Company Registration No. 08418347 (England and Wales)
ADVANCED PRECISION CNC LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
PAGES FOR FILING WITH REGISTRAR
ADVANCED PRECISION CNC LIMITED
COMPANY INFORMATION
Director
Mr P Grace
Company number
08418347
Registered office
Regency House
48 Birmingham Road
Bromsgrove
Worcestershire
B61 0DD
Accountants
Ormerod Rutter Limited
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
Bankers
Lloyds Bank Plc
112 High Street
Bromsgrove
Worcestershire
B61 8EZ
ADVANCED PRECISION CNC LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 9
ADVANCED PRECISION CNC LIMITED
ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF ADVANCED PRECISION CNC LIMITED FOR THE YEAR ENDED 31 JULY 2023
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Advanced Precision CNC Limited for the year ended 31 July 2023 which comprise, the balance sheet 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 Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/members/regulations-standards-and-guidance.
This report is made solely to the Board of Directors of Advanced Precision CNC 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 Advanced Precision CNC Limited and state those matters that we have agreed to state to the Board of Directors of Advanced Precision CNC Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Advanced Precision CNC Limited and its Board of Directors as a body, for our work or for this report.
It is your duty to ensure that Advanced Precision CNC 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 Advanced Precision CNC Limited. You consider that Advanced Precision CNC 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 Advanced Precision CNC 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.
Ormerod Rutter Limited
8 November 2023
Chartered Accountants
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
ADVANCED PRECISION CNC LIMITED
BALANCE SHEET
AS AT 31 JULY 2023
31 July 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
640,590
718,680
Current assets
Stocks
2,890
3,020
Debtors
5
322,159
254,281
Cash at bank and in hand
34,587
101,024
359,636
358,325
Creditors: amounts falling due within one year
6
(296,389)
(426,717)
Net current assets/(liabilities)
63,247
(68,392)
Total assets less current liabilities
703,837
650,288
Creditors: amounts falling due after more than one year
7
(240,781)
(169,906)
Provisions for liabilities
8
(70,969)
(78,669)
Net assets
392,087
401,713
Capital and reserves
Called up share capital
10
110
110
Profit and loss reserves
391,977
401,603
Total equity
392,087
401,713
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
ADVANCED PRECISION CNC LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 JULY 2023
31 July 2023
- 3 -
The financial statements were approved and signed by the director and authorised for issue on 8 November 2023.
Mr P Grace
Director
Company Registration No. 08418347
ADVANCED PRECISION CNC LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
- 4 -
1
Accounting policies
Company information
Advanced Precision CNC Limited is a private company limited by shares incorporated in England and Wales. The registered office is Regency House, 48 Birmingham Road, Bromsgrove, Worcestershire, B61 0DD.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from the provision of services is recognised by reference to the stage of completion, when the costs incurred and costs to complete can be estimated reliably.
1.3
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is fully amortised.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold property
not provided
Improvements to property
25% on reducing balance
Plant and equipment
25% on reducing balance
Fixtures and fittings
25% on reducing balance
Computer equipment
25% on reducing balance
Motor vehicles
25% on reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
ADVANCED PRECISION CNC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
1
Accounting policies
(Continued)
- 5 -
No depreciation is provided on freehold property. This treatment may be a departure from the requirements of Companies Act 2006 concerning depreciation of fixed assets, however, the company follows a program of regular refurbishment and maintenance of its properties, which includes the reinstatement of the fabric of the buildings where necessary in order to maintain them to a high standard. Accordingly, in the opinion of the directors, any element of depreciation would be immaterial and no provision has been made, as the residual value would be in excess of cost.
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of replacement cost and cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.7
Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.8
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
ADVANCED PRECISION CNC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
1
Accounting policies
(Continued)
- 6 -
1.9
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to the profit and loss account so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 17 (2022 - 17).
3
Intangible fixed assets
Goodwill
£
Cost
At 1 August 2022 and 31 July 2023
60,000
Amortisation and impairment
At 1 August 2022 and 31 July 2023
60,000
Carrying amount
At 31 July 2023
At 31 July 2022
ADVANCED PRECISION CNC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 7 -
4
Tangible fixed assets
Freehold property
Improvements to property
Plant and equipment
Fixtures and fittings
Computer equipment
Motor vehicles
Total
£
£
£
£
£
£
£
Cost
At 1 August 2022
294,081
18,291
950,333
17,728
3,798
8,000
1,292,231
Additions
37,418
37,418
At 31 July 2023
294,081
18,291
987,751
17,728
3,798
8,000
1,329,649
Depreciation and impairment
At 1 August 2022
14,967
534,965
12,791
2,825
8,000
573,548
Depreciation charged in the year
831
113,200
1,236
244
115,511
At 31 July 2023
15,798
648,165
14,027
3,069
8,000
689,059
Carrying amount
At 31 July 2023
294,081
2,493
339,586
3,701
729
640,590
At 31 July 2022
294,081
3,324
415,367
4,937
971
718,680
ADVANCED PRECISION CNC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 8 -
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
231,309
202,284
Amounts owed by group undertakings
52,270
51,997
Other debtors
38,580
322,159
254,281
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
42,692
29,621
Trade creditors
74,196
225,946
Taxation and social security
75,406
51,796
Other creditors
104,095
119,354
296,389
426,717
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
164,629
160,804
Other creditors
76,152
9,102
240,781
169,906
8
Provisions for liabilities
2023
2022
£
£
Deferred tax liabilities
70,969
78,669
ADVANCED PRECISION CNC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 9 -
9
Secured debts
The following secured debts are included within creditors:
2023
2022
£
£
Hire purchase contracts
109,302
54,060
Bank loans
207,321
190,425
316,623
244,485
Hire purchase contracts are secured against the assets to which they relate.
Bank loans are secured by way of a fixed and floating charge over all assets of the company and by way of a government-backed guarantee.
10
Called up share capital
2023
2022
£
£
Ordinary share capital
Authorised
100 Ordinary of £1 each
100
100
10 Ordinary B of £1 each
10
10
110
110
11
Related party transactions
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.
12
Control
Ultimate parent company
The ultimate parent company is Advanced Precision Holdings Ltd, a company registered in England and Wales.
Ultimate controlling party
The ultimate controlling party is Mr P Grace, by virtue of his controlling interest in the ultimate parent company.
2023-07-312022-08-01false08 November 2023CCH SoftwareCCH Accounts Production 2023.300No description of principal activityMr P Gracefalse084183472022-08-012023-07-3108418347bus:Director12022-08-012023-07-3108418347bus:RegisteredOffice2022-08-012023-07-3108418347bus:Agent12022-08-012023-07-31084183472023-07-31084183472022-07-3108418347core:LandBuildingscore:OwnedOrFreeholdAssets2023-07-3108418347core:LeaseholdImprovements2023-07-3108418347core:PlantMachinery2023-07-3108418347core:FurnitureFittings2023-07-3108418347core:ComputerEquipment2023-07-3108418347core:MotorVehicles2023-07-3108418347core:LandBuildingscore:OwnedOrFreeholdAssets2022-07-3108418347core:LeaseholdImprovements2022-07-3108418347core:PlantMachinery2022-07-3108418347core:FurnitureFittings2022-07-3108418347core:ComputerEquipment2022-07-3108418347core:MotorVehicles2022-07-3108418347core:CurrentFinancialInstrumentscore:WithinOneYear2023-07-3108418347core:CurrentFinancialInstrumentscore:WithinOneYear2022-07-3108418347core:CurrentFinancialInstruments2023-07-3108418347core:CurrentFinancialInstruments2022-07-3108418347core:Non-currentFinancialInstruments2023-07-3108418347core:Non-currentFinancialInstruments2022-07-3108418347core:ShareCapital2023-07-3108418347core:ShareCapital2022-07-3108418347core:RetainedEarningsAccumulatedLosses2023-07-3108418347core:RetainedEarningsAccumulatedLosses2022-07-3108418347core:Goodwill2022-08-012023-07-3108418347core:LandBuildingscore:OwnedOrFreeholdAssets2022-08-012023-07-3108418347core:LeaseholdImprovementscore:LeasedAssetsHeldAsLessee2022-08-012023-07-3108418347core:PlantMachinery2022-08-012023-07-3108418347core:FurnitureFittings2022-08-012023-07-3108418347core:ComputerEquipment2022-08-012023-07-3108418347core:MotorVehicles2022-08-012023-07-3108418347core:NetGoodwill2022-07-3108418347core:NetGoodwill2023-07-3108418347core:NetGoodwill2022-07-3108418347core:LandBuildingscore:OwnedOrFreeholdAssets2022-07-3108418347core:LeaseholdImprovements2022-07-3108418347core:PlantMachinery2022-07-3108418347core:FurnitureFittings2022-07-3108418347core:ComputerEquipment2022-07-3108418347core:MotorVehicles2022-07-31084183472022-07-3108418347core:LeaseholdImprovements2022-08-012023-07-3108418347bus:PrivateLimitedCompanyLtd2022-08-012023-07-3108418347bus:SmallCompaniesRegimeForAccounts2022-08-012023-07-3108418347bus:FRS1022022-08-012023-07-3108418347bus:AuditExemptWithAccountantsReport2022-08-012023-07-3108418347bus:FullAccounts2022-08-012023-07-31xbrli:purexbrli:sharesiso4217:GBP