REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
MICROJET PRECISION SERVICES LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
MICROJET PRECISION SERVICES LIMITED |
MICROJET PRECISION SERVICES LIMITED (REGISTERED NUMBER: 08518938) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
Page |
Statement of Financial Position | 1 |
Notes to the Financial Statements | 3 |
Chartered Certified Accountants' Report | 7 |
MICROJET PRECISION SERVICES LIMITED (REGISTERED NUMBER: 08518938) |
STATEMENT OF FINANCIAL POSITION |
31 DECEMBER 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Property, plant and equipment | 4 |
370,453 | 383,533 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 7 | ( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
ACCRUALS AND DEFERRED INCOME | 9 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 10 |
Revaluation reserve | 11 |
Retained earnings |
SHAREHOLDERS' FUNDS |
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. |
MICROJET PRECISION SERVICES LIMITED (REGISTERED NUMBER: 08518938) |
STATEMENT OF FINANCIAL POSITION - continued |
31 DECEMBER 2023 |
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 |
MICROJET PRECISION SERVICES LIMITED (REGISTERED NUMBER: 08518938) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
1. | STATUTORY INFORMATION |
Microjet Precision Services Limited is a |
Registered number: |
Registered office: |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover represents net invoiced sales of goods and services carried out by the company in accordance with the principal activities outlined in the report of the directors, excluding value added tax and net of sales discounts. |
Tangible fixed assets |
Freehold property | - |
Plant and machinery | - |
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 statement of financial position date. |
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. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2022 - NIL). |
MICROJET PRECISION SERVICES LIMITED (REGISTERED NUMBER: 08518938) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
4. | PROPERTY, PLANT AND EQUIPMENT |
Freehold | Plant and |
property | machinery | Totals |
£ | £ | £ |
COST OR VALUATION |
At 1 January 2023 |
and 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
Cost or valuation at 31 December 2023 is represented by: |
Freehold | Plant and |
property | machinery | Totals |
£ | £ | £ |
Valuation in 2020 | 48,117 | - | 48,117 |
Cost | 301,883 | 181,471 | 483,354 |
350,000 | 181,471 | 531,471 |
If freehold land and buildings had not been revalued they would have been included at the following historical cost: |
2023 | 2022 |
£ | £ |
Cost | 301,883 | 301,883 |
Aggregate depreciation | 61,898 | 55,860 |
Freehold land and buildings were valued on an open market basis on 10 December 2020 by Innes England Limited . |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
MICROJET PRECISION SERVICES LIMITED (REGISTERED NUMBER: 08518938) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans more 5 yr by instal | - | 19,186 |
8. | SECURED DEBTS |
The following secured debts are included within creditors: |
2023 | 2022 |
£ | £ |
Bank loans |
The bank loans are secured by a fixed and floating charge dated 8 October 2013 over all of the assets and undertaking of the company, and by a fixed charge dated 16 October 2013 over the freehold property owned by the company. |
9. | ACCRUALS AND DEFERRED INCOME |
2023 | 2022 |
£ | £ |
Deferred government grants | 144,031 | 150,607 |
The company was previously in receipt of grant income which is being amortised in line with the company's depreciation policy on the respective fixed assets part funded, and this amortisation in the year of £6,576 (2022: £7,197) has been credited to the profit and loss account. |
10. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
A Ordinary | £1 | 51 | 51 |
B Ordinary | £1 | 49 | 49 |
100 | 100 |
MICROJET PRECISION SERVICES LIMITED (REGISTERED NUMBER: 08518938) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
11. | RESERVES |
Revaluation |
reserve |
£ |
At 1 January 2023 |
and 31 December 2023 |
12. | RELATED PARTY DISCLOSURES |
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. |
CHARTERED CERTIFIED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS |
ON THE UNAUDITED FINANCIAL STATEMENTS OF |
MICROJET PRECISION SERVICES 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 Microjet Precision Services Limited for the year ended 31 December 2023 which comprise the Statement of Income and Retained Earnings, 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 Microjet Precision Services 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 Microjet Precision Services Limited and state those matters that we have agreed to state to the Board of Directors of Microjet Precision Services 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 Microjet Precision Services 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 Microjet Precision Services Limited. You consider that Microjet Precision Services 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 Microjet Precision Services 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. |
Chartered Certified Accountants |
4 Wellington Circus |
Nottingham |
Nottinghamshire |
NG1 5AL |