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COMPANY REGISTRATION NUMBER: 1631071
Precision Dippings Manufacturing Ltd
Filleted Unaudited Financial Statements
30 September 2023
Precision Dippings Manufacturing Ltd
Statement of Financial Position
30 September 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
5
499,193
255,100
Current assets
Stocks
258,910
268,833
Debtors
6
267,576
269,210
Cash at bank and in hand
964,880
1,230,474
------------
------------
1,491,366
1,768,517
Creditors: amounts falling due within one year
7
462,956
553,127
------------
------------
Net current assets
1,028,410
1,215,390
------------
------------
Total assets less current liabilities
1,527,603
1,470,490
Creditors: amounts falling due after more than one year
8
106,825
201,650
Provisions
Taxation including deferred tax
101,052
36,250
------------
------------
Net assets
1,319,726
1,232,590
------------
------------
Capital and reserves
Called up share capital
9
540
400
Profit and loss account
1,319,186
1,232,190
------------
------------
Shareholders funds
1,319,726
1,232,590
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 30 September 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Precision Dippings Manufacturing Ltd
Statement of Financial Position (continued)
30 September 2023
These financial statements were approved by the board of directors and authorised for issue on 19 January 2024 , and are signed on behalf of the board by:
D P W King
Director
Company registration number: 1631071
Precision Dippings Manufacturing Ltd
Notes to the Financial Statements
Year ended 30 September 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Lawrence Drive, Stover Trading Estate, Yate, Bristol, BS37 5PG.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant & machinery
-
20% straight line
Fixtures & fittings
-
20% straight line
Motor vehicles
-
25% reducing balance
Equipment
-
50% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases or hire purchase contracts are capitalised and depreciated in the same manner as other tangible fixed assets. The related obligations, net of future finance charges, are included in creditors.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 36 (2022: 35 ).
5. Tangible assets
Land and buildings
Plant and machinery
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
£
Cost
At 1 Oct 2022
171,116
1,156,899
7,676
82,682
41,489
1,459,862
Additions
376,040
5,508
381,548
---------
------------
-------
--------
--------
------------
At 30 Sep 2023
171,116
1,532,939
7,676
82,682
46,997
1,841,410
---------
------------
-------
--------
--------
------------
Depreciation
At 1 Oct 2022
171,115
963,292
7,675
26,519
36,161
1,204,762
Charge for the year
115,338
14,040
8,077
137,455
---------
------------
-------
--------
--------
------------
At 30 Sep 2023
171,115
1,078,630
7,675
40,559
44,238
1,342,217
---------
------------
-------
--------
--------
------------
Carrying amount
At 30 Sep 2023
1
454,309
1
42,123
2,759
499,193
---------
------------
-------
--------
--------
------------
At 30 Sep 2022
1
193,607
1
56,163
5,328
255,100
---------
------------
-------
--------
--------
------------
6. Debtors
2023
2022
£
£
Trade debtors
253,265
247,201
Other debtors
14,311
22,009
---------
---------
267,576
269,210
---------
---------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
36,000
36,000
Trade creditors
216,138
186,196
Corporation tax
32,319
152,870
Social security and other taxes
37,787
19,592
Other creditors
140,712
158,469
---------
---------
462,956
553,127
---------
---------
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
60,000
96,000
Other creditors
46,825
105,650
---------
---------
106,825
201,650
---------
---------
The bank loan is secured by a fixed and floating charge over the Company's assets.
9. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
120
120
50
50
Ordinary Class A shares of £ 1 each
60
60
50
50
Ordinary Class B shares of £ 1 each
60
60
50
50
Ordinary Class C shares of £ 1 each
240
240
200
200
Ordinary Class D shares of £ 1 each
30
30
25
25
Ordinary Class E shares of £1 each
30
30
25
25
----
----
----
----
540
540
400
400
----
----
----
----
10. Other financial commitments
The company had financial commitments not included in the balance sheet of £358,685 (2022: £32,362).