IRIS Accounts Production v23.2.0.158 03106340 director 1.4.22 31.3.23 31.3.23 false true false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh031063402022-03-31031063402023-03-31031063402022-04-012023-03-31031063402021-03-31031063402021-04-012022-03-31031063402022-03-3103106340ns10:Originalns15:EnglandWales2022-04-012023-03-3103106340ns14:PoundSterlingns10:Original2022-04-012023-03-3103106340ns10:Originalns10:Director12022-04-012023-03-3103106340ns10:Original2022-04-012023-03-3103106340ns10:Original2023-03-3103106340ns10:Originalns10:PrivateLimitedCompanyLtd2022-04-012023-03-3103106340ns10:Originalns10:SmallEntities2022-04-012023-03-3103106340ns10:Originalns10:AuditExempt-NoAccountantsReport2022-04-012023-03-3103106340ns10:Originalns10:SmallCompaniesRegimeForDirectorsReport2022-04-012023-03-3103106340ns10:SmallCompaniesRegimeForAccountsns10:Original2022-04-012023-03-3103106340ns10:Originalns10:FullAccounts2022-04-012023-03-3103106340ns10:CompanySecretary1ns10:Original2022-04-012023-03-3103106340ns10:Originalns10:RegisteredOffice2022-04-012023-03-3103106340ns10:Original2022-03-3103106340ns10:Originalns5:CurrentFinancialInstruments2023-03-3103106340ns10:Originalns5:CurrentFinancialInstruments2022-03-3103106340ns10:Originalns5:Non-currentFinancialInstruments2023-03-3103106340ns10:Originalns5:Non-currentFinancialInstruments2022-03-3103106340ns5:ShareCapitalns10:Original2023-03-3103106340ns5:ShareCapitalns10:Original2022-03-3103106340ns10:Originalns5:RetainedEarningsAccumulatedLosses2023-03-3103106340ns10:Originalns5:RetainedEarningsAccumulatedLosses2022-03-3103106340ns10:Originalns5:PlantMachinery2022-04-012023-03-3103106340ns10:Original2021-04-012022-03-3103106340ns10:Originalns5:PlantMachinery2022-03-3103106340ns10:Originalns5:PlantMachinery2023-03-3103106340ns10:Originalns5:PlantMachinery2022-03-3103106340ns10:Originalns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-03-3103106340ns10:Originalns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-03-31
REGISTERED NUMBER: 03106340 (England and Wales)















MICRO PRECISION ENGINEERING LIMITED

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023






MICRO PRECISION ENGINEERING LIMITED (REGISTERED NUMBER: 03106340)

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


MICRO PRECISION ENGINEERING LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2023







DIRECTOR: Y Croxall





SECRETARY: Y Croxall





REGISTERED OFFICE: Lyndon Farm
Holly Bush Lane
Rixton Warrington
Cheshire
WA3 6DZ





REGISTERED NUMBER: 03106340 (England and Wales)





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

MICRO PRECISION ENGINEERING LIMITED (REGISTERED NUMBER: 03106340)

STATEMENT OF FINANCIAL POSITION
31 MARCH 2023

2023 2022
Notes £    £   
FIXED ASSETS
Property, plant and equipment 4 172,009 151,524

CURRENT ASSETS
Inventories 6,137 5,124
Debtors 5 30,796 42,141
Cash at bank and in hand 57,908 66,203
94,841 113,468
CREDITORS
Amounts falling due within one year 6 (129,242 ) (132,245 )
NET CURRENT LIABILITIES (34,401 ) (18,777 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

137,608

132,747

CREDITORS
Amounts falling due after more than one
year

7

(22,991

)

(22,277

)

PROVISIONS FOR LIABILITIES (32,122 ) (20,521 )
NET ASSETS 82,495 89,949

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings 82,493 89,947
82,495 89,949

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 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.

MICRO PRECISION ENGINEERING LIMITED (REGISTERED NUMBER: 03106340)

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 21 November 2023 and were signed by:





Y Croxall - Director


MICRO PRECISION ENGINEERING LIMITED (REGISTERED NUMBER: 03106340)

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


1. STATUTORY INFORMATION

Micro Precision Engineering Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 03106340 and registered office address is Lyndon Farm, Holly Bush Lane, Rixton, Warrington, Cheshire, WA3 6DZ.

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
The director is satisfied that the company is a going concern and that the financial statements are correctly prepared on this basis.

Significant judgements and estimates
There are currently no significant judgements and estimates applied by the director which are considered key to the preparation of the financial statements.

Revenue
Revenue comprises the fair value of the engineering services provided, net of value-added tax, rebates and discounts.

Service revenues are recognised as those services are provided to customers.

Property, plant and equipment
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 33.3% on cost, 25% on reducing balance, 10% on reducing balance and 5% on cost

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.

Inventories
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, being the transaction price less any amounts settled.

MICRO PRECISION ENGINEERING LIMITED (REGISTERED NUMBER: 03106340)

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


2. ACCOUNTING POLICIES - continued

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.

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.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 3 ) .

MICRO PRECISION ENGINEERING LIMITED (REGISTERED NUMBER: 03106340)

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


4. PROPERTY, PLANT AND EQUIPMENT
Plant and
machinery
etc
£   
COST
At 1 April 2022 302,098
Additions 54,902
Disposals (32,390 )
At 31 March 2023 324,610
DEPRECIATION
At 1 April 2022 150,574
Charge for year 25,308
Eliminated on disposal (23,281 )
At 31 March 2023 152,601
NET BOOK VALUE
At 31 March 2023 172,009
At 31 March 2022 151,524

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 27,579 38,927
Other debtors 3,217 3,214
30,796 42,141

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Hire purchase contracts 7,170 7,374
Trade creditors 4,996 16,055
Taxation and social security 8,222 14,095
Other creditors 108,854 94,721
129,242 132,245

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Hire purchase contracts 22,991 22,277

MICRO PRECISION ENGINEERING LIMITED (REGISTERED NUMBER: 03106340)

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


8. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Hire purchase contracts 30,161 29,651

The hire purchase contracts are secured on the assets concerned.