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REGISTERED NUMBER: 02500010 (England and Wales)















LYNDHURST PRECISION ENGINEERING LIMITED

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023






LYNDHURST PRECISION ENGINEERING LIMITED (REGISTERED NUMBER: 02500010)

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










Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


LYNDHURST PRECISION ENGINEERING LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2023







DIRECTOR: M Marriner





REGISTERED OFFICE: Top Site
Crosse Hall Street
Chorley
Lancashire
PR6 0UH





REGISTERED NUMBER: 02500010 (England and Wales)





ACCOUNTANTS: DTE Business Advisers Limited
Chartered Accountants
The Exchange
5 Bank Street
Bury
BL9 0DN

LYNDHURST PRECISION ENGINEERING LIMITED (REGISTERED NUMBER: 02500010)

STATEMENT OF FINANCIAL POSITION
31 MARCH 2023

2023 2022
Notes £    £   
FIXED ASSETS
Property, plant and equipment 4 1,023,859 561,200

CURRENT ASSETS
Inventory 57,000 49,545
Debtors 5 1,680,618 1,388,316
Cash at bank and in hand 876,516 703,895
2,614,134 2,141,756
CREDITORS
Amounts falling due within one year 6 (803,271 ) (595,965 )
NET CURRENT ASSETS 1,810,863 1,545,791
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,834,722

2,106,991

PROVISIONS FOR LIABILITIES (247,297 ) (130,680 )
NET ASSETS 2,587,425 1,976,311

CAPITAL AND RESERVES
Called up share capital 44,000 44,000
Retained earnings 2,543,425 1,932,311
2,587,425 1,976,311

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

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

LYNDHURST PRECISION ENGINEERING LIMITED (REGISTERED NUMBER: 02500010)

STATEMENT OF FINANCIAL POSITION - continued
31 MARCH 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 16 November 2023 and were signed by:





M Marriner - Director


LYNDHURST PRECISION ENGINEERING LIMITED (REGISTERED NUMBER: 02500010)

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


1. STATUTORY INFORMATION

Lyndhurst Precision Engineering Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 02500010 and its registered office address is Top Site, Crosse Hall Street, Chorley, Lancashire, PR6 0UH

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.

Going concern
At the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.

Significant judgements and estimates
In the application of the company's accounting policies, the director is required to make estimates and judgements. The estimates are based on historical experience and other relevant factors. Actual results may differ from these estimates.

The estimates are continually evaluated. Revisions to accounting estimates are recognised in the period in which the estimate is revised.

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are outlined below.

i) Estimating the useful economic life of an asset and the anticipated residual value are considered the key judgement in calculating an appropriate depreciation charge.

ii) Making judgement based on historical experience on the level of provision required for impairment of inventories. Further information received after the statement of financial position date may impact on the level of provision required.

iii) Making judgement based on historical experience on the valuation of amounts receivable on contracts.

Revenue
Revenue represents amounts chargeable to customers for the provision of engineering services, excluding value added tax and adjusted for changes in the levels of work in progress.

Revenue is recognised when a right to consideration has been obtained through performance under each contract. Consideration accrues as contract activity progresses by reference to the value of work performed. The revenue recognised is included at the fair value of consideration expected to be received on contracts after taking into account retentions and anticipated variations. Costs of post year end rectification work are provided as part of costs of sales.

Unbilled revenue is included in current year assets as 'Amounts recoverable on contracts'.

LYNDHURST PRECISION ENGINEERING LIMITED (REGISTERED NUMBER: 02500010)

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


2. ACCOUNTING POLICIES - continued

Property, plant and equipment
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.
Plant and machinery etc - 33% on cost, 25% on reducing balance, 15% on reducing balance and 10% on reducing balance

The residual values, estimated useful lives and depreciation method of property, plant and equipment are reviewed, and adjusted as appropriate, at each statement of financial position date. The effects of any revision are recognised in the income statement when the change arises.

Inventory
Inventories are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow-moving items. Net realisable value is estimated selling price less costs to complete and sell.

Cost includes any expenditure incurred in bringing the inventory to its present location and condition.
The cost comprises of actual purchase price.

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties and loans to related parties.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the income statement.

Basic financial liabilities are initially measured at transaction price and subsequently measured at amortised cost.

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.

LYNDHURST PRECISION ENGINEERING LIMITED (REGISTERED NUMBER: 02500010)

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


2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the statement of financial position. 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.

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.

Dividends
Equity dividends are recognised when they become legally payable and are no longer at the discretion of the company.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 52 (2022 - 49 ) .

4. PROPERTY, PLANT AND EQUIPMENT
Plant and
machinery
etc
£   
COST
At 1 April 2022 1,565,248
Additions 569,464
At 31 March 2023 2,134,712
DEPRECIATION
At 1 April 2022 1,004,048
Charge for year 106,805
At 31 March 2023 1,110,853
NET BOOK VALUE
At 31 March 2023 1,023,859
At 31 March 2022 561,200

LYNDHURST PRECISION ENGINEERING LIMITED (REGISTERED NUMBER: 02500010)

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


4. PROPERTY, PLANT AND EQUIPMENT - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
At 1 April 2022 29,750
Transfer to ownership (29,750 )
At 31 March 2023 -
DEPRECIATION
At 1 April 2022 22,690
Charge for year 1,765
Transfer to ownership (24,455 )
At 31 March 2023 -
NET BOOK VALUE
At 31 March 2023 -
At 31 March 2022 7,060

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 1,338,956 1,160,823
Other debtors 341,662 227,493
1,680,618 1,388,316

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts - 4,631
Hire purchase contracts - 9,372
Trade creditors 509,844 263,051
Taxation and social security 102,129 162,991
Other creditors 191,298 155,920
803,271 595,965

LYNDHURST PRECISION ENGINEERING LIMITED (REGISTERED NUMBER: 02500010)

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


7. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans - 4,631
Hire purchase contracts - 9,372
- 14,003

The bank loan was secured by a fixed and floating charge over all company assets.

The hire purchase contracts were secured on the assets concerned.