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REGISTERED NUMBER: 03657036 (England and Wales)
























UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

FOR

MICROTEC ADVANCED MANUFACTURING LIMITED

MICROTEC ADVANCED MANUFACTURING LIMITED (REGISTERED NUMBER: 03657036)

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










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


MICROTEC ADVANCED MANUFACTURING LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2023







DIRECTORS: S M West
Mrs C M Preston
J A Preston
Mrs M J West
A L Lovell
Mrs L K M Lovell





REGISTERED OFFICE: Units 35-36 The Warren
East Goscote Industrial Estate
East Goscote
Leicestershire
LE7 3XA





REGISTERED NUMBER: 03657036 (England and Wales)





ACCOUNTANTS: TC Group
31 High View Close
Hamilton Office Park
Leicester
Leicestershire
LE4 9LJ

MICROTEC ADVANCED MANUFACTURING LIMITED (REGISTERED NUMBER: 03657036)

BALANCE SHEET
31 MARCH 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 150,210 103,225

CURRENT ASSETS
Stocks 117,060 111,797
Debtors 5 392,233 236,191
Cash at bank and in hand 9,100 -
518,393 347,988
CREDITORS
Amounts falling due within one year 6 411,570 253,406
NET CURRENT ASSETS 106,823 94,582
TOTAL ASSETS LESS CURRENT LIABILITIES 257,033 197,807

CREDITORS
Amounts falling due after more than
one year

7

(93,754

)

(73,103

)

PROVISIONS FOR LIABILITIES (12,440 ) (19,011 )
NET ASSETS 150,839 105,693

CAPITAL AND RESERVES
Called up share capital 150 150
Retained earnings 150,689 105,543
150,839 105,693

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 directors acknowledge their 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.

MICROTEC ADVANCED MANUFACTURING LIMITED (REGISTERED NUMBER: 03657036)

BALANCE SHEET - 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 Board of Directors and authorised for issue on 13 November 2023 and were signed on its behalf by:





J A Preston - Director


MICROTEC ADVANCED MANUFACTURING LIMITED (REGISTERED NUMBER: 03657036)

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


1. STATUTORY INFORMATION

Microtec Advanced Manufacturing 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.

Tangible fixed assets
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 - 25% on cost and 10% on cost
Fixtures and fittings - 25% on cost and 10% on cost
Motor vehicles - 25% 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.

MICROTEC ADVANCED MANUFACTURING LIMITED (REGISTERED NUMBER: 03657036)

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 balance sheet. 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.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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 18 (2022 - 16 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
COST
At 1 April 2022 460,401 12,670 12,495 485,566
Additions 80,259 4,346 - 84,605
Disposals (9,000 ) (322 ) - (9,322 )
At 31 March 2023 531,660 16,694 12,495 560,849
DEPRECIATION
At 1 April 2022 369,462 9,755 3,124 382,341
Charge for year 33,064 1,344 3,124 37,532
Eliminated on disposal (9,000 ) (234 ) - (9,234 )
At 31 March 2023 393,526 10,865 6,248 410,639
NET BOOK VALUE
At 31 March 2023 138,134 5,829 6,247 150,210
At 31 March 2022 90,939 2,915 9,371 103,225


5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 323,878 234,548
Other debtors 68,355 1,643
392,233 236,191

MICROTEC ADVANCED MANUFACTURING LIMITED (REGISTERED NUMBER: 03657036)

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


6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 10,000 28,015
Hire purchase contracts 23,458 30,554
Trade creditors 89,397 41,229
Taxation and social security 59,481 40,468
Other creditors 229,234 113,140
411,570 253,406

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Hire purchase contracts 65,421 34,766
Other creditors 28,333 38,337
93,754 73,103

8. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank overdraft - 18,019
Hire purchase contracts 88,879 65,320
88,879 83,339

Any bank overdraft is secured by joint and several personal guarantees given by certain directors.
Net obligations under finance lease and hire purchase contracts are secured by fixed charges on the assets concerned.

9. RELATED PARTY DISCLOSURES

Other creditors include directors loan accounts of £91,625 (2022 £45,445). The loans are interest free and repayable on demand.