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REGISTERED NUMBER: 02675724 (England and Wales)












NEWMAX PRECISION ENGINEERING LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2023






NEWMAX PRECISION ENGINEERING LIMITED (REGISTERED NUMBER: 02675724)






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


NEWMAX PRECISION ENGINEERING LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 JUNE 2023







DIRECTORS: M J Burrows
Mrs J G Burrows





REGISTERED OFFICE: 30a Westfield Road
Hinckley
Leicestershire
LE10 0QW





REGISTERED NUMBER: 02675724 (England and Wales)





ACCOUNTANTS: Cairns Bailey Ltd
20 Birmingham Road
Walsall
West Midlands
WS1 2LT

NEWMAX PRECISION ENGINEERING LIMITED (REGISTERED NUMBER: 02675724)

BALANCE SHEET
30 JUNE 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 215,909 239,680

CURRENT ASSETS
Stocks 156,172 129,904
Debtors 5 495,274 677,770
Cash at bank 74,661 44,201
726,107 851,875
CREDITORS
Amounts falling due within one year 6 313,377 443,278
NET CURRENT ASSETS 412,730 408,597
TOTAL ASSETS LESS CURRENT
LIABILITIES

628,639

648,277

CREDITORS
Amounts falling due after more than one
year

7

(41,667

)

(61,667

)

PROVISIONS FOR LIABILITIES (27,405 ) (27,405 )
NET ASSETS 559,567 559,205

CAPITAL AND RESERVES
Called up share capital 13,000 13,000
Revaluation reserve 8 205,546 205,546
Retained earnings 341,021 340,659
SHAREHOLDERS' FUNDS 559,567 559,205

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.

NEWMAX PRECISION ENGINEERING LIMITED (REGISTERED NUMBER: 02675724)

BALANCE SHEET - 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 7 March 2024 and were signed on its behalf by:





M J Burrows - Director


NEWMAX PRECISION ENGINEERING LIMITED (REGISTERED NUMBER: 02675724)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

1. STATUTORY INFORMATION

Newmax 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 as modified by the revaluation of certain assets.

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 - 20% on cost and 10% 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 Statement of Income and Retained Earnings, 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.

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.

NEWMAX PRECISION ENGINEERING LIMITED (REGISTERED NUMBER: 02675724)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 (2022 - 10 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST OR VALUATION
At 1 July 2022
and 30 June 2023 419,180
DEPRECIATION
At 1 July 2022 179,500
Charge for year 23,771
At 30 June 2023 203,271
NET BOOK VALUE
At 30 June 2023 215,909
At 30 June 2022 239,680

Cost or valuation at 30 June 2023 is represented by:

Plant and
machinery
etc
£   
Valuation in 2023 419,180

Fixed assets, included in the above, which are held under hire purchase contracts or finance leases are as follows:

Plant and
machinery
etc
£   
COST OR VALUATION
At 1 July 2022
and 30 June 2023 180,000
DEPRECIATION
At 1 July 2022 85,515
Charge for year 18,000
At 30 June 2023 103,515
NET BOOK VALUE
At 30 June 2023 76,485
At 30 June 2022 94,485

NEWMAX PRECISION ENGINEERING LIMITED (REGISTERED NUMBER: 02675724)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 69,556 197,407
Other debtors 425,718 480,363
495,274 677,770

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 20,000 20,000
Trade creditors 170,611 279,435
Taxation and social security 18,388 41,667
Other creditors 104,378 102,176
313,377 443,278

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 41,667 61,667

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 41,667 61,667

8. RESERVES

Revaluation Reserve

The reserve relates to the revaluation of tangible fixed assets.