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REGISTERED NUMBER: 03215374 (England and Wales)















Unaudited Financial Statements for the Year Ended 30 June 2023

for

True Precision Engineering Limited

True Precision Engineering Limited (Registered number: 03215374)






Contents of the Financial Statements
for the Year Ended 30 June 2023




Page

Company Information 1

Chartered Certified Accountants' Report 2

Statement of Financial Position 3

Notes to the Financial Statements 5


True Precision Engineering Limited

Company Information
for the Year Ended 30 June 2023







DIRECTORS: Mr C Musgrove
Mr D Musgrove
Mrs L Musgrove
Mrs L Musgrove





SECRETARY: Mr C Musgrove





REGISTERED OFFICE: Ryton Industrial Estate
Newburn Bridge Road
Blaydon
Tyne and Wear
NE21 4SQ





REGISTERED NUMBER: 03215374 (England and Wales)





ACCOUNTANTS: Peter A Hodgson & Co Limited
Chartered Certified Accountants
Hett Mill Cottage
Hett
Durham
DH6 5LN

Chartered Certified Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
True Precision Engineering Limited

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Statement of Financial Position. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of True Precision Engineering Limited for the year ended 30 June 2023 which comprise the Income Statement, Statement of Financial Position and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook.

This report is made solely to the Board of Directors of True Precision Engineering Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of True Precision Engineering Limited and state those matters that we have agreed to state to the Board of Directors of True Precision Engineering Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that True Precision Engineering Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of True Precision Engineering Limited. You consider that True Precision Engineering Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of True Precision Engineering Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Peter A Hodgson & Co Limited
Chartered Certified Accountants
Hett Mill Cottage
Hett
Durham
DH6 5LN


22 February 2024

True Precision Engineering Limited (Registered number: 03215374)

Statement of Financial Position
30 June 2023

30.6.23 30.6.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 213,347 85,568

CURRENT ASSETS
Stocks 10,313 5,159
Debtors 5 309,393 324,440
Cash at bank and in hand 544,971 476,885
864,677 806,484
CREDITORS
Amounts falling due within one year 6 179,284 149,668
NET CURRENT ASSETS 685,393 656,816
TOTAL ASSETS LESS CURRENT
LIABILITIES

898,740

742,384

CREDITORS
Amounts falling due after more than
one year

7

(49,255

)

-

PROVISIONS FOR LIABILITIES (40,188 ) (15,283 )
NET ASSETS 809,297 727,101

CAPITAL AND RESERVES
Called up share capital 9 1,000 1,000
Retained earnings 10 808,297 726,101
SHAREHOLDERS' FUNDS 809,297 727,101

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 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.

True Precision Engineering Limited (Registered number: 03215374)

Statement of Financial Position - continued
30 June 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 22 February 2024 and were signed on its behalf by:




Mr C Musgrove - Director



Mr D Musgrove - Director


True Precision Engineering Limited (Registered number: 03215374)

Notes to the Financial Statements
for the Year Ended 30 June 2023

1. STATUTORY INFORMATION

True Precision Engineering 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 etc - 25% on reducing balance, 20% on reducing balance and 15% on reducing balance

Stocks
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

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.


True Precision Engineering Limited (Registered number: 03215374)

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 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.

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 16 (2022 - 17 ) .

True Precision Engineering Limited (Registered number: 03215374)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2023

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 July 2022 762,885 9,967 9,700 7,752 790,304
Additions 124,000 8,354 17,150 - 149,504
Disposals (125,923 ) - (3,700 ) - (129,623 )
At 30 June 2023 760,962 18,321 23,150 7,752 810,185
DEPRECIATION
At 1 July 2022 690,622 5,390 5,430 3,294 704,736
Charge for year 16,565 1,543 1,450 542 20,100
Eliminated on disposal (124,804 ) - (3,194 ) - (127,998 )
At 30 June 2023 582,383 6,933 3,686 3,836 596,838
NET BOOK VALUE
At 30 June 2023 178,579 11,388 19,464 3,916 213,347
At 30 June 2022 72,263 4,577 4,270 4,458 85,568

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and
machinery
£   
COST
Additions 99,000
At 30 June 2023 99,000
DEPRECIATION
Charge for year 1,824
At 30 June 2023 1,824
NET BOOK VALUE
At 30 June 2023 97,176

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.23 30.6.22
£    £   
Trade debtors 299,120 314,365
Other debtors 10,273 10,075
309,393 324,440

True Precision Engineering Limited (Registered number: 03215374)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2023

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.23 30.6.22
£    £   
Hire purchase contracts (see note 8)
26,845

-
Trade creditors 69,424 34,198
Taxation and social security 43,268 93,937
Other creditors 39,747 21,533
179,284 149,668

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
30.6.23 30.6.22
£    £   
Hire purchase contracts (see note 8)
49,255

-

8. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
30.6.23 30.6.22
£    £   
Net obligations repayable:
Within one year 26,845 -
Between one and five years 49,255 -
76,100 -

Non-cancellable operating leases
30.6.23 30.6.22
£    £   
Between one and five years 25,685 6,976

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.6.23 30.6.22
value: £    £   
998 Ordinary A Shares £1 998 998
2 Ordinary B Shares £1 2 2
1,000 1,000

True Precision Engineering Limited (Registered number: 03215374)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2023

10. RESERVES
Retained
earnings
£   

At 1 July 2022 726,101
Profit for the year 216,091
Dividends (133,895 )
At 30 June 2023 808,297

11. RELATED PARTY DISCLOSURES

Mr C Musgrove and Mr D Musgrove are partners in True Precision Engineering, from whom the company rents a factory at an annual rent of £51,600 (2022 - £51,600) on normal commercial terms.