors 14,976 15,181
141,508 104,870
6 Creditors: amounts falling due after one year 2023 2022
£ £
Obligations under finance lease and hire purchase contracts 2,087 10,428
7 Other reserve 2023 2022
£ £
At 1 July 2022 74,670 74,670
At 30 June 2023 74,670 74,670
8 Other financial commitments 2023 2022
£ £
Total future minimum payments under non-cancellable operating leases 80,208 90,875
9 Controlling party
The company is controlled by the directors by virtue of their shareholdings.
10 Other information
PRS Machining Limited is a private company limited by shares and incorporated in England. Its registered office is:
Unit 4
Clarence Wharf
Mumby Road
Gosport
PO12 1AJ
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