REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2023 |
FOR |
DUNCAN-LYNCH PRECISION TOOLS LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2023 |
FOR |
DUNCAN-LYNCH PRECISION TOOLS LIMITED |
DUNCAN-LYNCH PRECISION TOOLS LIMITED (REGISTERED NUMBER: 00694677) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
DUNCAN-LYNCH PRECISION TOOLS LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 30 JUNE 2023 |
DIRECTOR: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
DUNCAN-LYNCH PRECISION TOOLS LIMITED (REGISTERED NUMBER: 00694677) |
BALANCE SHEET |
30 JUNE 2023 |
30.6.23 | 30.6.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
SHAREHOLDERS' FUNDS |
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. |
DUNCAN-LYNCH PRECISION TOOLS LIMITED (REGISTERED NUMBER: 00694677) |
BALANCE SHEET - continued |
30 JUNE 2023 |
In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
DUNCAN-LYNCH PRECISION TOOLS LIMITED (REGISTERED NUMBER: 00694677) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2023 |
1. | STATUTORY INFORMATION |
Duncan-Lynch Precision Tools Limited is a private company limited by shares, registered in England and Wales (no. 00694677). The registered office is Weller Drive, Hogwood Industrial Estate. Finchampstead, Wokingham, Berkshire RG40 4QZ. |
The principal activity of the company is that of precision tool makers and sheet metal workers. |
The financial statements are presented in Pound Sterling (£), which is also the functional currency of the company. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Revenue (described as turnover) is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured at the fair value of the consideration received or receivable excluding discounts, rebates and value added tax. |
Revenue from the sale of goods is recognised when all of the following conditions are satisfied: |
- the company has transferred the significant risks and rewards of ownership to the buyer; |
- the company retains neither continuing managerial involvement to the degree usually associated |
with ownership nor effective control over the goods sold; |
- the amount of revenue can be measured reliably; |
- it is probable that the company will receive the consideration due under the transaction; and |
- the costs incurred or to be incurred in respect of the transaction can be measure reliably. |
Goodwill |
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer's interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measure at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the profit and loss account over its useful economic life of 10 years. |
DUNCAN-LYNCH PRECISION TOOLS LIMITED (REGISTERED NUMBER: 00694677) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2023 |
2. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
Tangible assets are stated at cost less accumulated depreciation and accumulated impairment losses. Depreciation on tangible assets is charged to profit or loss so as to write off their value, over their estimated useful lives, as below. Assets held under finance leases are depreciated in the same manner as owned assets. |
Freehold Property - 2.5% straight line |
Leasehold Property - 2.5% straight line |
Plant & Machinery - 20% reducing balance |
Office Equipment - 15-25% reducing balance |
Computer Equipment - 25% reducing balance |
At each balance sheet date, the company reviews the carrying amounts of its tangible assets to determine if any items have suffered an impairment loss. Any impairment loss is charged to profit or loss. |
Stocks |
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis Work in progress and finished goods include labour and attributable overheads. |
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less cost to complete and sell. The impairment loss is recognised immediately in the profit and loss account. |
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 debtors and creditors, loans from banks and other third parties, and loans to related parties. |
Short term debtors are measured at transaction price, less any impairment. Short term creditors are measured at transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest rate method. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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. |
DUNCAN-LYNCH PRECISION TOOLS LIMITED (REGISTERED NUMBER: 00694677) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2023 |
2. | ACCOUNTING POLICIES - continued |
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. |
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. |
Going concern |
The company depends on its existing bank facilities and loans from the director to meet its day to day working capital requirements. Current forecasts indicate that the company expects to be able to operate within these facilities for the foreseeable future. These facilities are renewed annually and are not guaranteed for the period covered by the going concern review, however the director is not aware of any circumstances that may adversely impact the renewal of these facilities. Accordingly, the director believes it is appropriate to prepare the financial statements on the going concern basis. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
DUNCAN-LYNCH PRECISION TOOLS LIMITED (REGISTERED NUMBER: 00694677) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2023 |
4. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 July 2022 |
Additions |
At 30 June 2023 |
AMORTISATION |
At 1 July 2022 |
Charge for year |
At 30 June 2023 |
NET BOOK VALUE |
At 30 June 2023 |
At 30 June 2022 |
5. | TANGIBLE FIXED ASSETS |
Freehold | Leasehold | Plant and |
property | property | machinery |
£ | £ | £ |
COST |
At 1 July 2022 |
Additions |
Disposals | ( |
) |
Transfer to ownership | - | - | - |
Reclassification/transfer |
At 30 June 2023 |
DEPRECIATION |
At 1 July 2022 |
Charge for year |
At 30 June 2023 |
NET BOOK VALUE |
At 30 June 2023 |
At 30 June 2022 |
DUNCAN-LYNCH PRECISION TOOLS LIMITED (REGISTERED NUMBER: 00694677) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2023 |
5. | TANGIBLE FIXED ASSETS - continued |
Office | Motor | Computer |
equipment | vehicles | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 July 2022 |
Additions |
Disposals | ( |
) |
Transfer to ownership | - | (7,411 | ) | - | (7,411 | ) |
Reclassification/transfer |
At 30 June 2023 |
DEPRECIATION |
At 1 July 2022 |
Charge for year |
At 30 June 2023 |
NET BOOK VALUE |
At 30 June 2023 |
At 30 June 2022 |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Plant and |
machinery |
etc |
£ |
COST |
At 1 July 2022 |
Additions |
Transfer to ownership | (108,471 | ) |
At 30 June 2023 |
DEPRECIATION |
At 1 July 2022 |
Charge for year |
Transfer to ownership | (33,057 | ) |
At 30 June 2023 |
NET BOOK VALUE |
At 30 June 2023 |
At 30 June 2022 |
DUNCAN-LYNCH PRECISION TOOLS LIMITED (REGISTERED NUMBER: 00694677) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2023 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.6.23 | 30.6.22 |
£ | £ |
Trade debtors |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.6.23 | 30.6.22 |
£ | £ |
Bank loans and overdrafts |
Hire purchase contracts (see note 9) |
Trade creditors |
Taxation and social security |
Other creditors |
The bank loans and overdrafts are secured by a first legal charge over Units E & F Hogwood Industrial Estate, a fixed and floating charge over the assets of the company, and by life cover in the name of the director, A T Lynch. |
The proceeds of factored debts creditor is secured on the trade debtors of the company. |
The hire purchase contracts are secured on the assets financed. |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
30.6.23 | 30.6.22 |
£ | £ |
Bank loans |
Hire purchase contracts (see note 9) |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans | 240,937 | 246,164 |
DUNCAN-LYNCH PRECISION TOOLS LIMITED (REGISTERED NUMBER: 00694677) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2023 |
9. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Hire purchase | contracts |
30.6.23 | 30.6.22 |
£ | £ |
Net obligations repayable: |
Within one year |
Between one and five years |
Non-cancellable | operating leases |
30.6.23 | 30.6.22 |
£ | £ |
Within one year |
Between one and five years |
10. | RELATED PARTY DISCLOSURES |
During the year sponsorship of £25,915 (2022 - £20,479) was paid to Rams Rugby Football Club Limited. The director of the company is also Chairman of Rams Rugby Football Club Limited. |