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REGISTERED NUMBER: 04255726 (England and Wales)















Hewnett Precision Limited

Unaudited Financial Statements

for the Year Ended 30 September 2023






Hewnett Precision Limited (Registered number: 04255726)






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




Page

Company Information 1

Abridged Statement of Financial Position 2

Notes to the Financial Statements 4


Hewnett Precision Limited

Company Information
for the Year Ended 30 September 2023







DIRECTORS: S Hewart
R E Netto



REGISTERED OFFICE: 4 King Square
Bridgwater
Somerset
TA6 3YF



REGISTERED NUMBER: 04255726 (England and Wales)



ACCOUNTANTS: Maxwells
Chartered Accountants
4 King Square
Bridgwater
Somerset
TA6 3YF



BANKERS: National Westminster Bank plc
9 York Buildings
Cornhill
Bridgwater
Somerset
TA6 3BA

Hewnett Precision Limited (Registered number: 04255726)

Abridged Statement of Financial Position
30 September 2023

30.9.23 30.9.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 261,563 247,632

CURRENT ASSETS
Stocks 9,918 11,085
Debtors 96,875 89,629
Cash at bank 12,394 12,035
119,187 112,749
CREDITORS
Amounts falling due within one year 194,534 194,405
NET CURRENT LIABILITIES (75,347 ) (81,656 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

186,216

165,976

CREDITORS
Amounts falling due after more than one year 6 (145,375 ) (151,682 )

PROVISIONS FOR LIABILITIES (17,645 ) (12,714 )
NET ASSETS 23,196 1,580

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings 23,194 1,578
SHAREHOLDERS' FUNDS 23,196 1,580

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

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

Hewnett Precision Limited (Registered number: 04255726)

Abridged Statement of Financial Position - continued
30 September 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Statement of Financial Position for the year ended 30 September 2023 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 4 April 2024 and were signed on its behalf by:





R E Netto - Director


Hewnett Precision Limited (Registered number: 04255726)

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

1. STATUTORY INFORMATION

Hewnett Precision 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. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
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.

Freehold property - not provided
Improvements to property - 2% on cost
Plant and machinery - 20% on reducing balance and 20% on cost
Office equipment - 15% on reducing balance
Motor vehicles - 25% on reducing balance

The directors consider that the freehold property is maintained in such a state of repair that its residual value is at least equal to its carrying value. Accordingly, no depreciation is charged on the grounds of immateriality. Non-depreciation of the freehold property is a departure from the Companies Act 2006, and is considered to be necessary by the directors to ensure that the financial statements give a true and fair view.

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 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.


Hewnett Precision Limited (Registered number: 04255726)

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

3. 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.

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.

4. EMPLOYEES AND DIRECTORS

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

5. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 October 2022 683,600
Additions 31,813
At 30 September 2023 715,413
DEPRECIATION
At 1 October 2022 435,968
Charge for year 17,882
At 30 September 2023 453,850
NET BOOK VALUE
At 30 September 2023 261,563
At 30 September 2022 247,632


Hewnett Precision Limited (Registered number: 04255726)

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

5. TANGIBLE FIXED ASSETS - continued

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

Totals
£   
COST
At 1 October 2022 147,460
Additions 31,813
Transfer to ownership (147,460 )
Reclassification/transfer 104,500
At 30 September 2023 136,313
DEPRECIATION
At 1 October 2022 147,460
Charge for year 10,633
Transfer to ownership (147,460 )
Reclassification/transfer 82,585
At 30 September 2023 93,218
NET BOOK VALUE
At 30 September 2023 43,095
At 30 September 2022 -

6. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE
YEARS
30.9.23 30.9.22
£    £   
Repayable by instalments
Bank loans - 6,927

7. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts Finance leases
30.9.23 30.9.22 30.9.23 30.9.22
£    £    £    £   
Net obligations repayable:
Within one year 33,930 14,700 305 -
Between one and five years 46,520 - 1,066 -
80,450 14,700 1,371 -

Hewnett Precision Limited (Registered number: 04255726)

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

7. LEASING AGREEMENTS - continued

Non-cancellable operating leases
30.9.23 30.9.22
£    £   
Within one year 4,281 3,455
Between one and five years 6,779 4,895
11,060 8,350

8. SECURED DEBTS

The following secured debts are included within creditors:

30.9.23 30.9.22
£    £   
Bank loans 45,172 55,505
Other loans 106,883 176,791
Hire purchase contracts and finance leases 81,821 14,700
233,876 246,996

Bank loans and overdrafts are secured by a legal charge over the company's freehold property and its associated assets and a personal guarantee for £10,000 given by the directors. The bank loan is repayable by monthly instalments over 19 years with an interest rate of 2% per annum above bank base rate. The bank loan taken out in 2015 is also secured by a legal charge over the company's freehold property and a personal guarantee for £28,000 given by the directors. The bank loan is repayable by monthly instalment over 10 years with an interest rate of 3.75% per annum above bank base rate.

The other loans in the current year and previous year relate, in part, to Funding Circle which are secured by a personal guarantee given by the directors, R Netto and S Hewart. There is a further Funding Circle balance which relates to a government backed Coronavirus Business Interruption Loan.

The hire purchase and finance lease liabilities are secured by a fixed charge over the financed assets.

9. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is S Hewart and R E Netto.

The above directors jointly controlled the company during the current and previous period, by virtue of the fact that they own all of the company's issued share capital.